Technical Analysis / Page 29

Technical Analysis – EURGBP’s double bottom still waits for confirmation

Posted on April 11, 2024 at 11:20 am GMT

EURGBP faces difficulty in completing a double bottom pattern above 0.8579 Technical indicators reflect a lack of bullish momentum ECB rate decision could generate fresh volatility at 12:15 GMT ECB governor Lagarde holds press conference at 13:45 GMT EURGBP drifted lower after it got another rejection from November’s resistance trendline and the 38.2% Fibonacci retracement of December-February downleg at 0.8579 earlier this week. The series of higher lows that began in March and the rising 20-day simple moving [..]

Technical Analysis – US 30 index slides below 50-day SMA

Posted on April 11, 2024 at 10:39 am GMT

US 30 index in bearish mode in very short-term MACD and stochastics indicate negative correction The US 30 cash index has lost its positive momentum after the pullback from the all-time high of 39,985.85, easing beneath the 50-day simple moving average (SMA). In the short-term, the market could retain the range-bound trading as the MACD is falling beneath its trigger and zero lines, while the stochastic posted a bearish crossover. Should the pair stretch south, the 38,108 level could provide immediate support [..]

Technical Analysis – USDCHF unlocks 6-month high

Posted on April 11, 2024 at 8:35 am GMT

USDCHF rebounds off 0.9000 and remains bullish MACD crosses above its trigger line Stochastic moves towards overbought area USDCHF surged to a new six-month high of 0.9146 during yesterday’s session, extending its bullish structure. The pair is holding well above its short-term simple moving averages (SMAs) and the medium-term ascending trend line. According to technical oscillators, the MACD is crossing above its trigger line in the positive territory, while the stochastic is approaching the 80 level with strong momentum. In [..]

Technical Analysis – AUDUSD plummets in the US CPI aftermath

Posted on April 11, 2024 at 8:11 am GMT

AUDUSD drops 1.7% on hotter-than-expected US CPI data Violates both 50- and 200-day SMAs before finding its feet Momentum indicators deteriorate drastically AUDUSD had been in a steady advance since the beginning of April, posting a fresh one-month high of 0.6643 on Tuesday. However, the pair experienced a strong decline and erased all its progress following a stronger-than-expected US inflation report on Wednesday. Should the price extend its recent slide, the recent support of 0.6479, which also held strong in February and [..]

Technical Analysis – WTI oil pauses rally but remains supported

Posted on April 11, 2024 at 8:05 am GMT

WTI oil futures step on 84.69 once again, hold near recent highs Technical indicators show some weakness, but trend signals are positive WTI oil futures kept their footing on the 61.8% Fibonacci retracement of the September-December downtrend at 84.69 on Wednesday and closed the day with mild gains at 86.24 after news that Iran may retaliate against Israel’s deadly attack on a diplomatic compound in Damascus. Although the price has gently bounced back, short-term risks persist as the RSI [..]

Technical Analysis – Citigroup stock pulls back ahead of earnings

Posted on April 10, 2024 at 1:29 pm GMT

Citigroup shares post 25-month high in 2024 But experience a setback ahead of Q4 earnings on Friday Short-term oscillators soften in overbought territories Citigroup’s stock has been staging a V-shaped recovery since its 2023 bottom in October, posting consecutive multi-month highs. In the near term, the stock posted a fresh 25-month peak of 63.62 one week ahead of Q1 earnings, but quickly retraced lower due to reaching overbought conditions. Should the recent weakness persist, the stock may slide towards 59.15, which [..]

Technical Analysis – AUDCAD rebounds strongly from uptrend line

Posted on April 10, 2024 at 12:04 pm GMT

AUDCAD rallies after hitting uptrend line RSI and MACD detect positive momentum A break above 0.9055 could shift the outlook to clearly bullish But a dip below 0.8810 could invite more bears AUDCAD has been trading in a rally mode since April 2, when it hit support at the near-term uptrend line drawn from the low of September 27. On April 5, the pair emerged above the 0.8930 resistance (now turned into support) zone and looks to be headed towards [..]

Technical Analysis – EURCHF eases slightly after 1-year peak

Posted on April 10, 2024 at 11:00 am GMT

EURCHF still stands above rising trend line Technical oscillators indicate negative correction EURCHF has been in an ascending tendency since the end of January, and it posted a fresh almost one-year high of 0.9847 in the preceding week. Currently, the market is on the backfoot with the technical oscillators indicating a bearish retracement. The RSI is moving horizontally beneath the 70 threshold, while the MACD is losing some momentum beneath its trigger line in the positive region. If buying interest persists, immediate [..]

Technical Analysis – Is CADJPY setting the stage for its next bull run?

Posted on April 10, 2024 at 8:21 am GMT

CADJPY remains within a range despite hitting new high Upside risks exist above 111.50; bears could take the lead below 110.40 BoC rate decision at 13:45 GMT is the highlight of the Canadian calendar CADJPY has been trading sideways after touching the 112.00 area, keeping its weak momentum despite reaching a new high of 112.46 last week – the highest level since the beginning of 2008. The market’s ability to stay resilient above the 20-day simple moving average (SMA) [..]

Technical Analysis – USDJPY flirts with intervention zone

Posted on April 10, 2024 at 8:13 am GMT

USDJPY trades sideways a tad below 152.00 This level was protected by Japanese authorities in 2022 Momentum indicators approach overbought conditions USDJPY has been in a steady uptrend after finding its feet at the 200-day simple moving average (SMA) in early March. In the near-term, the pair has been trading flat after posting a fresh 34-year high of 151.95, approaching levels that Japanese authorities were willing to protect in the past. Should bullish pressures persist, the price might retest the 34-year peak of 151.95. [..]

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