Technical Analysis / Page 227

Technical Analysis – Gold edges higher, descending trendline in focus

Posted on August 1, 2022 at 9:24 am GMT

Gold has been experiencing a sustained downtrend since early March, creating a profound structure of lower highs and lower lows. However, the precious metal managed to cease its decline at the one-year low of 1,681 and is currently in recovery mode, targeting its upper Bollinger band and the restrictive trendline. The momentum indicators are reflecting a positive near-term bias. Specifically, the stochastic oscillator is sloping upwards within the 80-overbought zone, while the RSI has jumped above its 50-neutral threshold. Should buying [..]

Technical Analysis – EURUSD extends consolidation slightly above parity

Posted on August 1, 2022 at 7:21 am GMT

EURUSD has been trading within a tight range after it managed to rebound from the 20-year low of 0.9951. In addition, the price is currently standing below both its descending 50- and 200-day simple moving average (SMAs), endorsing a broader bearish technical picture. The momentum indicators suggest a cautiously positive near-term tone. Specifically, the stochastic oscillator is sloping upwards after posting a bullish cross, while the MACD histogram has jumped above its red signal line but remains in the negative [..]

Technical Analysis – USDCHF extends decline, approaching crucial zone

Posted on July 29, 2022 at 12:41 pm GMT

USDCHF has been experiencing a sharp decline since the price failed to cross above the 0.9884 zone in mid-July. Moreover, the pair is closing the gap with the reversal point of its previous downleg, where a potential downside infringement may accelerate the current downfall. The momentum indicators suggest that bearish forces are in control. Specifically, the MACD histogram is currently beneath both zero and its red signal line, while the RSI is flatlining below its 50-neutral threshold. Should selling pressures [..]

Technical Analysis – GBPJPY drops sharply erasing recent advance

Posted on July 29, 2022 at 9:39 am GMT

GBPJPY had been slowly gaining ground in the past three weeks, trading above its 50-day simple moving average (SMA) and recording continuous higher highs. However, in the past two sessions the pair has come under significant downside pressure, with its slump coming to a halt for now at the lower Bollinger band. The momentum indicators are reflecting a negative near-term tone. Specifically, the stochastic oscillator is falling after posting a bearish cross, while the RSI is descending steeply below its [..]

Technical Analysis – USDCAD moves south with weak momentum; immediate support at 200-day SMA

Posted on July 29, 2022 at 7:43 am GMT

USDCAD is easing with weak momentum below the short-term simple moving averages (SMAs) but is still above the long-term ascending trend line. According to the technical indicators, the MACD is losing ground below its trigger and zero lines, while the RSI failed several times to surpass above the neutral threshold of 50 and is now pointing downwards. In trend indicators, the 20- and 40-day SMAs are getting closer to posting a bearish crossover if the price continues the negative movement. Should selling [..]

Technical Analysis – US 30 index’s bias is titled to the upside

Posted on July 28, 2022 at 9:34 am GMT

The US 30 index is struggling to gain positive momentum after its fast rebound stalled around the 38.2% Fibonacci retracement level of the down leg from 36,950.90 to 30,635 at 32,430. However, the index has been trading above the short-term ascending trend line and the 20- and 50-simple moving averages (SMAs) are in the process for a bullish crossover. The downside reversal in the RSI justifies the diminishing buying pressure, though it remains well above its neutral threshold keeping the short-term risk [..]

Technical Analysis – WTI futures extend sideways move supported by 200-SMA

Posted on July 28, 2022 at 8:12 am GMT

WTI oil futures (September delivery) have been losing ground since early June when the price failed to surpass the 121.00 mark. However, a further decline has been rejected multiple times by the 200-day simple moving average (SMA) and the price has currently adopted a rangebound pattern. The momentum indicators suggest that near-term risks are tilted to the upside. Specifically, the stochastic oscillator is sloping upwards after posting a bearish cross, while the MACD histogram has jumped above its red signal [..]

Technical Analysis – AUDUSD surges above the downtrend line, testing 0.7000

Posted on July 28, 2022 at 7:02 am GMT

AUDUSD is surging above the medium-term descending trend line, adding some optimism for a short-term bullish bias. The simple moving averages (SMAs) are also confirming this move as they are pointing upwards, and the technical indicators are holding in a positive territory. The RSI is sloping north above the 50 level, while the MACD is increasing its momentum above its trigger and zero lines. If buying interest intensifies, resistance may originate from the 0.7070 peak ahead of the 200-day SMA [..]

Technical Analysis – ETHUSD eyes retest of 1,500 level after slip as bullish bias weakens

Posted on July 27, 2022 at 3:37 pm GMT

ETHUSD (Ethereum) is heading higher, hoping to reclaim the 1,500 handle after tumbling below it on Monday when the positive momentum ran out of steam. The rebound from June’s 1½-year low of 880.00 gathered steam in July, with the price reaching a six-week high of 1,663.65. But the bullish bias has weakened in recent days, casting doubt about the sustainability of the recovery. The RSI came close to hitting the 50-neutral level, though it’s now ticking up again. However, the [..]

Technical Analysis – Amazon stock hovers in sideways channel after bearish trend

Posted on July 27, 2022 at 8:57 am GMT

Amazon stock has been developing within a trading range of 99.70-127.20 before the earnings release on Thursday and is showing some negative signs from the technical indicators. The RSI is pointing downwards around the neutral threshold of 50, while the stochastic oscillator is heading south after a bearish crossover within its %K and %D lines. Should the selling forces strengthen, the 50-day simple moving average (SMA) at 112.53 will come under the spotlight. The 105.90 support could next add some footing ahead of the lower surface of the sideways channel at 99.70. [..]

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