Technical Analysis / Page 255

Technical Analysis – AUDUSD unlocks 11-week low; dives below 0.7100

Posted on April 28, 2022 at 6:49 am GMT

AUDUSD plunged to an eleven-week low of 0.7074 earlier today, continuing the strong selling interest from the 0.7457 resistance level. The price is also travelling well below the 200-day simple moving average (SMA) with the technical indicators confirming the negative prospects. The MACD is holding below its trigger and zero lines, while the RSI is standing near the neutral threshold of 30. A failure to jump above the 0.7100 round number again could send the price down to 0.7050, a [..]

Technical Analysis – Gold sellers look to drive the precious metal lower

Posted on April 27, 2022 at 11:07 am GMT

Gold’s one-week decline from the 2,000 price vicinity has steered the commodity slightly beneath the 1,900 handle. The rolling over of the simple moving averages (SMAs), and the near completion of bearish crossovers of the longer-term 200-period SMA by the 50- and 100-period SMAs, are signals, which endorse the bearish trend in the yellow metal. Presently, the short-term oscillators are suggesting that buyers are fighting to overturn the bearish mood in the commodity. The MACD, south of the zero threshold, [..]

Technical Analysis – EURGBP flirts with 200-day SMA below descending line

Posted on April 27, 2022 at 9:35 am GMT

EURGBP is flirting with the 200-day simple moving average (SMA) near 0.8440 after a successful daily close above it. The 20- and 40-day SMAs have posted a bullish crossover, but the technical indicators are mirroring the latest bearish sentiment. The RSI is ticking down in the positive region, while the stochastic oscillator is moving in the overbought region and is ready for a bearish cross within its %K and %D lines. Immediate resistance to further gains would likely come from the long-term descending line near 0.8490. [..]

Technical Analysis – NZDUSD weighs on key support base as sellers step up

Posted on April 27, 2022 at 8:23 am GMT

NZDUSD is tracing the lower Bollinger band and is just shy of retesting the 16-month low of 0.6528, which is the upper border of the critical 0.6487-0.6528 foundation, moulded by the troughs over the mid-July until end of September 2020 period. The rolling over of the 50-day simple moving average (SMA) is hinting that downward pressures are strengthening, while the longer-term 100- and 200-day SMAs continue to sponsor a bearish trend. Presently, the short-term oscillators are skewed to the downside, [..]

Technical Analysis – USDJPY appears to gain some steam; back near 128.00

Posted on April 27, 2022 at 6:48 am GMT

USDJPY has lost its positive momentum after the impressive bullish rally towards the 20-year high of 129.40 on April 20, but today it is appearing positive again. In the short-term, the market could retain the negative momentum as the RSI dropped beneath the overbought region and the stochastic oscillator is approaching the oversold territory. Should the pair stretch south, the 20-day simple moving average (SMA) at 125.75 could provide immediate support before the pair touches the 125.10 barrier. A significant step lower could bring the [..]

Technical Analysis – EURJPY retreats from 140 hurdle to weigh on 23.6% Fibonacci

Posted on April 26, 2022 at 9:42 am GMT

EURJPY’s fresh pullback from a multi-year high has yet to eliminate all bets that the one-and-a-half-month ascent could rejuvenate from the 136.30 barrier, which is the 23.6% Fibonacci retracement level of the rally from the 15-month low of 124.38. Further sponsorship of this bullish premise is being reflected in the climbing simple moving averages (SMAs). Meanwhile, the short-term-oscillators are painting a picture where sellers are in the driver’s seat, mirrored by the excess in negative momentum. The MACD, far above [..]

Technical Analysis – Gold at risk of bearish continuation; 1,890 level in focus

Posted on April 26, 2022 at 7:02 am GMT

Gold started the week on the wrong foot, drifting below the $1,900 level on Monday after hitting a wall around the 50-day simple moving average (SMA) at $1,934. More importantly, the precious metal closed clearly below the tough support of $1,915 after almost two months of consolidation, raising the stakes for additional declines in the coming sessions. The technical indicators back this narrative too as the RSI has slumped below its 50 neutral mark and the MACD has slipped below [..]

Technical Analysis – EURUSD tests crucial 1.0750 support as bearish bias intensifies

Posted on April 25, 2022 at 6:53 am GMT

EURUSD had steadied just above the 1.0750 support level over the past few days when selling pressure eased a little, but the bears are driving the price back down again at the start of the new trading week. The pair has slipped below the 200% Fibonacci extension of the January-February upleg at 1.0747 as the momentum oscillators are deteriorating. The %K line of the stochastic oscillator has dipped below the slower moving %D line and is about to cross into [..]

Technical Analysis – BTCUSD extends sideways move but downside risks linger

Posted on April 22, 2022 at 10:28 am GMT

BTCUSD (Bitcoin) has been trending downwards since late March when further price advances got curbed at the 48,000 region. Although the price has managed to halt its decline and is currently experiencing a consolidation phase, the technical picture seems to be deteriorating for the cryptocurrency. The momentum indicators suggest that bearish forces continue to hold the upper hand. Specifically, the MACD histogram is currently beneath both zero and its red signal line, while the RSI is hovering in the negative zone. Should selling interest intensify further, [..]

Technical Analysis – USDCAD bounces back from dip but neutral outlook unchanged

Posted on April 22, 2022 at 6:58 am GMT

USDCAD has bounced back towards its 50- and 200-day moving averages (MA) after dipping to a more than two-week low of 1.2458 on Thursday. The price is currently testing the 38.2% Fibonacci retracement June-December 2021 uptrend at 1.2597 and there is a strong prospect of further gains in the short term. The RSI is in the process of climbing above the 50-neutral point, while the MACD histogram is continuing to advance higher above its red signal line and could soon [..]

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