Technical Analysis / Page 226

Technical Analysis – WTI futures break below 200-day SMA, approaching crucial area

Posted on August 4, 2022 at 7:48 am GMT

WTI oil futures (September delivery) have been losing ground since early June when the price failed to surpass the 121.00 mark. Although a further decline had been rejected multiple times by the 200-day simple moving average (SMA), the price managed to close below this important barrier, endorsing a broader bearish technical picture. The momentum indicators suggest that near-term risks are tilted to the downside. Specifically, the stochastic oscillator is sloping downwards in the oversold zone, while the MACD histogram is currently [..]

Technical Analysis – AUDUSD retraces weekly losses

Posted on August 4, 2022 at 7:36 am GMT

AUDUSD is tipping upwards again after setting a foothold around the 20-day simple moving average (SMA) at 0.6880 earlier this week. Likewise, the RSI has avoided a drop below its 50 neutral mark, rotating northwards as well, while the MACD remains stable marginally above its zero and signal lines, both endorsing the positive momentum in the pair. The 50-day SMA is currently constraining any additional increases at 0.6960. If it soon gives up, the door will open for the 0.7046 resistance [..]

Technical Analysis – US 100 stock index resumes climb but looks oversold

Posted on August 3, 2022 at 3:20 pm GMT

US 100 stock index (cash) is extending the rebound that took off in June when the price hit a 19½-month low of 11,036.74. The uptrend has gathered more steam since late July when it broke above the top of the Ichimoku cloud. But it could hit the buffers soon as the index approaches the 38.2% Fibonacci retracement of the November 2021-June 2022 downleg at 13,225. Looking at the momentum indicators, the stochastics have entered the overbought region again and are [..]

Technical Analysis – EURGBP maintains bearish bias despite some upside pressures

Posted on August 3, 2022 at 2:01 pm GMT

EURGBP is recovering from three-month lows after yesterday sinking to 0.8339, suggesting that a new support base has been formed around 0.8340. This level is above the 78.6% Fibonacci retracement of the March-June uptrend at 0.8313 so it may provide only temporary support as the momentum indicators continue to point to downside risks. The %K and %D lines of the stochastic oscillator have flatlined around the 20 oversold mark after a minor rebound, while the RSI remains well below the [..]

Technical Analysis – USDJPY pivots north but don’t get excited yet

Posted on August 3, 2022 at 7:51 am GMT

USDJPY turned green after its latest sharp bearish wave paused at an almost two-month low of 130.38 on Tuesday, with the price quickly recouping Monday’s losses in the aftermath. While the RSI and the Stochastic oscillator are flagging oversold conditions as the indicators pivot northwards after tumbling to 30 and 20 respectively, there are several obstacles ahead, which could still ruin any additional bullish efforts. First, the pair remains trapped within the Ichimoku cloud for the third consecutive day and below [..]

Technical Analysis – NZDUSD pauses rebound but retains positive bias

Posted on August 3, 2022 at 7:18 am GMT

NZDUSD has been in a prolonged downtrend since March when it peaked at the 0.7032 region. Although the price has managed to regain some lost ground after its downfall ceased at the 26-month low of 0.6059, its latest rebound was recently rejected at the lower boundary of the Ichimoku cloud. The short-term oscillators suggest that bullish forces remain in control, but positive momentum is waning. Specifically, the RSI is hovering slightly beyond the 50-neutral mark despite its latest drop, while [..]

Technical Analysis – US 500 index pauses bullish wave near 100-SMA

Posted on August 2, 2022 at 3:38 pm GMT

The US 500 stock index (cash) achieved another milestone by bouncing aggressively towards its 100-day simple moving average (SMA) at 4,111 last week. The momentum indicators are still elevated within the positive area, suggesting that there might be another opportunity for an upside reversal in the near term, although some softness cannot be ruled out as the RSI is pulling lower, the MACD is fluctuating near a former resistance area and the stochastics are close to overbought levels. The bulls [..]

Technical Analysis – AUDUSD steadies above 38.2% Fibo after tumbling into the cloud

Posted on August 2, 2022 at 3:16 pm GMT

AUDUSD is attempting to regain its footing after plunging sharply earlier on Tuesday. The price reached a six-week high of 0.7046 only yesterday, but today’s sudden downfall has pushed it nearer the 0.6910 level, taking it below the 50-period moving average (MA) and into the Ichimoku cloud. The momentum indicators point to more negative pressures ahead, although the stochastic oscillator is at a turning point. The %K line looks ready to cross above the slower moving %D line in the [..]

Technical Analysis – EURJPY retreats sharply, eyeing 200-day SMA

Posted on August 2, 2022 at 8:54 am GMT

EURJPY has been experiencing a decline in the last few daily sessions after its latest advance paused at the 142.30 region. Moreover, the price is currently trading below its lower Bollinger band and is battling with the crucial 200-day simple moving average (SMA), a violation of which could accelerate the downfall. The short-term oscillators suggest that negative momentum is strengthening. Specifically, the MACD histogram is losing ground beneath both zero and its red signal line, while the RSI is approaching the 30-oversold [..]

Technical Analysis – GBPUSD under bullish control but confirmation required

Posted on August 2, 2022 at 7:53 am GMT

GBPUSD closed marginally above its 50-day simple moving average (SMA) on Monday at 1.2244 for the first time since February, violating at the same time the upper surface of a bearish channel. Despite today’s stabilization, there are still hopes for further progress given the upward trend in the RSI, which is currently hovering clearly above its 50 neutral mark, as well as the strength in the MACD, which has climbed into the positive region. That said, traders may wait for additional [..]

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