Technical Analysis / Page 220

Technical Analysis – AUDJPY rebounds to challenge the upper boundary of symmetrical triangle

Posted on August 23, 2022 at 2:00 pm GMT

AUDJPY has been developing within a symmetrical triangle over the last three months and is currently moving above the short-term simple moving averages (SMAs). The RSI is heading north above the neutral threshold of 50, while the MACD is still standing above the zero line with weak momentum. Should the price decisively close above the roof of the triangle, seen at 95.14, bulls could extend the upward move towards 95.70. Further advances above this level, could then target the area [..]

Technical Analysis – US 100 index rejected near the 13,720 zone

Posted on August 23, 2022 at 12:37 pm GMT

The US 100 stock index (cash) came under strong selling interest after hitting resistance near the 13,720 area last Monday, a zone also marked by the inside swing low of April 18. This, combined with the fact that a tentative downside line can still be drawn from the high of December 28, likely increases the chances for more declines in the short run. Adding to the bearish notion are both the daily oscillators. The RSI dipped its toe below 50 [..]

Technical Analysis – AUDUSD fails to break 61.8% Fibonacci

Posted on August 23, 2022 at 8:43 am GMT

AUDUSD is struggling to dive beneath the 61.8% Fibonacci retracement level of the upward wave from 0.6680 to 0.7135 as it is acting as strong support level for traders. The price also remains beneath the 200-period simple moving average (SMA) and the 50.0% Fibonacci, confirming the recent neutral-to-bearish mode. The neutral bias in the near term is also supported by the stochastic, which has been hovering above the 20-neutral level in the past few sessions but has not yet crossed [..]

Technical Analysis – GBPUSD inches to 29-month low; bears dominate

Posted on August 23, 2022 at 7:33 am GMT

GBPUSD inched to a new 29-month low of 1.1716 early on Tuesday, increasing the risk for a downtrend extension below July’s trough of 1.1758. The ongoing bearish correction follows the pullback from February’s resistance line. The RSI is close to its 30 oversold level and the stochastics are near spring’s lows, making a rebound in the price possible. Yet, as long as the indicators keep sloping downwards and the MACD gains negative momentum below its red signal line, the base scenario is [..]

Technical Analysis – EURJPY still consolidating below the downtrend line

Posted on August 23, 2022 at 6:31 am GMT

EURJPY is diving back below the near-term falling trend line and the 38.2% Fibonacci retracement level of the down leg from 124.40 to 144.25 at 136.75. The neutral to bearish picture in the short-term looks to last for a while longer after prices failed to break above the descending line and the 138.40 resistance. The negative bias in the near term is supported by the deterioration in the momentum indicators. The %K line of the stochastic oscillator has fallen sharply [..]

Technical Analysis – Is GBPCAD headed for the 2010 low?

Posted on August 22, 2022 at 2:58 pm GMT

GBPCAD has been drifting south since August 2, when it hit resistance near 1.5760. That said, it has yet to clearly overcome the key support of 1.5350, a move which would not only confirm a forthcoming lower low, but also take the pair into territories last seen back in April 2013. Overall, the trend appears to be to the downside, a narrative supported by the fact that GBPCAD remains below all three of the plotted moving averages. The short-term oscillators detect [..]

Technical Analysis – USDJPY bearish doji star pattern is on the way

Posted on August 22, 2022 at 9:13 am GMT

USDJPY has been underperforming after the bearish doji star pattern that is in the process to be completed, which is a sign for a reversal movement. The pair hit a new one-month high near 137.45 and posted a higher high in the short-term picture. The technical indicators are endorsing the declining move, with the RSI pointing down from the overbought region and the stochastic oscillator creating a bearish crossover within the %K and %D lines. After the price failed to surpass the 137.45 [..]

Technical Analysis – EURCHF returns below SNB crash low. Are there more declines in store?

Posted on August 22, 2022 at 7:46 am GMT

EURCHF entered the week in a quiet manner, hovering slightly above the record low of 0.9603, hit on August 16. Overall, the price structure remains one of lower peaks and lower lows since June 9, while on the 4-hour chart, the bearish picture is highlighted by the downtrend line drawn from the high of July 21. The short-term oscillators detect negative momentum and support the notion for further declines. The RSI lies slightly above 30 and points down, while the [..]

Technical Analysis – EURUSD looks unfortunate as sell-off nears parity again

Posted on August 22, 2022 at 7:27 am GMT

EURUSD was sliding towards the critical 1.0000 level during Monday’s early European trading hours, which the bears could not successfully claim in mid-July. The move comes after the failure to climb above the 20-day simple moving average (SMA) and the 1.0200 number last week. Previously, the pair could not find enough buyers to exit the 2022 downward-sloping channel either, with the momentum indicators currently foreseeing more bearish episodes ahead. Although the price closed marginally below the lower Bollinger band on Friday, signaling oversold conditions, the stochastics have [..]

Technical Analysis – US 500 retreats after hitting 200-day SMA

Posted on August 22, 2022 at 6:59 am GMT

The US 500 stock index (cash) has been in a sustained uptrend after finding its feet at the 1½ -year low of 3,635. However, the price has exhibited a downside correction since it failed to cross above the 200-day simple moving average (SMA) and is currently hovering around the May peak levels. The momentum indicators are endorsing the recent retracement. Specifically, the stochastic oscillator is descending close to the oversold zone, while the MACD histogram has crossed beneath its red signal line. To [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

Technical Analysis

XM Live Chat