Technical Analysis / Page 205

Technical Analysis – EURGBP recoups some of the losses from the previous days

Posted on October 5, 2022 at 10:21 am GMT

EURGBP is finding strong support at the 0.8645 barrier after the sharp selling interest from the 21-month peak of 0.9250. Currently, the market is developing within the 20- and 50-day simple moving averages (SMAs), remaining above the long-term uptrend line. The RSI indicator is flirting with the neutral threshold of 50, while the stochastic is posting a bullish crossover within the %K and %D lines in the oversold zone. Immediate resistance to further gains would likely come from the 20-day SMA at [..]

Technical Analysis – NZDUSD gathers bullish traction

Posted on October 5, 2022 at 8:25 am GMT

NZDUSD finally jumped above the weekly resistance of 0.5730 to top at 0.5800 in the wake of the RBNZ’s hawkish policy announcement early on Wednesday. Although the pair has already reversed its advance, the RSI continues to build its uptrend above its 30 oversold level, signaling that the previous bearish wave in the price has probably bottomed out. Likewise, the MACD is extending its positive momentum above its red signal line, mirroring an improving short-term bias as well. On the way up, the [..]

Technical Analysis – USDJPY fails several times to jump above 145.00

Posted on October 5, 2022 at 7:11 am GMT

USDJPY is struggling to surpass the 145.00 psychological mark and have a closing day above it, switching the short-term picture from bullish to neutral. The technical oscillators are suggesting a bearish move as the stochastic is moving towards the oversold zone, while the MACD is standing beneath its trigger line. The 20-day simple moving average (SMA) is acting as a strong support level and any bearish movements may push the market towards the long-term ascending trend line. More declines may challenge the 50-day SMA [..]

Technical Analysis – EURCHF breaks above key downside line

Posted on October 4, 2022 at 12:30 pm GMT

EURCHF has been marching higher since September 28, when it hit support at the 0.9435 zone. On Friday, the pair broke above the downtrend line drawn from the high of June 9, while yesterday, it emerged above the inside swing high of September 22 at 0.9715, thereby confirming a higher high on the daily chart. All these technical signs likely imply a short-term bullish reversal. The short-term oscillators detect strong upside speed, supporting the notion for further advances in this pair. [..]

Technical Analysis – EURJPY strengthens bullish bias above 20-SMA

Posted on October 4, 2022 at 7:59 am GMT

EURJPY notches a fifth day of gains, having retraced more than half of the latest bearish wave to climb to a two-week high of 142.89 on Tuesday. From a technical perspective, the bullish mode could persist in the short term, given the positive slope in the RSI and the MACD. However, with the latter fluctuating below its red signal line and the stochastics losing pace above the 80 overbought level, traders may preserve some skepticism. Moreover, the 20-day simple moving average (SMA), has [..]

Technical Analysis – GBPUSD continues the bullish rally from record low

Posted on October 4, 2022 at 7:10 am GMT

GBPUSD has gained more than 10% over the last six days, continuing the bounce off the record low of 1.0325. Technical oscillators reflect the recent bullish bias as the pair is advancing above the 20-day simple moving average (SMA). Both the MACD and the RSI are rising with strong momentum, indicating more bullish actions. The 1.1410 level could challenge any bullish attempts made prior to the 50-day SMA at 1.1660. Consequently, a breakout at this point may attract additional attention, [..]

Technical Analysis – USDJPY pauses near 145.00 mark; bias titled to the upside

Posted on October 3, 2022 at 9:20 am GMT

USDJPY is struggling to gain the strong positive momentum after its fast rebound from the 140.30 support level. However, the market is holding above the 20- and 50-period simple moving averages (SMAs) with the technical indicators confirming the recent bullish bias. The RSI is heading north, approaching the overbought region, while the MACD is surpassing its trigger line in the positive zone. A close above the 144.90 barrier will brighten the broader outlook, pushing the price towards the 24-year high of 145.90. [..]

Technical Analysis – US 500 plummets to fresh 22-month low

Posted on October 3, 2022 at 8:48 am GMT

The US 500 stock index (cash) has been constantly losing ground in the short term, recording consecutive fresh multi-month lows. Moreover, the price has dived beneath both its 50- and 200-day simple moving averages (SMAs) alongside the lower boundary of the Ichimoku cloud, painting a rather gloomy technical picture. The short-term oscillators currently suggest that bearish forces are strengthening. Specifically, the MACD histogram is retreating further below both zero and its red signal line, while the RSI is declining within its 30-oversold zone. Should selling [..]

Technical Analysis – Gold guards latest rebound; more obstacles ahead

Posted on October 3, 2022 at 7:24 am GMT

Gold continued to face mild bullish pressures during Monday’s early European trading hours, despite remaining compressed within the tight range of 1,660–1,676. Although the broad negative trajectory shows no sign of abating, the momentum indicators are reflecting persisting buying presence. Particularly, the RSI has overcome its previous highs after exiting the oversold territory and is currently sloping upwards to meet its 50 neutral mark. The Stochastics are in a positive mood as well, but close to their 80 overbought level, while the MACD [..]

Technical Analysis – EURUSD holds bullish bias in very short-term

Posted on October 3, 2022 at 7:05 am GMT

EURUSD posted almost 4% of gains after the bounce off the 20-year low of 0.9530 in the preceding week, remaining within the long-term downward sloping channel. Technically, the RSI indicator is pointing upwards in the bearish region, while the MACD is trying to strengthen its bullish bias in the negative area, suggesting that the next near-term movements could be to the upside. Currently, the price is approaching the 20-day simple moving average (SMA), which is standing slightly above the 0.9863 [..]

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