Technical Analysis / Page 241

Technical Analysis – WTI oil futures approach crucial territory; bias bullish

Posted on June 9, 2022 at 8:01 am GMT

WTI oil futures (July delivery) extended their series of higher highs up to $123.15 on Wednesday before easing a bit – the highest in three months – aiming to mark a fourth consecutive week of wins. The 78.6% Fibonacci retracement of the previous downleg is currently capping upside moves at $122.30, though a bigger challenge is expected to be the crucial $124.70 bar, which the bulls could not successfully claim last March despite surging to 13-year highs. Technically, upside pressures could dominate in [..]

Technical Analysis – AUDUSD underperforms below the 200-day SMA and 0.7200

Posted on June 9, 2022 at 6:26 am GMT

AUDUSD has been underperforming over the last few sessions after it found a strong obstacle to surpass the 200-day simple moving average (SMA) and the 0.7200 round number. However, the 20- and 40-day SMAs are in the process of posting a bullish crossover, while the MACD is still standing in the positive region. But the RSI indicator is losing momentum in the bullish area, suggesting that the next movements may be to the downside. If price action remains above the [..]

Technical Analysis – EURGBP ascends sharply after decline pauses

Posted on June 8, 2022 at 12:18 pm GMT

EURGBP experienced a minor pullback after its uptrend failed to cross above the 0.8588 region. However, the pair quickly bounced back and recouped part of its losses, while the ascending 50- and 200-period simple moving averages (SMAs) paint a bright technical picture. The momentum indicators suggest that positive momentum is strengthening. Specifically, the stochastic oscillator is climbing steeply, while the RSI is sloping upwards beyond its 50-neutral mark. Moreover, the price is trading above the Ichimoku cloud, endorsing a broader [..]

Technical Analysis – Alibaba stock jumps above 50-SMA as positive momentum strengthens

Posted on June 8, 2022 at 11:10 am 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 few daily sessions, crossing above both its 50-day simple moving average (SMA) and the upper Bollinger band. The momentum indicators suggest that bullish forces are in total control in the short-term picture. The MACD histogram is currently above both zero and its red signal line, while the [..]

Technical Analysis – EURCHF battles crucial 200-SMA; bias bullish

Posted on June 8, 2022 at 10:13 am GMT

EURCHF is currently trading at a crucial point after four consecutive winning days, battling the 200-day simple moving average (SMA) at 1.0450, which strictly rejected the bulls last month. Technically, the bullish phase could gain more power as the rising RSI has yet to enter its overbought region, the Stochastics have just crossed above their 80 overbought level, and the rebound in the MACD looks to be at an early stage. Moreover, the price itself is some distance below the [..]

Technical Analysis – Gold capped by short-term SMAs; uptrend line is the next obstacle

Posted on June 8, 2022 at 9:30 am GMT

Gold prices have been moving lower towards the near-term ascending trend line, that started since May 16, failing several times in the previous sessions to surpass above the 20- and 40-period simple moving averages (SMAs). The RSI is appearing flat, slightly below the neutral threshold of 50, while the MACD is standing above its trigger line in the negative region. A rebound off the uptrend line, may boost the commodity higher again, reaching the short-term SMAs at 1,850, before resting near the immediate resistance at [..]

Technical Analysis – USDJPY skyrockets to new 20-year high above 133.00

Posted on June 8, 2022 at 7:50 am GMT

USDJPY is flying towards a fresh 20-year high around 133.30, continuing the strong buying interest that started after the bounce off the 126.30 barrier. The 20- and 40-day simple moving averages (SMAs) failed to post a bearish crossover, changing their direction to the upside. The RSI indicator entered the overbought region, while the MACD is extending its bullish movement above its trigger and zero lines. Traders would be more willing to continue the bullish rally and if there is a [..]

Technical Analysis – NZDUSD exposed to more selling

Posted on June 8, 2022 at 7:35 am GMT

NZDUSD entered a new bearish phase last Friday after failing to chart a new higher high above May’s peak of 0.6567, with the price falling as low as 0.6421 on Tuesday. The 20-day simple moving average (SMA) managed to add some footing under the price yesterday, though buyers did not have enough fuel to successfully drive above the red Tenkan-sen line and the 0.6500 level, keeping negative risks intact in the market. In momentum indicators, the RSI has already entered the [..]

Technical Analysis – US 100 index halts decline but retains bearish bias

Posted on June 7, 2022 at 2:26 pm GMT

The US 100 stock index (cash) has been experiencing a minor pullback after its advance failed to cross above the 12,940 region. Nevertheless, the ascending 50-period simple moving average (SMA) is closing the gap with the 200-period SMA, where a potential upside violation could reinforce the case of a sustained recovery. The momentum indicators suggest that bearish forces remain in control. The MACD histogram is currently beneath both zero and its red signal line, while the RSI is ticking up [..]

Technical Analysis – AUDUSD erases RBA’s flash spike; focus on 50-SMA

Posted on June 7, 2022 at 10:23 am GMT

AUDUSD went on mute immediately after the RBA-led flash spike to an intra-day high of 0.7245 earlier today, with the 50-period simple moving average (SMA) on the four-hour chart currently balancing selling tendencies around 0.7190. The technical oscillators, however, keep promoting some discomfort as the RSI has marked a new low below its 50 neutral mark, while the MACD has eased to the lowest point since mid-May, almost set to exit the positive area. If the 50-period SMA, which coincides with [..]

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