Technical Analysis / Page 215

Technical Analysis – NZDUSD plummets to fresh 27-month low

Posted on September 7, 2022 at 9:36 am GMT

NZDUSD has been trending lower since March, generating a profound structure of lower highs and lower lows. Moreover, in the past few sessions, the technical picture has deteriorated even further, with the price recording a fresh 27-month low of 0.5995. This negative near-term bias is also reflected by the short-term oscillators. The RSI is descending near the 30-oversold zone, while the MACD histogram is extending its retreat below both zero and its red signal line. Should selling pressures intensify, the [..]

Technical Analysis – GBPJPY rallies towards new 6-week high

Posted on September 7, 2022 at 9:03 am GMT

GBPJPY surged to a fresh six-week high of 165.70 earlier today, penetrating to the upside of the 163.55-163.85 area. The 20- and 200-period simple moving averages (SMAs) posted a bullish crossover, endorsing the strong bullish rally. The RSI indicator is rising in the overbought territory, while the MACD is strengthening the positive momentum above its trigger and zero lines. More advances could take the market until the 166.20 barrier, reached on July 20 ahead of the next peak on June 22 [..]

Technical Analysis – EURCHF consolidates below 50-day MA, lacks direction

Posted on September 7, 2022 at 8:22 am GMT

EURCHF is consolidating after the rebound from the all-time low of 0.9552 ran out of steam. The momentum indicators are portraying split views on the next direction. The %K and %D lines of the stochastic oscillator are both sloping downwards, heading for oversold territory. But the MACD histogram is on the verge of turning positive for the first time since mid-June. The recent peak of 0.9865 is an obvious target for the bulls in any fresh upside attempt. However, there [..]

Technical Analysis – USDJPY revives long-term bullish trend

Posted on September 7, 2022 at 7:57 am GMT

USDJPY is trying to repeat Tuesday’s exciting rally after re-activating its long-term uptrend above July’s peak of 139.20 last week, boosting the price up to 144.37 early on Wednesday– the highest since August 1998. The area around 144.37 was somewhat constraining back in 1998, while the 161.8% Fibonacci extension of July’s bearish correction is within a breathing distance at 144.92 too. Hence, some congestion cannot be ruled out within this area. Note that the RSI and the stochastics are comfortably above their [..]

Technical Analysis – EURGBP pivots higher, but caution remains

Posted on September 7, 2022 at 7:24 am GMT

EURGBP resumed its positive momentum to re-enter the 0.8600 territory after two negative days, but the 0.8645 tough resistance, which has been rejecting upside moves over the past week, remains overhead. The downward reversal in the RSI and the stochastics, as well as the flattening MACD, keeps feeding skepticism about whether the bulls will sustain power in the coming sessions. In the event selling pressures resurface, the bears may attempt to reach the 50% Fibonacci retracement of the 0.8720 – 0.8338 [..]

Technical Analysis – US 500 index rests near new 7-week low

Posted on September 7, 2022 at 6:56 am GMT

The US 500 cash index is in the process to post the fourth consecutive red week as the price failed to surpass the descending trend line and the 200-day simple moving average (SMA). The index is currently recording a new seven-week low near 3,886 with the technical oscillator confirming this view. The RSI is approaching the oversold zone, while the MACD is strengthening its negative momentum below its zero and trigger lines. Should selling pressures intensify, initial support could be [..]

Technical Analysis – Nvidia stock still looks gloomy after 30-month low

Posted on September 6, 2022 at 2:19 pm GMT

Nvidia stock opened the week with a sharp gap lower to hit a 30-month low, ending Monday’s session in the red and slightly below the 61.8% Fibonacci retracement of the 2020 uptrend at 141.15. The price is currently positioned around the May 2021 support area of 134.55, and while oversold signals are strengthening as the RSI is flirting with the 30 level and the stochastics are clearly below 20, a close below that base could prompt a continuation towards the 122.32 [..]

Technical Analysis – GBPUSD turns green near pandemic low

Posted on September 6, 2022 at 9:31 am GMT

GBPUSD charted a 30-month low just above the pandemic low of 1.1408 on Monday before turning green for the first time after a week. The price managed to rise as high as 1.1600 earlier today and although some recovery could take place in the near term given the oversold conditions in the market as reflected by the RSI and the stochastics, it is too early to hope for a meaningful rally. The indicators are still stuck in the bearish area, while the pair itself still has [..]

Technical Analysis – EURJPY edges higher as positive momentum intensifies

Posted on September 6, 2022 at 7:58 am GMT

EURJPY has been gaining ground in the short term after it managed to find its feet at the 133.40 region in early August. However, the pair is currently trading above its upper Bollinger band, suggesting that its recent advance might be overstretched. The momentum indicators are endorsing a positive near-term bias Specifically, the RSI is ticking upwards slightly below the 70-overbought area, while the MACD histogram is strengthening above both zero and its red signal line. Should buying pressures persist, [..]

Technical Analysis – More misery for EURUSD ahead of ECB

Posted on September 5, 2022 at 7:39 am GMT

EURUSD opened with a gap lower on Monday to chart a new 20-year low at 0.9877. The constraining descending line, which connects all the lows from August 2018, continued to buffer downside pressures ahead of Thursday’s ECB policy announcement, but despite that floor, the technical picture cannot detect any buying appetite. The RSI has erased its latest bounce and is heading south again. Likewise, the Stochastics have also pivoted to the wrong side, while the MACD is trying to resume its bearish wave [..]

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