Technical Analysis / Page 304

Technical Analysis – USDJPY surpasses short-term SMAs; weak momentum

Posted on December 22, 2021 at 8:33 am GMT

USDJPY is advancing above the 20- and 40-day simple moving averages (SMAs) after a month but the outlook is still neutral. The MACD oscillator is holding above its trigger and zero lines, but the momentum is very weak, while the RSI is flattening above the neutral threshold of 50, both mirroring the sideways move in the short-term. If the price successfully overcomes the 114.25 immediate resistance, the next stop could come from the almost five-year high of 115.50. Rising above [..]

Technical Analysis – EURCHF holds neutral but bullish scenario is on the cards

Posted on December 22, 2021 at 8:11 am GMT

EURCHF keeps trading sideways marginally above its six-year low of 1.0365, unable to find enough power to breach the limits from the 20-day simple moving average (SMA). Despite the ongoing neutral trajectory, the higher highs in the RSI and the improvement in the MACD keep hopes for an upside reversal alive. The positive momentum in the Stochastics is adding to this optimism, while the squeeze in Bollinger bands is another indication that volatility could soon expand. In the bullish scenario, [..]

Technical Analysis – USDCAD shows some positive signals; holds around 1-year high

Posted on December 21, 2021 at 10:30 am GMT

USDCAD is rising slightly higher again, approaching the one-year high of 1.2962 after finding support at the red Tenkan-sen line of the Ichimoku cloud. The RSI indicator is challenging the overbought region, while the MACD oscillator is moving sideways above its trigger line. Moreover, the 20- and 40-period simple moving averages (SMAs) are heading up, following the price action. A decisive close above the one-year peak of 1.2962 could reduce negative risks, producing another bullish extension towards the 1.3110 resistance. [..]

Technical Analysis – GBPUSD remains above one-year low; bearish outlook

Posted on December 21, 2021 at 8:41 am GMT

GBPUSD is stubbornly fighting the nearby one-year low of 1.3165, deriving strong support from the return line of the descending channel. The technical picture however, suggests a neutral-to-bullish bias at the moment as the MACD remains positively charged above its red signal line, while the RSI is currently pushing efforts for an upside reversal, but it is still clearly below its 50 neutral mark. Should the return line around the 1.3165 support be penetrated, the price could initially test the 1.3105 barrier before heading [..]

Technical Analysis – WTI futures plummet as negative momentum prevails

Posted on December 21, 2021 at 8:40 am GMT

WTI oil futures (February 2022 delivery) have been giving up ground since early November but managed to post a moderate recovery after the price encountered strong support at the four-month low of 62.25. However, in the short term, the commodity experienced a sharp dip, which was partially offset by a minor upside correction in the last few sessions. This near-term rebound is more likely to come short as the short-term oscillators indicate an imminent bearish momentum for the commodity. The [..]

Technical Analysis – EURJPY bounces on December’s low but bullish prospects still weak

Posted on December 21, 2021 at 8:38 am GMT

EURJPY changed course to the upside again after almost touching December’s low of 127.48 on Monday, with the price currently testing a close above the 20-day simple moving average (SMA) at 128.30. The main target is the 23.6% Fibonacci retracement of the latest downfall, which has been blocking bullish actions around 128.80 since the start of the month. But the momentum indicators are questioning whether the bulls have enough power to knock down that wall. The RSI keeps consolidating its [..]

Technical Analysis – AUDUSD ticks up after finding support at 0.7090

Posted on December 20, 2021 at 12:06 pm GMT

AUDUSD found strong support at the 0.7090 barrier after several red sessions. The RSI is also pointing upwards in the negative territory, while the MACD is still falling below its trigger and zero lines. The 20- and 40-period simple moving averages (SMAs) are flattening around 0.7150 and are acting as strong obstacles. Immediate resistance hurdles are the short-term SMAs at 0.7150 ahead of the 200-period SMA at 0.7215 and the 0.7224 barrier. A successful break above these hurdles could drive the bulls until the 0.7370 [..]

Technical Analysis – USDJPY moves sideways after sharp drop; bias turns bearish

Posted on December 20, 2021 at 9:06 am GMT

USDJPY has been trending downwards after the price peaked at the 4½-year high of 115.51 in late November. However, after its decline halted, the pair has adopted a more sideways pattern. Recently, the short-term picture seems to be deteriorating as the price has crossed below both its 50 and 200-period simple moving averages (SMAs). This recent downside move is likely to resume as the momentum indicators endorse the pair’s bearish immediate-term bias. More specifically, the stochastic oscillator is sloping downwards after [..]

Technical Analysis – Gold trapped below 1,800 bar; bias cautiously bullish

Posted on December 20, 2021 at 8:36 am GMT

Gold remains trapped below the 1,800 boundary and the support-turned resistance trendline despite the quick bounce off the more-than-two-month low of 1,752. The 50- and 200-day simple moving averages (SMAs) and the 38.2% Fibonacci retracement of the 1,680 – 1,877 upleg are making any breakout around the 1,800 threshold more essential, but bullish signals are not really convincing yet, reflecting some cautiousness among traders instead. Particularly, the RSI has shifted to the sidelines after barely crossing above its 50 neutral mark, the MACD [..]

Technical Analysis – EURUSD consolidates near 1.1250; neutral bias

Posted on December 20, 2021 at 7:58 am GMT

EURUSD is consolidating its gains within the 16-month trough of 1.1185 and the 1.1360 resistance level, with the level of the 20-day simple moving average (SMA) in the middle at 1.1280. Regarding the technical indicators, the MACD is still moving above its trigger line in the negative region, approaching the zero level, while the RSI is sloping marginally up below the neutral threshold of 50. The 20-day SMA is looking ready for an upside turn, though the 40-day SMA is continuing the negative move. Should the [..]

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