Technical Analysis / Page 21

Technical Analysis – EURCHF flirts with uptrend line

Posted on May 9, 2024 at 9:18 am GMT

EURCHF remains in sideways channel in near term RSI and MACD lose steam Broader outlook is still positive EURCHF is testing the medium-term ascending trend line around the 0.9750 level and the 20-day simple moving average (SMA). However, in the short-term, the market has been developing within a sideways channel since March 20 with an upper boundary the 0.9847 resistance and the lower boundary the 0.9675 support. According to technical oscillators, the RSI indicator is flattening slightly above the neutral threshold of 50, [..]

Technical Analysis – EURGBP runs out of steam near 0.8600

Posted on May 9, 2024 at 8:42 am GMT

EURGBP struggles to surpass 0.8600 and 200-day SMA Short-term bias is positive, but signs of oversold market exist Bank of England announces rate decision today at 11:00 GMT EURGBP started May’s session on the right foot, swiftly reversing up after touching the support trendline taken from the March lows. On Wednesday, the pair reached a high of 0.8616, but it quickly lost most of its gains and closed below the 200-day SMA around 0.8600. The RSI indicates more bullish potential [..]

Technical Analysis – USDJPY advances after bouncing off 50-day SMA

Posted on May 9, 2024 at 8:19 am GMT

USDJPY in a recovery mode after pull back comes to a halt Momentum indicators suggest intensifying positive momentum USDJPY experienced a strong pullback from its 34-year high of 160.20 following the intervention by Japanese authorities a week ago. However, the pair managed to find its feet at the 50-day simple moving average (SMA) and recoup a significant part of its recent losses. Should bullish pressures persist, the price could challenge 156.35, which is the 138.2% Fibonacci extension of the 151.90-140.24 downleg. [..]

Technical Analysis – NZDUSD bulls face strong resistance

Posted on May 9, 2024 at 7:35 am GMT

NZDUSD is under pressure following a strong rally from the 2024 lows It has met strong resistance at both the 200-day SMA and a key trendline Momentum indicators are mixed; a bearish divergence is developing After testing the 2024 low at 0.5851 and recording a sizeable rally, NZDUSD is now hovering a tad below the 0.6009-0.6033 area. It is trying to record its third consecutive green candle with the upside currently being limited by both the 200-day simple moving average [..]

Technical Analysis – US 500 index advances towards all-time high

Posted on May 8, 2024 at 12:30 pm GMT

US 500 cash index attempts to erase latest pullback Jumps above crucial 123.6% Fibo and eyes record peak Oscillators recover drastically and approach overbought levels The US 500 stock index (cash) has been staging an impressive rally after bottoming out in October 2023, generating consecutive all-time highs. Despite experiencing a strong pullback from its record high of 5,281, the index quickly found its feet and rotated back higher. If buyers continue to apply upside pressures, the price might revisit its record high of 5,281. [..]

Technical Analysis – EURJPY flirts with 167.00 again

Posted on May 8, 2024 at 9:38 am GMT

EURJPY recoups previous losses Rebounds off ascending trend line Surpasses short-term SMAs Oscillators gain momentum EURJPY is flirting with the 167.00 round number after the bounce off the long-term rising trend line and the 164.00 handle. The pair has been developing within an upward tendency since the beginning of December with no violations of the uptrend line. Technically, the RSI is ticking higher above the neutral threshold of 50 and the MACD is strengthening its upside momentum above the zero [..]

Technical Analysis – WTI oil futures restart downtrend

Posted on May 8, 2024 at 9:29 am GMT

WTI oil futures fall to two-month low on rising US stockpiles Short-term risk bearish, but market could be oversold A clear close below 77.44 could activate fresh selling WTI oil futures slid to a two-month low of 76.99 on Wednesday after their continuous attempts to climb above the 200-day exponential moving average (EMA) at 79.10 proved fruitless. Breaking below an important support trendline, the price might experience additional losses, but there’s a chance for a rebound around 77.44 at the 50% Fibonacci [..]

Technical Analysis – GBPUSD pulls back after testing 50-day SMA

Posted on May 8, 2024 at 8:30 am GMT

GBPUSD reverses lower after 50-day SMA curbs advance Violates both the 200-day SMA and descending trendline Momentum indicators are neutral-to-negative GBPUSD had been in a recovery mode following its bounce off the five-month bottom of 1.2298, with the price temporarily violating the 200-day simple moving average (SMA). However, the pair retraced back below the downward sloping trendline, in place since March, after failing to conquer the 50-day SMA. Should bearish pressures persist, the price may retreat towards the April support of 1.2405. Further declines [..]

Technical Analysis – Gold stands above 2,300

Posted on May 8, 2024 at 7:02 am GMT

Gold retains sideways move in 4-hour chart MACD and RSI look weak Gold prices are holding near the 50-period simple moving average (SMA) and the mid-level of the Bollinger band, trading within a sideways channel of 2,277-2,332 in the 4-hour chart. According to technical oscillators, the MACD is losing momentum beneath its trigger line in the positive territory, while the RSI is ticking down, meeting the neutral threshold of 50. Both reflect the weakening momentum in the price. Upside moves are likely [..]

Weekly Technical Outlook – USDJPY, GBPUSD, USDCAD

Posted on May 7, 2024 at 3:01 pm GMT

Strengthening rate cut projections weigh on USDJPY; upward pattern intact above 151.90 GBPUSD faces rejection near familiar resistance of 1.2630 ahead of BoE policy announcement USDCAD trends within a short-term bearish channel; key support level at 1.3530 Intervention risks, Fed talk –> USDJPY The week ahead will be light in terms of US data releases, but a couple of Fed speakers will be on the wires to comment on monetary policy and perhaps fuel fresh volatility in the greenback. Meanwhile [..]

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