Technical Analysis / Page 3

Technical Analysis – GBPUSD advances towards 2024 highs

Posted on July 9, 2024 at 8:06 am GMT

GBPUSD rebounds from its 50-day SMA The price jumps to its highest since June 12 Momentum indicators are tilted to the upside GBPUSD has been slowly gaining ground following its bounce off the 50-day simple moving average (SMA) in late June. Moreover, the pair has entered a range that has previously rejected further advances during the past year, thus traders should be careful not to get overly optimistic. Should upside pressures persist, the price may clear the 1.2816-1.2859 range, defined by the [..]

Technical Analysis – EURJPY moves beneath its lifetime high of 174.60

Posted on July 9, 2024 at 7:42 am GMT

EURJPY struggles to jump above its recent high Momentum oscillators look overstretched EURJPY skyrocketed to a fresh multi-year high of 174.60 in the previous week but is currently hovering slightly below this level, with the technical oscillators suggesting an overstretched market. The RSI is trying to cross the 70 level to the downside, while the MACD is weakening its positive momentum above its trigger and zero lines. Should the pair stretch south, the previous peak of 171.55 could provide immediate support [..]

Technical Analysis – USDJPY finds strong support at key Fibo zone

Posted on July 8, 2024 at 2:01 pm GMT

USDJPY hits key Fibo retracement level But momentum indicators still point to weakness A break above 161.35 could pave the way towards 161.65 A slide below 160.35 may invite more bears USDJPY traded higher today after it triggered some buy orders near the 160.35 barrier and the 23.6% Fibonacci retracement level of the short-term uptrend that began back on June 4. That said, although the pair is still trading above the trendline drawn from the low of that day, some [..]

Weekly Technical Outlook – USDJPY, GBPUSD, NZDUSD

Posted on July 8, 2024 at 1:38 pm GMT

USDJPY faces minor injuries after higher US jobless rate; Powell’s testimony next on the agenda GBPUSD surprasses key obstacle as UK gets new government; monthly GDP data on the agenda NZDUSD waits for RBNZ rate decision; bullish outlook above 0.6188-0.6200 Fed chairman to testify on economy –> USDJPY US employment increased at a surprisingly solid pace of 206k on Friday, beating analysts’ forecasts of 190k jobs, but a faster-than-expected rise in the unemployment rate made investors more certain that a rate cut could take place as soon [..]

Technical Analysis – EURCHF gets rejected at 50-day SMA

Posted on July 8, 2024 at 9:32 am GMT

EURCHF was rebounding strongly from 4-month low But its advance came to a halt at the 50-day SMA Oscillators are cautiouslytilted to the bullish side EURCHF has been in a steep recovery since mid-June, attempting to erase the aggresive slide from its 2024 peak. However, the rebound seems to have been on hold in the past couple of sessions after the 50-day simple moving average (SMA) prevented further advances. Should that rejection trigger a pullback, initial support could be found at [..]

Technical Analysis – US 500 index unlocks another new high

Posted on July 8, 2024 at 8:24 am GMT

US 500 index turns higher above 5,500 Sentiment weakens, but the bulls might have another chance Momentum oscillators look overstretched The US 500 (cash) index is traveling near the all-time high of 5,569 that was posted back on Friday, standing well above the short- and long-term ascending trend lines. Entering the 5,500 area has been a struggle over the past two days and there might be another tough obstacle near 5,600, but the bulls may give up the battle, according to [..]

Technical Analysis – EURUSD jumps above 200-day SMA

Posted on July 8, 2024 at 6:42 am GMT

EURUSD advances after violation of restrictive trendline Reclaims both 50- and 200-day SMAs Oscillators suggest that bullish forces are strengthening EURUSD has been attempting a recovery from its one-month low of 1.0666, with the price crossing above the downward sloping trendline in place since December 2023. After some volatile sessions, the pair managed to conquer both its 50- and 200-day simple moving averages (SMAs). Should the recent uptick strengthen, the price could initially challenge 1.0874, which is the 38.2% Fibonacci retracement of [..]

Technical Analysis – Gold lacks clear direction in short term

Posted on July 8, 2024 at 6:38 am GMT

Gold slows pace after rebound off neckline RSI and stochastics look overstretched Gold prices jumped higher, meeting the restrictive region of 2,370–2,390, which is also acting as the right shoulder pattern in the short-term picture. However, the technical oscillators and the current market price action suggest a downside reversal. The RSI is pointing downward above the neutral threshold of 50, whereas the stochastic is flattening in overbought territory. Should prices reverse lower, immediate support could come from the 50- and [..]

Technical Analysis – Wells Fargo stock claims 50-SMA ahead of earnings

Posted on July 5, 2024 at 1:47 pm GMT

Wells Fargo shares climb above 50-day SMA Next week’s earnings announcement eyed Momentum indicators are tilted to the upside Wells Fargo’s stock had been rangebound during most of June, unable to adopt a clear directional impetus. However, the bulls managed to propel the price higher in the past few sessions, conquering the 50-day simple moving average (SMA). Should the recent uptick strengthen, the stock could challenge the April 2024 high of 61.65. A violation of that zone could set the [..]

Technical Analysis – GBPJPY eases after hitting new 16-year high

Posted on July 5, 2024 at 7:09 am GMT

GBPJPY remains in strong upside tendency in long-term RSI flirts with uptrend line above 70 Stochastic looks overstretched GBPJPY is declining somewhat after rallying to a fresh 16-year high of 206.15 earlier in the week. The pair posted 13 straight days of gains before falling near the 261.8% Fibonacci extension level of the down leg from 188.65 to 178.80 at 204.70. The technical oscillators indicate an overstretched market, as the RSI is heading south, meeting the uptrend line that has [..]

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