Technical Analysis / Page 210

Technical Analysis – US 100 index consolidates ahead of FOMC meeting

Posted on September 21, 2022 at 8:35 am GMT

The US 100 stock index (cash) has been experiencing a steep decline in the short term, which was bolstered by the hotter-than-expected August CPI inflation report. Nevertheless, the index has been trading sideways in the last few sessions, probably awaiting the September FOMC meeting to provide fresh directional impetus. The short-term oscillators currently suggest that near-term risks are tilted to the downside. Specifically, the MACD histogram is retreating further below both zero and its red signal line, while the RSI [..]

Technical Analysis – Gold rebounds from 1,660 again but stays in downtrend

Posted on September 21, 2022 at 7:32 am GMT

Gold spiked up today, after finding support once again near the 1,660 zone yesterday. Although some further recovery may be on the cards, the precious metal remains in a downtrend and this is supported by the fact that it is trading below a downside line drawn from the high of August 10, as well as below all three of the plotted moving averages. The short-term oscillators detect diminishing downside speed and add to the idea of some further recovery before [..]

Technical Analysis – EURGBP rally overbought but still supported

Posted on September 21, 2022 at 7:20 am GMT

EURGBP started the week on the back foot after securing seven consecutive green weeks, with the price gradually retreating from Monday’s 19-month high of 0.8788. The 0.8720 level, which switched from resistance to support on Tuesday, is currently under examination on the downside, along with the steep tentative ascending trendline. Should the bears breach that base, selling pressures could intensify towards the 0.8679 bar. Slightly lower, the 20-day simple moving average (SMA) at 0.8645 may cancel any extensions towards the intra-swing low [..]

Technical Analysis – USDJPY struggles to surpass 145.00; consolidates in short-term

Posted on September 21, 2022 at 6:58 am GMT

USDJPY is moving sideways below the 24-year high of 144.98 but remains well above the bullish crossover within the 20- and 50-day simple moving averages (SMAs) and the long-term uptrend line. Technically, the stochastic oscillator is heading north after the positive cross of the %K and %D lines; however, the MACD oscillator is holding beneath its trigger line in the bullish region. Immediate resistance to further gains would likely come from the multi-year high of 144.98 that is proved to [..]

Technical Analysis – EURAUD meets resistance at cloud top; bullish bias weakens

Posted on September 20, 2022 at 1:21 pm GMT

EURAUD has lost some upward momentum over the last three days as the rebound from August’s five-year trough hit a wall at the top of the Ichimoku cloud. This region also coincides with the 61.8% Fibonacci retracement of the July-August downtrend at 1.4970. Looking at the momentum indicators, the setback appears to be just a pause for breath at this point. The stochastics are only slightly dipping downwards despite the bearish crossover of the %K and %D lines, while the [..]

Technical Analysis – Amazon stock pauses decline but retains bearish bias

Posted on September 20, 2022 at 9:36 am GMT

Amazon’s stock has been experiencing a downside correction in the short term after its latest advance got curbed by the 200-day simple moving average (SMA). Although the pair ticked slightly higher after encountering significant support at the lower Bollinger band, the technical picture suggests that near-term risks remain tilted to the downside. The short-term oscillators are also reflecting that negative forces remain under control. Specifically, the MACD histogram is below both its zero and its red signal lines, while the RSI is flatlining beneath [..]

Technical Analysis – AUDUSD on a slippery slope; bears meet 0.6700

Posted on September 20, 2022 at 9:31 am GMT

AUDUSD is recording its third day of losses near 0.6700 after a failed attempt to meet the 50-period simple moving average (SMA) near the 0.6770 barrier. Chances for a reversal, however, are decreasing as the pair is heading lower, while the red Tenkan-sen line is holding beneath the blue Kijun-sen line, suggesting that the next move in the price is more likely to be down. Technically, the RSI is heading south below the neutral threshold of 50, while the stochastic oscillator posted [..]

Technical Analysis – EURJPY aims for higher highs; June’s resistance in focus

Posted on September 20, 2022 at 7:33 am GMT

EURJPY stepped on the short-term ascending trendline, as it halted last week’s pullback from the new eight-year high of 145.62. With the price trading comfortably above its upward-sloping simple moving averages (SMAs) and the momentum indicators hovering within the bullish territory despite their flat trajectory, upside moves are more likely than downside ones. Specifically, the RSI is a long distance above its 50 neutral mark, while the MACD is well elevated within the positive zone and near its red signal line. A durable move [..]

Technical Analysis – GBPUSD could see further weakness; still strongly negative

Posted on September 20, 2022 at 6:29 am GMT

GBPUSD is holding above the multi-year low of 1.1350, remaining within the long-term descending channel. The technical oscillators are suggesting some positive movement in the short-term, with the MACD surpassing its trigger line in the negative region, while the RSI is standing above its 30 level. Moreover, the pair is still hovering well below the 20- and 50-day simple moving averages (SMAs). On the upside, the price could attempt to overcome the 20-day SMA at 1.1570 and retest the [..]

Technical Analysis – Natural gas futures drop sharply after rebound falters

Posted on September 19, 2022 at 2:05 pm GMT

Natural gas futures (October 2022 delivery) have drifted lower again after their recent advance failed to cross above the 9.210 mark. Even though the latest downward spike seems to have encountered significant support at the lower Bollinger band, the near-term technical picture is constantly deteriorating. The momentum indicators also reflect that bearish forces have gained the upper hand. Specifically, the stochastic oscillator is descending in the oversold territory, while the MACD histogram has dived below both zero and its red signal line. In the negative scenario, further declines [..]

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