Technical Analysis / Page 308

Technical Analysis – GBPJPY broader uptrend defended by support base

Posted on December 10, 2021 at 10:09 am GMT

GBPJPY has once again found its feet around the critical 148.51-149.41 support base after a six-week decline from the more than 5-year high of 158.20. The steadier simple moving averages (SMAs) are endorsing a more sideways market in the near-term. That said, the falling Ichimoku lines are indicating that negative forces have yet to fully diminish, while the short-term oscillators are transmitting mixed signals in directional momentum. The MACD, some distance below the zero mark, is flattening towards its red [..]

Technical Analysis – US 100 meets support at 200-SMA; bias remains negative

Posted on December 10, 2021 at 8:54 am GMT

The US 100 cash index has been trending downwards after achieving a new all-time high of 17,767 in mid-November. Although the price managed to merely bounce back since further declines were rejected at the 15,540 region, its short-term rebound seems to be running out of steam. Despite finding support at its 200-day simple moving average (SMA) in the last few sessions, bearish forces seem to retain the upper hand. This near-term bearish bias is also reinforced by the momentum indicators, [..]

Technical Analysis – US 30 index powers back higher, eyeing its all-time highs

Posted on December 10, 2021 at 8:37 am GMT

The US 30 cash index has powered back higher from its December lows amid resurfacing positive momentum. Moreover, the overall picture remains bullish as the index is currently trading above its 50- and 200-day simple moving averages (SMAs). Short-term momentum indicators are reflecting a positive bias for the index, as the RSI is hovering above its 50 neutral mark. The MACD is found above its red signal line and is looking ready to cross above zero, which could be another [..]

Technical Analysis – USDCAD accelerates back above 1.2700

Posted on December 10, 2021 at 7:58 am GMT

USDCAD gained significant buying traction early on Friday with the price quickly recouping earlier losses to jump above 1.2700 again. The positive slope in the RSI and the growing stochastic are endorsing the current bullish momentum in the price. A rally higher could reduce negative risks, producing another bullish extension towards the key levels of 1.2850 and 1.2900. Beyond that, traders will target the eight-month high of 1.2950, a break of which would re-activate the uptrend that started last June, [..]

Technical Analysis – EURUSD survives above 1.1300; neutral phase

Posted on December 9, 2021 at 11:31 am GMT

EURUSD is retreating from the 23.6% Fibonacci retracement level of the downward wave from 1.1908 to 1.1185 at 1.1355. The price is currently testing the Ichimoku cloud and is moving towards the flat 40- and 20-period simple moving averages (SMAs). The RSI posted a descending move in the positive territory, while the MACD oscillator is moving with weak momentum above its trigger and zero lines. If the pair continues the decline, immediate support could come from the 40- and then the 20-period SMAs at [..]

Technical Analysis – WTI futures struggle around 73 mark, latest ascent at risk

Posted on December 9, 2021 at 10:13 am GMT

WTI oil futures’ upward thrust from the 14-week low of 62.42 is looking vulnerable as it confronts a critical resistance border formed between the 73.00 and 75.00 handles. That said, the most recent push higher in the price of the commodity seems to have neutralized the growing threat of a negative trend, something also being reflected in the steadier 50- and 100-day simple moving averages (SMAs). The short-term oscillators are indicating that current bullish forces may not be sufficient to [..]

Technical Analysis – GBPNZD ticks downwards as positive momentum abates

Posted on December 9, 2021 at 9:09 am GMT

GBPNZD has been trending downwards in the medium term since the price peaked at the double top of 2.0070. However, the pair has managed to bounce back after encountering strong support at the 13-month low of 1.8851, gaining back a significant part of its losses. The pair’s ongoing rebound is likely to come short as a loss of momentum is observed in the last couple of sessions. The momentum indicators further reinforce the bearish near-term bias, with the MACD histogram [..]

Technical Analysis – USDCHF meets resistance at 50-SMA; long-term bullish outlook

Posted on December 9, 2021 at 8:37 am GMT

USDCHF is currently facing resistance at its 50-day simple moving average (SMA), after its late November pullback. However, the long-term prospects for the pair remain cautiously bullish amid successive higher lows. Short-term momentum indicators on the other hand, are supporting a negative bias, as the RSI is located below its 50 neutral mark. The MACD is found under its red signal line and is looking ready to cross below zero, which could be another sign of strengthening negative momentum. Should [..]

Technical Analysis – AUDUSD short-term outlook brightens; next target at 0.7200

Posted on December 9, 2021 at 8:18 am GMT

AUDUSD surged above the steep 6-week-old descending trendline and the restrictive red Tenkan-sen line on Wednesday, raising hopes that the downward pattern has finally found a bottom and it’s time for a bullish reversal. The momentum indicators witness improvement in buying sentiment as the MACD is distancing itself above its red signal line, the Stochastics slope upwards, and the RSI is ramping up to meet its 50 neutral mark. Yet, today’s resistance around the 20-day simple moving average (SMA) at [..]

Technical Analysis – EURJPY overshoots 129 hurdle but bearish bias still active

Posted on December 8, 2021 at 4:36 pm GMT

EURJPY’s surge in positive impetus has pushed the price beyond the Ichimoku cloud and the 100-period simple moving average (SMA) and in range of the 129.00 handle. That said, the falling 100- and 200-period simple moving averages (SMAs) continue to endorse the negative trend in the pair. The 50-period SMA is indicating that downward forces have ceased, while the Ichimoku lines suggest growing bullish momentum. The short-term oscillators are reflecting the surge in positive momentum. The MACD is increasing above [..]

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