Technical Analysis / Page 223

Technical Analysis – EURCHF meets all-time lows near 0.9600

Posted on August 16, 2022 at 8:25 am GMT

EURCHF plunged to a record low of 0.9603 earlier in the day, continuing the strong sell-off that started from mid-June. The RSI indicator is appearing oversold as it is trying to tick higher near the 30 level, while the stochastic oscillator is remaining below the 20 level but the negative momentum is weakening. In trend indicators, the 20- and 40-day simple moving averages (SMAs) are following the market price action, suggesting more losses may be on cards. In the wake [..]

Technical Analysis – US 500 extends rebound, eyeing 200-day SMA

Posted on August 16, 2022 at 7:27 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. In addition, the index has erased almost 50% of its drop from the record high of 4,818, while it is currently set to test the crucial 200-day simple moving average (SMA). The momentum indicators suggest that the recent rally could be overstretched as both the RSI and the stochastic oscillator are currently well within their overbought territories. [..]

Technical Analysis – Gold pulls below 1,800; bias still neutral

Posted on August 16, 2022 at 7:05 am GMT

Gold started the week on the wrong foot, sliding to a low of 1,772 on Monday after two days of unsuccessful efforts to claim the 1,800 psychological mark. The bearish correction, however, has not raised alarms yet, as the price seems to be setting a foothold around the broken bearish channel from March and the 50-day simple moving average (SMA) at 1,779. The 50% Fibonacci retracement of the 1,878 – 1,680 is also cementing that base. Moreover, the RSI, although weaker, is marginally [..]

Technical Analysis – EURUSD retreats below 1.0200 and short-term SMAs

Posted on August 16, 2022 at 6:44 am GMT

EURUSD has reversed back down again after finding resistance at the 1.0360 barrier and the descending trend line. Also, the pair retreated beneath the 20- and 40-day simple moving averages (SMAs) with the technical indicators suggesting a neutral to negative bias in the short-term. The RSI is holding just below the neutral threshold of 50, while the MACD is trying to strengthen its negative momentum below the zero level. Further losses should see the 1.0095 level, acting as a major [..]

Technical Analysis – Natural gas futures tick higher as bullish forces linger

Posted on August 12, 2022 at 9:55 am GMT

Natural gas futures (September 2022 delivery) have drifted higher again after their recent downside correction faltered. Even though the latest spike seems to have encountered resistance at the upper Bollinger band, the commodity continues to retain a bullish near-term picture. The momentum indicators suggest that buyers have regained the upper hand. Specifically, the stochastic oscillator is climbing near the 80-overbought territory, while the RSI is flatlining comfortably above the 50-neutral threshold. In the positive scenario, the price could ascend to test [..]

Technical Analysis – GBPAUD falls to fresh 4-year low; bearish but oversold

Posted on August 12, 2022 at 8:52 am GMT

GBPAUD re-activated its 2022 downtrend early on Friday, tumbling to a new more-than-a-four-year low of 1.7084 after a four-month period of consolidation. While the bearish breakout below 1.7173 has raised the odds for more downside, an immediate stabilization cannot be ruled out as the technical indicators are already flashing oversold conditions. The stochastics are nearing a familiar support area below 20, the RSI is quickly approaching its 30 oversold level, while the pair itself is pushing for a close below the [..]

Technical Analysis – USDCAD plummets but 200-day SMA caps downside

Posted on August 12, 2022 at 8:46 am GMT

USDCAD has been losing ground in the short term since it peaked at the 20-month high of 1.3222 in mid-July. Moreover, in the last few sessions, the technical picture has deteriorated further, with the price crossing below both its 50-day simple moving average (SMA) and the Ichimoku cloud. The momentum indicators are reflecting that the latest downside move could resume as near-term risks are tilted to the downside. Specifically, the stochastic oscillator is sloping downwards in the 20-oversold zone, while [..]

Technical Analysis – GBPJPY battling to keep its feet above trendline

Posted on August 12, 2022 at 7:24 am GMT

GBPJPY came under renewed selling pressure on Thursday but encouragingly it quickly managed to recover its flash drop to 161.26, closing neutral above the ascending trendline once again. In addition to the above, Thursday’s candlestick reminds of a bullish dragonfly doji candlestick, which is a signal of a possible upside reversal, though whether the price will proceed higher on the following candlestick will confirm the appetite for more buying. For now, the technical oscillators are displaying some improvement in market [..]

Technical Analysis – JP 225 index defends bulls, but not out of the woods yet

Posted on August 11, 2022 at 10:17 am GMT

Japan’s 225 stock index (cash) stepped on the resistance trendline and the 20-day simple moving average (SMA) around 27,800 to defend its latest bullish break out of the bearish channel on Wednesday, but negative risks have not completely faded out. While the bullish intersection between the 20- and 200-day SMAs is promoting further trend improvement, the momentum indicators have been oscillating against the market action recently, with the RSI and the stochastics making lower lows and lower highs and the MACD losing [..]

Technical Analysis – BTCUSD extends advance, eyeing $25,000 mark

Posted on August 11, 2022 at 10:05 am GMT

BTCUSD has been in a steady uptrend since it managed to halt its long-term decline at the 2022 low of 17,588. Even though the price is currently standing above its 50-day simple moving average (SMA), endorsing a bullish short-term picture, the road to a complete recovery remains long. The short-term oscillators suggest a cautiously positive tone. Specifically, the MACD histogram is positive but below its red signal line, while the RSI is sloping upwards above its 50-neutral mark. Should buyers [..]

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