Technical Analysis / Page 31

Technical Analysis – EURUSD trims earlier gains as clock ticks down to NFP

Posted on April 5, 2024 at 9:14 am GMT

EURUSD pulls back from two-week high Technical bias is not bearish yet EURUSD gave up some ground on Thursday after a sharp rally from a one-and-a-half-month low of 1.0723 to a two-week high of 1.0875. The US nonfarm payrolls report is on the agenda today and investors will look at whether jobs growth slowed down to 212k and wage growth eased to 4.1% y/y as forecasts suggest. The pair might receive some assistance if there are indications of a weakening US labor market, [..]

Technical Analysis – GBPJPY trades lower ahead of key market events

Posted on April 5, 2024 at 7:58 am GMT

GBPJPY is in the red again today, not far from its recent high It has dropped below the January 2, 2024 ascending trendline Momentum indicators are in waiting mode for the next key market events GBPJPY is trading lower again today as the market is preparing for today’s US labour market report, which could play a key role in the Fed’s outlook. The move from the January 2, 2024 low has been aggressive despite the recent BoJ rate hike but [..]

Technical Analysis – USDCAD ticks higher within ascending channel

Posted on April 5, 2024 at 6:38 am GMT

USDCAD bounces off 200-day SMA MACD and RSI are still weak USDCAD is moving slightly higher following the rebound off the simple moving averages (SMAs), remaining within a short-term ascending channel. Technically, the MACD oscillator is holding beneath its trigger line and near the zero level, weakening its momentum, while the RSI is pointing marginally up above the neutral threshold of 50. If the market extends its advance higher, then the restrictive region within 1.3610-1.3655 could halt bullish actions. However, [..]

Technical Analysis – USDJPY hovers beneath 152 ceiling as bulls refuse to give up

Posted on April 4, 2024 at 11:21 am GMT

USDJPY remains stuck within 151-152 range Neutral trend looks safe for now But strong support keeps bullish forces alive USDJPY has been gradually inching higher after dropping near the floor of the sideway range at the end of March to briefly touch 151.01. Prices made it all the way to 151.94 on Wednesday before easing again. However, with both the 20- and 50-day simple moving averages (SMA) lurking below the price action, there is still a possibility of a [..]

Technical Analysis – BTCUSD pauses pullback but still under pressure

Posted on April 4, 2024 at 10:39 am GMT

BTCUSD halts its retreat and recoups some losses But momentum indicators remain tilted to the downside BTCUSD (Bitcoin) experienced a strong pullback following its repeated inability to conquer the 71,750 hurdle. Although the price seems to be finding its footing in the last couple of sessions supported by a short-term ascending trendline, near-term risks remain tilted to the downside. If bearish pressures persist, Bitcoin could revisit its recent support of 64,500. Further declines could then cease at the March deflection point of [..]

Technical Analysis – EURCHF unlocks new 1-year high

Posted on April 4, 2024 at 9:54 am GMT

EURCHF boosts upside pressure 50- and 200-day SMA post golden cross MACD and RSI near overbought levels EURCHF is skyrocketing towards a fresh almost one-year high of 0.9847, creating the third consecutive green day after the pullback from the steep diagonal line. The 50- and the 200-day simple moving averages (SMAs) posted a bullish crossover, confirming the short-term ascending tendency. Technically, the RSI is entering the overbought territory, and the MACD is extending its bullish momentum above its trigger and [..]

Technical Analysis – Gold rally turns golden after another record

Posted on April 4, 2024 at 9:10 am GMT

Gold unlocks fresh all-time high Bullish wave could stabilize, but perhaps temporarily Gold has been in an uninterrupted record rally over the past week, ticking to a new high of 2,304 before losing some steam early on Thursday. While investors continue to debate the longevity of the bullish wave as the rate cut scenario remains a hot topic in the US, it is possible that some profit taking could occur. The pause near the short-term resistance line and the [..]

Technical Analysis – AUDUSD continues the bounce off 0.6475 mark

Posted on April 4, 2024 at 7:34 am GMT

AUDUSD holds within trading range Prices rise above SMAs RSI indicates more gains AUDUSD is surging after the rebound off the 0.6475 support level, surpassing the simple moving averages (SMAs) and extending its move towards the 0.6633 barrier, which is acting as the upper boundary of a short-term sideways channel. According to technical oscillators, the MACD is holding marginally above its trigger line and near the zero level with weak momentum, while the RSI is pointing upwards, crossing above its [..]

Technical Analysis – WTI futures surge to a 5-month high

Posted on April 4, 2024 at 7:32 am GMT

WTI futures in a steady advance since early December Posted a fresh 5-month peak before paring some gains Oscillators point to overbought conditions WTI oil futures (May delivery) have been in a slow but constant recovery from their December bottom of 67.97, posting a fresh five-month peak of 86.20 on Wednesday. Meanwhile, the 50-day simple moving average (SMA) is positively closing the gap with the 200-day SMA, where an upside violation could ignite more gains. Should the advance resume, there is no prominent resistance until 89.23, which [..]

Technical Analysis – Tesla’s slump difficult to fix in near term

Posted on April 3, 2024 at 2:28 pm GMT

Tesla stock has a bumpy path so far in 2024 Remains exposed to additional bearish actions Support could be next found around 155 Tesla’s stock finished the first quarter of 2024 on the downside. Having lost nearly 33% so far this year, questions remain about whether the price could experience a meaningful rebound amid falling demand for electric vehicles and increased competition in China. Technically, the rejection near the 20-day exponential moving average (EMA) and the resistance trendline from [..]

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