Technical Analysis / Page 311

Technical Analysis – CADJPY rises after hitting 2-month low

Posted on December 3, 2021 at 8:36 am GMT

CADJPY is returning higher, after the fall to a new two-month low of 87.80 and is approaching the 200-day simple moving average (SMA). Technically, the RSI indicator is confirming the recent view as it is pointing up in the negative region. However, the MACD oscillator is extending its bearish momentum below its trigger and zero lines, mirroring the downward wave from the six-year high of 93.00. If the price rises beyond the 200-day SMA at 88.60 it could meet immediate [..]

Technical Analysis – GBPJPY sets a foothold but bears still around

Posted on December 3, 2021 at 8:22 am GMT

GBPJPY is capped by the descending line at 150.50, which has been hindering market actions since mid-May, questioning the oversold signals coming from the RSI and the Stochastics. Even though the aforementioned indicators seem to have set up a foothold within the oversold territory, the bulls will need to successfully overcome the 150.50 bar in order to deviate above the two-month low of 149.47 and advance towards the 23.6% Fibonacci level of the latest downleg at 151.53. Then, a decisive [..]

Technical Analysis – US 30 index bears dominate, keeping descent intact

Posted on December 2, 2021 at 4:29 pm GMT

The US 30 stock index’s (Cash) bearish outlook appears to be unwavering as the price continues to plot lower highs and lows. The diving 50- and 100-period SMAs and their bearish crossovers of the 200-period SMA is signalling that the retracement in the index from the all-time high of 35,562 may have some ways to go before buyers find their feet. The negative bearing has the upper hand as long as the price remains below the 35,000 handle, despite the [..]

Technical Analysis – NZDUSD consolidates around the 0.6800 mark, bearish tone remains

Posted on December 2, 2021 at 2:47 pm GMT

NZDUSD is edging sideways across the 0.6800 mark as clear directional impetus has softened after the pair stretched to a near 13-month low of 0.6771. The diving 50- and 100-period simple moving averages (SMAs) are backing the bearish trajectory of the pair. The squeeze in the Bollinger bands is hinting of an upcoming surge in volatility, while the short-term oscillators are somewhat suggesting sellers may regain the upper hand. The MACD has marginally returned beneath its red trigger line in [..]

Technical Analysis – EURJPY’s recent rebound is not enough; remains in descending channel

Posted on December 2, 2021 at 10:47 am GMT

EURJPY is fluctuating within the one-month-old falling channel, testing resistance from the falling lines of the Ichimoku indicator and the 20-period simple moving average (SMA) near 128.15. The price rebounded off the 127.45 support level, with the technical indicators endorsing/backing the ongoing upside move. The MACD is holding above its trigger line in the negative region, while the RSI is approaching its neutral threshold of 50. In the positive scenario, where the price snaps the 128.15 barrier and closes above the cloud’s lower boundary and the descending trend line, the next target could be the 128.80 hurlde. Running higher, the [..]

Technical Analysis – AUDUSD heads for key support base, bearish tone grows

Posted on December 2, 2021 at 9:32 am GMT

AUDUSD has been declining for a month now and is tracing the lower Bollinger band, managing to log a near 13-month low of 0.7062 on its way towards the critical support base of 0.6963-0.7020. The sliding simple moving averages (SMAs) are sponsoring a slight negative tilt in the pair. The short-term oscillators are transmitting conflicting signals in directional impetus. The MACD is gliding beneath its red trigger line in the negative region, endorsing additional weakening in the pair. The RSI, [..]

Technical Analysis – USDCHF meets support at 200-SMA; long-term bullish outlook

Posted on December 2, 2021 at 9:07 am GMT

USDCHF pushed sharply below its November high to meet support at the 200-day simple moving average (SMA). However, the long-term outlook for the pair remains positive amid successive higher lows. Nevertheless, the short-term momentum indicators are mostly supporting a negative bias for the pair, as the RSI is found below its 50 neutral mark. Also, despite being above zero, the MACD is located below its red signal line, indicating that the bears might be gaining ground. Should the price break [..]

Technical Analysis – WTI oil futures aim for recovery after sharp sell-off

Posted on December 2, 2021 at 8:30 am GMT

WTI oil futures (January 2022 delivery) faced the largest monthly decline since the start of the pandemic in November, with the price plunging well below its simple moving averages (SMAs) to meet support around a three-month low of 64.42 on Tuesday. Despite a bearish start to the new month, oil could see its fortunes improving in the coming sessions as technical indicators are flashing oversold conditions. Particularly, with the market closing constantly below the lower Bollinger band during the past [..]

Technical Analysis – Natural gas futures tick lower as bearish forces persist

Posted on December 2, 2021 at 8:26 am GMT

Natural gas futures (January 2022 delivery) have been drifting downwards since achieving an all-time high of 6,445 in early October. In the current week, the outlook has deteriorated as the price crossed below the Ichimoku cloud and continued to dip lower, indicating that bearish forces have gained the upper hand. This recent decline is likely to further extend as the momentum indicators reinforce the near-term negative bias. The stochastic oscillator is pointing down in the oversold area, while the MACD histogram has crossed [..]

Technical Analysis – EURUSD consolidates around 1.1300; still bearish in medium-term

Posted on December 2, 2021 at 8:13 am GMT

EURUSD is consolidating around 1.1300, keeping its footing below the strong 23.6% Fibonacci retracement level of the down leg from 1.1908 to 1.1185 at 1.1355. Trend signals remain negative as the price continues to trade below its long-term simple moving averages (SMAs) and within the Ichimoku cloud, which proved to be a tough support area. As regards the market momentum, the RSI is weakening in the positive region, while the MACD is falling below its trigger line. In the event the bulls [..]

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