Technical Analysis / Page 263

Technical Analysis – EURGBP portrays feeble bullish tone, broader bias neutral

Posted on May 4, 2022 at 9:42 am GMT

EURGBP is trading between the supporting mid-Bollinger band and its capping upper Bollinger band, struggling to sustain its upside vibe north of its rising 50-period simple moving average (SMA). The 200-period SMA, which has stabilized for some time now, continues to sponsor a horizontal trajectory in the pair, while the bullish 50- and 100-period SMAs are endorsing upward price action, aimed at the upper regions of a trading range that started from the beginning of the year. The range has [..]

Technical Analysis – Will NZDUSD confirm a bullish star doji pattern?

Posted on May 4, 2022 at 7:23 am GMT

NZDUSD is creating a bullish star doji on Tuesday after it dropped to a new 22-month low of 0.6410 and if the price heads higher, it could confirm a positive move in the short-term timeframe. However, the technical indicators are still suggesting a negative bias. The MACD oscillator is still strengthening its bearish move below its trigger and zero lines, while the RSI is standing in the oversold territory and is sloping down. Should prices decline, immediate support could be [..]

Technical Analysis – AUDUSD around 0.7100 mark but bearish risks linger

Posted on May 3, 2022 at 9:47 am GMT

AUDUSD has snagged around the 0.7100 handle, trading in between the Ichimoku lines, after the pair’s fresh bounce in the vicinity of three-month lows at 0.7029. The pair is finding difficulty to reach yesterday’s intraday high of 0.7147 despite the Reserve Bank of Australia’s larger interest rate hike earlier today, which kept the pair bid in the Asian session. That said, the bearish simple moving averages (SMAs) are endorsing the negative trajectory in the pair. Currently, the Ichimoku lines indicate [..]

Technical Analysis – Will EURUSD resume its bearish pattern?

Posted on May 3, 2022 at 9:00 am GMT

EURUSD switched to consolidation following the dip to a 5 ½-year low of 1.0470 last week, ranging quietly between the 1.0550 resistance and the 1.0497 support for the fourth consecutive day. The RSI and the Stochastics are making efforts to exit the oversold territory, though they need more convincing upside moves to signal the end of April’s sell-off, especially as the MACD remains negatively charged after crossing below a key base. In terms of the market trend, the downward-sloping simple moving averages (SMAs) are [..]

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 [..]

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