Technical Analysis / Page 239

Technical Analysis – AUDUSD pauses post-FOMC rally, but bulls may persist

Posted on June 16, 2022 at 7:48 am GMT

AUDUSD has not successfully entered the 0.7000 zone yet despite its impressive post-FOMC rally, which lifted the price by almost 2.0% to 0.7034. The 23.6% Fibonacci retracement of the 0.7660 – 0.6828 downleg was another struggle yesterday at 0.7024, though the latest big green candlestick seems to be part of a bullish engulfing pattern: an encouraging sign that the rebound could gain more legs in the near term. The upside reversal in the RSI and the Stochastics is sending positive vibes as well, though [..]

Technical Analysis – WTI futures capped by 20-day SMA but remains in ascending move

Posted on June 16, 2022 at 6:47 am GMT

WTI crude oil futures are declining below the 20-day simple moving average (SMA) after the pull back from the 123.50 resistance level. The price has been developing within an uptrend line over the last two months while the technical indicators are mirroring the latest descending move. The RSI indicator is moving sideways near the neutral threshold of 50, and the MACD is falling below its trigger line. More downside pressures may meet immediate support around the 111.10 barrier, which overlaps with [..]

Technical Analysis – GameStop stock moves sideways as rebound falters

Posted on June 15, 2022 at 3:02 pm GMT

GameStop’s stock has been edging higher in the short term after its downtrend halted at the double bottom region of 76.00. However, the 200-day simple moving average (SMA) capped the stock’s latest advance, and the price is currently trading sideways. The momentum indicators suggest a cautiously positive near-term bias. The MACD histogram is slightly below its red signal line in the positive region, while the RSI is pointing up beyond its 50-neutral threshold. Should buying interest intensify further, the price [..]

Technical Analysis – US500 bounces higher as selling pressure eases but outlook still bearish

Posted on June 15, 2022 at 2:38 pm GMT

The US 500 stock index (cash) is trading higher on Wednesday, ending a five-session dip. The index plunged to a 16½-month low of 3,704.93 on Tuesday as the selling intensified. But with trading conditions fast becoming oversold, buyers have stepped in, though the positive momentum is quite weak for now. Both the RSI and stochastics are pointing slightly upwards, but it is unclear if the bullish forces are strong enough at this point to bring about a sustainable rebound. The [..]

Technical Analysis – AUDUSD halts decline as bearish pressures wane

Posted on June 15, 2022 at 10:59 am GMT

AUDUSD has been experiencing a sharp downtrend after it failed to jump above the 0.7282 level in early June. Although the pair has managed to find its feet in the last couple of four-hour sessions, the descending 50-period simple moving average (SMA) is closing the gap with the 200-period SMA, where a potential violation could reinforce the case of a sustained downside trajectory. The momentum indicators reflect a cautiously positive near-term bias. Specifically, the stochastic oscillator is ascending steeply, while the MACD histogram has jumped [..]

Technical Analysis – Gold sets foothold near May’s base

Posted on June 15, 2022 at 9:20 am GMT

Gold pivoted near May’s support zone of $1,808 early on Wednesday following last week’s quick bearish retracement off the one-month high of $1,878. The upturn in the RSI on the four-hour chart, which bottomed near its 30 oversold level, and the positive trend in the Stochastics are encouraging signs that the recovery could continue in the short term. Yet, the path higher could be rocky, as several obstacles are still lying ahead. The $1,825 barrier could come first into view ahead of the [..]

Technical Analysis – EURGBP unlocks new 16-month high; bullish outlook

Posted on June 15, 2022 at 8:09 am GMT

EURGBP is surging towards a fresh 16-month high of 0.8720, helping the market to switch to a more bullish one. The price jumped above the upper Bollinger band, which is a strong sign for more increases. The RSI indicator is approaching the overbought region with strong momentum, while the stochastic oscillator surpassed above the 80 level. Should the price close comfortably at or above today’s intra-day high, traders could add more value to the pair, pushing the market up to the 0.8860 [..]

Technical Analysis – USDJPY snaps tough resistance ahead of FOMC

Posted on June 15, 2022 at 7:08 am GMT

USDJPY managed to close clearly above the tough resistance of 134.35 on Tuesday before pulling back during Wednesday’s early European trading hours, boosting optimism that the bullish cycle could see further continuation ahead of the FOMC policy announcement today at 18:00 GMT. Some profit-taking cannot be ruled out in the short term as the RSI and the Stochastics seem to have reached a peak in the overbought territory and are looking for an exit, while the advance in the MACD seems to be losing [..]

Technical Analysis – NZDUSD bounces off 25-month low below 0.6200

Posted on June 15, 2022 at 6:48 am GMT

NZDUSD is trying to recoup significant losses that were posted in the previous eight days, recording a new 25-month low below the 0.6200 round number. The 20- and 40-day simple moving averages (SMAs) appear ready to post a bullish crossover in the short-term, while the technical indicators are confirming the recent positive move. The RSI rebounded off the oversold region, and the stochastic oscillator created a positive cross within its %K and %D lines below the 20 level, both suggesting that the aggressive selling interest may end [..]

Technical Analysis – Gold jumps higher but is capped by 200-day SMA

Posted on June 14, 2022 at 8:59 am GMT

Gold prices are regaining some momentum after the aggressive sell-off from 1,878 in the previous session. Chances for an upside reversal, however, are increasing as the 20-day simple moving average (SMA) jumped above the longer-term 200-day SMA after six months. The MACD continues to strengthen to the upside and above its red signal line, while the RSI is ticking up in negative territory, supporting this current bullish view as well. Immediate resistance to further gains would likely come from the [..]

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