Technical Analysis / Page 236

Technical Analysis – EURUSD tests key resistance trendline; bias neutral-to-bearish

Posted on June 27, 2022 at 7:33 am GMT

EURUSD opened the week with a muted tone, consolidating its rebound off 5½-year lows marginally below the tough resistance trendline drawn from the 1.1494 high and its shorter-term simple moving averages (SMAs) around 1.0580. The upside reversal in the RSI and the MACD’s slow improvement above its red signal line is sending some positive vibes about short-term trading, though as long as the indicators hover in the bearish area, downside risks remain intact. The stochastics are setting a bearish intersection [..]

Technical Analysis – Gold finds resistance around the 200-day SMA within upward sloping channel

Posted on June 27, 2022 at 6:50 am GMT

Gold have developing slightly higher over the last five weeks, holding within an upwardly sloping channel. The price opened with a positive gap earlier in the day, remaining marginally below the 200-day simple moving average (SMA), while the RSI and the MACD provide little direction about the next move in the price as the former is heading up below its 50 neutral mark and the latter remains stable within the negative territory. If buyers break through the 1,857 barrier and the 50-day [..]

Technical Analysis – Copper plummets to 16-month low; bearish but oversold

Posted on June 24, 2022 at 1:11 pm GMT

Copper futures (September delivery) experienced the most aggressive weekly damage in a couple of years, plummeting by 10% to a 16-month low of $3.685 per pound on Friday. The bears are currently aiming for a close below the January 2021 high of $3.729, which could directly drive the price towards the nearby support region of $3.480, while deeper, the 2018 high of $3.329 will come next under the spotlight. Technically, the odds are favoring additional declines as the RSI and the MACD [..]

Technical Analysis – USDCHF bearish bias worsens; next support at 0.9543.

Posted on June 24, 2022 at 11:43 am GMT

USDCHF has significantly depreciated over the past two weeks, with the price currently approaching May’s low of 0.9543. A decisive close below that threshold may squeeze the price towards the crucial 0.9457 region, which has been strictly rejecting bullish tendencies for almost two years, and it’s currently overlapping with the 61.8% Fibonacci retracement of the 0.9194 – 1.0063 upleg. The RSI and the MACD cannot exclude the above bearish scenario as the former has resumed its negative momentum below its 50 neutral mark [..]

Technical Analysis – EURAUD tests 50.0% Fibonacci within upward sloping channel

Posted on June 24, 2022 at 9:58 am GMT

EURAUD has been struggling within an upward sloping channel over the last two months and has failed to surpass the 50.0% Fibonacci retracement level of the up leg from 1.6220 to 1.4320 at 1.5270. The short-term simple moving averages (SMAs) are reflecting a somewhat positive movement as they are ready for a bullish crossover. The market action continues to represent a standstill, as evidenced by the short-term oscillators’ mixed indications. The RSI is making some progress above the 50 level; however, the stochastic [..]

Technical Analysis – USDCAD shows weak signs below double top at 1.2960

Posted on June 24, 2022 at 7:38 am GMT

USDCAD is showing some weak signs today with the technical indicators confirming this view. The RSI indicator is moving south in the positive region, while the MACD oscillator is holding above its trigger and zero lines, but with softer momentum than before. The price posted a double top around the 18-month high of 1.2960 in the previous weeks and any moves higher could boost the long-term bullish outlook. Moving up, the price may meet the 1.3175 barrier, taken from the peak of November 2020, [..]

Technical Analysis – GBPJPY bullish trend dims; 20-SMA in focus

Posted on June 24, 2022 at 7:14 am GMT

GBPJPY is mirroring fading buying interest as negative momentum escalated on Thursday, confirming a lower high at 167.82. Similarly, the RSI seems to be following a negative trajectory after failing to reach its previous high, while the negative turn in the Stochastics and the MACD is also reflecting some discomfort among traders. Optimism, however, has not completely vanished as the 20-day simple moving average (SMA), which has been a crucial support region over the past week, is still intact. The 23.6% Fibonacci [..]

Technical Analysis – EURUSD recoups some losses, holding near 1.0500

Posted on June 23, 2022 at 10:30 am GMT

EURUSD is recouping some of the losses of the previous four-hour session, climbing above 1.0500. The technical indicators are showing some contradictive signs. The RSI is sloping marginally up near the neutral threshold of 50; however, the MACD is still remaining below its trigger line and above the zero level. Should the price close comfortably above the 20-period simple moving average (SMA) at 1.0530, traders could boost demand for the pair, pushing the market up to 200-period SMA at 1.0585. Close by, the 1.0605 and 1.0650 resistance levels [..]

Technical Analysis – BTCUSD rangebound above 20,000 after decline halts

Posted on June 23, 2022 at 10:09 am GMT

BTCUSD (Bitcoin) has experienced a sharp sell-off since early June after its long-lasting sideways pattern was breached to the downside. Nevertheless, the king of cryptocurrencies has managed to bounce back slightly after it ceased its downfall at the 18-month low of 17,590. The short-term oscillators are indicating a bearish near-term bias. The MACD histogram is currently below both zero and its red signal line, while the RSI has just escaped from the oversold territory. Should the negative momentum strengthen, the [..]

Technical Analysis – WTI oil futures trade with bearish bias as trendline breached

Posted on June 23, 2022 at 7:35 am GMT

WTI oil futures (August delivery) lost almost 5% on Wednesday, tumbling to a six-week low of $101.53 before closing the day off its lows. The bearish action breached the support trendline, which joined the lows from December’s bottom of $62.25, sending a warning signal that selling tendencies may escalate in the coming sessions. The clear negative trend in the RSI and the MACD, which have dipped back in the bearish area, is backing this narrative too. That said, there is another shorter-term ascending [..]

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