Technical Analysis / Page 221

Technical Analysis – Gold retreats back near falling trend line; maintains bearish bias

Posted on August 22, 2022 at 6:21 am GMT

Gold prices remain under pressure and risk is still to the downside as prices continue to drift lower from the 1,808 level. The commodity is re-testing the downtrend line that broke at the beginning of the month, signifying a continuation of the descending movement. The short-term technical indicators are in bearish territory, with the MACD standing below its trigger line; however, the stochastic oscillator is suggesting an oversold market as it is ready to post a bullish cross within its [..]

Technical Analysis – EURAUD hovers near a key support zone

Posted on August 19, 2022 at 11:22 am GMT

EURAUD came under selling interest yesterday, after hitting resistance at the 200 – period exponential moving average (EMA), fractionally above the 1.4705 barrier, and slightly below the downside line drawn from the July 11 high. Although this keeps the prevailing downtrend intact, in the current session, the pair consolidated near the important support zone of 1.4565. The cautiously negative outlook is also supported by both our oscillators. The RSI moved lower but stopped and flattened near its equilibrium 50 line, [..]

Technical Analysis – CHFJPY rises with sunny skies

Posted on August 19, 2022 at 9:45 am GMT

CHFJPY is flashing a bullish bias as the price is approaching again the top of 143.74 – the highest since 1980 – following the reflection on the tentative support trendline at 137.14 almost two weeks ago. The pair also managed to hold above the Ichimoku cloud throughout the period and overcome its shorter-term simple moving averages (SMAs), making the RSI pivot northwards within the bullish area. Likewise, the MACD gained extra impetus to climb above its red signal line in the positive [..]

Technical Analysis – USDCHF needs boost from buyers to switch the outlook to bullish

Posted on August 19, 2022 at 8:55 am GMT

USDCHF is in the process to post the fifth straight day of gains, following the pullback off the 0.9367 support level. The pair jumped above the 200-day simple moving average (SMA) again and is trying to have a closing day beyond the short-term declining trend line from June 15. Moreover, there is another tentative line a bit higher, so a break above it should be a confirmation of a bullish correction move. In trend indicators, the MACD oscillator is holding [..]

Technical Analysis – Gold extends decline, 200-day SMA in focus

Posted on August 19, 2022 at 8:45 am GMT

Gold has been trending downwards during the past two weeks, creating a clear structure of lower highs and lower lows. So far, bullion has crossed below both its 50-period simple moving average (SMA) and the Ichimoku cloud, while it is currently ready to challenge the crucial 200-period SMA. The momentum indicators suggest that bearish forces remain in total control. Specifically, the stochastic oscillator is descending within the 20-oversold area, while the MACD histogram is below both zero and its red [..]

Technical Analysis – GBPJPY congested below 20-SMA; bias neutral

Posted on August 19, 2022 at 7:21 am GMT

GBPJPY faced another rejection from the 20-day simple moving average (SMA) at 162.66 on Thursday, which has been capping bullish corrections since the start of the month, but the pullback was only mild, with the price immediately pausing around 161.95. The momentum indicators remain cautious as the RSI keeps oscillating sideways marginally below its 50 neutral mark and the MACD has yet to distance itself above its red signal line. Having said that, as long as the safety net of 160.35 – 159.86 formed [..]

Technical Analysis – USDCAD gives signs for more advances; 1.2985 next pause

Posted on August 19, 2022 at 7:04 am GMT

USDCAD is heading north above the short-term simple moving averages (SMAs) after a bounce off the 200-day SMA, which holds near the 1.2730 support level. In momentum indicators, the MACD is gaining ground above its trigger and zero lines, while the RSI has successfully surpassed the neutral threshold of 50. Should the price close comfortably above the 1.2985 resistance, which has been unbreakable over the past month, traders could add more value to the pair, pushing the market up to 1.3175. [..]

Technical Analysis – EURUSD spikes down to form fresh low

Posted on August 18, 2022 at 2:52 pm GMT

EURUSD has been moving sideways in the last few four-hour sessions, with its advances being repeatedly held down by the 200-period simple moving average (SMA). Additionally, in the current session the price has violated its rangebound pattern to the downside, generating a fresh three-week low. The momentum indicators suggest that near-term risks are tilted to the downside. Specifically, the RSI is sloping downwards near the 30-oversold area, while the stochastic oscillator is descending after posting a bearish cross. Should selling [..]

Technical Analysis – EURGBP stays stuck between two diagonal trendlines

Posted on August 18, 2022 at 12:06 pm GMT

EURGBP traded higher yesterday, after hitting support at the crossroads of the 0.8385 level and the tentative upside line drawn from the low of low of March 7. Nonetheless, the advance remained limited near the conversion point of all the plotted exponential moving averages (EMAs), slightly below the downside line drawn from the high of June 15. This likely keeps the near-term outlook neutral, a view also enhanced by the daily oscillators. The RSI rebounded somewhat, but it has now [..]

Technical Analysis – WTI futures show some minor improvement

Posted on August 18, 2022 at 8:48 am GMT

WTI crude oil futures have gained a little over the last session and the price managed to hold above the 85.35 support, remaining within the short-term descending channel. The technical indicators are feeding prospects for a possible positive short-term trading; the RSI turned up in the negative region, while the MACD holds above its trigger line in bearish territory. Also, the stochastic oscillator looks oversold and is ready for a bullish crossover within its %K and %D lines. A failure to overcome the 200-day simple moving average (SMA) at [..]

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