Technical Analysis / Page 230

Technical Analysis – NZDUSD in a recovery mood; 50-SMA next in focus

Posted on July 20, 2022 at 7:39 am GMT

NZDUSD saw its fortune improving in the short-term picture following the clear close above the 20-day simple moving average (SMA) on Tuesday, with the focus now being on the 0.6256 resistance. Encouragingly, the price has gained extra impetus today to climb above the descending trendline drawn from the 0.7032 peak. The technical oscillators are also mirroring increasing buying appetite as the RSI is strengthening its positive momentum above its 50 neutral mark and the MACD is distancing itself above its red signal [..]

Technical Analysis – USDJPY moves slightly up after bullish doji candle

Posted on July 20, 2022 at 7:05 am GMT

USDJPY posted a bullish doji candle yesterday and maybe is a sign for further bullish actions after two consecutive red days. However, the technical indicators are endorsing an opposite scenario. The RSI is flattening near its overbought territory, while the stochastic pulled back from the 80 level and created a bearish crossover within its %K and %D lines. If the market corrects higher, the bullish action may pause initially near the 24-year high of 139.35 ahead of the 140.00 psychological [..]

Technical Analysis – Netflix stock rebuilds bullish hopes within range

Posted on July 19, 2022 at 2:18 pm GMT

Netflix stock has been directionless at the bottom of its downtrend since the plunge to a five-year low of 161.38 at the end of May, but some bullish signs have started to appear ahead of the company’s earnings release today after the market close. Despite its flat trajectory, the price managed to step above its shorter-term simple moving averages (SMAs) on Monday after almost six weeks, while the RSI has printed a new higher high marginally above its 50 neutral [..]

Technical Analysis – Tesla stock finds resistance near upper bound of triangle; earnings release awaited

Posted on July 19, 2022 at 11:35 am GMT

Tesla’s stock price has come under renewed selling pressure ahead of the company’s earnings release on Wednesday, falling back near its 50-day simple moving average (SMA), but remaining within the two-month-old symmetrical triangle formation. Despite the latest pullback though, the price has not posted a fresh lower low yet, which makes one hesitant to believe in a downside reversal. A break outside this pattern will likely determine the next direction in the market. Looking at the technical oscillators on the daily chart though, they suggest some increases might be on the cards in the short-term. The RSI has surpassed [..]

Technical Analysis – EURJPY pauses bullish course; focus still on the upside

Posted on July 19, 2022 at 7:17 am GMT

EURJPY paused its short-term bullish sequence near a two-week high of 140.78 and below the 20-day simple moving average (SMA) on Monday as the broken support trendline from March came to block the way higher. The technical signals reflect a weak bullish bias at the moment. The RSI has barely risen above its 50 neutral mark, the MACD is trying to deviate above its red signal line in the negative region, while the Stochastics are entering the overbought area above 80. Hence, given the above [..]

Technical Analysis – GBPUSD jumps higher to meet 1.2000

Posted on July 19, 2022 at 6:53 am GMT

GBPUSD is showing signs of being positive in the short run, after gaining ground on Thursday and breaking over its 28-month low of 1.1760. The technical indicators are pointing upwards as the RSI is on the rise, but it has not yet come close to the neutral threshold of 50, and the MACD is crossing its trigger line to the upside while still being in the negative region. The 20-day simple moving average (SMA), which is located at 1.2040, and [..]

Technical Analysis – Gold halts decline, but bearish risks still intact

Posted on July 18, 2022 at 2:33 pm GMT

Gold is trying to heal its wounds after sliding to an almost one-year low of $1,697/ounce last week, but the technical picture is not bright enough to back a potential proper recovery in the short term. On the one hand, the precious metal seems to have escaped an extension towards the lower boundary of the four-month-old bearish channel, raising hopes that the bulls may dominate in the coming sessions. On the other, the RSI is still below its 30 oversold level [..]

Technical Analysis – EURUSD erases losses after hitting a bottom at 0.9950

Posted on July 18, 2022 at 6:41 am GMT

EURUSD is still failing to print a daily close below the parity level, despite the free fall towards the 20-year low of 0.9950 on Thursday. Chances for an upside reversal are increasing as the technical indicators are turning higher. The MACD is weakening its bearish movement, while the RSI jumped above the 30 level, suggesting an oversold market. In case a rebound takes place, immediate resistance could come from the 20-day simple moving average (SMA) at 1.0300 ahead of the 1.0345 [..]

Technical Analysis – USDCAD enjoys summer vibes after explosive rally

Posted on July 15, 2022 at 7:26 am GMT

USDCAD skyrocketed by 2.0% to a 20-month high of 1.3222 on Thursday, and although the pair could not cling to this top, it managed at least to close clearly above the 1.3026–1.3077 block, which had been strongly rejecting the bulls since mid-May. Strikingly, the market is now finally ready to win a weekly close above the 200-weekly simple moving average (SMA) for the first time since October 2020, signaling further progress ahead. In the daily chart, the technical picture is looking brighter. The [..]

Technical Analysis – GBPJPY fails to decline below the ascending triangle

Posted on July 15, 2022 at 6:56 am GMT

GBPJPY is remaining within an ascending triangle pattern, as it rebounded several times in the previous sessions on the uptrend line. The pair is hovering within the short-term simple moving averages (SMAs), suggesting some weakening bias as the technical indicators are also failing to show some clear directional movement. The RSI is flattening near the neutral threshold of 50, while the MACD is moving sideways near its trigger and zero lines. If the bulls manage to take charge and drive [..]

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