Technical Analysis / Page 30

Technical Analysis – EURUSD oscillates within a sideways range

Posted on April 10, 2024 at 8:03 am GMT

EURUSD trades sideways between 1.0725 and 1.0930 Oscillators confirm the lack of directional momentum A move above 1.0930 may be needed to brighten the outlook EURUSD pulled back on Tuesday, after hitting resistance slightly above the 1.0875 barrier, marked by the high of April 4. In the bigger picture, most of the price action has been contained between 1.0725 and 1.0930 since January 16, suggesting a neutral near-term outlook. The lack of directional momentum is also confirmed by our short-term [..]

Technical Analysis – Gold attempts to unlock new high

Posted on April 10, 2024 at 7:15 am GMT

Gold holds within upper Bollinger band range MACD and RSI indicate bearish retracement Gold is attempting to test yesterday’s record high of 2,365 again with the technical oscillators holding near their overbought territories. The MACD oscillator is falling beneath its trigger line well above the zero level, while the RSI is ticking slightly lower, remaining beneath the 70 level. Also, the price is holding within the upper range of the Bollinger band. If the market extends its strong buying interest [..]

Technical Analysis – NZDUSD bulls show up before RBNZ rate announcement

Posted on April 9, 2024 at 3:28 pm GMT

NZDUSD shows recovery signs ahead of RBNZ decision Resistance near 0.6070; support at 0.6000 NZDUSD entered the week on a positive note as investors awaited to hear the RBNZ’s policy update during Wednesday’s Asian trading hours. The pair stretched Monday’s rebound marginally above the 200-day simple moving average (SMA) to examine the 50% Fibonacci retracement of the October-December downleg at 0.6070. The area has been restricting both upside and downside movements so far this year. Hence, a victory over it [..]

Technical Analysis – EURJPY rises towards 16-year high

Posted on April 9, 2024 at 9:32 am GMT

EURJPY rebounds off uptrend line Price holds above SMAs Oscillators indicate more bullish movements EURJPY is climbing higher after the turning point near the medium-term ascending trend line and is moving towards the 16-year high of 165.36. The market has been developing within an uptrend since December 7 with the technical oscillators confirming an upside tendency. The RSI is moving higher above the neutral threshold of 50, while the MACD is crossing above its trigger line. Should the pair manage [..]

Technical Analysis – AUDUSD steady after several sessions of gains

Posted on April 9, 2024 at 7:24 am GMT

AUDUSD bounces off 200-period SMA RSI suggests some losses AUDUSD created consecutive green days after the bounce off the 0.6550 support level, which overlaps with the 200-period simple moving averages (SMAs) in the 4-hour chart. According to the technical oscillators, the RSI is moving marginally down in the positive region, while the MACD is still extending its bullish structure above its trigger and zero lines. Should prices reverse lower, immediate support could come at the 20-period SMA at 0.6590 ahead [..]

Technical Analysis – GBPUSD capped by 50-day SMA

Posted on April 9, 2024 at 6:54 am GMT

GBPUSD trades sideways between parallel SMAs Remains within its medium-term neutral pattern Momentum indicators improve but stay in negative zones GBPUSD experienced a strong decline following its break above the rangebound structure in place since November. Despite the temporary violation of the 200-day simple moving average (SMA), the pair reversed back higher before the 50-day SMA curbed its upside. Should bullish pressures persist, the pair could violate the 50-day SMA and challenge the recent resistance of 1.2682. Higher, the December resistance of [..]

Weekly Technical Outlook – USDJPY, EURGBP, USDCAD

Posted on April 8, 2024 at 12:50 pm GMT

USDJPY has been quiet within a range for a while. Is it time for action? EURGBP keeps looking for a bullish trend reversal as ECB rate decision looms USDCAD maintains positive structure ahead of an interesting BoC meeting US CPI inflation –> USDJPY Wednesday will be an inflation day in the US. The new CPI data will cover March and will give a comprehensive overview of the first quarter. Inflation has been surpassing expectations this year, which is why [..]

Technical Analysis – US 500 index slides beneath rising trend line

Posted on April 8, 2024 at 9:49 am GMT

US 500 creates some downside recovery Oscillators indicate bearish correction The US 500 cash index has lost some momentum in the preceding days, diving beneath the steep uptrend line, but the outlook remains bullish in the long-term view. Technically, the RSI indicator is flattening above the neutral threshold of 50, while the MACD dropped beneath its trigger line but is still above the zero level. Both currently confirm the bearish correction in the market. If the price continues the upward trend, [..]

Technical Analysis – EURUSD undecided near converging SMAs

Posted on April 8, 2024 at 8:19 am GMT

EURUSD fluctuates near its 50- and 200-day SMAs Forms two successive doji candles, unable to adopt a direction Momentum indicators strengthen but remain negative EURUSD experienced an aggressive decline before finding its feet at 1.0722, a region that also held strong in February. Despite its attempt to rebound, the pair has met strong resistance at the congested region that includes both the 50- and 200-day simple moving averages (SMAs) as well as the lower boundary of the Ichimoku cloud. Should the [..]

Technical Analysis – Gold unlocks fresh all-time high again

Posted on April 8, 2024 at 7:32 am GMT

Gold reaches 2,353.90 above 161.8% Fibonacci extension MACD and RSI move higher in overbought regions Gold prices are experiencing a fresh higher high today around the 2,353.90 level, successfully surpassing the 161.8% Fibonacci extension level of the downward move from 2,079 to 1,810 at 2,245. The bullish rally started after the rebound off the 1,984 support with the technical oscillators suggesting even further upside structure. The MACD is standing above its trigger and zero lines, while the RSI is pointing [..]

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