Technical Analysis / Page 207

Technical Analysis – WTI oil futures bounce off 8-month low, downtrend intact

Posted on September 29, 2022 at 7:42 am GMT

WTI oil futures (November delivery) have been experiencing a prolonged decline since mid-June when the price failed to surpass the 121.00 mark. Although the commodity has been recording consecutive fresh lows in the last few daily sessions, it managed to recoup some losses after hitting an 8-month low. The short-term oscillators are depicting that bearish forces remain in control despite the recent upside bounce. Specifically, the MACD remains below both zero and its red signal line, the RSI is flatlining beneath the [..]

Technical Analysis – JP 225 index eases below uptrend line; bearish bias

Posted on September 29, 2022 at 7:27 am GMT

The JP 225 index is remaining well below the long-term ascending trend line, shifting the bias to the downside. The price posted a new two-month low of 26,752 with the technical indicators showing contradicting signals. The RSI is pointing down near the 30 level, suggesting more losses; however, the stochastic created a bullish crossover within its %K and %D lines and is now heading north. If the 26,220 support fails, then the focus would shift to the downside towards 25,800, [..]

Technical Analysis – GBPAUD comes under renewed selling interest

Posted on September 28, 2022 at 2:57 pm GMT

GBPAUD came under selling interest again on Wednesday, after it hit resistance at the 1.6890 barrier, which provided support between August 30 and September 9. In the bigger picture, even after Monday and Tuesday’s recovery, the pair remained below the lower end of the prior sideways range that contained the price action between March 18 and August 11, which suggests a bearish near-term outlook. The RSI and the MACD add credence to that view. The former is slightly above 30, [..]

Technical Analysis – Tesla stock to complete golden cross despite recent drop

Posted on September 28, 2022 at 2:40 pm GMT

Tesla’s stock has been exhibiting some weakness lately after its latest advance came to a halt at the 313.00 region. Nevertheless, the ascending 50-day simple moving average (SMA) is closing the gap with the 200-day SMA, where a potential violation could ignite a fresh rally. The short-term oscillators currently suggest that negative forces have gained the upper hand. Specifically, the RSI is hovering beneath its 50-neutral mark, while the MACD histogram has crossed below zero, extending the distance from its red signal line. Should [..]

Technical Analysis – EURGBP heads higher in choppy trade amid mixed momentum

Posted on September 28, 2022 at 1:33 pm GMT

EURGBP is back on the front foot on Wednesday following the sharp reversal from Monday’s two-year peak of 0.9250. The pair is attempting to reclaim the 0.9000 handle even as the momentum indicators are diverging. The %K and %D lines of the stochastic oscillator are drifting lower and are negatively aligned, but the RSI is pointing upwards in the overbought territory. The price has been fluctuating wildly around the upper Bollinger band over the last few daily trading sessions, in [..]

Technical Analysis – Gold outlook worsens at new lows; 1,600 level comes in sight

Posted on September 28, 2022 at 11:20 am GMT

Gold drifted southwards to unlock a new 29-month low at 1,614 earlier today after Tuesday’s recovery attempt ceased at 1,642. The downtrend extension has opened the door for the 1,600 round level as the RSI and the MACD in the four-hour chart keep lacking direction within the bearish territory, although the rebound in the stochastics is endorsing the current bullish move in the market. Sliding below the 1,600 psychological mark, the precious metal could seek shelter within the 1,585 – 1,565 zone [..]

Technical Analysis – NZDUSD plummets to fresh 30-month lows

Posted on September 28, 2022 at 8:24 am GMT

NZDUSD has been trending lower since March, generating a profound structure of lower highs and lower lows. Moreover, in the past few sessions, the technical picture has deteriorated even further, with the price recording a fresh 30-month low of 0.5563. The momentum indicators are currently deep within their bearish areas, which could also signal that a rebound is imminent. The RSI is descending in the 30-oversold zone, while the stochastic oscillator has eased within its 20-oversold territory. Should selling pressures [..]

Technical Analysis – USDJPY on a mission to claim 145.00; bias cautiously bullish

Posted on September 28, 2022 at 7:04 am GMT

USDJPY is back on the mission to fight against the 145.00 crucial ceiling after fully recouping the Bank of Japan-led decline to 140.34 last week. Even though the stochastics are positively charged, the RSI and the MACD are mirroring some skepticism among investors as the former seems to be struggling to post a higher high within the bullish area, while the latter remains stable below its red signal line. Nevertheless, if the pair manages to secure a foothold around the 144.00 level, the pair [..]

Technical Analysis – US 100 index bounces off 200-week SMA, but for how long?

Posted on September 27, 2022 at 7:40 am GMT

The US 100 cash index is finding strong support level at the 200-weekly simple moving average (SMA) at 11,168, but any declines below that line would suggest sharp losses in the long-term. The RSI is reversing higher near the oversold zone, while the MACD is extending its negative momentum below its trigger and zero lines. Should buyers drive above the 11,450 level, they could encounter initial strengthened resistance from the 12,040 barrier and the 100-day SMA at 12,278 ahead of the 50-day SMA [..]

Technical Analysis – GBPUSD takes a breather after record low

Posted on September 27, 2022 at 7:31 am GMT

GBPUSD survived Monday’s freefall to the uncharted territory with minor damage, minimizing its losses from a record low of 1.0324 to 1.0683. The pair is currently aiming for a climb above Friday’s closing price of 1.0845 as the RSI and the stochastics seem to have bottomed in the oversold area, signaling a potential upside reversal. Yet, with the indicators still well dipped in the bearish territory and the price itself far below the broken bearish channel, downside risks may keep [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

Technical Analysis

XM Live Chat