Technical Analysis / Page 254

Technical Analysis – Gold remains under pressure, unlocking 2½-month low

Posted on May 3, 2022 at 8:45 am GMT

Gold prices are declining near the new two-and-a-half-month low of 1,853. The price is continuing its move lower after the pullback off the 2,000 psychological mark. If the commodity declines further, immediate support could come from the 200-day simple moving average (SMA) near 1,834, which hovers near the long-term uptrend line. Any steeper downside movements may change the broader outlook to neutral, hitting the 1,780 support and the 1,752-1,762 zone. Having a look at the technical indicators, they both confirm the recent bearish [..]

Technical Analysis – GBPUSD regains some footing above $1.25 after nosedive

Posted on April 29, 2022 at 12:24 pm GMT

GBPUSD has steadied around 1.2550 and is attempting a rebound after plunging to a 22-month low of 1.2410 on Thursday. The RSI has reversed higher but has yet to exit the oversold zone, while the MACD histogram remains deep in negative territory below its red signal line, underlining the ongoing bearish risks in the near term. If today’s bounce back gathers additional steam, the bulls could next target the 200% Fibonacci extension of the March upleg at 1.2701. The 161.8% [..]

Technical analysis – US 500 index erases losses to test weekly resistance

Posted on April 29, 2022 at 9:20 am GMT

The US 500 index (cash) switched to a recovery mode after finding a strong footing near the former resistance trendline and the 4,141 level earlier this week. The area between the 23.6% Fibonacci retracement of the downfall from the record high of 4,808) at 4,274 and the 4,308 mark has been limiting bullish actions during the week, while it has also been a key barrier since June 2021. A close above that bar will probably motivate fresh buying towards the 38.2% Fibonacci of 4,378, [..]

Technical Analysis – USDCHF stretches winning streak to 2-year high; is the rally overdone?

Posted on April 29, 2022 at 7:15 am GMT

USDCHF has been in the green almost every single day since mid-April, stretching its exciting rally to a new two-year high of 0.9758 before easing a bit to 0.9700 early on Friday. The continuous winning track is making investors wonder whether the bull run is overstretched as the RSI and the Stochastics seem to lose pace after advancing well above their 70 and 80 overbought levels, respectively. That said, both indicators are still hovering in the overbought territory and the market [..]

Technical Analysis – USDCAD eases as it fails to clear the upper boundary of the channel

Posted on April 29, 2022 at 6:39 am GMT

USDCAD was stubbornly fighting near the 1.2875 resistance, which is the upper boundary of the consolidation area of 1.2450-1.2875, but failed to jump above it. The area has been holding since December 2021 and only a violation of 1.2875 or below 1.2450 may change the neutral view. The technical picture, however, suggests a bearish bias at the moment as the MACD remains positively charged above its red signal line but with weak momentum, while the RSI is currently pushing efforts [..]

Technical Analysis – GBPJPY bounces back but meets obstacles

Posted on April 28, 2022 at 2:42 pm GMT

GBPJPY has bounced back from Wednesday’s almost one-month low of 159.59, but the recovery has run into trouble after the advance was blocked by the 23.6% Fibonacci retracement of the March-April upleg at 164.30. However, further gains cannot be ruled out in the near term as the %K line of the stochastic oscillator has just posted a bullish crossover with the %D line within the oversold area and the RSI has managed to climb to the 50 neutral level. If [..]

Technical Analysis – ETHUSD pauses retreat but negative bias holds

Posted on April 28, 2022 at 2:39 pm GMT

ETHUSD (Ethereum) has been trending downwards since early April when the 3,570 region rejected its upside impetus. Although the cryptocurrency found its feet in the last couple of sessions, it currently appears to be lacking the necessary momentum to storm higher. The short-term oscillators reflect that the bearish forces are retaining control. The MACD histogram is currently below both zero and its red signal line, while the RSI is hovering beneath its 50-neutral threshold. Should negative momentum intensify further, the price could challenge the recent [..]

Technical Analysis – Apple stock crosses below 200-SMA ahead of earnings

Posted on April 28, 2022 at 10:19 am GMT

Apple’s stock has been trending downwards since mid-March when the 179.50 region rejected the share price’s further advance. In the last few sessions, the technical picture seems to be deteriorating further as the price crossed both below its 50- and 200-day simple moving averages (SMAs). The momentum indicators suggest that bearish forces have gained total control. Specifically, the stochastic oscillator is sloping downwards in the oversold zone, while the MACD histogram is found beneath both zero and its red signal [..]

Technical Analysis – WTI futures struggle to extend past 103 mark, outlook neutral

Posted on April 28, 2022 at 8:34 am GMT

WTI oil futures are trading around the mid-Bollinger band, which is currently north of the 100.00 border, after the commodity found positive traction prior to reaching the lower Bollinger band. The climbing longer-term 100- and 200-day simple moving averages (SMAs) are defending the broader bullish structure, while the 50-day SMA has yet to reflect any dominance in negative forces. The short-term oscillators are not indicating any definitive driving forces in the black liquid, endorsing a neutral tone for now. The [..]

Technical Analysis – Amazon stock extends decline as negative momentum strengthens

Posted on April 28, 2022 at 8:10 am GMT

Amazon’s stock has been on the retreat since its latest rebound was rejected at the 3,403 region in late-March. The price is currently trading near its 2022 lows and has fallen beneath the lower Bollinger band, indicating that the technical picture is deteriorating. The short-term oscillators further confirm the stock’s bearish near-term bias. The MACD histogram is currently below both zero and its red signal line, while the RSI is flatlining very close to the oversold area. Should negative momentum [..]

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