Technical Analysis / Page 229

Technical Analysis – US 500 index enters bullish territory

Posted on July 22, 2022 at 11:16 am GMT

The US 500 stock index (cash) advanced above its 50-day simple moving average (SMA) for the first time in three months to mark a new higher high at 4,000 on Thursday. The latest bullish action, which flourished after the price set a strong foothold around the penetrated bearish channel and the 20-day SMA earlier this week, has brightened prospects for future recovery. The technical oscillators are in line with this view, as the MACD is stretching its ascend within the positive [..]

Technical Analysis – WTI oil futures move below $100 shifting focus on 200-SMA

Posted on July 22, 2022 at 8:35 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 was recently rejected by the 200-day simple moving average (SMA) and the price has been moving sideways since then. The momentum indicators suggest that near-term risks are tilted to the downside. Specifically, the stochastic oscillator is descending after posting a bearish cross, while the RSI is flatlining beneath its 50-neutral threshold. Should negative momentum strengthen, [..]

Technical Analysis – GBPJPY pares gains within triangle

Posted on July 22, 2022 at 7:49 am GMT

GBPJPY inched lower to seek support near the 20-day simple moving average (SMA) early on Friday after getting rejected again around June’s descending trendline, which looks to be part of a symmetrical triangle. The symmetrical triangle formation is considered a neutral trend signal. Therefore, traders may adopt a wait and see approach as the price is near to complete the pattern and the momentum indicators provide a mixture of signals; the RSI is sliding towards its 50 neutral mark, the MACD is stabilizing marginally above [..]

Technical Analysis – USDCAD finds floor at 40-day SMA below 1.2900

Posted on July 22, 2022 at 6:41 am GMT

USDCAD looks to be creating a floor around the 40-day simple moving average (SMA) below the 1.2900 round number. The technical indicators are failing to suggest a clear sign as the MACD is holding below its trigger line around the zero level, while the RSI is pointing slightly up near the neutral threshold of 50. Traders, however, would be more eager to engage in buying activities if the price manages to remain above the 40-day SMA and meet the 1.2935 [..]

Technical Analysis – US 100 index suggests bullish correction if 23.6% Fibo break occurs

Posted on July 21, 2022 at 9:43 am GMT

The US 100 cash index is in the process of surpassing the 23.6% Fibonacci retracement level of the down leg from 16,767 to 11,035 at 12,390, extending the bounce off the 19-month low of 11,035. The MACD oscillator is gaining momentum above its trigger and zero lines; however, the RSI is flattening in the positive territory. Should the price close comfortably above the 23.6% Fibonacci of 12,390, which has been unbreakable over the past six weeks, it could add more value to index, pushing the [..]

Technical Analysis – EURCHF flags bullish trend reversal ahead of ECB

Posted on July 21, 2022 at 7:22 am GMT

EURCHF pivoted northwards to re-enter the 0.9900 territory after its latest pullback in the four-hour chart ceased near the 50-period simple moving average (SMA) at 0.9870. There are a couple of bullish signs, which feed optimism that the current recovery mood could persist in the coming sessions. The RSI has bounced back above its 50 neutral mark, the stochastics have resumed their upward slope, while the MACD, although beneath its red signal line, seems to be gaining positive momentum. Trend signals are [..]

Technical Analysis – AUDUSD tests 0.6900, remaining in descending channel

Posted on July 21, 2022 at 6:54 am GMT

AUDUSD is carrying on with its rebound from the previous week with better impetus than it had before, within its extending pattern of decline. The price is currently approaching the 0.6900 mark and then the next key level to have in mind is the 0.7000 that may switch the bias to neutral. The short-term bias appears to be bullish as the MACD keeps gaining ground above its red signal line, and the RSI is looking to be working its way [..]

Technical Analysis – EURGBP rebound slows as it approaches cloud top

Posted on July 20, 2022 at 3:25 pm GMT

EURGBP has reversed sharply higher after slumping to a near two-month low of 0.8402 a week ago, recovering back above the 0.85 handle. However, the pair has run into some key obstacles; the 50- and 20-day moving averages (MA) lie overhead in the 0.8530 region. The weakening positive bias is backed by the stochastic oscillator as the %K line is about to cross below the %D line just below the 80-overbought level. But the improving short-term trend remains intact according [..]

Technical Analysis – BTCUSD hits resistance as rebound in danger of becoming overstretched

Posted on July 20, 2022 at 1:12 pm GMT

BTCUSD is struggling to maintain positive momentum on Wednesday as the week-long rally appears to have stumbled after getting caught between the 50-day moving average (MA) and the 161.8% Fibonacci extension of the January-March upleg at 23,505.65. The price earlier hit an intra-day peak of 23,940.99 – a one-month high. But the grind higher is slowing amid the heavy resistance region. Still, the momentum indicators suggest there is scope for a further recovery, even though there is also the risk [..]

Technical Analysis – Gold prices bears face big challenge around 1,700

Posted on July 20, 2022 at 8:43 am GMT

Gold prices are holding around the 20-period simple moving average (SMA) above the 11-month low of 1,698. The commodity is now standing above the 1,700 psychological number but the momentum is too weak. The RSI is pointing south below the neutral threshold of 50; however, the MACD is approaching the zero level, remaining in the negative zone. A failure to overcome the short-term SMAs could send the price down to 1,698, a challenging point over the last few sessions. Lower, support [..]

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