Technical Analysis / Page 23

Technical Analysis – Will AUDUSD exit the range again?

Posted on April 30, 2024 at 9:04 am GMT

AUDUSD comes under selling interest this week But stays within sideways range A break below 0.6485 may turn the outlook bearish For the picture to brighten, a move above 0.6615 may be needed AUDUSD was sold this week, after the bulls struggled to overcome the 0.6575 barrier. In the bigger picture, the pair is trading back within the sideways range that has been containing most of the price action since mid-January and thus, the outlook remains neutral. The MACD lies well above [..]

Technical Analysis – EURJPY seeks calmness after roller coaster day

Posted on April 30, 2024 at 8:31 am GMT

EURJPY stabilizes after Japan-driven volatile session Bears wait for action below the 167.20 support area Eurozone’s flash CPI inflation due at 09:00 GMT EURJPY rose rapidly to an almost 40-year high of 171.56 on Monday thanks to a suspected intervention from Japanese authorities. But the spike faded immediately, with the price diving to a low of 165.63 before closing the day near 167.54 in the aftermath. Technically, the resistance line from June 2023, which led to the decline in [..]

Technical Analysis – GBPUSD battles with 200-day SMA

Posted on April 30, 2024 at 8:00 am GMT

GBPUSD rebounds strongly from a 5-month bottom But meets strong resistance at 200-day SMA Momentum indicators improve but remain neutral-to-negative GBPUSD experienced a vast decline after posting a fresh 2024 high of 1.2892, generating a clear structure of lower highs and lower lows. Although the pair has been attempting a recovery in the past few sessions following its bounce off a fresh five-month bottom, the 200-day simple moving average (SMA) appears to be curbing its upside. Should bullish pressures persist, the pair [..]

Technical Analysis – GBPAUD in danger of bearish shift as it tests 50% Fibonacci

Posted on April 29, 2024 at 2:40 pm GMT

GBPAUD correction reaches 50% Fibonacci as bearish risks increase But some hope for a rebound as stochastics turn upwards GBPAUD has been trending lower since early March when its three-month-old uptrend ran its course. But the consolidation may now be entering a new bearish phase as the price action is developing below the Ichimoku cloud as well as below all the simple moving averages (SMA). The MACD supports the negative picture in the near term as it’s fallen deeper [..]

Weekly Technical Outlook – USDJPY, EURUSD, Oil

Posted on April 29, 2024 at 2:10 pm GMT

USDJPY maintains bullish pattern after suspected intervention EURUSD remains trapped below 20-SMA ahead of flash CPI WTI oil futures wait for the next bullish catalyst below key resistance FOMC policy meeting –> USDJPY The US calendar might send some important messages this week, particularly on Wednesday when the Fed announces its rate decision. Although changes in interest rates are not on the agenda this week, it would be interesting to see if the central bank will raise the possibility of a rate [..]

Technical Analysis – Apple stock bounces off 1-year low

Posted on April 29, 2024 at 1:01 pm GMT

Apple stock has been in a steady downtrend in 2024 But rebounds from 1-year bottom ahead of earnings Momentum indicators remain neutral-to-negative Apple’s stock has been very volatile in 2024, opening frequently with significant price gaps. In the short term, the stock fell to a fresh one-year low of 163.90 on April 19 before paring some losses ahead of the Q1 earnings report on Thursday. Should the rebound resume, immediate resistance could be found at 172.75, which is the 78.6% Fibonacci [..]

Technical Analysis – USDJPY plummets after 34-year high of 160.20

Posted on April 29, 2024 at 10:38 am GMT

USDJPY loses significant ground SMAs act as support lines Stochastics and RSI have strong negative momentum USDJPY is dropping sharply after climbing towards a fresh 34-year high at 160.20 earlier today. The market is slipping beneath the 20-period simple moving average (SMA), losing more than 400 pips. Technically, the RSI is sliding below the neutral threshold of 50 and the stochastic oscillator is diving towards the oversold territory, both with strong negative momentum. Any additional declines could remain attractive to [..]

Technical Analysis – EURUSD attempts recovery from 5-month low

Posted on April 29, 2024 at 7:55 am GMT

EURUSD rebounds from a five-month bottom But oscillators suggest that the bears retain control EURUSD came under severe selling pressure in the aftermath of a hotter-than-expected inflation report on April 10, posting a fresh 2024 low of 1.0600. Although the pair has been regaining ground since then, the momentum indicators are still tilted to the downside. Should the rebound resume, the recent resistance of 1.0752 could prove to be the first barrier for the price to overcome. Conquering this barricade, the [..]

Technical Analysis – US 500 cash index is in the green ahead of the Fed

Posted on April 29, 2024 at 7:08 am GMT

US 500 index is edging higher, a tad below the 50-day SMA Bulls are feeling more confident following strong tech earnings Momentum indicators are mixed at this stage The US 500 cash index is trying to record its third consecutive green candle today as the bulls are probably feeling relieved following the recent strong tech earnings and the lack of a significant upside surprise in last week’s PCE report. The US 500 index is apparently preparing to test the 50-day simple [..]

Technical Analysis – Gold weakens its momentum

Posted on April 29, 2024 at 6:37 am GMT

Gold holds near the 20-day SMA Oscillators are heading south Gold prices are moving back and forth of the 2,320 barrier and the 20-day simple moving average (SMA), while remaining in a positive territory. However, the technical oscillators are weakening their momentum. The MACD is standing beneath its trigger line above the zero level, while the RSI is ticking down above the neutral threshold of 50. If the price remains above the 2,320 support then the price may re-challenge the [..]

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