Technical Analysis / Page 222

Technical Analysis – US 30 index at risk of bearish breakdown

Posted on August 18, 2022 at 8:41 am GMT

The US 30 index (cash) has been clearly trending up since departing from July’s low of 30,128, recently topping at a four-month high of 34,279 before pulling lower. In the four-hour chart, the bears are trying to dominate below the 20-period simple moving average (SMA) at 33,922, which has been strongly protective over the past week. From a technical perspective, they may succeed as the RSI is printing new lower lows within the bullish area, the MACD is decelerating below its red [..]

Technical Analysis – BTCUSD retraces after hitting 2-month high

Posted on August 18, 2022 at 8:01 am GMT

BTCUSD has been constantly gaining ground after its prolonged downtrend bottomed at the 2022 low of 17,588. However, in the last few daily sessions, the cryptocurrency has been experiencing a downside correction since its recent rebound failed to cross above the 25,200 region. This loss of positive momentum is also reflected by the short-term indicators. Specifically, the MACD histogram has dived beneath both zero and its red signal line, while the stochastic oscillator is sloping downwards after posting a bearish cross. Should [..]

Technical Analysis – NZDUSD slides below bullish channel but remains supported

Posted on August 18, 2022 at 7:15 am GMT

NZDUSD is in the fourth consecutive day of declines, set to confirm its exit from a short-term bullish channel at 0.6267. While the momentum indicators suggest that the negative correction has just started, some confirmation is required since the RSI and the MACD have not significantly deviated below their neutral levels; the RSI is still close to its 50 neutral mark and the MACD marginally below its red signal line, reflecting a neutral-to-bearish short-term bias overall. Moreover, the price itself is currently facing support around [..]

Technical Analysis – USDJPY visits 40-day SMA at 135.55; bullish bias

Posted on August 18, 2022 at 6:50 am GMT

USDJPY is turning up, hitting the strong immediate resistance at 135.55, which overlaps with the 40-day simple moving average (SMA). The pair remains inside the Ichimoku cloud, while the RSI is getting closer to the positive territory and the stochastic oscillator is moving up towards the 80 level after the bullish crossover between the %K and %D lines. Both suggest that the next move may be up instead of down in the near-term. If the price closes decisively above the 135.55 resistance, [..]

Technical Analysis – AUDUSD breaks below an upside support line

Posted on August 17, 2022 at 12:19 pm GMT

AUDUSD entered a phase of steep declines on Monday, after hitting resistance a few pips below the peak of Friday, at around 0.7135. Although some buyers sought to take advantage of the slide between the 0.6990 and 0.7040 levels, they were unable to withhold the pressure. This resulted in another round of selling and a break below the upside line drawn from the low of July 14th. The switch in the short-term bias is also confirmed by our short-term oscillators. [..]

Technical Analysis – Apple stock rebounds strongly, record high in focus

Posted on August 17, 2022 at 7:59 am GMT

Apple’s stock has been moving in a steeply ascending channel since it managed to halt its decline at the one-year low of 129.00. In addition, the price is closing the gap with its all-time high levels, while positive momentum shows no signs of cooling. The short-term oscillators are reflecting a positive near-term bias. Specifically, the MACD histogram is currently above both zero and its red signal line, while the RSI has been hovering within the 70-overbought area during the whole [..]

Technical Analysis – US 100 index weakens after posting new 4-month high

Posted on August 17, 2022 at 7:50 am GMT

The US 100 cash index is losing momentum after the upside rally from the 19-month low of 11,035. The price hit a new four-month peak of 13,721 in the previous period, however, it failed to surpass the 200-day simple moving average (SMA) to show some sings of a broader bullish outlook. The RSI is looking overbought as it slips beneath the 70 level, while the MACD is still holding above its trigger and zero lines. The next target to the [..]

Technical Analysis – GBPUSD returns above 1.2100; bullish cross within SMAs remains intact

Posted on August 17, 2022 at 6:45 am GMT

GBPUSD rebounded off the 1.2000 psychological level in the preceding session, flirting with the 20- and 40-day simple moving averages (SMAs). The bullish crossover within the SMAs remains intact, suggesting that a bullish correction may be on the radar in the short-term timeframe. The MACD oscillator is moving sideways near its trigger and zero lines, while the RSI is approaching the neutral threshold of 50. If the market manages to gain momentum, the 23.6% Fibonacci retracement level of the decline [..]

Technical Analysis – EURJPY steps on familiar support zone; 20-SMA in target

Posted on August 17, 2022 at 6:28 am GMT

EURJPY stood firm again around the 135.00 support region on Tuesday, which triggered the preceding bullish wave, increasing hopes that the latest bearish correction has found a bottom. The tough 20-day simple moving average (SMA), however, is still overhead, keeping downside risks alive at 137.20, while the 38.2% Fibonacci of the 124.38 – 144.26 upleg also seems a struggle to overcome today as it lies slightly lower at 136.67. In other discouraging signs, the RSI and the MACD, although having pivoted northwards, remain within the negative [..]

Technical Analysis – USDJPY climbs closer to a key resistance zone

Posted on August 16, 2022 at 3:12 pm GMT

USDJPY has been in a recovery mode since yesterday when it hit support at 132.55. The advance took the pair above the high of August 12, at 133.85, thereby confirming a short-term forthcoming higher high on the 4-hour chart. That said, the move signaling that the bulls have gained full control may be a break above the key resistance zone of 135.30/55. Turning our gaze to our short-term oscillators, we see that the RSI lies above 50, but it has [..]

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