Technical Analysis / Page 216

Technical Analysis – Gold bounces off 6-week low, retains bearish bias

Posted on September 5, 2022 at 7:34 am GMT

Gold has been trending lower since early March, generating a profound structure of lower highs and lower lows within a descending channel. Although the precious metal’s latest downleg came to a halt at the six-week low of 1,688, the broader bearish technical picture remains intact. The short-term oscillators currently suggest that near-term risks remain tilted to the downside. Specifically, the RSI is flatlining beneath its 50-neutral mark, while the MACD histogram is below both zero and its red signal line. [..]

Technical Analysis – USDJPY remains above 140.00, confirming strong bullish picture

Posted on September 5, 2022 at 6:56 am GMT

USDJPY is developing well above the 140.00 psychological level and has reached a new 24-year high of 140.80 during the previous week. The pair has been trading within an upward sloping channel since August 11 and the stochastic oscillator is confirming the upside tendency as it posted a bullish crossover within its %K and D% lines in the 4-hour chart. However, the RSI is appearing overbought as it is flattening near the 70 level. In trend indicators, the 20- and [..]

Technical Analysis – USDCAD weakens after bullish rally in near term

Posted on September 2, 2022 at 7:36 am GMT

USDCAD is showing some signs of weakness after three straight green days and a spike near the 20-month peak of 1.3225. In trend indicators, the 20- and 50-day simple moving averages (SMAs) posted a bullish crossover, confirming the bullish bias in the short- and long-term timeframe. The technical oscillators are presenting some contradicting signs. The MACD is holding well above its trigger and zero lines; however, the stochastic created a bearish crossover within its %K and %D lines in the [..]

Technical Analysis – GBPJPY powerless within a range

Posted on September 2, 2022 at 6:51 am GMT

GBPJPY has been congested under its 20-day simple moving average (SMA) for more than a month now despite receiving strong defense from the March ascending trendline. From a technical perspective, the bulls seem to be lacking incentive as the RSI keeps flattening just below its 50 neutral mark and the MACD remains stable around its red signal line and below zero. Perhaps a clear break above the 162.18 – 163.00 area, which encapsulates two trendlines, the 50-day SMA, and the 38.2% Fibonacci [..]

Technical Analysis – ETHUSD waits for some volatility

Posted on September 1, 2022 at 2:23 pm GMT

ETHUSD (ethereum) seems to be completing a symmetrical triangle within the 1,535 – 1,580 territory on the four-hour chart, formed by the resistance trendline that has been navigating the market to the downside since the August peak at 2,030 and the ascending trendline stretched from the previous low of 1,421. The sideways trajectory in the RSI and the MACD is reflecting a neutral bias, though with the former standing marginally above its 50 neutral mark and the latter holding slightly above its red [..]

Technical Analysis – WTI futures pull back from 200-day SMA; neutral bias

Posted on September 1, 2022 at 8:20 am GMT

WTI crude oil futures completed two consecutive red days falling below the 200-day simple moving average (SMA) and the short-term SMAs. Over the last month, the commodity has been neutral as it failed to surpass the 97.82 resistance level and also failed to post a lower low. Technically, the MACD oscillator is standing above its trigger line in the negative region, while the stochastic is moving towards the oversold territory with strong momentum. A move lower may meet immediate support [..]

Technical Analysis – USDCHF rally may not be over yet

Posted on September 1, 2022 at 7:21 am GMT

USDCHF was flirting with the 0.9800 level during the early European trading hours, the highest since mid-July as trading for September began ahead of Friday’s US nonfarm payroll report. The pair is set for its third consecutive week of gains, but the downtrend in the medium-term picture is still valid, defended by the clear series of lower highs and lower lows off the three-year high of 1.0063 registered in May. Despite that, the momentum indicators are optimistic that the bulls may still have some fuel in [..]

Technical Analysis – AUDUSD dives near fresh 6-week low

Posted on September 1, 2022 at 6:39 am GMT

AUDUSD is plunging towards a new six-week low at 0.6790, penetrating the symmetrical triangle to the downside. This break is a sign of more losses in the market, confirmed by the technical indicators as well. The MACD is falling below its trigger and zero lines, while the RSI is sloping downwards in the negative region. Should weakness extend below the intraday’s low, support to downside movement could initially be detected near the 26-month trough of 0.6680. Clearing that zone, [..]

Technical Analysis – NZDUSD gets closer to the 0.6060 support zone

Posted on August 31, 2022 at 2:03 pm GMT

NZDUSD has been sliding since August 12, when it hit resistance at 0.6470, with the price now getting closer to the 0.6060 support zone, marked by the low of July 14. In the bigger picture, the pair has been in a downtrend since February 2021, and thus, there may be decent chances for the pair to break below 0.6060 soon. The daily oscillators are also supporting the notion of further declines. The RSI lies below 50 and points down, while [..]

Technical Analysis – Gold plunges to new one-month low

Posted on August 31, 2022 at 8:37 am GMT

Gold prices are plummeting towards a fresh one-month low at 1,714 and are holding well below the short-term simple moving averages (SMAs). The RSI indicator is ticking lower in the negative region, approaching the oversold territory, while the MACD is extending its bearish momentum beneath its trigger and zero lines. More downside pressures may open the door for a lower low towards the 1,711 barrier, taken from the lows on July 27. Even lower, the market may hit the 1,680 [..]

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