Technical Analysis / Page 288

Technical Analysis – AUDUSD moves sideways after rebound falters; bias bearish

Posted on February 4, 2022 at 8:39 am GMT

AUDUSD has been trending downwards in the medium-term but managed to partially recover after the price decline ceased at the 18-month low of 0.6966. However, since then, the pair has been moving without a clear direction, while near-term risks are tilted to the downside. The momentum indicators further confirm the deterioration of the immediate-term picture as positive momentum seems to be fading. The stochastic oscillator is sloping downwards after posting a bearish crossover, at the same time the MACD histogram [..]

Technical Analysis – USDCAD ticks marginally up in short term

Posted on February 4, 2022 at 8:14 am GMT

USDCAD is rising somewhat in the short-term, hovering within the Ichimoku cloud and the 20- and 40-day simple moving average (SMAs). Regarding the technical indicators, the RSI indicator is pointing slightly upwards in the positive region, while the MACD is flattening around the zero level, suggesting the weak momentum on price. If the pair overcomes the 40-day SMA, the next stop could be at the 1.2800 psychological level before the rally finds strong resistance at the 14-month high of 1.2960. [..]

Technical Analysis – EURCAD marches to monthly highs; bullish but overbought

Posted on February 3, 2022 at 4:03 pm GMT

EURCAD surged furiously above the 200-period simple moving average (SMA) on the four-hour chart, which has been blocking upside movements over the past few sessions, to print a one-month high at 1.4484. The market action, however, has not closed above January’s top of 1.4479 and the 61.8% Fibonacci retracement of the 1.4644 – 1.4098 down leg yet. Hence, a downside correction is still looking increasingly likely as the RSI and the Stochastics sail in the overbought area. In the event [..]

Technical Analysis – EURUSD falls below 1.1300 and 200-period SMA

Posted on February 3, 2022 at 10:56 am GMT

EURUSD is declining from the 200-period simple moving average (SMA), diving below the 1.1300 psychological level. Despite that, the price is holding above the short-term descending trend line. The RSI is heading south from the 70 level, while the MACD is trying to drop below its trigger line. Both suggest that the next move may be to the downside rather than the upside. Another step lower may reach a key support at the 20-period SMA at 1.1257 before meeting the 40-period SMA at [..]

Technical Analysis – WTI futures take a breather, but ascent remains intact

Posted on February 3, 2022 at 9:12 am GMT

WTI oil futures’ 10-week rally from 66.12 has recorded a near 7½-year high of 89.70 but the price has detached from the upper Bollinger band, hinting that bullish momentum has slowed to some extent. The commodity seems to be running on fumes lately, but the rising simple moving averages (SMAs) continue to endorse the bigger positive structure. The short-term oscillator’s bullish demeanour is reflecting the recent minor loss of positive impetus in the commodity but have yet to confirm that [..]

Technical Analysis – EURJPY flirts with weekly resistance as trend signals flash green

Posted on February 3, 2022 at 8:49 am GMT

EURJPY slowed its positive pace after Monday’s quick bounce off the 128.00 territory, but the 20-day simple moving average (SMA) came to balance the boat, navigating the price gradually above the 129.23 barrier and to a fresh two-week high of 129.58. The bullish intersection between the 20- and 50-day SMAs is feeding hopes that the rebound from one-month lows could further grow in the short-term. However, whether buyers could sustainably revive their weekly gains above the nearby resistance of 129.50, [..]

Technical Analysis – US30 index powers back, crossing above its 50-SMA

Posted on February 3, 2022 at 8:44 am GMT

The US 30 cash index came back swinging after its January retreat, as the downtrend move appeared to be overextended. Currently, the index is trading above its 50- and 200-day simple moving averages (SMA), supporting an overall cautiously bullish outlook. Short-term momentum indicators are also reflecting a positive bias as the RSI is hovering above its 50 neutral mark. Moreover, despite being below zero, the MACD is found above its red signal line, which indicates that the recent negative forces [..]

Technical Analysis – AUDUSD’s bullish bias in the near term could be coming to an end

Posted on February 3, 2022 at 8:10 am GMT

AUDUSD found strong support at the 18-month trough of 0.6965 in the previous week, rallying towards the 20-day simple moving average (SMA). However, the RSI indicator is suggesting a weakening bias as it is turning lower in the negative region, while the MACD is still holding below the zero level but is strengthening its positive move. Should the price retreat, the 0.6990 barrier and the 18-month low of 0.6965, which the bears were unable to break the previous week, could provide immediate support. Moving [..]

Technical Analysis – USDCHF crosses above 200-SMA amid subsiding bearish forces

Posted on February 3, 2022 at 7:59 am GMT

USDCHF has been in a freefall after peaking at the two-month high of 0.8342 in the beginning of the week. However, the price managed to find its feet at the 0.9177 region and recoup a minor part of its losses as negative momentum seems to be weakening. The ongoing rebound is likely to continue as momentum indicators are depicting a cautiously positive tone for the pair. The stochastic oscillator is ascending sharply after posting a bullish crossover, while the RSI [..]

Technical Analysis – GBPUSD’s positive mood gains strength

Posted on February 2, 2022 at 4:09 pm GMT

GBPUSD has nudged above the Ichimoku cloud and over the 100-period simple moving average (SMA) at 1.3560 and appears to be sustaining its optimistic tone from the bounce off the 1.3356 level. The SMAs are not reflecting a driving trend but the negative slopes of the 50- and 100-period SMAs have diminished to a degree. The Ichimoku lines are indicating positive forces are growing, while the short-term oscillators are confirming upside momentum is persisting. The MACD is soaring above its [..]

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