Technical Analysis / Page 233

Technical Analysis – AUDUSD bounces off 2-year low but bearish bias remains

Posted on July 7, 2022 at 8:07 am GMT

AUDUSD is showing some improvement after the selling interest towards the two-year low of 0.6760. The pair may reach oversold levels according to the RSI and reversed higher just before posting a lower low. While the aforementioned technical indicator continues to slow down, mirroring the market’s bearish behavior over the past month, the indicator is still moving in negative territory, flagging that a downside move could reemerge in the short term. The MACD is also holding below its red signal line, which supports [..]

Technical Analysis – WTI oil futures signal continuation of brutal selloff

Posted on July 7, 2022 at 7:38 am GMT

WTI oil futures (August delivery) are set to conclude their worst week since March, having plummeted by nearly 10% below trendlines and simple moving averages (SMAs) to hit a three-month low of $95.15/ barrel on Wednesday. The price is currently trading marginally higher, trying to preserve some strength above May’s low, but the technical indicators are playing down any meaningful upturn. Particularly, the RSI and the Stochastics have yet to enter oversold waters, while the MACD remains negatively charged below [..]

Technical Analysis – EURCHF exposed to further selloffs as it hits 7½-year low

Posted on July 6, 2022 at 2:59 pm GMT

EURCHF tumbled to a fresh seven-and-a-half year low of 0.9875 on Wednesday, extending the sharp selloff that began on June 9. The momentum indicators are deep in negative territory so further losses are likely in the near term. However, there are some signs that the downside pressure may be easing, albeit very slightly. The RSI has dipped below 30 into the oversold region, but its downward slope is getting shallower. The MACD also continues to deteriorate, with the histogram holding [..]

Technical Analysis – Goldman Sachs stock rangebound between 38.2%-50% Fibonacci

Posted on July 6, 2022 at 12:50 pm GMT

Goldman Sachs’ stock has been experiencing a sustained decline after peaking at the all-time high of 425.58 in October. Although the share price has been forming a clear structure of lower highs and lower lows, it has recently managed to cease its downfall and is currently trading within a range defined by the 38.2% and 50% Fibonacci projections of the 130.54-425.58 upleg. The momentum indicators are reflecting a bearish near-term bias. Specifically, the stochastic oscillator is descending sharply, while the [..]

Technical Analysis – Gold rebounds off 19-month low; strongly bearish

Posted on July 6, 2022 at 9:32 am GMT

Gold prices are trading slightly above the 19-month low of 1,762 that was posted earlier in the day after the aggressive selling interest on Tuesday. The momentum signals are suggesting an oversold market. The RSI is ticking higher near the 30 level, indicating a bullish correction; however, the MACD is still strengthening the bearish momentum. Should the price extend declines, the 1,752 support could come under pressure first, taken from the lows in December 2021. Below that, the focus could shift straight to the 1,721 barrier, [..]

Technical Analysis – EURJPY short-term outlook gloomy, but trendline still intact

Posted on July 6, 2022 at 9:20 am GMT

EURJPY extended Tuesday’s 1.3% loss to a new three-week low of 138.25 during the early European trading hours on Wednesday as the bearish technical signals remained well intact. The RSI has further stretched its downfall below its 50 neutral mark, justifying negative sentiment in the market. Likewise, the MACD keeps decelerating below its red signal line, while the falling Stochastics are still above their 20 oversold level, signaling that the latest decline in the price is not overdone yet. Despite the [..]

Technical Analysis – JP 225 index declines steadily below SMAs

Posted on July 6, 2022 at 8:59 am GMT

JP 225 stock index (cash) has been experiencing a new wave of downside pressures after it recently failed to cross above the 27,280 region. Moreover, the price is currently trading beneath the Ichimoku cloud alongside both its 50- and 200-day simple moving averages (SMAs), endorsing a broader cloudy outlook. The short-term oscillators suggest that bearish forces have gained the upper hand. Specifically, the MACD histogram has crossed below its red signal line in the negative territory, while the RSI is [..]

Technical Analysis – USDJPY appears overbought; neutral-to-negative bias

Posted on July 6, 2022 at 7:28 am GMT

USDJPY is moving sideways within a tight range of the 134.25 support and the 24-year high of 137.05, failing to post a higher high, suggesting an overbought market. The RSI indicator is pointing down in the positive region, while the MACD oscillator is holding below its trigger line above the zero level, indicating a weak momentum. In trend indicators, the 20-day simple moving average (SMA) is turning lower, while the 40-day SMA is still following the medium-term uptrend line. Further [..]

Technical Analysis – JPMorgan stock tumbles to fresh 19-month low

Posted on July 5, 2022 at 12:09 pm GMT

JPMorgan’s stock has been trending downwards after peaking at the all-time high of 173.00 in October, generating a profound structure of lower highs and lower lows, while completely erasing its 2021 rally. Moreover, the price is currently trading well below the descending 50- and 200-day simple moving averages (SMAs), further endorsing the bearish technical picture. The momentum indicators suggest that selling pressure is intensifying. Specifically, the stochastic oscillator has fallen sharply after posting a bearish cross, while the RSI seems to be flatlining beneath its 50-neutral [..]

Technical Analysis – EURGBP plummets below key support; bias worsens

Posted on July 5, 2022 at 9:34 am GMT

EURGBP sellers came in with force during early European trading hours on Tuesday, squeezing the price beneath the protective 20-day simple moving average (SMA) and towards an intra-day low of 0.8566. The quick bearish correction also pierced the 38.2% Fibonacci retracement of the long-term 0.9228 – 0.8201 downleg at 0.8594, which has been limiting both upside and downside pressures over the past two months, and breached the steeper ascending trendline. If the bears secure a close below the 20-day SMA, the decline [..]

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