Technical Analysis / Page 249

Technical Analysis – Gold around 1,800 border, bearish risks linger

Posted on May 16, 2022 at 9:52 am GMT

Gold is trading near its lower Bollinger band around 1,793 after the four-week decline from the 1,998 peak was curbed by the 1,780-1,788 support base, which was formed by the lows from the second half of December 2021 until the end of January 2022. The longer-term 100- and 200-day simple moving averages (SMAs) are reflecting the stifled bullish trend in the price, while the rolling over of the 50-day SMA, is suggesting that the descent in the commodity has deepened. [..]

Technical Analysis – USDJPY cools off as bullish pressure wanes

Posted on May 16, 2022 at 8:37 am GMT

USDJPY has been marching higher after its recent downtrend ceased at the 127.50 level. However, the pair’s advance has currently halted as positive momentum seems to be fading. The momentum indicators further confirm that the pair has been losing steam lately. The stochastic oscillator is sloping downwards after exiting the overbought area, while the RSI is flatlining beneath the 50-neutral mark. Should selling pressure intensify, the pair could encounter initial support at the recent low of 128.70. Diving beneath that [..]

Technical Analysis – EURUSD muted between key boundaries; risk skewed to the downside

Posted on May 16, 2022 at 6:47 am GMT

EURUSD declined to its lowest level since January 2017, hitting the 1.0345 support level on Friday. The aggressive selling interest has continued since it began last May, and the technical indicators have been in a negative zone in the last few months as well. The RSI is flattening near its 30 level, while the MACD is still strengthening its bearish momentum below its trigger and zero lines. Should the latest bottom at 1,0345 crack, the price could initially test the 1.0220 support, taken from the [..]

Technical Analysis – AUDJPY rebounds off cloud’s floor, downside risks linger

Posted on May 13, 2022 at 1:31 pm GMT

AUDJPY has corrected to the 88.00 handle, which is the 50.0% Fibonacci retracement of the 12-week rally from 80.35 until the 95.73 peak. Despite the price failing to snowball below the support barrier formed by the 50.0% Fibo at 88.00 and the 87.20 January 2018 inside swing low, the bearish tone has yet to be fully offset. On that note, the simple moving averages (SMAs) continue to endorse the bullish picture in the pair. Contrary to this, the Ichimoku lines [..]

Technical Analysis – EURAUD halts advance as positive momentum wanes

Posted on May 13, 2022 at 1:25 pm GMT

EURAUD has been marching higher in the short term after it managed to find its feet at the five-year low of 1.4320. However, in the last few daily sessions, the pair has been experiencing a minor downside correction as the bulls seem to have taken their foot off the gas. The momentum indicators further reflect a loss of steam for the pair. The stochastic oscillator is sloping downwards after exiting the overbought area, while the RSI is pointing down beyond its 50-neutral threshold. [..]

Technical Analysis – USDCAD climbs beyond 1.30 mark, logs 17½-month high

Posted on May 13, 2022 at 8:19 am GMT

USDCAD’s fresh advances have breached the broader 1.2927-1.2986 resistance barrier that extends back to early November of 2020. The longer-term 100- and 200-day simple moving averages (SMAs) are discreetly sponsoring the upside, while the rising 50-day SMA is endorsing the recent pickup in positive impetus. The Ichimoku lines are indicating a pause in upward drive, while the short-term oscillators are advertising conflicting messages in directional momentum. The MACD is implying that bullish forces are strengthening, meanwhile the dipping RSI and [..]

Technical Analysis – GBPUSD rebounds off 2-year low; indicators show positive signs

Posted on May 13, 2022 at 8:18 am GMT

GBPUSD found support at the two-year low of 1.2165 in the preceding sessions and is now flirting with the 1.2200 round number. The RSI indicator is rising after the bounce off the oversold territory, while the MACD is extending its move above its trigger line in the negative region. The 20-period simple moving average (SMA) is acting as strong resistance for the bulls around the 1.2260 barrier ahead of the 40-period SMA at 1.2325. Even higher, the door would open [..]

Technical Analysis – GBPJPY constrained after brutal sell-off

Posted on May 13, 2022 at 7:39 am GMT

GBPJPY is trying to heal its wounds after Thursday’s brutal sell-off cut 1.6% of its value and neutralized its long-term outlook back below the key 158.00 former resistance area. The RSI is looking for a rebound, repeating the sequence previously formed around its 30 oversold mark, while the Stochastics are also setting a bullish cross near April’s lows and below 20, raising optimism that the soft bounce off the two-month low of 155.58 may see a continuation. That said, as [..]

Technical Analysis – Silver tests a make-or-break point

Posted on May 12, 2022 at 9:39 am GMT

Silver’s long-term neutral outlook is at risk of a downgrade as the bears keep challenging the floor around 21.40 despite yesterday’s poor upturn. The RSI and the Stochastics reflect oversold conditions, though neither of those indicators seem determined to change direction to the upside. Therefore, the base scenario is for sellers to dominate in the short term, although the case for a rebound will remain on the cards. A close lower may initiate a sharper decline towards 20.20, where the key [..]

Technical Analysis – AUDUSD six days in the red after deflection off MAs

Posted on May 12, 2022 at 8:45 am GMT

AUDUSD has pierced beneath the 0.6900 border and is eyeing the lower Bollinger band, located within the key 0.6776-0.6840 support boundary that stretches back to mid-June 2020. While the longer-term 100- and 200-day simple moving averages (SMAs) have capped advances, the rolling over of the 50-day SMA is endorsing a continuation of the more than one-month decline from the bullish spike of 0.7661. Meanwhile, the short-term oscillators are transmitting conflicting messages in directional momentum. The MACD is suggesting additional selling [..]

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