Technical Analysis / Page 214

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 [..]

Technical Analysis – GBPJPY pauses advance, but retains bullish short-term bias

Posted on September 9, 2022 at 6:34 am GMT

GBPJPY has been gaining ground in the last few daily sessions after its sideways pattern was broken forcefully to the upside. Even though the pair managed to jump above both its 50-day simple moving average (SMA) and the descending trendline taken from its recent peaks, its advance currently appears to be running out of steam. Despite the recent consolidation, the short-term oscillators are indicating that near-term risks remain tilted to the upside. Specifically, the RSI is flatlining above its 50-neutral [..]

Technical Analysis – ETHUSD extends rebound but 50-day SMA caps advance

Posted on September 8, 2022 at 12:17 pm GMT

ETHUSD has been gaining some ground in the short-term after its latest decline came to a halt at the 1,420 region. However, the recent price recovery has been repeatedly held down by the ascending 50-day simple moving average (SMA). The momentum indicators suggest that near-term risks are tilted to the upside. Specifically, the stochastic oscillator is ascending near the 80-overbought area, while the RSI has jumped above its 50-neutral mark. Should positive momentum strengthen, the cryptocurrency could encounter initial resistance at [..]

Technical Analysis – EURAUD climbs above 1.4805, maintains bullish bias

Posted on September 8, 2022 at 12:11 pm GMT

EURAUD has been in a rally mode since Tuesday, when it hit support slightly above the 50- and 100-period exponential moving averages (EMAs), thereby allowing the drawing of an upside support line from the low of August 26. Today, the pair emerged above the 1.4805 barrier, marked by the high of August 2, while the price action remains one of higher highs and higher lows, suggesting that the short-term bias remains bullish. Both the RSI and the MACD detect upside [..]

Technical Analysis – JP 225 index boosts the positive outlook

Posted on September 8, 2022 at 11:10 am GMT

The JP 225 index rebounded off the 200-day simple moving average (SMA) after it posted a golden cross with the 50-day SMA in the preceding sessions. The index is holding above the long-term ascending trend line with the technical oscillator endorsing this view. The RSI is heading north near the 50 level, while the stochastic is moving up after the pullback in the oversold territory. A successful push to the upside might lead to the price approaching the 28,795 threshold [..]

Technical Analysis – WTI futures retreat to 7-month low as negativity persists

Posted on September 8, 2022 at 7:25 am GMT

WTI oil futures (October delivery) have been losing ground since mid-August when the price failed to surpass the 97.70 mark. Moreover, apart from the price trading below its lower Bollinger band, the 50-day simple moving average (SMA) has dropped beneath the 200-day SMA completing a ‘death cross’, both reinforcing the thesis for a sustained bearish outlook. The momentum indicators also suggest that near-term risks are tilted to the downside. Specifically, the stochastic oscillator is descending in the 20-oversold zone, while the MACD [..]

Technical Analysis – EURUSD tests parity level after several days of failed attempts

Posted on September 8, 2022 at 7:09 am GMT

EURUSD is rallying back above the parity level after several days of a consolidation below it. The price surpassed the 20- and 50-period simple moving averages (SMAs) with the technical oscillators returning in their positive areas. The RSI is pointing upwards above the neutral threshold of 50, while the MACD is ticking up above its trigger and zero lines. Should selling forces strengthen again, the immediate support at 0.9985 will come under the spotlight again. Moving lower, the 50- and [..]

Technical Analysis – AUDUSD flirts with July’s low; outlook discouraging

Posted on September 8, 2022 at 7:02 am GMT

AUDUSD almost touched July’s 26-month low of 0.6680 on Wednesday before bouncing up to finish the session with mild gains. The soft upward move, however, was not enough to shift the odds to the bullish side as the RSI keeps pointing downwards well below its 50 neutral mark, while the MACD remains negatively charged below its zero and signal lines too. Hence, the bears may stay on board for now, aiming for an aggressive attack towards the next barrier of 0.6550 once the base [..]

Technical Analysis – Gold regains some footing but faces resistance at 50-MA

Posted on September 7, 2022 at 3:35 pm GMT

Gold has bounced back from an intra-day low of 1,691.27 when it came close to breaching last Thursday’s six-week low, and its recovery has gained further traction after overcoming brief resistance at the 20-period moving average (MA). The momentum indicators point to more bullish price action in the very near term. The stochastics are sharply headed higher and the RSI has just crossed above the critical 50 level. If the positive momentum continues, the 50-period MA in the 1,715 [..]

Technical Analysis – EURCAD confused ahead of key central bank decisions

Posted on September 7, 2022 at 11:11 am GMT

EURCAD has been trending downwards since the strong rejection near February’s descending trendline and the 1.3243 level at the start of the month, while also failing to attract enough buying interest to climb back above its simple moving averages (SMA) in the four-hour chart over the past few days. The technical signals remain neutral-to-bearish ahead of the Bank of Canada’s rate announcement due at 14:00 GMT today given the RSI’s sideways trajectory marginally below its 50 neutral mark and the flattening [..]

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