Technical Analysis / Page 287

Technical Analysis – AUDUSD shows some improvement, reaching 0.7100

Posted on February 7, 2022 at 10:08 am GMT

AUDUSD looks to be forming a roof around the 0.7100 psychological level, which is also the 38.2% Fibonacci retracement level of the down leg from 0.7313 to 0.6966. The RSI and the MACD seem to have reached a bottom in bearish territory and are now changing direction to the upside. Traders, however, would be more eager to engage in buying activities if the price manages to surpass the nearby resistance at 0.7100. If this is successfully breached, then the rally may next rest [..]

Technical Analysis – USDJPY’s advance pauses as positive momentum cools off

Posted on February 7, 2022 at 8:33 am GMT

USDJPY has been marching higher in the short term, jumping impressively above both its 50- and 200-period simple moving averages (SMAs) after its recent decline ceased at the 114.15 level. However, the pair has been moving sideways in the last few four-hour sessions as positive momentum seems to be fading. The short-term oscillators suggest that bullish forces still hold the upper hand but selling pressure is arising. Specifically, the MACD histogram is found above both zero and its red signal line, while [..]

Technical Analysis – EURUSD takes a rest after remarkable weekly bounce

Posted on February 7, 2022 at 8:30 am GMT

EURUSD started the month on the right foot last week, charting its fastest weekly rebound since March 2020 to advance from a 1½-year low of 1.1120 straight back into the 1.1400 zone. Encouragingly, the bulls’ fortunes have improved following the peak above the key resistance trendline drawn from May’s high of 1.2265, but downside risks have not fully evaporated since last week’s thrilling rally was not enough to drive the price above its previous high of 1.1492. Notably, that level is [..]

Technical Analysis – USDCAD witnessed a minor retreat; bullish outlook maintained

Posted on February 7, 2022 at 8:18 am GMT

USDCAD has witnessed a minor retreat from its February high, after briefly surpassing its upper Bollinger Band. However, the pair is currently trading above its 50- and 200-period simple moving average (SMA), with the former crossing over the latter, reinforcing the case of a sustained bullish outlook. Short-term momentum indicators are reflecting a positive bias as the RSI is hovering above its 50 neutral mark. Moreover, the MACD is found above zero and its red signal line, which indicates that [..]

Technical Analysis – Gold price overcomes 200-day SMA, holding above 1,800

Posted on February 7, 2022 at 8:00 am GMT

Gold prices have found a turning point at the 1,780 support level, which overlaps with the ascending trend line of the long-term symmetrical triangle. The price is currently testing the 40- and 200-day simple moving averages (SMAs), holding within the Ichimoku cloud in the short-term. Technically, the RSI indicator is showing some positive signals as it is approaching the neutral threshold of 50 with stronger momentum than before. The MACD oscillator is edging sideways near its trigger and zero lines, [..]

Technical Analysis – EURGBP powers back; overall outlook remains bearish

Posted on February 4, 2022 at 1:55 pm GMT

EURGBP came back swinging from its two-year low in February, crossing above its 50-day simple moving average (SMA) as positive forces resurface. However, the pair is still trading below its 200-day SMA and has yet to break its series of successive lower lows, maintaining a cautiously bearish outlook. Moreover, the pair is trading above its upper Bollinger Band indicating that an immediate downside move should not be ruled out. Short-term momentum indicators are reflecting a positive bias as the RSI [..]

Technical Analysis – EURCAD rockets to descending 200-day SMA

Posted on February 4, 2022 at 1:06 pm GMT

EURCAD’s bullish demeanour has strengthened significantly as the pair recently surged from the more than 5-year low of 1.4100 and is now tackling the 200-day simple moving average (SMA) at 1.4600. The longer-term 100- and 200-day SMAs endorse the broader bearish trend, while the upturn in the 50-day SMA, is reflecting the bullish correction in the pair. The rising Ichimoku lines and the short-term oscillators suggest upside forces are persisting. The MACD, above its red trigger line, is climbing north [..]

Technical Analysis – EURAUD unlocks 4-month high above symmetrical triangle

Posted on February 4, 2022 at 11:44 am GMT

EURAUD is surging to a fresh four-month highs around 1.6175, jumping above the symmetrical triangle with strong momentum. The technical indicators are feeding prospects for a possible positive trade; the RSI is holding well above 50, while the MACD continues to strengthen in bullish territory and above its trigger and zero lines. Also, from the Ichimoku indicators, the red Tenkan-sen keeps rising higher than the blue Kijun-sen. Yet, the pair is facing strong resistance near its previous peak of 1.6170. A failure to overcome the 1.6170 barrier could send [..]

Technical Analysis – GBPJPY buyers dominate after bounce on MAs

Posted on February 4, 2022 at 9:21 am GMT

GBPJPY has recorded eight consecutive green candles after rebounding off the simple moving averages (SMAs), but the positive drive has diminished significantly following the breach of the 156.00 level. Nonetheless, the gradual incline in the SMAs, is suggesting that the neutral-to-bullish mood remains active. The short-term oscillators mirror the bullish demeanour in the pair but are currently reflecting a slight waning in upside momentum. The MACD, a tad above zero, is endorsing positive momentum with its climb back above its [..]

Technical Analysis – Amazon sinks to recent lows; bias cautiously bearish

Posted on February 4, 2022 at 8:58 am GMT

Amazon’s stock tumbled back to January’s lows during Thursday’s US trading hours after its latest upside correction proved too feeble to breach the wall around the 20-day simple moving average (SMA) at 3,044. The pullback in the RSI and the MACD, which continue to fluctuate within the bearish area for the third consecutive month, suggests sellers are still active in the market. However, with the former having already built a double bottom pattern below its 30 oversold level and near its [..]

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