Technical Analysis / Page 296

Technical Analysis – WTI futures breach 7-year high, uptrend intact

Posted on January 18, 2022 at 9:33 am GMT

WTI oil futures are struggling to some extent to boost the one-month uptrend, which began from the 66.12 level, even after ticking slightly above the 7-year high of 85.39. That said, a price close north of the 7-year high would be the fuel required to reinforce upside momentum. Furthermore, the climbing simple moving averages (SMAs) are nurturing the positive structure. The rising Ichimoku lines are implying that bullish forces remain robust, while the short-term oscillators are promoting a positive preference [..]

Technical Analysis – USDCAD marks yet more lower highs as bearish forces linger

Posted on January 18, 2022 at 9:31 am GMT

USDCAD has marked yet more lower highs and lower lows due to lingering negative forces. Moreover, the pair is also trading well below its 50- and 200-period simple moving average (SMA), and has recently completed a ‘death cross’ where the 50-period SMA has crossed below the 200-period SMA, increasing fears of a sustained bearish outlook. Short-term momentum indicators are supporting a mixed picture as the RSI is located below its 50 neutral mark. However, despite the MACD being below zero, [..]

Technical Analysis – GBPUSD turns south after reaching 200-day SMA

Posted on January 18, 2022 at 8:39 am GMT

GBPUSD is reversing following the advance to the 1.3745 level, which represents a nearly three-month high. Although the price declined following the touch of the 200-day simple moving average (SMA), it remains above the long-term declining channel. The MACD oscillator is still holding above its trigger line in the positive region with weak momentum, while the RSI is flattening above the neutral threshold of 50. If the pair continues to fall, immediate support might be found near the 38.2% Fibonacci [..]

Technical Analysis – EURJPY bounces off 2-week low but more upside is needed

Posted on January 18, 2022 at 8:24 am GMT

EURJPY has quickly recovered Friday’s drop to a two-week low of 129.77, bouncing back above its simple moving averages (SMAs) and the 50% Fibonacci level of the October-November downfall. Despite the positive correction, downside risks continue to linger in the background as the RSI and the Stochastics are preserving a downward direction below their December peaks, while the MACD is still hovering below its red signal line. Negative risks could dwindle if the pair extends its rebound sustainably above the [..]

Technical Analysis – AUDUSD’s bearing in question as gradual ascent struggles

Posted on January 17, 2022 at 2:32 pm GMT

AUDUSD turns somewhat neutral as the pair’s improvements have failed to take flight for around one-and-a-half-months now. Currently, the simple moving averages (SMAs) are not implying a specific trend is in place, while the Ichimoku lines are also indicating weak and unclear directional forces in the pair. The short-term oscillators are reflecting conflicting signals in momentum, indicating the indecision in the pair to develop a decisive trend. The MACD is below its red trigger line and has glided beneath the [..]

Technical Analysis – Gold sluggish below 1,830 but bullish pressures still alive

Posted on January 17, 2022 at 10:57 am GMT

Gold has been trading at a sluggish pace below the tough 1,830 resistance zone for the past three weeks, but the latest upturn in the price could show more resilience according to the technical picture. With the RSI fluctuating within the bullish territory and the MACD standing above its signal and zero lines, the bias is skewed more to the upside than to the downside. Also, the progressing bullish cross between the shorter and longer-term simple moving averages (SMAs) is [..]

Technical Analysis – USDJPY finds foothold on 200-MA, but bearish risks linger

Posted on January 17, 2022 at 10:30 am GMT

USDJPY buyers are trying to extend the bounce from the 113.47 level far beyond the recently conquered 200-period simple moving average (SMA) at 114.33. The longer-term SMAs are implying that the positive trend is feeble, while the fresh bearish crossover of the 100-period SMA by the 50-period one is endorsing the latest decline in the pair, from the near six-year high of 116.34. The Ichimoku lines are indicating a pause in negative forces, while the short-term oscillators are demonstrating conflicting [..]

Technical Analysis – Palladium futures move sideways after rebound falters

Posted on January 17, 2022 at 9:34 am GMT

Palladium futures (March delivery) have recovered some lost ground after their long-term decline ceased at the three-year low of 1,526 in mid-December. However, the rebound was short-lived as positive momentum failed to strengthen and since then the price has adopted a more sideways pattern. The momentum indicators further reinforce the loss of momentum for the precious metal. More specifically, the stochastic oscillator is sloping downwards after posting a bearish crossover, while the MACD histogram has crossed beneath its red signal line in the [..]

Technical Analysis – US30 index meets support at 200-SMA; bearish forces persist

Posted on January 17, 2022 at 8:57 am GMT

The US 30 index has retreated from its all-time high in early January amid strengthening negative momentum. Moreover, the index has crossed below the 50-period simple moving average (SMA), which is considered as a bearish sign for the near term. Short-term momentum indicators are also reflecting a negative bias for the index, as the RSI is located below its 50 neutral mark. The MACD is found below zero and below its red signal line, indicating that negative momentum might be [..]

Technical Analysis – EURUSD hovers beyond long-term descending line; weak bullish bias

Posted on January 17, 2022 at 8:10 am GMT

EURUSD is returning around the 1.1400 level and is flirting with the long-term descending trend line in the Ichimoku cloud. Also, the price is still hovering underneath the 23.6% Fibonacci retracement level of the down leg from 1.2348 to 1.1185 at 1.1460 and is trying to overcome the latest highs of the preceding week. According to technical indicators, the MACD oscillator is holding above its trigger and zero lines, while the RSI is pointing slightly up in the positive region. [..]

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