Technical Analysis / Page 238

Technical Analysis – GBPUSD rebounds off 27-month low but SMAs act as strong resistance

Posted on June 21, 2022 at 6:36 am GMT

GBPUSD has reversed back up again after finding support at the 27-month low of 1.2070, achieved last week, but the current momentum is still weak. The technical indicators are pointing to a neutral to negative bias in the short term with the RSI just below 50 and the MACD oscillator remaining in bearish territory. Moreover, the stochastic is attempting a bearish crossover within the %K and %D lines, suggesting a downside movement is nearing. Further losses should see the latest [..]

Technical Analysis – EURCHF dives to new 2-month low with strong momentum

Posted on June 20, 2022 at 8:49 am GMT

EURCHF held in losing territory for the third day in a row, dropping to a new two-month low of 1.0097 and below the ascending triangle formation. The RSI is continuing its downward direction towards the oversold territory, while the MACD is extending its bearish structure. A decline under 1.0085, could meet a strong barrier at the seven-year low of 0.9970 before tumbling towards the 0.9640 support, registered in January 2015. However, should the price close comfortably above the 1.0190, a resistance level which had been unbreakable over the [..]

Technical Analysis – USDJPY rangebound after advance falters

Posted on June 20, 2022 at 8:20 am GMT

USDJPY has been marching higher, erasing a significant part of its recent downtrend after it found strong support at the 131.48 region. However, the pair is currently trading sideways as its upside trajectory did not manage to cross above its latest peak of 135.57. The short-term oscillators are indicating a bullish near-term bias. Specifically, the MACD histogram is above both zero and its red signal line, while the RSI is hovering beyond its 50-neutral threshold. To the upside, the pair [..]

Technical Analysis – Gold indecisive within constraining zone

Posted on June 20, 2022 at 7:23 am GMT

Gold got immediately congested within the $1,837 – $1,855 region following last week’s bounce off the $1,805 low. The 20- and 200-day simple moving averages (SMAs) are currently limiting bullish pressures, while the RSI and the MACD provide little direction about the next move in the price as the former is drifting sideways below its 50 neutral mark and the latter remains stable within the negative territory. If buyers claim the $1,855 boundary, the next challenge could develop within the $1,870 – $1,880 territory [..]

Technical Analysis – EURUSD erases last week’s gains, standing below 1.0500

Posted on June 20, 2022 at 6:53 am GMT

EURUSD is returning below the 1.0500 psychological level after the jump towards the 1.0600 barrier. The sideways move within the 1.0345 multi-month low and the 38.2% Fibonacci retracement level of the down leg from 1.1495 to 1.0345 at 1.0780 is continuing with the technical indicators, suggesting a negative bias. The downside reversal in the RSI and the slowdown in the MACD oscillator justify the selling pressure, both remaining beneath their neutral thresholds keeping the short-term risk skewed to the downside. [..]

Technical Analysis – EURAUD struggles to surpass 38.2% Fibonacci; neutral bias

Posted on June 17, 2022 at 10:14 am GMT

EURAUD appears to be maintaining a horizontal trajectory trapped between the 1.5200 psychological level and the 23.6% Fibonacci retracement level of the down leg from 1.6220 to 1.4320 at 1.4770. A paused state of directional momentum is reflected in the short-term simple moving averages (SMAs), while the price rests around the 38.2% Fibonacci of 1.5047. The mixed signals in the short-term oscillators further reflect a stall in the price. The MACD has barely inched above its red trigger line in the positive region, [..]

Technical Analysis – USDCAD looks for more upside; 1.2875 in focus

Posted on June 17, 2022 at 7:45 am GMT

USDCAD has been confined within the 1.2859 – 1.2875 zone over the past three days, but its short-term outlook continues to look bright. Particularly, the MACD remains positively charged above its signal and zero lines, while the rising RSI has yet to reach its 70 overbought mark, both suggesting that last week’s impressive rally off 1.2516 could gain more legs. On the other hand, the Stochastics have pivoted southwards, though the indicators remain above their 80 overbought level for now, keeping the bias [..]

Technical Analysis – GBPJPY advances following bounce off 160.00

Posted on June 17, 2022 at 7:15 am GMT

GBPJPY has been overperforming over the last few sessions after the rebound off the 160.00 psychological level. The RSI indicator is heading north above the neutral threshold of 50, while the MACD oscillator is falling below its trigger line in the positive region. In trend indicators, the 20- and 40-day simple moving averages (SMAs) posted a bullish crossover, confirming the recent bullish bias. Should buyers drive towards the more-than-six-year high of 168.65 and jump above it, they could encounter initial [..]

Technical Analysis – BTCUSD bounces off 18-month low but retains bearish outlook

Posted on June 16, 2022 at 11:13 am GMT

BTCUSD (Bitcoin) has been experiencing a sharp decline in the short-term after its long-lasting sideways pattern broke to the downside, generating a fresh 18-month low of 20,050. Moreover, the descending 50- and 200-day simple moving averages (SMAs) are endorsing the cryptocurrency’s bearish technical picture. The short-term oscillators indicate a negative near-term bias. Specifically, the MACD histogram is beneath both zero and its red signal line, while the RSI has entered into its oversold area. Should selling pressure persist, the price [..]

Technical Analysis – EURUSD shows negative risks near 1.0400

Posted on June 16, 2022 at 10:25 am GMT

EURUSD is holding around the 1.0400 psychological level, remaining in a narrow range after the drop from the 1.0530 resistance level. Falling further, immediate support could come from the 1.0350-1.0360 restrictive region, before diving to 1.0220, taken from the inside swing high in July 2002. In terms of technical indicators, the RSI is losing momentum below the neutral threshold of 50, confirming the recent price action; however, the MACD is standing above its trigger line in the bearish region, but [..]

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