Technical Analysis / Page 310

Technical Analysis – GBPUSD turns up from 13-month trough; remains in descending channel

Posted on December 7, 2021 at 7:51 am GMT

GBPUSD has been trading within a downward sloping channel since June 1, while more recently, it hit a fresh 13-month low of 1.3193 before turning higher. Also, the price resumed its downward move after it found strong resistance around the 200-day simple moving average (SMA) and the 61.8% Fibonacci retracement level of the down leg from 1.4248 to 1.3193 at 1.3845. Technically, the bias is looking bearish as the MACD oscillator is edging sideways in the negative territory, while the RSI is heading north after touching its 30 oversold level. In trend indicators, [..]

Technical Analysis – US 500 index attempts to push higher

Posted on December 6, 2021 at 4:24 pm GMT

The US 500 stock index (Cash) is trying to recoup previously lost ground from the decline off the 4,720 level until the one-and-a-half month low of 4,494. The bearish 50- and 100-period simple moving averages (SMAs) are endorsing the pullback, and a downward crossover of the 200-period SMA by the approaching 100-period SMA could boost the negative trajectory. That said, the Ichimoku lines are suggesting downward forces are taking a breather, while the short-term oscillators are signalling that buyers may [..]

Technical Analysis – AUDUSD meets key support, but trendline breakout still required

Posted on December 6, 2021 at 3:39 pm GMT

AUDUSD is still in a clear downtrend in the four-hour chart despite the latest reflection near the November 2020 low of 0.6990, with the falling simple moving averages (SMAs) endorsing the bearish trajectory in the market. That said, the positive momentum in the RSI and the Stochastics, and the recovery in the MACD, which is set to cross back above its red signal line, are pointing to additional bullish actions in the coming sessions. If that is the case, a [..]

Technical Analysis – Gold consolidates as merged MAs curb advances

Posted on December 6, 2021 at 10:24 am GMT

Gold is currently edging sideways not too far below the 1,800 mark after managing to find its feet around the 1,757-1,768 support base, following the latest plunge in the commodity from the 1,877 high. The flattened simple moving averages (SMAs) have joined together and are not sponsoring a clear price trend. The short-term oscillators are suggesting mixed messages in directional momentum. The MACD, is slightly underneath the zero level and below its red trigger line, while the positively charged stochastic [..]

Technical Analysis – Brent futures extend decline from 7-year high

Posted on December 6, 2021 at 9:16 am GMT

Brent crude oil futures (February delivery) have been plummeting in the short term after their long-term rally peaked at the 7-year high of 85.76. Moreover, the price crossed below both its 50- and 200-day simple moving averages (SMAs), further reinforcing the commodity’s imminent bearish bias. The recent retreat is likely to continue as the short-term oscillators confirm that sellers have gained the upper hand. The MACD has crossed below its red signal line in the negative region, while the RSI [..]

Technical Analysis – GBPAUD hits the upper Bollinger Band; bullish forces persist

Posted on December 6, 2021 at 8:56 am GMT

GBPAUD powered back higher after its early November low amid strengthening positive momentum. The price is currently located above the 50- and 200-day simple moving average (SMA), reinforcing the bullish short-term sentiment. However, the pair is trading near its upper Bollinger Band indicating that an immediate pullback should not be ruled out. Short-term momentum indicators are supporting a positive bias as the RSI is found above its 50 neutral mark, while the MACD is found above zero and above its [..]

Technical Analysis – EURUSD struggles to surpass 20-day SMA; looks bearish

Posted on December 6, 2021 at 7:44 am GMT

After being rejected from the 1.1387 resistance level, EURUSD remains below the 20-day simple moving average (SMA) in the short-term. The pair is still trading well below the long-term descending trend line, while the technical indicators seem to face contradicting signals. The RSI is still below 50 and is pointing down; however, the MACD is heading upwards despite being in the negative sector and above its red trigger line. It may be difficult to overcome the significant resistance area between [..]

Technical Analysis – GER 40 moves sideways after retreating from all-time high

Posted on December 3, 2021 at 9:18 am GMT

GER 40 stock index (cash) has been charging upwards since February, recently posting a new record high at 16,296. Although the index plunged after its rally ceased, it has adopted a more sideways pattern in the last few sessions. The short-term picture seems bearish as the price dived beneath both its 50- and 200-day simple moving averages (SMAs). This imminent negative bias is also reinforced by the stochastic oscillators. The MACD histogram is currently found below its red signal line in the [..]

Technical Analysis – GBPUSD strikes yet more lower highs; bearish forces persist

Posted on December 3, 2021 at 8:59 am GMT

GBPUSD is continuing its descending trend, recording successive lower highs in the four-hour chart. Moreover, the price is trading below the 50- and 200-period simple moving average (SMA), reinforcing the bearish sentiment for the pair. Short-term momentum indicators are reflecting a negative bias as the RSI is found below its 50 neutral line, while the MACD is located below zero and its red signal line. Should the bears remain in charge, initial support might be found at the 1.3193 barrier. [..]

Technical Analysis – USDCAD eyes critical resistance border

Posted on December 3, 2021 at 8:54 am GMT

USDCAD is extending a one-and-a-half-month ascent above the Ichimoku cloud and towards the resistance ceiling of 1.2880-1.2955, which started to take shape around the later part of December 2020. The simple moving averages (SMAs) are currently not sponsoring a definitive trend in the pair. The climbing Ichimoku lines are indicating a predominant bullish drive, while the short-term oscillators are conveying an upside preference in the pair. The MACD, some distance above zero, is improving above its red trigger line, while [..]

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