Technical Analysis / Page 252

Technical Analysis – GBPAUD’s bounce near 4¼-year low level struggles

Posted on May 6, 2022 at 12:47 pm GMT

GBPAUD’s recent bullish impetus from the early April 4¼-year low region has run out of steam just beneath the mid-Bollinger band at 1.7468. The longer-term 100- and 200-period simple moving averages (SMAs) are suggesting that the negative bearing has softened, while the downward pointing 50-period SMA is reflecting that buyers have yet to gain the upper hand. The short-term oscillators are implying that negative momentum has weakened to a degree, but it is difficult for positive sentiment to take hold [..]

Technical Analysis – GBPUSD strikes 22-month low on cautious hike from BoE

Posted on May 6, 2022 at 9:56 am GMT

GBPUSD recorded a 22-month low of 1.2275 but it seems that the bearish bearing is taking a breather. That said, the descending simple moving averages (SMAs) are endorsing the downward direction, keeping the mood heavy in the pair. Currently, the Ichimoku lines are pointing lower, indicating that negative forces have yet to abate, while the short-term oscillators are transmitting mixed messages in directional momentum. The MACD is promoting strengthening negative impetus, meanwhile, the RSI is drifting a tad above the [..]

Technical Analysis – USDCAD heads for sixth weekly gain ahead of jobs data

Posted on May 6, 2022 at 8:46 am GMT

USDCAD came to the defence of the bulls on Thursday after clinging to a footing near the 23.6% Fibonacci retracement of the 1.2006 – 1.2962 upleg at 1.2736. The price has almost reversed its weekly losses to turn neutral, refusing to abandon its five-week rally, but the 1.2850 area, which includes the downward-sloping resistance trendline from 1.2962, seems to be problematic for the pair. Nevertheless, the momentum indicators are currently keeping the risk tilted to the upside as the RSI remains elevated [..]

Technical analysis – JP 225 index battles with 50-SMA; neutral bias holds

Posted on May 6, 2022 at 8:34 am GMT

The JP 225 stock index (cash) has been trading within a tight range in the past few daily sessions as its recent rebound has been rejected three times at the 27,480 region. The technical picture suggests that the stock index remains a prisoner of opposing directional forces, being unable to adopt a clear direction. The short-term oscillators indicate a neutral near-term bias for the index. Specifically, the MACD histogram has crossed above its red signal line but remains in the negative [..]

Technical Analysis – GBPJPY erases some post-BoE losses

Posted on May 6, 2022 at 6:56 am GMT

GBPJPY regained some ground after the BoE decision and the losses it caused yesterday, but found resistance at the 20-day simple moving average (SMA). The price plunged beneath the 38.2% Fibonacci retracement level of the upward wave from 150.95 to 168.40 at 161.70 and the 40-day SMA in the daily chart. The RSI is showing some positive signs below the neutral threshold of 50, while the MACD oscillator is heading south below its trigger line, reducing chances for a meaningful recovery in the short-term. However, should the price close comfortably [..]

Technical Analysis – EURJPY remains above 20-day SMA with weak momentum

Posted on May 5, 2022 at 1:29 pm GMT

EURJPY has gained little this week, and it managed to hold above the 20-day simple moving average (SMA) and re-enter the 137.00 area, with the RSI feeding some prospects for a possible positive short-term move, as it is holding above the 50 level. On the other hand, the stochastic oscillator is ready to create a bearish cross within the %K and %D lines. A failure to overcome the 138.00 psychological number could send the price down to the 20-day SMA at 137.00. Lower, support could [..]

Technical Analysis – BTCUSD seems unable to escape from tight range

Posted on May 5, 2022 at 1:17 pm GMT

BTCUSD (Bitcoin) has been declining in the short-term after its advance paused at the 48,350 region. Nevertheless, the largest cryptocurrency by market capitalization has been trading sideways in the past few sessions, with its technical picture providing mixed signals. The short-term oscillators suggest a cautiously positive near-term bias. Specifically, the MACD histogram has jumped above its red signal line but remains in the negative region, while the RSI’s ascent failed to cross beyond the 50-neutral mark. Should positive momentum intensify, the price [..]

Technical Analysis – AUDUSD posts losses after impressive bullish day the day before

Posted on May 5, 2022 at 11:41 am GMT

AUDUSD is extending today’s losses and is currently trading below the two-week high of 0.7265 hit on Wednesday. The RSI turned lower after the pullback off the 50 level. At the moment, it continues to head lower in support of a negative short-term picture. However, the MACD oscillator is climbing above its trigger line, remaining in the negative region. The 20-day simple moving average (SMA) is crossing the 200-day SMA to the downside, indicating more losses. Further declines may meet [..]

Technical Analysis – USDCHF bullish bias intact despite pullback to 23.6% Fibonacci

Posted on May 5, 2022 at 10:48 am GMT

USDCHF has bounced toward the mid-Bollinger band after testing the 50-period simple moving average (SMA) currently around the 0.9700 mark. The soaring simple moving averages (SMAs) are defending the more than one-month uptrend in the pair despite the retreat in the pair that came short of the 0.9696 level, which is the 23.6% Fibonacci retracement of the up leg from 0.9194 until 0.9852. The short-term oscillators are indicating conflicting messages in directional momentum. The MACD, in the positive region, has [..]

Technical Analysis – US 500 index stays below familiar resistance

Posted on May 5, 2022 at 10:27 am GMT

The US 500 stock index (cash) staged a quick rally in the FOMC aftermath late on Wednesday, but the advance was not bold enough to pierce the ceiling around 4,308 and reach the 100-period simple moving average (SMA) on the four-hour chart. The bears are currently trying to take control below the former restrictive region of 4,281 – 4,270 and from a technical perspective, the odds are somewhat on their side as the RSI has pulled below its 70 overbought mark and [..]

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