Technical Analysis / Page 235

Technical Analysis – Gold storms to fresh lows as negative momentum strengthens

Posted on June 29, 2022 at 11:52 am GMT

Gold has been in a sustained downtrend after it failed to cross beyond the 1,857 region. Moreover, in the past few four-hour sessions, the price has dived beneath both 50- and 200-period simple moving averages (SMAs) and is currently battling with its lower Bollinger band, painting a gloomy short-term technical picture for bullion. The momentum indicators are endorsing a bearish near-term bias. Specifically, the stochastic oscillator is descending in the oversold zone, while the MACD histogram is currently below both [..]

Technical Analysis – USDJPY aims for an uptrend resumption; caution detected

Posted on June 29, 2022 at 11:44 am GMT

USDJPY managed to gain fresh buying traction around the resistance-turned-support area of 134.42 last week, with the price currently looking to extend its broad uptrend above the 20-year high of 136.70. Although the clear positive slope in the simple moving averages (SMAs) is still backing the bullish direction in the market, the momentum indicators warrant some caution over the strength in the market. The RSI, although above its June lows, has marked a new lower high after peaking in an [..]

Technical Analysis – EURAUD remains below 200-day SMA and within ascending channel

Posted on June 29, 2022 at 10:11 am GMT

EURAUD is trying to overcome the 50.0% Fibonacci retracement level of the down leg from 1.6220 to 1.4320 at 1.5270 which halted the bullish movement several times in the preceding sessions. The RSI indicators is heading north above the 50 level, while the stochastic oscillator posted a bullish crossover within its %K and %D lines. In trend indicators, the 20- and 40-day simple moving averages (SMAs) are pointing upwards around the 38.2% Fibonacci. If the price overcomes the 1.5330 resistance, [..]

Technical Analysis – EURGBP rangebound after advance pauses

Posted on June 29, 2022 at 9:17 am GMT

EURGBP has been marching higher since its downtrend ceased at the 0.8510 region, generating a profound structure of higher highs and higher lows. Nevertheless, in the last few four-hour sessions, the pair has been trading sideways after its upside move got capped at 0.8645. The momentum indicators are reflecting a loss of momentum for the pair. The stochastic oscillator is descending after posting a bearish cross, while the MACD has dived beneath its red signal line but remains in the [..]

Technical Analysis – NZDUSD is back to multi-month lows; negative momentum prevails

Posted on June 29, 2022 at 7:07 am GMT

NZDUSD is recording another day of losses after a failed attempt to break significantly above the 0.6395 resistance level and the short-term descending trend line. Chances for a reversal, however, are decreasing as the 20-day simple moving average (SMA) dropped below the 40-day SMA, while the red Tenkan-sen line has a steeper negative slope now, suggesting that the next move in the price is more likely to be down. The MACD continues to strengthen to the downside and below its red signal [..]

Technical Analysis – Alibaba stock edges higher, eyeing its 200-SMA

Posted on June 28, 2022 at 3:02 pm GMT

Alibaba’s stock has been in a sustained downtrend for the past two years, generating a profound structure of lower highs and lower lows. Nevertheless, the price has been gaining ground in the past two months and is currently targeting the congested region which includes the 200-day simple moving average (SMA) and the upper Bollinger band. The momentum indicators suggest that bullish forces are holding the upper hand. Specifically, the stochastic oscillator has entered the 80-overbought area, while the RSI is [..]

Technical Analysis – GBPUSD in wait-and-see mode within downtrend

Posted on June 28, 2022 at 9:10 am GMT

GBPUSD has been tip toeing sideways over the past week within the range of 1.2150 – 1.2356, unable to extend its recovery off two-year lows. The momentum indicators are reflecting a neutral bias as the latest rebound in the RSI has stalled marginally below its 50 neutral mark, while the MACD continues to grow gradually within the negative region and barely above its red signal line. As regards the market trend though, the picture remains bearish given the lower lows and lower highs [..]

Technical Analysis – AUDUSD visits new 1-week high in ascending channel

Posted on June 28, 2022 at 8:40 am GMT

AUDUSD is printing a new one-week high near 0.6964 but is failing to post a four-hour session above the 23.6% Fibonacci retracement level of the down leg from 0.7280 to 0.6850 at 0.6950. The pair is developing within an upwardly sloping channel in the short-term timeframe after the bounce off 0.6895. In case the pair changes its short-term direction to the upside, the bulls will probably challenge the previous top at 0.6995, penetrating the channel upwards. Further up, the area around the [..]

Technical Analysis – EURJPY posts double top near 7-year high

Posted on June 28, 2022 at 6:35 am GMT

EURJPY has posted a double top around the more-than-seven-year high of 144.25 over the last couple of weeks. The MACD oscillator is extending its positive momentum above its trigger and zero lines; however, the RSI indicator is pointing slightly lower in the positive region. The 20- and 40-day simple moving averages (SMAs) are still developing above the bullish crossover, suggesting that the bull market is still on the cards. On the upside, resistance could occur around the multi-year high of [..]

Technical Analysis – EURCHF rebounds off 3-month low; holds in sideways move

Posted on June 27, 2022 at 8:41 am GMT

EURCHF has finally reversed to the upside last Friday after printing lower low at a new more-than-three-month trough of 1.0045. The sideways pattern started at the beginning of March with strong support remaining at the 1.0085 level. The momentum indicators are currently supporting that positive momentum is likely to strengthen in the short-term. Specifically, the RSI is picking up speed below 50 and the stochastic oscillator is moving above the oversold zone, posting a bullish crossover within the %K and %D lines. Should [..]

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