Technical Analysis / Page 243

Technical Analysis – GBPUSD battles with 50-SMA as advance pauses

Posted on June 3, 2022 at 8:54 am GMT

GBPUSD has been in a sustained uptrend since early May when it managed to halt its decline at the 1.2154 region. Although in the last few four-hour sessions the pair has been recovering from its recent sharp pullback, the 50-period simple moving average (SMA) appears to be capping its upside. The momentum indicators reflect a cautiously positive tone for the pair. The MACD histogram has jumped above its red signal line but remains in the negative territory, while the RSI remains flat [..]

Technical Analysis – USDCAD in a bearish mode ahead of NFP

Posted on June 3, 2022 at 7:18 am GMT

USDCAD lost the battle with the 200-day simple moving average (SMA) on Thursday and tumbled to a three-week low of 1.2556 after two days of waiting to cross above the line and the 1.2655 resistance. The price is currently trading near a familiar constraining zone, which has been frequently limiting upside and downside moves around 1.2565 for more than a year now. Questions, however, are rising about whether it will successfully stage a meaningful rebound at this point as technical signals keep [..]

Technical Analysis – USDCHF moves sideways below short-term SMAs

Posted on June 3, 2022 at 7:18 am GMT

USDCHF is moving sideways after it found resistance at the 0.9660 barrier and the 40-day simple moving average (SMA), with the short-term SMAs suggesting a bearish crossover. The selling interest from the more-than-three-year high of 1.0064 drove the technical indicators lower as well. The RSI is standing below its 50 level, while the MACD is extending its bearish structure beneath its trigger and zero lines. If the market corrects higher and surpass the 0.9660 barrier, the bullish action may pause [..]

Technical Analysis – Gold edges higher as positive momentum intensifies

Posted on June 2, 2022 at 2:36 pm GMT

Gold has been gaining ground in the last few four-hour sessions after finding its feet at the 1,829 region. Furthermore, the price has crossed above both its 50-period simple moving average (SMA) and its upper-Bollinger band, painting a bright technical picture for the precious metal. The short-term oscillators suggest that bullish forces retain total control. The MACD histogram is currently positive and above its red signal line, while the RSI is sloping upwards beyond its 50-neutral threshold. Should buying pressure [..]

Technical Analysis – WTI futures falter near 120 mark, bullish risks still in play

Posted on June 2, 2022 at 9:40 am GMT

WTI oil futures are trading slightly above the 112.00 price level following a bearish pullback off a recorded twelve-week high, just shy of the 120.00 barrier in which the three-week rally stretched to. Despite the deep retreat in the price of the black liquid below even the March high of 116.62, the ascending simple moving averages (SMAs) are still endorsing the positive structure in the commodity. The short-term oscillators are skewed to the downside championing the recent amplified selling in [..]

Technical Analysis – EURGBP defends series of higher highs; eyes on 0.8594

Posted on June 2, 2022 at 8:04 am GMT

EURGBP has been gradually gaining ground over the past week, with the 20-day simple moving average (SMA) buffering any selling pressures on the way up and hence defending the latest rebound on the key 200-day SMA at 0.8440. The fact that the price could not reach the upper surface of the short-term bullish channel last week is feeding some caution, though the three-month market structure is still looking somewhat encouraging as the pair has been charting higher highs since the [..]

Technical Analysis – EURUSD shows improvement after bounce off 200-period SMA

Posted on June 2, 2022 at 7:19 am GMT

EURUSD is regaining some ground after the bounce off the 200-period simple moving average (SMA) and is approaching the 23.6% Fibonacci retracement level of the up leg from 1.0350 to 1.0785 at 1.0680. The RSI indicator is moving towards the 50 level with stronger momentum than before, while the MACD is still holding below its trigger and zero lines. Immediate resistance could come from the 23.6% Fibonacci of 1.0680 ahead of the 40- and the 20-period SMAs around 1.0715. A [..]

Technical Analysis – BTCUSD exits tight range but risks remain

Posted on June 1, 2022 at 12:59 pm GMT

BTCUSD (Bitcoin) returned to a consolidation mode near $31,500 after Monday’s dynamic bullish breakout pushed the price out of the two-week-old tight range and above the 20-day simple moving average (SMA). Although the positive adjustment in the neutral structure looks promising, the technical indicators keep feeding some pessimism. The RSI has returned to its 50 neutral mark after barely climbing above it, while the MACD is still within the negative zone despite improving above its red signal line. Meanwhile, the [..]

Technical Analysis – NZDUSD gains subside below MAs and 0.66 mark

Posted on June 1, 2022 at 8:49 am GMT

NZDUSD is fading from the vicinity of the upper Bollinger band that is just shy of the 0.6600 handle, both being upside deterrents, which are encapsulated in a resistance boundary established by the May 5 high of 0.6568 and the February 24 inside swing low of 0.6629. The gliding longer-term 100- and 200-day simple moving averages (SMAs), and the diving 50-day SMA, are still promoting the negative trend despite the bounce in the pair from the near two-year low of [..]

Technical Analysis – USDJPY extends rebound off 50-day MA

Posted on June 1, 2022 at 7:51 am GMT

USDJPY is headed for a fourth straight day of gains, having glided off the 50-day moving average (MA) after tumbling to a one-month low of 126.35 on May 24. The pair has now retraced more than half of the May downleg, reaching the 61.8% Fibonacci of 129.44. The momentum indicators suggest that further gains are possible in the near term. The stochastics are on a decisive path upwards. However, the %K line has crossed into overbought territory, hinting the possibility [..]

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