Technical Analysis / Page 234

Technical Analysis – GBPUSD adopts neutral status above 2-year low

Posted on July 5, 2022 at 7:33 am GMT

GBPUSD formed a tiny neutral candlestick on Monday above Friday’s closing price of 1.2087 and below the nearby 1.2170 resistance territory. The refusal to return to the two-year low of 1.1932 could be a rosy sign that buyers are absorbing selling pressures in the market as the price is currently trying to set a foothold around the 1.2100 level. Yet, the RSI is still preserving a negative trajectory well below its 50 neutral mark, and the MACD has recently ticked back [..]

Technical Analysis – AUDUSD shows bullish signals ahead of RBA rate decision

Posted on July 4, 2022 at 12:15 pm GMT

AUDUSD switched to a bullish mode after stepping again on the bottom line of the 2021 bearish channel at 0.6765 last Friday. The pair has almost recouped Friday’s loss ahead of the RBA rate decision due on Tuesday at 04:30 GMT, but the 50-period simple moving average (SMA) on the four-hour chart, which has been a key constraining zone since the start of June, is still overhead at 0.6890. Note that the 23.6% Fibonacci retracement of the 0.7282 – 0.6763 downleg is [..]

Technical Analysis – EURUSD stays afloat above May’s lows; bias still bearish

Posted on July 4, 2022 at 9:21 am GMT

EURUSD managed to stay afloat above the downtrend’s bottom line of 1.0348 for the third time despite its bearish weekly close. Nevertheless, negative risks keep lingering in the background. Particularly, the 20-day simple moving average (SMA) has resumed its negative slope after failing to cross above the 50-day SMA, while the RSI and the MACD are also pointing to the downside, with the former distancing itself below its 50 neutral level and the latter deviating beneath its red signal line. [..]

Technical Analysis – US 500 capped by 50-SMA; bias remains neutral

Posted on July 4, 2022 at 8:44 am GMT

The US 500 stock index (cash) has been trading sideways in the past week since its recent advance failed to cross above the 3,946 ceiling. Moreover, in the last few four-hour sessions, the price has been held down by its 50-period simple moving average (SMA) as positive momentum has failed to strengthen significantly. The momentum indicators are suggesting that bearish pressures are arising. Specifically, the stochastic oscillator is descending after posting a bearish cross, while the RSI is flatlining slightly [..]

Technical Analysis – Gold raises a bullish flag, but how strong are the bulls?

Posted on July 4, 2022 at 7:29 am GMT

Gold optimism started to shine again after the creation of a bullish hammer candlestick on Friday, which succeeded the sharp bounce on May’s bottom of $1,786/ounce. The price is currently pushing for a higher close slightly above the $1,810 level, trying to confirm the green bullish candlestick formation. Yet, some caution is still required given the negative trend in the RSI and the MACD, which keep hovering within the bearish area. More importantly, the market is setting up a death cross between the 50- [..]

Technical Analysis – GBPJPY bears take charge; eyes on 50-SMA

Posted on July 1, 2022 at 10:29 am GMT

GBPJPY sharpened its downturn below the 20-day simple moving average (SMA) and a key support trendline on Friday, tumbling to a two-week low of 163.24. The price is also set for a close below the 23.6% Fibonacci retracement of the 150.96 – 168.70 upleg at 164.53, which was indestructible over the past week, hinting at further weakness ahead. The momentum indicators are in favor of this bearish scenario, too. The RSI is crossing below its 50 neutral mark, the Stochastics are [..]

Technical Analysis – USDCAD picks up momentum as July’s trading kicks off

Posted on July 1, 2022 at 7:14 am GMT

USDCAD started July’s trading on a positive note on Friday after halting its latest bearish correction around June’s support zone of 1.2863, and marginally above its 20- and 50-day simple moving averages (SMAs). The RSI has avoided a drop below its 50 neutral mark and is currently looking for a rebound, while the Stochastics have also shifted northwards, both endorsing the bullish action in the price. On the other hand, the MACD is still slightly below its red signal line, [..]

Technical Analysis – WTI oil futures falter but still supported

Posted on June 30, 2022 at 2:50 pm GMT

WTI oil futures (August delivery) turned red after failing to close above the 20-day simple moving average (SMA) and the 50% Fibonacci retracement of the $130.50 – $92.19 downfall at $111.35/barrel on Wednesday. The latest pullback could gain new legs as the RSI has slid back below its 50 neutral mark and the MACD remains muted below its signal and zero lines. If that turns out to be the case and the price retreats below the nearby 38.2% Fibonacci of $106.82 too, [..]

Technical Analysis – ETHUSD bounces off 18-month low but downside risks linger

Posted on June 30, 2022 at 11:28 am GMT

ETHUSD (Ethereum) has experienced a sharp sell-off since early June, generating a fresh 18-month low of 879. Although the cryptocurrency managed to partially rebound and recoup some of its losses, downside pressures have re-emerged. The momentum indicators are suggesting that bearish forces are in control. Specifically, the RSI is descending very close to the oversold zone, while the MACD histogram is slightly above its red signal line but remains in negative territory. Should selling interest intensify further, the price could encounter initial [..]

Technical Analysis – AUDUSD on the verge of a downtrend resumption

Posted on June 30, 2022 at 7:33 am GMT

AUDUSD has completely reversed its mid-June bullish move to trade at the bottom of its broad downtrend and marginally above the familiar support zone of 0.6850. The falling simple moving averages (SMAs) are signaling a continuation of the long-term negative trend after a short period of consolidation, though the momentum indicators are rather directionless, with the RSI moving sideways below its 50 neutral mark and the MACD stabilizing its decline slightly below its red signal line. In the event the [..]

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