Technical Analysis / Page 231

Technical Analysis – EURAUD meets support at 23.6% Fibonacci; still positive

Posted on July 14, 2022 at 10:08 am GMT

EURAUD has been underperforming in the last few days, breaking below the 38.2% Fibonacci retracement level of the down leg from 1.6220 to 1.4320 at 1.5047 and the short-term simple moving averages (SMAs). Technically, the RSI is flattening in the negative territory, while the stochastic oscillator posted a bullish crossover in the oversold zone, suggesting an upside correction may be on cards. If price action remains above the 23.6% Fibonacci of 1.4770 (immediate support), there is scope to test the [..]

Technical Analysis – US 30 index eyes July’s low as bears gain power

Posted on July 14, 2022 at 9:49 am GMT

The US 30 index (cash) has been in the red since the pullback from the steep descending trendline around 31,500 almost a week ago, currently approaching July’s trough of 30,349. The technical picture remains ugly. The index has slipped back below its 20-day simple moving average (SMA). At the same time, the RSI has resumed its negative momentum after failing to climb above its 50 neutral mark, while the MACD and the Stochastics are following lower as well, all foreseeing more gloomy sessions [..]

Technical Analysis – AUDUSD wobbles near 2-year low

Posted on July 14, 2022 at 7:35 am GMT

AUDUSD hovered quietly near Wednesday’s closing price of 0.6757 during Thursday’s early European trading hours after negligibly rotating at the two-year low of 0.6710. The penetrated support line drawn from the August 2021 low of 0.7105 is now acting as resistance around the same region, preventing any increases towards the 20-day simple moving average (SMA) at 0.6850. Even higher, the tentative descending trendline and the 50-day SMA around 0.6978 may also defend the negative trend in the market ahead of the 0.7070 [..]

Technical Analysis – WTI futures fail to boost selling interest below 200-day SMA

Posted on July 14, 2022 at 7:01 am GMT

WTI crude oil futures found a strong obstacle at the 200-day simple moving average (SMA), failing to continue the selling interest to the downside after the fall beneath the 100.00 level. The downside reversal in the RSI and the slowdown in the Stochastics justify the diminishing buying pressure, and both currently remain in the negative thresholds keeping the short-term risk skewed to the downside. The MACD is also comfortably within the bearish territory and is losing some steam below its red signal line losing some steam, while [..]

Technical Analysis – AUDUSD bounces-off 2-year low but retains bearish outlook

Posted on July 13, 2022 at 3:00 pm GMT

AUDUSD has been experiencing a sustained downtrend, generating a profound structure of lower highs and lower lows. However, in the last few four-hour sessions, the pair has adopted a sideways pattern after it managed to cease its decline at the two-year low of 0.6710. The momentum indicators suggest that bearish forces remain in control. Specifically, the RSI is flatlining beneath its 50-neutral mark, while the stochastic oscillator is sloping downwards after posting a bearish cross. If negative momentum strengthens, the price [..]

Technical Analysis – Citigroup stock consolidates ahead of earnings

Posted on July 13, 2022 at 1:42 pm GMT

Citigroup’s stock has been rangebound in the past three weeks after it managed to halt its long-term decline. However, the price is currently trading way beneath both its descending 50- and 200-day simple moving averages (SMAs), painting a gloomy technical picture for the stock. The momentum indicators are endorsing a bearish near-term bias. The stochastic oscillator is pointing downwards after posting a bearish cross, while the RSI is flatlining below its 50-neutral threshold. Should selling interest intensify, the price might [..]

Technical Analysis – Gold pulls back from 10-month low; indicators look oversold

Posted on July 13, 2022 at 10:08 am GMT

Gold prices could not find enough buyers to overcome the 20-period simple moving average (SMA) over the last couple of weeks, with the spotlight shifting again towards the new ten-month low of 1,722. Encouragingly however, the RSI and the MACD continue to hold above their recent lows, while the latter has also crawled back above its red signal line, providing some optimism that the bulls may be able to take control. The 1,752 level, where the 40-period SMA are heading towards, could challenge any [..]

Technical Analysis – EURGBP slices through 200-SMA as outlook worsens

Posted on July 13, 2022 at 8:02 am GMT

EURGBP has been experiencing a sharp decline after it failed to surpass the 0.8677 region. Moreover, the price has dived beneath both 50- and 200-day simple moving averages (SMAs) alongside the Ichimoku cloud, painting a gloomy technical picture for the pair. The momentum indicators are endorsing a bearish near-term bias. Specifically, the RSI is flatlining near its 30-oversold zone, while the MACD histogram is extending its drop below both zero and its red signal line. Should selling interest intensify further, 0.8392 could [..]

Technical Analysis – USDJPY finds a foothold ahead of US CPI inflation

Posted on July 13, 2022 at 7:32 am GMT

USDJPY geared a bit down after its latest bullish attempt halted at a new 20-year high of 137.76 on Monday. The good news is that the nearby 136.68 region has immediately switched from resistance to support ahead of the US CPI data due today at 12:30 GMT, buffering downside forces for the second consecutive day. If it stands firm, the price may re-activate its upward trajectory to print a new higher high, likely around 139.15, which is the 261.8% Fibonacci extension of the [..]

Technical Analysis – NZDUSD fails to post lower low below 26-month bottom

Posted on July 13, 2022 at 7:17 am GMT

NZDUSD is trading around the vicinity of 0.6095, that being the 26-month low as the pair failed on its third attempt third attempt to breach this level. Looking to the short-term oscillators, the MACD and the stochastic are promoting negative momentum. The MACD is strengthening below its trigger and zero lines, while the stochastic posted a bearish cross within its %K and %D lines near the oversold territory. Should buyers drive above the 0.6195 resistance, they could encounter initial strengthened resistance from the 20-day simple [..]

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