Technical Analysis / Page 303

Technical Analysis – WTI oil futures meet December’s top; bullish bias still in play

Posted on December 23, 2021 at 2:45 pm GMT

WTI oil futures (February delivery) paused their two-day advance near December’s resistance zone of 73.10. Although some consolidation is likely around that ceiling, the bulls could soon recharge their batteries according to the momentum indicators. The RSI has breached its previous highs, stretching its uptrend slightly above the 50 neutral mark. The MACD continues to gain ground above its red signal line, while the rising Stochastics have yet to reach their 80 overbought level, all reflecting improving sentiment in the market. [..]

Technical Analysis – EURJPY’s ascent slows, and neutral tone strengthens

Posted on December 23, 2021 at 1:46 pm GMT

EURJPY is struggling to extend its latest rally, which began around 127.50, beyond the December 16 high of 129.63. The converging simple moving averages (SMAs) are hinting that a more neutral price development may evolve confined now between a lower limit of 127.30-127.50 and an upper limit of 129.53. The horizontal blue Kijun-sen line and the stalling in the ascent of the red Tenkan-sen line are together signalling feeble upside pressures, while the short-term oscillators are reflecting that buyers are [..]

Technical Analysis – AUDUSD fights back and climbs above 0.72 mark

Posted on December 23, 2021 at 9:33 am GMT

AUDUSD is tackling the 0.7225 barrier as upside efforts persist after the recent bounce of the pair within the 0.6963-0.7020 critical support base, which is defending the broader positive structure. Despite the latest price improvements, the falling simple moving averages (SMAs) are sponsoring a bearish bearing. The Ichimoku lines are indicating the upsurge in price action, while the short-term oscillators are suggesting bullish momentum is growing. The MACD, in the negative region, is progressing above its red trigger line showing [..]

Technical Analysis – USDCAD posts losses after meeting 1-year high

Posted on December 23, 2021 at 9:03 am GMT

USDCAD is retreating after the pullback off the one-year high of 1.2960 after a strong rally from the 1.2600 support level. The flat mode in the RSI indicator confirms the recent weak momentum on price, while the stochastic oscillator is heading south, creating a bearish crossover within the %K and %D lines. Should selling forces strengthen, the 20-day simple moving average (SMA) at 1.2790 will come under spotlight ahead of the 40-day SMA at 1.2660. Moving lower, the 1.2600 psychological [..]

Technical Analysis – EURGBP resumes its decline after upside correction stalls

Posted on December 23, 2021 at 8:56 am GMT

EURGBP has been trending upwards in the medium-term, peaking at 0.8598 in early December. However, since then, the outlook has deteriorated as bearish forces took control, with the pair paring a significant part of its gains. This recent downside move is likely to continue as momentum indicators further reinforce the bearish immediate-term bias. Specifically, the MACD histogram is found below both zero and its red signal line, while the RSI is sloping downwards beneath its 50-neutral mark. Moreover, the price [..]

Technical Analysis – USDCHF crosses below its 50-SMA; negative bias arises

Posted on December 23, 2021 at 8:55 am GMT

USDCHF has retreated below its 50- and 200-period simple moving average (SMA) amid strengthening negative momentum. Moreover, 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 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 support might be found at the 0.9187 level. [..]

Technical Analysis – GBPJPY extends swift upturn; key resistance overhead

Posted on December 23, 2021 at 8:43 am GMT

GBPJPY has swiftly turned up following the consolidation around the 149.50 support area, with the price breaching the limits from the 200-day simple moving average (SMA) to peak at a one-month high, nearly around the 153.00 level early on Thursday. Bullish pressures could persist in the short term according to the momentum indicators. The RSI has pierced above its 50 neutral mark and it is rapidly gaining ground within the bullish territory. Likewise, the MACD is quickly recovering within the [..]

Technical Analysis – Gold eases below 1,800 and short-term SMAs

Posted on December 22, 2021 at 12:37 pm GMT

Gold could not find enough buyers to overcome the 1,800 level during the previous sessions, with the spotlight shifting again towards the 1,784 support zone and the Ichimoku cloud. The RSI and the MACD continue to flatten, while the former has also slipped back below its neutral threshold of 50, feeding pessimism that the bulls may gave up the battle. An extension below 1,784 could activate a stronger bearish wave towards the 1,7661 level. Failure to hold above that floor could see a continuation towards the 1,745-1,750 restrictive region. The 1,800 [..]

Technical Analysis – GBPJPY battles 200-SMA, but the bulls may not give up

Posted on December 22, 2021 at 10:48 am GMT

GBPJPY has staged a swift turnup over the past few hours, sending the price straight up to the 200-period simple moving average (SMA) on the four-hour chart. That line has rejected the price two times since mid-November, therefore another downside reversal cannot be ruled out at this point. That said, the pair has yet to confirm overbought conditions. Although the Stochastics are sloping downwards, they have not crossed below their 80 overbought level yet, while the rising RSI is still [..]

Technical Analysis – US 500 rebounds after sharp sell-off; bullish bias arises

Posted on December 22, 2021 at 9:25 am GMT

The US 500 stock index (cash) is trying to stage a full rebound after its short-term downtrend ceased at the 4,530 level in the four-hour chart. Although the index has already recouped half of its recent losses, its upside move is meeting some resistance near the 50-period simple moving average (SMA). The index’s recent recovery is likely to resume as the momentum indicators reinforce the positive near-term picture. Specifically, the MACD histogram is found well above its red signal line in the negative area, [..]

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