Technical Analysis / Page 257

Technical Analysis – NZDUSD minimizes weekly loss but bears still present

Posted on April 20, 2022 at 7:08 am GMT

NZDUSD switched to a recovery operation on Wednesday after halting its downleg near a three-week low of 0.6714 and around the bottom of the Ichimoku cloud. Despite its latest deceleration, the pair maintains a neutral structure in the medium-term picture. Yet, the negative reversal in the 20-day simple moving average (SMA), which immediately pulled below the 200-day SMA, is feeding some trend skepticism. Meanwhile in the short-term picture, the current bullish action is also not convincing yet. Even though the Stochastics seem to be [..]

Technical Analysis – US 100 index fails to fall below 23.6% Fibonacci

Posted on April 19, 2022 at 9:11 am GMT

The US 100 cash index is struggling again to fall beneath the 23.6% Fibonacci retracement level of the down leg from 16,767 to 12,940 at 13,844. The short-term negative bias started after the price reached the 100 and 200-day simple moving averages (SMAs). The RSI indicator is pointing slightly down in the negative region, while the MACD is strengthening its bearish momentum below its trigger and zero lines. Should prices decline, immediate support could be found around the low from [..]

Technical Analysis – GBPUSD bearish forces struggle at 1.30 handle

Posted on April 19, 2022 at 8:53 am GMT

GBPUSD continues to tackle the 1.3000 barrier, which has proven to be more durable, holding strong since mid-March. That said, the falling simple moving averages (SMAs) are endorsing the descent, and appear to be reinforcing the bearish defences, which are dampening bullish prospects in the pair. Moreover, negative momentum has yet to show signs of significant waning, something also being reflected in the short-term oscillators, which are skewed to the downside. The uptick in the RSI, which is in the [..]

Technical Analysis – AUDUSD rises in declining tendency in the short-term

Posted on April 19, 2022 at 7:14 am GMT

AUDUSD has come under renewed selling pressure after the pull back off the 10-month high of 0.7660 at the beginning of April. Despite the descending move, the price has been heading north over the last few sessions following the bottom at 0.7344, enhancing the argument that the picture may not be entirely negative at the moment. The momentum oscillators on the four-hour chart suggest some increases may be on the cards in the short-term. The RSI is below its neutral 50 [..]

Technical Analysis – EURJPY bulls get back on track; next goal 138.90

Posted on April 19, 2022 at 7:01 am GMT

EURJPY violently cracked the 136.50 – 137.00 boundary after more than two weeks of consolidation to advance to a new seven-year high of 138.14 on Tuesday. The door has now opened for the 138.90 resistance from August 2015, with the momentum indicators favoring additional bullish actions, though with some conservatism. Specifically, the MACD is trying to resume its positive direction above its red signal line, but the rising RSI and the fast Stochastics are entering the overbought region, warning that [..]

Technical Analysis – EURCHF rangebound but upside risks linger

Posted on April 18, 2022 at 1:52 pm GMT

EURCHF has been experiencing a decline after the price peaked at 1.0384 in late March, generating a profound structure of lower highs and lower lows. Although the pair managed to find its feet and merely bounce back in the last few four-hour sessions, it seems to be lacking the necessary momentum to push even higher. The momentum indicators suggest that bullish forces are in control. Specifically, the stochastic oscillator is sloping upwards, while the RSI is hovering above its 50-neutral [..]

Technical Analysis – US 500 index extends its retreat below 50-SMA

Posted on April 18, 2022 at 11:57 am GMT

The US 500 stock index (cash) has been inching lower after peaking at 4,638 in mid-March, generating a clear structure of lower highs and lower lows. Although the price decline has currently paused at the lower Bollinger band, the technical picture seems to be deteriorating for the index. The momentum indicators suggest that selling interest has intensified. The MACD histogram has dipped below both zero and its red signal line, while the RSI is hovering beneath its 50-neutral threshold. In [..]

Technical Analysis – USDJPY tiptoes after new 20-year high

Posted on April 18, 2022 at 9:59 am GMT

USDJPY unlocked a new 20-year high of 126.78 just after markets opened on Monday, but overall, the pair has been lacking strong positive momentum so far today, printing tiny candlesticks in the four-hour chart instead. Despite the weaker bullish sentiment in the market, the risk remains tilted to the upside. The pair continues to build up its April uptrend above a supportive trendline and its simple moving averages (SMAs). Moreover, in momentum indicators, the red Tenkan-sen keeps oscillating above the blue Kijun-sen line [..]

Technical Analysis – EURUSD pokes at 2-year base, bias remains bearish

Posted on April 18, 2022 at 8:33 am GMT

EURUSD is taunting the 1.0726-1.0774 key support border after recently taking a fresh jab at it. The descending simple moving averages (SMAs) are defending the near 11-month downtrend from the 1.2266 high. Furthermore, the Ichimoku lines are indicating a pause in downward forces, while the short-term oscillators are suggesting a commanding negative bearing in the pair. The MACD has remained beneath its red trigger line, while the RSI is sliding towards the 30 oversold mark, both sponsoring more negative momentum [..]

Technical Analysis – Gold heads for 2,000 as bullish bias grows

Posted on April 18, 2022 at 7:11 am GMT

Gold brought the 2,000 number back into scope after halting Friday’s setback near the former resistance of 1,959. The RSI and the MACD are currently heading northwards, endorsing the bullish appetite in the market. Of course, the Stochastics have already entered the overbought zone, suggesting that room for improvement is probably narrowing, though as long as they trend northwards, upside price movements are more likely than downside ones. The 20-day simple moving average (SMA) has recently avoided a bearish intersection with the 50-day SMA, [..]

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