Technical Analysis / Page 271

Technical Analysis – Gold finds feet at 38.2% Fibonacci but downside risks linger

Posted on March 14, 2022 at 10:49 am GMT

Gold’s downward pressures are weighing on the 1,959 level, which is the 38.2% Fibonacci retracement of the recent 1,780-2,070 rally. Despite the deep retreat in the price of the commodity, the bullish simple moving averages (SMAs) continue to endorse the ascent in the precious metal. Meanwhile, the short-term oscillators are skewed to the downside, confirming that positive impetus is fading. The MACD is far north of the zero threshold and looks set to slide beneath its red trigger line, while [..]

Technical Analysis – US 500 index rangebound as bearish bias prevails

Posted on March 14, 2022 at 9:28 am GMT

The US 500 stock index (cash) has recovered some lost ground after its short-term decline ceased at the 4,150 region. However, in the last few four-hour sessions, its ongoing rebound seems to be faltering as the price has adopted a more sideways pattern. The momentum indicators suggest that bearish forces remain in charge. The RSI is flatlining in the negative zone, while the MACD histogram is found below both zero and its red signal line. Moreover, the price is trading beneath the [..]

Technical Analysis – USDJPY faces downside risks; bullish outlook maintained

Posted on March 14, 2022 at 8:39 am GMT

USDJPY came back swinging from its early-March low, reaching multi-year highs as positive momentum mounts. Moreover, the pair is currently trading way above its 50- and 200-period simple moving averages (SMAs), reinforcing its overall bullish outlook. Short-term momentum oscillators reflect a mixed picture as the RSI is found above its 70 overbought region, signalling that an imminent pullback is not out of the equation. However, the MACD is found above zero and its red signal line, which could indicate that [..]

Technical Analysis – EURUSD opens neutral as bearish risk still lingers

Posted on March 14, 2022 at 8:37 am GMT

EURUSD has been silent near Friday’s low of 1.0900 during the early European trading hours on Monday. Previously, the pair got rejected near the 1.0730 territory, unable to climb back above the descending trendline, which is the upper boundary of the 2008 – 2020 bearish channel, raising fears that the series of lower lows could see further extension. After some period of consolidation, the 20- and 50-day simple moving averages (SMAs) posted a bearish cross, endorsing the negative trend in [..]

Technical Analysis – USDCHF ascends above cloud, moves beyond 0.93 mark

Posted on March 11, 2022 at 2:09 pm GMT

USDCHF has climbed above the 0.9300 handle, extending the latest surge in upward forces, and is now eyeing the 0.9355-0.9377 resistance barrier, which includes the September and November 2021 highs. The minor upturn in the simple moving averages (SMAs) confirm no clear trend in the pair but do imply the positive impetus is growing. The neutral Ichimoku cloud and lines indicate that driving forces in the pair are currently feeble, while the short-term oscillators are skewed to the upside. The [..]

Technical Analysis – WTI oil futures hold near weekly lows as bias leans to the downside

Posted on March 11, 2022 at 11:24 am GMT

WTI oil futures (April delivery) experienced the largest daily decline in a year on Wednesday, slumping to 103.56 after topping their rally to an almost 14-year high of 130.50 earlier in the week. Since then, the 104.40 region, which represents the 38.2% Fibonacci retracement of the 62.25 – 130.50 upleg, has been balancing selling pressures, preventing sharper bearish corrections below weekly lows. Yet, the momentum oscillators suggest the bears may have more fuel left in the tank. The RSI is forming [..]

Technical Analysis – USDCAD deflects off 1.29 hurdle, soft uptrend still intact

Posted on March 11, 2022 at 9:25 am GMT

USDCAD buyers have emerged around the Ichimoku lines at 1.2743 after the fresh pullback from the 1.2900 mark. Currently, the simple moving averages (SMAs) are endorsing a neutral-to-bullish trend in the pair. At the moment, the Ichimoku lines are not conveying any clear driving forces, while the short-term oscillators are transmitting mixed signals in directional momentum. The MACD, slightly in the positive zone, is holding above the red trigger line, while the RSI has started to turn higher just above [..]

Technical Analysis – GBPUSD marks yet more lower lows as bearish forces linger

Posted on March 11, 2022 at 8:57 am GMT

GBPUSD continues its downward trend, reaching levels last seen back in November 2020 as negative momentum persists. Moreover, the pair continues to record successive higher lows and lower highs, reflecting an overall bearish outlook. Short-term momentum oscillators indicate a negative bias too, as the RSI is steady above its 30 oversold region. Also, the MACD is found below zero and its red signal line, which shows that the negative momentum in the price might be gaining further ground. With the [..]

Technical Analysis – GBPJPY heads for moderate gains but still fragile

Posted on March 11, 2022 at 8:39 am GMT

GBPJPY softly switched back into gains after two consecutive negative weeks following the bounce off a five-week low of 150.96 on Tuesday. The price is currently trying to extend its recovery above the 152.80 level, which is the neckline of the confirmed double top bearish formation. Notably, the supportive trendline drawn from the September 2020 low of 133.00 is also in the same location, while the 200-day simple moving average (SMA) is within breathing distance at 153.35. The upturn in the RSI and [..]

Technical Analysis – JP 225 index’s bearish bias intact despite fresh bounce

Posted on March 10, 2022 at 12:10 pm GMT

The JP 225 stock index (Cash) found its feet just before the 24,472 support, which extends back to October 2018, but upside pressures are struggling to overpower the prevailing negative mood in the index. The bearish simple moving averages (SMAs) continue to endorse the strong downward trajectory. Currently, the Ichimoku lines are indicating a pause in negative forces, while the short-term oscillators suggest bearish momentum has yet to fully subside. The MACD remains deep in the negative region and below [..]

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