Technical Analysis / Page 213

Technical Analysis – NZDUSD plummets to fresh 28-month low below 0.6000

Posted on September 14, 2022 at 7:05 am GMT

NZDUSD plunged to a new 28-month low of 0.5985 during yesterday’s session after it found strong resistance near the 20-day simple moving average (SMA). The price is holding well below the Ichimoku cloud as well as the short- and long-term descending trend lines. Technically, the MACD oscillator has dived beneath its trigger line in the negative region, while the stochastic is approaching the 20 level following the bearish crossover within its %K and %D lines. As the price falls beneath the 0.6000 psychological [..]

Technical Analysis – AUDUSD breaks the upper bound of a downside channel

Posted on September 13, 2022 at 12:15 pm GMT

AUDUSD traded higher on Tuesday, after hitting support near the 0.6860 zone, with the advance taking the pair above 0.6900, thereby confirming a higher high on the 4-hour chart. Of more importance though, is yesterday’s break above the upper bound of the downside channel that had been containing the price action since August 10. All this suggests that the short-term picture may have turned to somewhat positive for now. The RSI and the MACD oscillators detect strong upside speed, supporting [..]

Technical Analysis – GBPUSD bounces off 37-year low, downtrend intact

Posted on September 13, 2022 at 7:38 am GMT

GBPUSD has been in a prolonged downtrend since the beginning of the year, generating a clear structure of lower highs and lower lows. Although the pair managed to find its feet at the 37-year low of 1.1404 and recoup some losses, it is a long path ahead until it reverses its bearish long-term structure. The momentum indicators currently suggest a cautiously positive near-term tone. Specifically, the stochastic oscillator is ascending in the overbought area, while the MACD histogram has crossed above [..]

Technical Analysis – EURJPY eases after the rally towards 7½-year high

Posted on September 13, 2022 at 6:35 am GMT

EURJPY skyrocketed to a fresh seven-and-a-half-year high of 145.65 on Monday’s sessions with the technical oscillator suggesting an overbought market. The RSI indicator is turning lower near the 70 level, while the %K and the %D lines of the stochastic oscillator posted a bearish crossover, suggesting an extension to the downside in the short-term timeframe. However, the 20- and 50-day simple moving averages (SMAs) created a bullish cross and the price is still developing well above them and the uptrend [..]

Technical Analysis – USDJPY corrects lower but stays in broader uptrend

Posted on September 12, 2022 at 12:30 pm GMT

USDJPY traded higher today, after hitting support at 141.45. However, the recovery remained limited slightly above the 143.30 level, marked by the inside swing low of September 8. Despite the pair being in a corrective phase since September 7, when it hit 145.00, it is still trading above all the plotted moving averages and the uptrend line drawn from the low of August 11, which keeps the bigger picture positive. The RSI and the MACD support the notion for some [..]

Technical Analysis – US 500 index bounces off 23.6% Fibo; shows positive signs

Posted on September 12, 2022 at 8:28 am GMT

The US 500 cash index rebounded off the 3,885 support level and the medium-term uptrend line. Also, the market surpassed the bullish crossover within the 50- and 100-day simple moving averages (SMAs) with the technical oscillator confirming the recent pullback. The RSI jumped above the neutral threshold of 50, while the MACD is extending its positive bias above its trigger line. Currently, the index is flirting with the 4,087 resistance level, which is the 38.2% Fibonacci retracement level of the [..]

Technical Analysis – EURUSD battles with 50-day SMA as rebound strengthens

Posted on September 12, 2022 at 7:29 am GMT

EURUSD has been losing ground since the beginning of the year, creating a clear structure of lower highs and lower lows within a descending channel. Nevertheless, after managing to find its feet at the 20-year low of 0.9863, the pair is pushing for some recovery, currently challenging the 50-day simple moving average (SMA). The momentum indicators also suggest that bullish forces have gained the upper hand. Specifically, the RSI has jumped above its 50-neutral mark, while the stochastic oscillator is ascending into the [..]

Technical Analysis – Gold remains under pressure; broader trend is bearish

Posted on September 12, 2022 at 6:37 am GMT

Gold remains under pressure and risk is still to the downside as prices continue to drift lower from the long-term descending trend line. The technical indicators are bearish and point to more weakness in the market. Looking at the daily chart, gold prices are looking capped by the 20 and 50-day simple moving averages which are negatively aligned after a bearish crossover that took place in the preceding week. The RSI indicator is ticking lower in the bearish territory; however, the MACD [..]

Technical Analysis – USDCHF retreats near short-term SMAs

Posted on September 9, 2022 at 7:09 am GMT

USDCHF is tumbling following the pullback off the 0.9867 resistance and is currently testing the short-term simple moving averages (SMAs). The MACD oscillator is heading south in the positive area, falling below its trigger line, while the RSI is entering the negative territory with strong momentum. If the pair continues the downward structure, immediate support could come from the 0.9580 barrier ahead of the 200-day SMA at 0.9470. A decline below this line could open the way for a bearish [..]

Technical Analysis – USDCAD loses shine below July’s peak

Posted on September 9, 2022 at 7:00 am GMT

USDCAD flipped backwards after its bullish efforts fizzled out just beneath July’s top of 1.3222, with the price plunging towards the key 1.3026 level ahead of Canada’s employment report early on Friday. The momentum indicators have all changed direction to the downside, endorsing the negative momentum in the price. However, with the RSI holding above its 50 neutral mark and the price facing support around the key 1.3026 level, where the 20-day simple moving average (SMA) resides, sellers may wait [..]

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