Technical Analysis / Page 298

Technical Analysis – USDCAD loses ground as bearish forces linger

Posted on January 12, 2022 at 9:05 am GMT

USDCAD has retreated from its January high amid strengthening negative momentum, and is currently found near its lower Bollinger Band indicating that an immediate upside movement should not be ruled out. Moreover, the pair’s 50-period simple moving average (SMA) has recently crossed below its 200-period SMA, increasing fears of a sustained bearish outlook. Short-term momentum indicators are supporting a negative bias as the RSI is located below its 50 neutral mark. Also, the MACD is found below zero and its [..]

Technical Analysis – USDJPY halts pullback but will it make fresh highs?

Posted on January 12, 2022 at 8:17 am GMT

USDJPY halted the pullback from the five-year high of 116.33 around the 115.00 level on Tuesday, but the close below the 115.50 – 115.25 region is still keeping downside risks alive in the market. The technical picture is also warning that bears have some fuel in the tank as the MACD is stepping below its red signal line and the RSI is struggling to gain momentum after the dip below the overbought area. Unless the price returns above 115.50, traders [..]

Technical Analysis – WTI futures’ climb remains intact despite minor retreat

Posted on January 11, 2022 at 4:03 pm GMT

WTI oil futures have regained buoyancy above the 50-period simple moving average (SMA) and the lower Bollinger band, which are acting as upside defences in the commodity’s ascent from the 66.12 trough. The bullish 50- and 100-period SMAs are defending the three-week uptrend. The short-term oscillators are suggesting that upside momentum is picking up. The MACD, in the positive region, is trying to overstep its red trigger line, while the RSI is improving in the bullish section. The positively charged [..]

Technical Analysis – EURCHF recoups lost ground as bullish tone persists

Posted on January 11, 2022 at 1:59 pm GMT

EURCHF buyers have dominated ever since touching a 6½-year low of 1.0325, recording four consecutive green candles that have steered the price above the 50-day SMA of 1.0442 and the 1.0469 level, which is the 23.6% Fibonacci retracement of the down leg from 1.0937 until 1.0325. Despite the latest climb in the price, the SMAs are still sponsoring the negative trend in the pair. The Ichimoku lines are indicating that an upside drive is countering the bearish bias, while the [..]

Technical Analysis – Silver aims for recovery as negative forces abate

Posted on January 11, 2022 at 9:27 am GMT

Silver has been plunging since early May, generating a clear structure of lower highs and lower lows. Nevertheless, in the last couple of sessions the metal has gained some traction as negative momentum seems to be fading. The cautiously positive near-term picture is reflected by the momentum indicators. The stochastic oscillator is marching higher after posting a bullish crossover, while the RSI is sloping upwards slightly below its 50-neutral mark. However, in the last two months, the price has been trading below [..]

Technical Analysis – EURJPY bulls fight pullback to 200-MA

Posted on January 11, 2022 at 8:58 am GMT

EURJPY has managed to find footing just beneath the 200-day simple moving average (SMA) off the Ichimoku cloud’s upper band at 130.43, preserving the recent bullish tone. The SMAs are currently not endorsing a definitive trend in the pair. The Ichimoku lines are indicating a minor pause in upside forces, while the short-term oscillators are transmitting conflicting messages in directional momentum. The MACD, in the positive region, is fading toward its red trigger line, while the RSI is improving in [..]

Technical Analysis – USDJPY faces short-term pressures; overall outlook bullish

Posted on January 11, 2022 at 8:37 am GMT

USDJPY has retreated from its January high, crossing below its 50-period simple moving average (SMA) amid strengthening negative forces. However, despite the short-term negativity, the pair’s overall outlook is still positive amid successive higher highs and higher lows. Short-term momentum indicators are supporting a negative bias as the RSI is located below its 50 neutral mark. Also, the MACD is found below zero and its red signal line, which could indicate that the negative bias might be gaining more traction. [..]

Technical Analysis – GBPUSD hopes for bullish development above channel

Posted on January 11, 2022 at 8:35 am GMT

GBPUSD is currently positioned at a crucial make-or-break point, testing the top line of the seven-month-old bearish channel slightly below the 1.3600 psychological level. A decisive close above that threshold could bring new buyers into the market, with the price likely heading straight up to the 200-day simple moving average (SMA) at 1.3740 in the aftermath, while not far above, an extension beyond the 1.3835 – 1.3900 resistance zone would finally clear the way towards the key 1.4000 mark. The market has yet to [..]

Technical Analysis – EURGBP continues its descending move; bearish forces linger

Posted on January 10, 2022 at 9:08 am GMT

EURGBP came under pressure during December, crossing below its 50- and 200-day simple moving average (SMA). Moreover, the pair has marked yet more lower lows, reinforcing its overall bearish outlook. Short-term momentum indicators are supporting a negative bias for the pair as the RSI is found below its 50 neutral mark, while the MACD is located below zero and its red signal line. Should the bears maintain control, initial resistance might be found at the 0.8332 level. A break below [..]

Technical Analysis – Gold slips back below 1,800 but trendless bias holds

Posted on January 10, 2022 at 8:56 am GMT

Gold’s downside forces have paused a tad beneath the 1,800 mark with the price resting on the 100-day simple moving average (SMA). A more neutral trajectory is being endorsed by the lack of trend in the SMAs. The Ichimoku lines are not indicating a clear price direction especially after the price gains from the 1,753 trough, which have been relatively offset by the pullback in the commodity off the 1,832 recent high. The short-term oscillators are tilting a tad to [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

Technical Analysis

XM Live Chat