Technical Analysis / Page 266

Technical Analysis – AUDUSD finds resistance at 4-month high above 0.7500

Posted on March 24, 2022 at 9:35 am GMT

AUDUSD has risen to a fresh four-month high of 0.7506. Since January 28, the pair has been moving upwards; however, the RSI indicator is pointing down and the stochastic oscillator is looking overbought, crossing the %K and %D lines to the downside. The 0.7555 resistance level from October 2021 would likely limit further gains. If this area is successfully broken, further resistance could be found at 0.7775, which was congested in June 2021. The psychological 0.7900 level, a May 2021 [..]

Technical Analysis – ETHUSD ticks upwards but its rangebound pattern holds

Posted on March 24, 2022 at 8:27 am GMT

ETHUSD (Ethereum) has been moving sideways since the beginning of 2022, when its downside trajectory halted. However, the technical picture seems to be improving for the cryptocurrency, with the ascending 50-day simple moving average (SMA) endorsing a bullish near-term bias. The momentum indicators suggest that bullish forces have gained the upper hand. Specifically, the RSI is hovering above its 50-neutral mark, while the MACD histogram is currently beyond zero and its red signal line. Should buying interest intensify further, the recent [..]

Technical Analysis – USDCAD breaks long-term support, but wait a bit

Posted on March 24, 2022 at 8:01 am GMT

USDCAD closed marginally below the ascending trendline, which has been navigating the market since the plunge to a 3½-year low of 1.2006 in June 2021. While the RSI has dipped further in the bearish area, and the MACD has strengthened its negative momentum below its zero and signal lines, the trendline breakout was not sizable and therefore confirmation is required before the spotlight shifts lower to 1.2500. Note that the Stochastics, although below their 20 oversold level, seem to have found [..]

Technical Analysis – WTI futures hold bullish bias but strong resistance awaits at 261.8% Fibo

Posted on March 24, 2022 at 7:56 am GMT

WTI crude oil futures has gained this week again, and it managed to hold above the 20- and 40-day simple moving averages (SMAs) and re-enter the area above 100.00. The technical indicators are feeding prospects for a possible positive short-term trading session; the RSI holds well above 50, while the MACD continues to strengthen in bullish territory and above its red trigger line. If the price moves higher, it could meet the 261.8% Fibonacci extension level from the down move from 100.00 to [..]

Technical Analysis – GBPAUD’s bearish bias persists; downside risks grow

Posted on March 23, 2022 at 3:40 pm GMT

GBPAUD dived below the April and February 2021 lows of 1.7739 and 1.7688 respectively today, recording a near 14-month low of 1.7655 following an aggressive one-and-a-half-month decline, which began around the beginning of February. The dip in the 100- and 200-day simple moving averages (SMAs) indicates sellers’ recent dominance in the pair, and the diving 50-day SMA, which has completed bearish crossovers with both longer-term averages, is confirming that the bearish trend is sustaining its descending pace. The falling Ichimoku [..]

Technical Analysis – EURGBP finds its feet at 61.8% Fibo but downside risks remain

Posted on March 23, 2022 at 11:06 am GMT

EURGBP’s latest decline traced the lower Bollinger band before unearthing some positive traction from the 0.8300 handle, which is the 61.8% Fibonacci retracement of the up leg from the more than 5½-year low of 0.8202 until the 0.8457 high. The longer-term 100- and 200-period simple moving averages (SMAs) continue to endorse the now one-month neutral trend, while the falling 50-period SMA is reflecting the recent dominance in bearish forces. Meanwhile, the short-term oscillators are indicating that bullish forces are strengthening. [..]

Technical Analysis – Facebook stock tries to recover some lost ground

Posted on March 23, 2022 at 10:07 am GMT

Facebook stock is gaining some momentum after the drop to the 23-month low of 185.88. The price jumped above the 20-day simple moving average (SMA) but it needs more ground to recoup the bearish gap that was posted at the beginning of February. Technically, the RSI indicator is flirting with the neutral threshold of 50, suggesting weak momentum. On the other hand, the MACD oscillator is strengthening its positive move above its trigger line and below its zero level. Another step higher may [..]

Technical Analysis – Gold extends sideways move but downside risks remain

Posted on March 23, 2022 at 9:06 am GMT

Gold has been trending downwards since early March when the price peaked at the 19-month high of 2,070. Although the price managed to halt its decline and currently experiences a consolidation phase, the technical picture seems to be deteriorating for the precious metal. 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 area. Should [..]

Technical Analysis – NZDUSD stretches ascending move to new 4-month high

Posted on March 23, 2022 at 8:44 am GMT

NZDUSD posted a fresh four-month high at 0.6973 today, but the bulls have yet to successfully breach the 61.8% Fibonacci retracement level of the down leg from 0.7220 to 0.6524 at 0.6950. The MACD oscillator is strengthening its momentum above its trigger and zero lines, whereas the RSI indicator is sloping slightly down around the 70 level. In trend indicators, the price is holding above the strong 200-day simple moving average (SMA), and the short-term SMAs are moving higher as well. If the pair overcomes [..]

Technical Analysis – USDJPY unlocks fresh 6-year high; bullish but overbought

Posted on March 23, 2022 at 8:15 am GMT

USDJPY stretched Tuesday’s exponential rally to a fresh 6-year high of 121.40 on Wednesday, boosting its gains by 5.2% so far in March. The market structure is strongly bullish, underpinned by the upward sloping simple moving averages (SMAs). Yet, with the price trading way above its SMAs and the RSI approaching its 2016 high after deviating significantly above its 70 overbought level, there is growing speculation that the bulls could soon run out of fuel. The Stochastics are in line with this [..]

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