Technical Analysis / Page 248

Technical Analysis – EURGBP bearish bias enhanced by capping Ichimoku cloud

Posted on May 18, 2022 at 2:30 pm GMT

EURGBP’s positive impetus, which evolved from the vicinity of the 200-period simple moving average (SMA) at 0.8406, is trading around the 100-period SMA at 0.8473 after fading from the lower surface of the Ichimoku cloud. The cloud has revived the more than one-week decline from the seven-and-a-half-month peak of 0.8618, something which the rolled over 50-period SMA is also endorsing. The Ichimoku lines are suggesting that downside risks remain active, while the positive message from the short-term oscillators appears somewhat [..]

Technical Analysis – Gold range-bound within bearish channel

Posted on May 18, 2022 at 9:41 am GMT

Gold got trapped within the $1,798 – $1,832 region following the upturn from the three-month low of $1,786. Specifically, the precious metal is encapsulated between the resistance line stretched from the record high of $2,079 and the support line from the low of $1,450. In the one-month picture, the market is navigated by a bearish channel, with the 20-period simple moving average (SMA) on the four-hour chart currently cancelling any bullish moves towards the channel’s top boundary at $1,816. The [..]

Technical Analysis – NZDUSD rebound loses steam, downside risks heighten

Posted on May 18, 2022 at 9:23 am GMT

NZDUSD improvements from the 0.6215 low are dwindling within the 0.6342-0.6410 region (previous support-now-resistance), which stretches back to mid-June 2020, following a five-week descent from the 0.7033 April high. Furthermore, the diving simple moving averages (SMAs) are sponsoring a revival of the bearish trend in the pair past the near two-year low of 0.6215. The Ichimoku lines are indicating a pause in negative pressures, while the short-term oscillators are reflecting the latest waning in downward momentum. In their respective bearish [..]

Technical Analysis – USDCHF stays within bullish channel, but risks remain

Posted on May 18, 2022 at 8:01 am GMT

USDCHF has been stubbornly hovering around the bottom line of the one-month-old bullish channel since the pullback from a three-year high of 1.0063 earlier this week. Despite that, negative risks continue to linger in the background. The RSI and the Stochastics have changed direction to the upside, endorsing the current bullish actions in the market. That said, the MACD keeps pointing to the downside below its zero and signal lines, while the bearish cross between the red Tenkan-sen and Kijun-sen [..]

Technical Analysis – USDJPY struggles near 20-day SMA and marginally above 129.00

Posted on May 18, 2022 at 7:56 am GMT

USDJPY is heading sideways, back and forth of the 20-day simple moving average (SMA) slightly above the 129.00 round number. The weak momentum is mirroring in the technical indicators as well, as the RSI is pointing slightly lower in the positive region, while the MACD is moving lower below its trigger line. In the event the bulls take control again, the 20-year high of 131.35 will come first into view. A violation at this point may see another challenge battle [..]

Technical Analysis – Twitter stock plunges as fears over Musk’s acquisition increase

Posted on May 17, 2022 at 2:37 pm GMT

Twitter’s stock has been experiencing a sharp decline in the last couple of sessions, diving beneath the Ichimoku cloud and its 50-day simple moving average (SMA). The share price is currently trading way beneath the acquisition price target of 54.20, which suggests that investors are pessimistic over the outcome of this deal. The momentum indicators suggest that bearish forces have taken complete control. The stochastic oscillator is sloping downwards in the oversold zone, while the RSI has also entered the [..]

Technical Analysis – US 500 index faces headwinds as advances engage

Posted on May 17, 2022 at 2:32 pm GMT

The US 500 stock index (Cash) is being curbed by the Ichimoku cloud after the index unearthed positive traction around a 13½-month low of 3,858, just shy of the March 2021 trough of 3,853. The diving simple moving averages (SMAs) are defending the more than six-week decline in the benchmark index. Currently, the Ichimoku lines are reflecting the struggle buyers are encountering to extend push beyond the cloud. This is also being mirrored in the short-term oscillators. The MACD and [..]

Technical Analysis – AUDUSD bounces from 2-year low as positive momentum strengthens

Posted on May 17, 2022 at 9:05 am GMT

AUDUSD has been marching higher in the last few four-hour sessions, currently trading above its upper Bollinger band after it managed to find its feet at the two-year low of 0.6828 However, this recent rebound is not enough to erase its long-term downtrend. The momentum indicators suggest that bullish forces have gained the upper hand. The MACD histogram is above both zero and its red signal line, while the RSI is sloping upwards beyond its 50-neutral threshold. Should buying pressure [..]

Technical Analysis – EURJPY finds footing but buyers not out of the woods yet

Posted on May 17, 2022 at 9:04 am GMT

EURJPY is recovering from its spike below the 133.00 mark, where the rising 100-day simple moving average (SMA) underpinned the price, following one-month of declines from the multi-year peak of 140.00. Despite the recent retracement in the pair, the ascending SMAs are endorsing the positive outlook. The Ichimoku lines indicate that negative forces have softened, while the short-term oscillators are conveying mixed messages in directional momentum. The MACD remains beneath its red trigger line and is promoting negative impetus. However, [..]

Technical Analysis – GBPUSD gains momentum near 1.2400 in very short-term

Posted on May 17, 2022 at 7:30 am GMT

GBPUSD is gaining ground after the sell-off towards the two-year low of 1.2120 and is moving towards the inside swing low from April 28 at 1.2410. The technical indicators are mirroring the current bullish bias in the very short-term, as the MACD is jumping above its trigger line in the negative region, while the RSI is pointing up from the oversold territory. A decisive close above the immediate resistance could reduce negative risks, producing a bullish extension towards the 20-day [..]

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