Technical Analysis / Page 247

Technical Analysis – Gold rises back above 200-day SMA

Posted on May 23, 2022 at 6:44 am GMT

Gold prices are advancing above the 200-day simple moving average (SMA) and find resistance near the 1,853 level and the 20-day SMA at 1,857. The technical indicators are showing some signs for more positive actions. The RSI is approaching the neutral threshold of 50, while the MACD rises above its trigger line. Should the pair manage to strengthen its positive momentum, the next resistance could come around the 40-day SMA at 1,900 ahead of the 1,915 barrier. A break above [..]

Technical Analysis – GBPCAD bounces within critical support band, bearish risks linger

Posted on May 20, 2022 at 1:43 pm GMT

GBPCAD is struggling to lift over the mid-Bollinger band at 1.5990 and the fresh highs of 1.6029 after unearthing footing within a key support base, which was shaped by the October 2016 and the January 2017 significant troughs. The falling simple moving averages are still endorsing the negative bearing in the pair. The short-term oscillators reflect the recent positive developments in the pair but are signalling that upside forces appear to be feeble. That said, the MACD is in the [..]

Technical Analysis – GBPJPY tackles 50.0% Fibonacci after bouncing off 100-MA

Posted on May 20, 2022 at 9:13 am GMT

GBPJPY is confronting the 159.69 barrier, which is the 50.0% Fibonacci retracement level of the uptrend from 150.96 until the multi-year high of 168.42, which failed to close north of the 166.07-168.55 resistance zone that extends back to February 2016. The climbing simple moving averages (SMAs) are endorsing the broader bullish structure but it’s worth mentioning that the positive rebounds in the price over the latest one-month decline continue to be capped by the Fibonacci levels. The short-term oscillators are [..]

Technical Analysis – USDCAD shows negative pressures; indicators fall further

Posted on May 20, 2022 at 7:20 am GMT

USDCAD has come under renewed selling pressure, falling back below its 20-day simple moving average (SMA), but remaining slightly above the 1.2790 support level. Despite the latest pullback though, the pair has not posted a fresh lower low, which makes one hesitant to trust further declines for now. Looking at momentum oscillators on the daily chart though, they suggest further declines may be on the cards in the short-term. The RSI is moving towards its neutral 50 line, detecting negative [..]

Technical Analysis – EURUSD buyers target 1.06 handle

Posted on May 19, 2022 at 3:09 pm GMT

EURUSD’s fresh positive traction is struggling to surpass the upper Bollinger band residing within the 1.0563-1.0600 resistance region. Despite the pair’s newfound buoyancy extending beyond the sliding 50- and 100-period simple moving averages (SMAs), all the SMAs are promoting the bearish bearing. The short-term oscillators have yet to reflect any clear weakness in the driving positive forces in the pair. The MACD, slightly north of the zero threshold, has lifted back above its red trigger line, while the improving RSI [..]

Technical Analysis – US dollar index fights with 20-day SMA but broader outlook is positive

Posted on May 19, 2022 at 11:25 am GMT

The US dollar index is stubbornly fighting with the 20-day simple moving average (SMA) near 103.40 for the third consecutive day, after the drop from the 105.00 level. The technical, suggests a neutral-to-bearish bias at the moment as the MACD remains negatively charged below its red signal line, while the RSI is pointing down in the positive region. Also, the stochastic oscillator is moving towards the oversold territory. Should the 20-day SMA fail to hold the index above it, the [..]

Technical Analysis – WTI futures retreat to mid-Bollinger band, tad below 105 mark

Posted on May 19, 2022 at 10:19 am GMT

WTI oil futures have recoiled toward the vicinity of the mid-Bollinger band and the 50-day simple moving average (SMA) after upside pressures ran out of steam near the 114.00 price hurdle. The ascending longer-term 100- and 200-day SMAs are defending the broader positive structure, while the rolling over of the 50-day SMA, is reflecting modest dwindling in the price of the valuable commodity. Elaborating on this we can see that the pullback in the price still has some ways to [..]

Technical Analysis – US 100 index holds above May’s lows despite big fat sell-off

Posted on May 19, 2022 at 8:01 am GMT

The US 100 stock index (cash) was smashed by worrying earnings from US retailers on Wednesday, but the big-fat sell-off was not strong enough to close below 11,874 for the second time this month. Sellers are expected to dictate the short-term trading in the four-hour chart as the momentum indicators are dipped in the bearish area, though with the Stochastics and the RSI hovering near their oversold levels, an upside correction cannot be ruled out. In other encouraging signals, the red Tenkan-sen [..]

Technical Analysis – US 30 index’s gains curbed by Ichimoku cloud and 100-MA

Posted on May 19, 2022 at 7:56 am GMT

The US 30 stock index (Cash) has been driven back down to the vicinity of its recently recorded 14-month low of 31,224 by the restricting Ichimoku cloud and the descending 100-period simple moving average (SMA). That said the falling SMAs are endorsing the approximately one-month downward bearing from the 35,496 high, which pierced marginally below the 31,321 low reached back in March 2021, where the price had found its latest footing prior to current selling pressures. The Ichimoku lines are [..]

Technical Analysis – AUDUSD bears take a breather after almost 2-year low

Posted on May 19, 2022 at 6:47 am GMT

AUDUSD could not find enough buyers to overcome the 0.7050 resistance level, with the spotlight remaining to the downside as the steep negative bias is still holding. Encouragingly, however, the RSI and the MACD continue to hold above their recent lows, while the latter has also managed to crawl back above its red signal line, providing some optimism that the bulls may not give up the battle yet. The 0.7050 number, which overlaps with the 20-day simple moving average (SMA), [..]

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