Technical Analysis / Page 232

Technical Analysis – US 500 index awaits fresh impetus between key boundaries

Posted on July 12, 2022 at 3:23 pm GMT

The US 500 stock index (cash) pivoted southwards after receiving another rejection near the familiar descending trendline at $3,916 last Friday, which has been navigating the market southwards since the end of April. Encouragingly, the support area around the 38.2% Fibonacci retracement of the 2020 rally is still valid at $3,813, feeding some hopes that the latest bullish wave may last longer than the previous ones. The continuous improvement in the MACD is also reflecting a buildup in buying appetite. Yet, the RSI [..]

Technical Analysis – GBPUSD drives down a slippery road; 1.1700 next in focus

Posted on July 12, 2022 at 7:44 am GMT

GBPUSD could not close successfully above the 1.1988 – 1.2000 bar last week, which had proven to be a reliable support base between 2016 and 2019, with the price erasing its latest bullish attempt to chart a new two-year low at 1.1844 early on Tuesday. The market is lacking conviction for a meaningful bounce back as the RSI keeps hovering comfortably below its 50 neutral mark, while the MACD is displaying stronger bearish dynamics, extending its negative trajectory below its [..]

Technical Analysis – EURJPY seems to be looking for downside correction after 7-year highs

Posted on July 12, 2022 at 6:37 am GMT

EURJPY is tumbling below the medium-term ascending trend line, changing the bullish outlook to neutral. The RSI is sloping downwards in the negative region, while the MACD is losing momentum below its trigger and zero lines. In trend indicators, the 20-day simple moving average (SMA) is turning lower, approaching the 40-day SMA for a possible bearish cross. If sellers sink deeper, than the price may meet the 38.2% Fibonacci retracement level of the up leg from 124.40 to 144.25 at [..]

Technical Analysis – EURUSD aims for parity as oversold signals not convincing

Posted on July 11, 2022 at 11:26 am GMT

EURUSD bears returned on Monday to fight for parity after taking a quick break on Friday, which helped the price close mildly positive. The pair has also charted a bullish hammer candlestick around its 20-year low of 1.0071 in the same day, though the encouraging formation is currently getting under scrutiny. Oversold conditions are evident as the price has been testing the lower Bollinger band for a couple of sessions now. The RSI and the Stochastics are also reflecting an overstretched decline, [..]

Technical Analysis – USDJPY flirts with 137.00 after posting higher high

Posted on July 11, 2022 at 8:38 am GMT

USDJPY is looking bullish in the short-term, creating a new higher high today at 137.27 and the technical indicators are all pointing to further positive momentum in the near term. The stochastics are heading upwards, with the %K line crossing above 80, suggesting plenty of scope for additional upside moves. The RSI is moving towards the overbought level, confirming the recent upside movement. Immediate resistance to further gains would likely come from the 140.00 psychological level, before challenging the high [..]

Technical Analysis – Gold struggles to tick up after bullish doji candles

Posted on July 11, 2022 at 6:36 am GMT

Gold posted two consecutive bullish doji candles, suggesting than an upside retracement may be on cards in the next few sessions. The commodity has continued to develop within a downward sloping channel since March 8 and the technical indicators are holding within their oversold levels. The RSI is flattening below the 30 level, while the MACD is strengthening its bearish momentum below its trigger and zero lines. Another step lower may reach a key support zone at 1,721-1,731, where the price [..]

Technical Analysis – USDCAD forms triple top near 1.2960; positive bias

Posted on July 8, 2022 at 7:40 am GMT

USDCAD posted a triple top around the 18-month high of 1.2960, failing to create a higher high to continue the buying interest. However, the MACD oscillator surpassed its trigger and zero lines, while the RSI is sloping upwards in the positive region. Both are suggesting that the structure is still bullish in the near-term. In the positive scenario, traders would be eagerly looking for a break above the recent top of 1.2960 to increase buying orders. If that’s the case, [..]

Technical Analysis – GBPJPY seeks an upside reversal, but bears still present

Posted on July 8, 2022 at 7:34 am GMT

GBPJPY finished Thursday’s session comfortably in the green zone after refusing to close below the 162.00 round level once again. Simultaneously, the bullish action seems to have confirmed Wednesday’s hammer candlestick pattern – an encouraging sign that the balance may change in the favor of the bulls, potentially causing an upside reversal in the price. Consulting other technical indicators, however, some patience might still be required. Despite the soft upturn in the Stochastics, the RSI is still consolidating its downtrend below its [..]

Technical Analysis – Will EURUSD break a 20-year low and test the parity level?

Posted on July 7, 2022 at 10:13 am GMT

EURUSD is sliding to a fresh 20-year low below the round number of 1.0200, and it is getting closer and closer to the parity level. If the market breaks below this crucial line, it may be able to break through the barrier at 0.9600, which was taken from the lows in August 2002. The momentum indicators are reflecting this extreme selling interest as they both continue to decline and have been unable to get above their neutral level throughout the course of the last month. [..]

Technical Analysis – GBPUSD snaps losses on BoJo’s resignation news

Posted on July 7, 2022 at 10:00 am GMT

GBPUSD edged higher to fully recoup yesterday’s soft decline after news the British Prime Minister, Boris Johnson, will resign later in the day. The short-term outlook, however, is still discouraging as the bearish trend is well intact below June’s high of 1.2400. In momentum indicators, the upturn in the RSI and the MACD on the four-hour chart, shows improving market sentiment, but buyers may not show engagement unless the price overcomes the support-turned resistance zone of 1.1988 and surges above the 20-period SMA. [..]

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