Technical Analysis / Page 242

Technical Analysis – Amazon stock completes bullish double bottom pattern

Posted on June 7, 2022 at 9:11 am GMT

Amazon’s stock advanced above the 115.38 threshold last week, completing a bullish double bottom pattern around its one-year low of 100.85. The current footing at 121.41, which overlaps the 23.6% Fibonacci retracement of the 187.97 – 100.85 downleg, is raising confidence that the bull run may continue in the coming sessions. The RSI refused to cross below its 50 neutral mark yesterday and the MACD further distanced itself above its red signal line, both backing this narrative. The stock, however, is still in a downtrend in [..]

Technical Analysis – EURJPY’s non-stop rally hits 7½-year high; bullish but overbought

Posted on June 7, 2022 at 7:46 am GMT

EURJPY has the potential to repeat last week’s exciting bull run, executing another acceleration to a new 7½-year high of 142.00 early on Tuesday. Having already charted eight consecutive green days and three months of gains, some depreciation would be normal in the coming sessions, especially as the RSI and the fast-Stochastics smoothly sail in the overbought territory. With the price having closed marginally above the upper Bollinger band over the past three days, the odds for a downside correction are growing larger. Nevertheless, given [..]

Technical Analysis – GBPUSD flirts with 20-day SMA, suggesting more losses

Posted on June 7, 2022 at 7:12 am GMT

GBPUSD is currently positioned within the 20- and 40-day simple moving averages (SMAs), which are pointing upwards. The current bias appears negative, as the MACD is holding below the zero level, while the RSI is sloping down in the negative territory. Should weakness extend below the 1.2455 mark, support to downside movements could initially be detected within the 1.2070-1.2150 area, which encapsulates the two-year low. Clearing that zone, the next stop could be around 1.1420, a tested level since March 2020. Alternatively, the pair needs [..]

Technical Analysis – US 500 index rangebound after advance pauses

Posted on June 6, 2022 at 9:08 am GMT

The US 500 stock index (cash) has been storming higher after its downtrend halted at the 1½-year low of 3,810. However, in the past week, the index has been trading within a tight range, stuck between opposing directional forces. The short-term oscillators indicate a cautiously positive near-term bias for the stock index. Specifically, the RSI is ticking upwards slightly above its 50-neutral threshold, while the MACD histogram is currently in the negative territory but above its red signal line. Nevertheless, [..]

Technical Analysis – USDJPY remains positive below 1-month high of 131.00

Posted on June 6, 2022 at 9:01 am GMT

USDJPY pulled back from the one-month top of 131.00, that was posted in the preceding week but the outlook remains strongly positive. The MACD oscillator is trying to cross above its trigger line in the positive region, while the RSI is pointing north in the overbought region, suggesting that the bullish action has more room to improve. If there is a successful climb beyond the 131.00 psychological mark, then the pair would need a sustainable move towards 131.35 and then until the next resistance at [..]

Technical Analysis – Gold gets rejected, but bulls could retry

Posted on June 6, 2022 at 7:34 am GMT

Gold faced its second rejection in two weeks around the wall of $1,867 despite inching to a one-month high of $1,874 on Friday, with the price retreating to the $1,850 territory in the aftermath. The RSI and the MACD intimate some scepticism as they keep fluctuating in the bearish area. That said, they both preserve an upward direction, while the price itself maintains a soft advance above its 20- and 200-day simple moving averages (SMAs), suggesting that the bulls may not [..]

Technical Analysis – EURUSD moves in narrow range around 1.0700

Posted on June 6, 2022 at 7:06 am GMT

EURUSD is holding within a tight range of 1.0635 to 1.0780 after surpassing of the 20- and 40-day simple moving averages (SMAs). The RSI is moving sideways above the neutral threshold of 50, while the MACD is extending its bullish movement above its trigger and zero lines. Should the price close comfortably above the 38.2% Fibonacci retracement level of the down leg from 1.1480 to 1.0345 at 1.0780 and the medium-term descending trend line, traders could add move value to the [..]

Technical Analysis – AUDUSD completes ‘death cross’ but bullish structure intact

Posted on June 3, 2022 at 12:34 pm GMT

AUDUSD has been marching higher after finding its feet at the 22-month low of 0.6828 in early May. However, the pair’s advance is currently on pause as the 200-day simple moving average appears to be acting as a strong resistance barrier for the price. The momentum indicators suggest that bullish forces have gained total control. Specifically, the MACD histogram has jumped above both zero and its red signal line, while the RSI is ascending beyond its 50-neutral threshold. If buying [..]

Technical Analysis – GBPJPY bullish impetus tackles upper Bollinger band

Posted on June 3, 2022 at 10:38 am GMT

GBPJPY is attempting to push north of the high of 163.57 from the 5 May, coincidently where the upper Bollinger band is currently located. The pair is maintaining its bullish demeanour, forming its eighth daily consecutive green candle, after the price unearthed significant upside pressure from around the 158.00 region, where the 100-day simple moving average (SMA) formed a defence. The upward creeping SMAs are suggesting that the positive trend is intact. Presently, the short-term oscillators are skewed to the [..]

Technical Analysis – EURAUD penetrates the uptrend line but finds support at 23.6% Fibo

Posted on June 3, 2022 at 9:54 am GMT

EURAUD is currently rebounding off the 23.6% Fibonacci retracement level of the down leg from 1.6220 to 1.4320 at 1.4767. The pair broke the uptrend line to the downside in the previous sessions, suggesting a bearish movement. The MACD is moving sideways around the zero level; however, the RSI is ticking up in the bearish region. A failure to overcome the 1.4890 resistance level and the ascending line could send the price down to the 1.4767 support and the 1.4600 psychological mark. Even lower, support [..]

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