Technical Analysis / Page 218

Technical Analysis – US 500 plummets but 50-day SMA caps further decline

Posted on August 29, 2022 at 9:00 am GMT

The US 500 stock index (cash) has experienced a massive drop in the previous session, extending the retreat from its recent resistance point. Even if the decline has come to a halt at the congested territory that includes the 50-day simple moving average (SMA) and the lower Bollinger band, the index retains its bearish near-term picture. The short-term indicators currently suggest that bearish forces have gained the upper hand. Specifically, the MACD histogram is approaching zero after crossing below its [..]

Technical Analysis – EURUSD’s bearish wave remains intact

Posted on August 29, 2022 at 6:37 am GMT

EURUSD’s bears are attempting to take control again after several failed endeavours to surpass the key 1.0000 level. Previously, the pair was unable to find sufficient buying interest to exit the 2022 downward-sloping channel, and the momentum indicators are currently warning that there might be additional bearish occurrences in the near future. The MACD looks ready to re-activate its negative wave below its red trigger and zero lines, while the RSI is approaching its 30 oversold level. In the bearish scenario, the decline may gather substantial pace towards the 0.9835 support, [..]

Technical Analysis – US 30 index regains strength ahead of Jackson Hole

Posted on August 26, 2022 at 12:57 pm GMT

The US 30 index (cash) has been edging higher since early June, generating a clear structure of higher highs and higher lows. Although the price experienced a downside correction after failing to cross above the 34,280, it has ticked up again in the last couple of daily sessions. The momentum indicators are endorsing a positive near-term bias. Specifically, the stochastic oscillator is ascending after posting a bullish cross in the oversold area, while the RSI is hovering above its 50-neutral mark. To [..]

Technical Analysis – GBPUSD corrects higher, but stays in a downtrend

Posted on August 26, 2022 at 11:29 am GMT

GBPUSD traded higher on Friday, after hitting support at 1.1770. The pair has been printing higher lows since August 23, but it is still trading below the downtrend line drawn from the high of August 10, as well as below all the moving averages. This implies that the pair is in a corrective phase within a bigger downtrend. The oscillators suggest some further recovery before the bears take the reins again. The RSI is fractionally below 50, but it is [..]

Technical Analysis – USDCHF tests falling trend line; bearish bias

Posted on August 26, 2022 at 9:36 am GMT

USDCHF tried several times this week to break the short-term declining trend line from June 15 to the upside, but the momentum is still to the downside. The stochastic oscillator is heading south after the bearish crossover within the %K and %D lines, while the MACD is flattening near its zero level and above its trigger line. If the pair makes another run to the upside, it will likely encounter resistance at the 0.9690 barrier, which coincides with the downtrend line. A successful daily close [..]

Technical Analysis – USDCAD stuck below 1.3026 for another week

Posted on August 26, 2022 at 7:29 am GMT

USDCAD could not find enough buyers to sustain Monday’s bullish extension above the flattening 200-weekly simple moving average (SMA) at 1.3026, with the price gearing down to meet support near its 20- and 50-day SMAs at 1.2894 on Thursday. Recall that the pair has been constantly fighting the 200-weekly SMA since May without success despite some strong flash upside spikes. The pair is currently trying to recoup some ground ahead of Powell’s Jackson Hole speech, but the momentum indicators are sending only poor [..]

Technical Analysis – GBPJPY trades lower within descending triangle

Posted on August 26, 2022 at 7:22 am GMT

GBPJPY is heading south, and it has been holding within a descending triangle pattern since June 9. Currently, the price is moving beneath the short-term simple moving averages (SMAs) and is approaching the 160.00 psychological mark, which is the lower boundary of the triangle. The RSI indicator is standing below the neutral threshold of 50, moving with weak momentum while the MACD is hovering slightly up its trigger line in the negative region. Violating the flat line of the [..]

Technical Analysis – CHFJPY struggles to beat its all-time high

Posted on August 25, 2022 at 12:40 pm GMT

CHFJPY started drifting lower on Monday, after it hit resistance once again at 143.20, a zone which has been preventing the bulls from climbing higher since June 30, a day after the pair hit its record high at 143.74. This, combined with the fact that the pair has been mostly trading above 138.65 since June 17, suggests a sideways range, and thereby paints a neutral picture. The daily oscillators indicate a lack of, or little, directional momentum, which adds credence [..]

Technical Analysis – EURUSD fails to move end sessions above 1.0000

Posted on August 25, 2022 at 8:40 am GMT

EURUSD’s rebound off the 0.9900-0.9910 support, sent the market higher and a spike above the parity level but is currently heading south. The RSI is flattening near the neutral threshold of 50, while the MACD is rising above its trigger line in the negative region. If the market corrects higher, the bullish action may pause initially near the 40-day SMA at 1.0042 before attention shifts to the 38.2% Fibonacci retracement level of the down leg from 1.0370 to 0.9900 at [..]

Technical Analysis – BTCUSD regains ground after sharp drop

Posted on August 25, 2022 at 8:14 am GMT

BTCUSD (Bitcoin) has been experiencing a downside correction after its recent advance failed to jump above the 25,200 barrier. Although the cryptocurrency managed to find its feet and recoup some losses in the last few daily sessions, it is still trading beneath its 50-day simple moving average (SMA). The short-term oscillators currently suggest that bearish forces are in control. Specifically, the MACD histogram is currently below both zero and red signal line, while the RSI is hovering below its 50-neutral [..]

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