Technical Analysis / Page 28

Technical Analysis – EURUSD dives further near 1.0600

Posted on April 16, 2024 at 7:11 am GMT

EURUSD challenges new 5-month low Penetrates symmetrical triangle to the downside MACD and RSI continues bearish momentum EURUSD has been losing more than 2.5% since the pullback from the 1.0880 resistance level and is challenging a new five month low around the 1.0600 handle. The market has been experiencing a strong sell-off over the last five days, switching the short-term outlook to bearish. Technically, the RSI is holding beneath the 30 level, while the MACD is standing beneath its trigger [..]

Technical Analysis – Goldman Sachs stock gains on strong earnings

Posted on April 15, 2024 at 2:36 pm GMT

Goldman Sachs shares pull back from record high levels Jump back above 50-day SMA after solid Q1 earnings call Short-term oscillators turn positive Goldman Sach’s stock has been in a steady advance since October 2023, posting consecutive multi-month highs and peaking at 418.00 just shy of the record peak of 425.00. Although the price had been losing ground in the near term, it reclaimed the 50-day simple moving average (SMA) due to the upbeat Q1 earnings report. To the upside, [..]

Technical Analysis – USDJPY rallies to another fresh 34-year high

Posted on April 15, 2024 at 12:57 pm GMT

USDJPY surpasses 154.00 Round numbers to be watched Stochastics indicate overstretched market USDJPY is surging to another multi-year high above the 154.00 round number, adding 0.8% so far today. The technical oscillators are holding in overbought regions. The RSI is suggesting that more gains may be on cards; however, the stochastic oscillator is indicating an overstretched market as it is creating a bearish crossover within its %K and %D lines above the 80 level, hinting that a potential negative retracement [..]

Technical Analysis – US 500 reverses towards 123.6% Fibonacci

Posted on April 15, 2024 at 9:53 am GMT

US 500 cash index experiences a minor pullack Meets support at 123.6% Fibo extension of its 2022 downtrend Oscillators exit overbought zones, but do not weaken dramatically The US 500 stock index (cash) has been staging an impressive rally since it bottomed out in October 2023, generating consecutive all-time highs. Although the price has been experiencing a setback in the past two weeks, it’s still too early to call for a sustained downside correction. Should bearish pressures persist, the index could challenge 5,130, which is the 123.6% [..]

Weekly Technical Outlook – GBPUSD, USDJPY, AUDUSD

Posted on April 15, 2024 at 8:26 am GMT

Will UK CPI data drive cable even lower? USDJPY still skyrockets ahead of Japanese CPI China GDP may help AUDUSD exit from trading range UK CPI data –> GBPUSD Inflation in the United Kingdom dropped to 3.4% in February, and experts predict that it will fall to 3.1% in March. It is anticipated that the core figure will likewise fall once more. On Friday, eyes will be on the March retail sales figures to see if spending is increasing. Currently, cable is trading higher after the strong sell-off on Friday, penetrating the long-term sideways channel to the downside. Incoming data might potentially lead to a decline in price if it indicates that the Bank of England is still planning to begin cutting rates in August, even while the Fed’s timeframe [..]

Technical Analysis – Gold in a wait-and-see mode

Posted on April 15, 2024 at 8:26 am GMT

Gold opens near Friday’s closing price as safe-haven demand stabilizes Bulls wait for a break above 2,430; Bears anticipate a drop below 2,325 It was a harsh weekend, as Iran’s retaliatory missile and drone attack against Israel sparked concerns of global conflict. But traders seem to have concluded this attack will not lead to further escalation for the time being, averting another record rally in the safe-haven gold. Bullion started the day steady, remaining close to the 2,350 level, [..]

Technical Analysis – EURUSD plummets after US CPI and ECB decision

Posted on April 12, 2024 at 9:26 am GMT

As US CPI comes hotter than expected EURUSD tumbles After ECB interest rate decision EURUSD continues the fall Where is the next stop for the pair? How did EURUSD reacted after the US CPI release on Wednesday and the ECB interest rate decision on Thursday? EURUSD fell more than 100 pips after the US CPI data Since June 2023, both consumer price index (CPI) and producer prices have been relatively stable without significant changes. In addition, a crucial measure of [..]

Technical Analysis – GBPUSD outlook worsens after rapid fall

Posted on April 12, 2024 at 8:20 am GMT

GBPUSD prints new low for this year Bearish continuation is likely below 1.2480-1.2500 GBPUSD suffered a freefall in the face of hotter-than-expected US CPI inflation data on Tuesday and dropped to a new low of 1.2504 on Friday, retracing back to December’s lows and to the bottom of a broader range area. Despite the consolidation phase, the rejection from the 38.2% Fibonacci retracement of the October 26-March 8 uptrend suggests another bearish wave is likely. This is evident by the negative [..]

Technical Analysis – USDCAD reaches new 2024 high; could this move continue?

Posted on April 12, 2024 at 7:09 am GMT

USDCAD trades higher again, tests strong resistance level It is the bulls’ first attempt to break above the current trend channel Momentum indicators are mixed with a possible bearish divergence developing USDCAD is trading higher again today, recording its fourth consecutive green candle and reaching a new 5-month high. USDCAD is trying to break decisively above the upward sloping trend channel that has been in place since the start of 2024 and it is now testing the resistance set at [..]

Technical Analysis – ETHUSD finds support at 50-day SMA

Posted on April 11, 2024 at 1:42 pm GMT

ETHUSD slides after recording 1-month peak But the 50-day SMA curbs its retreat Momentum indicators ease in positive zones ETHUSD (Ethereum) experienced a strong pullback from its 2024 peak of 4,090, dropping to as low as 3,060. This week, the price recorded a fresh one-month high of 3,410 before reversing lower to find solid support at the 50-day simple moving average (SMA). Should Ethereum bounce off its 50-day SMA and storm higher, immediate resistance could be found at the one-month peak of [..]

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