Technical Analysis / Page 209

Technical Analysis – WTI oil futures hold above 81.00, but broader trend stays bearish

Posted on September 22, 2022 at 2:05 pm GMT

WTI oil futures traded higher on Thursday, after hitting support near 82.35. The black liquid continues to hold above the key barrier of 81.00, but the bigger picture still points to a downtrend. WTI continues to trade below the downside line drawn from the high of June 14, as well as below the prior longer-term upside line taken from the low of April 19, 2020. That said, the daily oscillators suggest that some further recovery may be on the cards [..]

Technical Analysis – CHFJPY sinks to 2-week low; bullish structure intact

Posted on September 22, 2022 at 12:07 pm GMT

CHFJPY lost almost 2.0% within two hours during Thursday’s European trading hours, plunging to a two-week low of 143.92 before edging slightly higher. The technical oscillators followed the price sharply lower, with the RSI sliding below its 50 neutral threshold and the MACD easing below its red signal line. The bullish market structure, however, remained intact within the upward-sloping channel, preserving some buying interest. Note that the stochastics are hovering near their 20 oversold level. Hence, an upside reversal at [..]

Technical Analysis – EURUSD erases some losses in the short-term

Posted on September 22, 2022 at 9:52 am GMT

EURUSD is gaining ground after the sharp selling interest towards a new 20-year low of 0.9806 and questions are rising now about whether the market can sustain the upside move in the coming sessions. The positive slope in the RSI, which runs comfortably above its 30 mark is painting a rosy picture for the short-term trading, while the Stochastics posted a bullish crossover between its %K and %D lines in the oversold area and it is reasonable to believe that the [..]

Technical Analysis – GBPJPY swings higher ahead of BoE rate decision

Posted on September 22, 2022 at 7:27 am GMT

GBPJPY rotated from a flash drop to a two-week low of 161.44 early on Thursday, hoping for a close above the March support trendline at 162.25 ahead of the Bank of England’s rate decision. Despite today’s rosy upturn, the market seems to lack buying confidence as the RSI keeps flattening marginally below its 50 neutral level and the MACD is gradually decelerating towards zero. The upper boundary of the bearish channel, which resumed its resistance role last Friday, is currently cooling upside pressures [..]

Technical Analysis – AUDUSD tumbles to new 28-month low

Posted on September 22, 2022 at 7:00 am GMT

AUDUSD is plummeting for the third straight day towards a fresh 28-month low of 0.6580, remaining within a downward sloping channel since the beginning of June. The price had a pullback from the bearish cross within the 20- and 50-day simple moving averages (SMAs), keeping the medium-term outlook bearish. Technically, the MACD is strengthening its negative momentum below its trigger and zero lines, while the RSI is approaching the 30 level. Should weakness extend below the multi-month low of 0.6580 and the [..]

Technical Analysis – JP 225 index holds above 200-SMA after two-month low

Posted on September 21, 2022 at 3:23 pm GMT

Japan’s 225 stock index (cash) slid to a new two-month low of 27,196 on Wednesday but encouragingly it erased some losses to climb back above the 200-day simple moving average (SMA) and stay out of the broken bearish channel. From a technical perspective, the latest bearish round is not over yet as the RSI is sloping downwards below its 50 neutral mark and the MACD is decelerating below its red signal and zero lines. An extension beneath the 27,370 – 27,073 area, [..]

Technical Analysis – ETHUSD plummets despite successful Merge

Posted on September 21, 2022 at 2:12 pm GMT

ETHUSD (Ethereum) has been trending upwards since mid-June when its long-term decline ceased at the 2022 low of 880. Nevertheless, the cryptocurrency is experiencing a pullback in the last few daily sessions, even if its latest upgrade called ‘Merge’ was completed without any software downtime or complications last Wednesday. The momentum indicators have reached their oversold levels, endorsing the likelihood of a rebound. Specifically, the stochastic oscillator is flatlining within the 20- oversold area, while the RSI has hugged the [..]

Technical Analysis – NZDUSD slides below 0.5920 as bears stay in charge

Posted on September 21, 2022 at 1:46 pm GMT

NZDUSD slipped below 0.5920 yesterday, a level marked as a support by the low of May 15, 2020. Overall, the pair continues to trade below a tentative downside resistance line drawn from the high of April 5, as well as below all the plotted moving averages. Therefore, the support breach in the direction of the prevailing trend implies that more declines may be in the works for the foreseeable future. The RSI and the MACD add credence to the narrative, [..]

Technical Analysis – Facebook breaks the lower bound of a range

Posted on September 21, 2022 at 10:04 am GMT

Facebook has been trading in a sliding mode since September 13, when it broke the key support – now turned into resistance – hurdle of 154, which acted as the lower bound of a sideways range that had been in place since June 10. Combined with the fact that the bigger trend remains to the downside, the break below the floor of the shorter-term range may have turned the outlook bearish again. Our daily oscillators add credence to the notion [..]

Technical Analysis – GBPJPY flirts with 200-period SMA after falling to 2-week low

Posted on September 21, 2022 at 9:00 am GMT

GBPJPY is finding strong support at the 200-period simple moving average (SMA) after the spike towards a new two-week low of 162.30. The risk remains on the downside as the MACD is ready to drop under its red signal line. The RSI is also in bearish territory below 50 and is clearly pointing down but it is also approaching a familiar support area around 30 – the indicator reversed at this point twice this month – where another rebound may [..]

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