Technical Analysis / Page 26

Weekly Technical Outlook – Dollar index, USDJPY, EURUSD

Posted on April 22, 2024 at 8:32 am GMT

Will US GDP boost the dollar index? Yen looks steady ahead of BoJ decision Eurozone flash PMIs may halt EURUSD’s bearish actions US GDP –> Dollar index The most significant event of the week is expected to take place on Thursday with the preliminary release of US GDP for the first quarter. The US economy expanded at an annualized rate of 3.4% in the previous quarter. In terms of unexpected outcomes, there is potential for a higher-than-anticipated GDP figure, given that the Atlanta Fed GDPNow model predicts growth of 2.9% versus forecasts 2.4%. On Friday, the [..]

Technical Analysis – EURUSD consolidates after decline pauses

Posted on April 22, 2024 at 8:00 am GMT

EURUSD drops to a fresh 5-month low before paring some losses Oscillators suggest that risks remain tilted to the downside EURUSD came under severe selling pressure in the aftermath of a hotter-than-expected inflation report on April 10, violating its 2024 low of 1.0693. Although the pair managed to find its footing at the five-month bottom of 1.0600, it has so far failed to stage a significant recovery. Should downside pressures persist, the pair might revisit its recent five-month low of 1.0600. [..]

Technical Analysis – EURJPY rallies ahead of key market events

Posted on April 22, 2024 at 7:18 am GMT

EURJPY is preparing to test the recent 165.34 high The growing intervention threat is limiting the aggressive bullish appetite Momentum indicators maintain some degree of bullish tendency EURJPY is edging higher today with the bulls apparently preparing to challenge the recent 165.34 high following another false attempt by the bears to push this pair below the December 7, 2023 ascending trendline. The continued verbal commentary from Japanese officials, the countdown to this week’s BoJ meeting and the dovish commentary from [..]

Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone

Posted on April 19, 2024 at 8:37 am GMT

USDCAD pauses aggressive bull run near five-month high Faces resistance around 1.3800, but remains supported above 1.3690 USDCAD attempted to re-enter the 1.3800 territory earlier today after its pullback from a five-month high of 1.3844 on Wednesday. But upside forces faded soon, forcing the price to pull back to Thursday’s closing price of 1.3765. The RSI and the stochastic oscillator have exited the overbought territory, justifying the latest negative turn in the price. That said, the RSI is still comfortably elevated [..]

Technical Analysis – USDCHF remains in bullish structure

Posted on April 19, 2024 at 7:26 am GMT

USDCHF starts the day in red RSI and MACD indicate negative retracement USDCHF experienced an aggressive selling interest earlier in the day, but quickly turned higher to approach the 0.9095 barricade. The pair is moving sideways in the very short-term after the rest near the six-month high of 0.9150, while in the bigger outlook, the picture is strongly positive. According to the technical oscillators, the MACD is slipping beneath its trigger line, remaining above the zero level, while the RSI is losing some momentum after the pullback off the 70 level. In [..]

Technical Analysis – GBPJPY range trading continues

Posted on April 19, 2024 at 7:07 am GMT

GBPJPY is in the red today, not far from its recent high It continues to hover inside a rectangle structure Momentum indicators are in waiting mode for the next key events GBPJPY is trading lower today as the market is digesting the latest developments in the Middle East and the lower Japanese inflation prints, and also prepares for next week’s BoJ meeting. Following an aggressive pace of ascension, GBPJPY appears to have settled inside a rectangle with the upper boundary [..]

Technical Analysis – Netflix stock moves within narrow range ahead of earnings

Posted on April 18, 2024 at 1:34 pm GMT

Netflix stock continues to consolidate as Q1 earnings awaited Strong support seen at 50-day SMA Netflix stock has been consolidating for much of April after prices reached a more than two-year high of 636.82 at the start of the month. The downward drift has pushed the stock below its 20-day simple moving average (SMA), but there seems to be sufficient support coming from the 50-day SMA. Whether or not the price will pierce below it or attempt to re-challenge [..]

Technical Analysis – BTCUSD drops to 6-week low as halving looms

Posted on April 18, 2024 at 10:03 am GMT

BTCUSD falls temporarily below 60,000 ahead of halving Momentum indicators point to intensifying downside pressures BTCUSD (Bitcoin) experienced a strong pullback following the formation of a triple top pattern, sliding below its 50-day simple moving average (SMA). Meanwhile, the price dropped to a fresh six-week low a tad beneath the 60,000 psychological mark, just a couple of days ahead of the crucial halving event. Given that the momentum indicators are heavily tilted to the downside, Bitcoin could revisit its March bottom of 59,313. In case [..]

Midweek Technical Look – EURUSD, US 500, WTI

Posted on April 18, 2024 at 9:54 am GMT

EURUSD rebounds off 5-month low near 1.0600; remains beneath symmetrical triangle US 500 index plummets to 2-month low, creating bearish correction WTI crude oil dives for the sixth consecutive day [..]

Technical Analysis – AUDJPY pulls back but stays in uptrend

Posted on April 18, 2024 at 9:32 am GMT

AUDJPY prints higher highs and higher lows above uptrend line MACD and RSI detect positive momentum A break above 100.80 will confirm a higher high For the outlook to change, a break below 95.80 may be needed AUDJPY pulled back lately, after it hit resistance at around 100.80 on April 9. However, the pair remains above all three of the plotted exponential moving averages (EMAs) and above an uptrend line drawn from the low of July 28, which means that the [..]

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