Technical Analysis / Page 300

Technical Analysis – Gold persists above 1800 mark at start of 2022

Posted on January 5, 2022 at 10:18 am GMT

Gold is currently trading around 1816, tracing the mid-Bollinger band higher, trying to keep intact the gradual climb in the commodity from the December 15 trough of 1,753. The bullish 50- and 100-period simple moving averages (SMAs) are endorsing the last three weeks of gains in the precious metal. The short-term oscillators are indicating a phase where positive momentum has yet to show any decisive signs of weakness. The MACD has overstepped the red trigger line again slightly above the [..]

Technical Analysis – USDJPY looks overbought after sharp ascent; bullish overall

Posted on January 5, 2022 at 8:38 am GMT

USDJPY resumed its broad positive trend after the bulls drove aggressively to a five-year high of 116.33 on Tuesday, marking seven consecutive days of gains. Despite the fast ascent, the pair could not close above the 116.11 limitation taken from late 2016 and start of 2017, with the price sliding back to the negative territory during the early trading hours today. A deceleration cannot be ruled out in the coming sessions as the market seems to be trading in overbought waters according [..]

Technical Analysis – NZDUSD remains in a tight range around 0.6800

Posted on January 5, 2022 at 8:03 am GMT

NZDUSD is moving sideways in a tight range with the upper boundary the 0.6857 resistance and lower boundary the 13-month low of 0.6700. The price is still developing within the 20- and 40-day simple moving averages (SMAs) and the technical indicators are confirming the weak momentum. The RSI is moving near the neutral threshold of 50, while the MACD is standing above its trigger line in the negative region. If the price overcomes the 40-day SMA and the 0.6857 crucial [..]

Technical Analysis – USDCAD gives up rally near familiar resistance

Posted on January 4, 2022 at 2:48 pm GMT

USDCAD swiftly bounced back to the 1.2700 territory after almost touching December’s low of 1.2606 last week, but the descending trendline drawn from the top of 1.2962 managed to put the brakes to the rally once again. The area around 1.2720 has been balancing downside pressures over the past few hours in the four-hour chart. But currently it is giving up, letting the price slide to 1.2700. If the decline continues, the price could take a rest around 1.2678 before [..]

Technical Analysis – EURCHF shows some improvement but still in negative tendency

Posted on January 4, 2022 at 9:52 am GMT

EURCHF has presented a minor upside recovery from the six-and-a-half-year low of 1.0325, but it is currently failing to surpass the 20-day simple moving average (SMA) in the very short-term. The RSI is heading slightly down in the negative territory, while the MACD is holding above its trigger line below the zero level. If the market corrects higher and jumps above the 20-day SMA, the bullish action may pause initially near the 40-day SMA at 1.0430. A rally on top of the latter [..]

Technical Analysis – WTI oil futures fight for a trendline breakout

Posted on January 4, 2022 at 9:25 am GMT

WTI oil futures (February delivery) bounced on the 50-period simple moving average (SMA) on the four-hour chart only to get squeezed again below the descending trendline (drawn from the seven-year high of 85.39). The buffer underneath at 75.70 is increasing the case for a bullish breakout, with the RSI and the Stochastics currently favoring upside corrections as the former has returned above its 50 neutral mark and the latter continues to slope upwards. The MACD has also regained some strength [..]

Technical Analysis – GBPUSD maintains some foothold after bearish start to 2022

Posted on January 4, 2022 at 8:14 am GMT

GBPUSD tiptoed to the downside after its two-week rally peaked at a seven-week high of 1.3549 on Friday, with the price falling as low as 1.3429 on the first trading day of 2022. The pair is currently oscillating between gains and losses, creating doubts about whether it could stage a breakout above the upper boundary of the bearish channel, last tested back in October. Both the RSI and the Stochastics are endorsing the negative momentum in the price as the indicators drift southwards. That [..]

Technical Analysis – US 500 index starts new year in calm tone

Posted on January 3, 2022 at 4:38 pm GMT

The US 500 stock index (cash) has been softly oscillating between gains and losses in the first trading hours of 2022, remaining marginally below last week’s record high of 4,808. While the tiny daily candles over the past couple of sessions and the weakness in momentum indicators imply some anxiety among traders, the positive trend in the broad picture reflects healthy conditions in the market remain intact. A step below the former resistance zone of 4,720 could downgrade the short-term picture back [..]

Technical Analysis – Gold loses steam after new 6-week high; bias bullish

Posted on January 3, 2022 at 9:03 am GMT

Gold marked a fresh six-week high of 1,831 in the first trading hours of 2022 before turning negative on the day. The pullback commenced near the 23.6% Fibonacci retracement of the latest upleg (1,680 – 1,877), but looking at the momentum indicators, the current weakness in the price is not a big concern yet. The RSI continues to trend upwards well above its 50 neutral mark, the MACD is gaining strength above its signal and zero lines, and the Stochastics [..]

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