Technical Analysis / Page 316

Technical Analysis – WTI futures’ bearish course in play; downside risks stand

Posted on November 23, 2021 at 10:56 am GMT

WTI oil futures have been drifting downhill for the last two-weeks from the 83.28 high, producing lower highs and lows, reinforcing the bearish outlook. The 200-period simple moving averages’ (SMA) positive incline has softened, while the diving 50- and 100-period SMAs are endorsing the descent in the commodity. The Ichimoku lines are indicating that downward forces remain active, despite the uptick in the red Tenkan-sen line, while the short-term oscillators are conveying conflicting signals in directional momentum. The MACD, deep [..]

Technical Analysis – CHFJPY turns neutral amid waning positive momentum

Posted on November 23, 2021 at 9:54 am GMT

CHFJPY came back swinging after its September low, reaching a 6-year high in early November. Since then, the pair is consolidating as it seems to be lacking the necessary momentum to advance higher suggesting an overall neutral outlook. The short-term momentum indicators suggest a negative bias, as the RSI is found slightly below its 50 neutral mark, while the MACD is found marginally above zero and below its red signal line. Should the bears reclaim control, initial support might be [..]

Technical Analysis – AUDNZD flirts with 50-SMA; outlook remains bearish

Posted on November 23, 2021 at 9:20 am GMT

AUDNZD has been trending downwards since late-March when it peaked at 1.0945. Although the pair managed to post a moderate rebound after finding strong support at the 17-month low of 1.0277 in September, the price dipped down again, erasing most of the progress. In the last couple of sessions though, the bulls seem to be taking the upper hand. The short-term oscillators further confirm the positive immediate term bias, with the RSI surpassing the 50-neutral mark, while the stochastic oscillator is ticking [..]

Technical Analysis – GBPUSD edges towards 2021 lows as bears resurface

Posted on November 23, 2021 at 8:31 am GMT

GBPUSD has erased last week’s gains, which barely touched the 1.3500 level, bringing its 2021 low of 1.3352 back into scope. There is speculation for additional bearish sessions in the short term given the negative slope in the RSI, and the falling red Tenkan-sen line, which has been a key barrier to upside movements over the past three weeks. On the bright side, the MACD has reached its former support region, raising the odds for a potential reversal in the [..]

Technical Analysis – EURJPY rebounds off triple bottom at 127.90

Posted on November 23, 2021 at 7:49 am GMT

EURJPY has been in an upside corrective mode after the latest rebound off the 127.90 level, creating a triple bottom formation in the region. In technical indicators, the RSI is pointing upwards in the negative region, confirming the recent bullish move. However, the MACD is still holding below its trigger and zero lines, keeping some caution in place. In trend indicators, the 20- and 40-day simple moving averages (SMAs) have posted a bearish crossover in the short-term picture, currrently approaching the 200-day SMA as well. If the price [..]

Technical Analysis – AUDUSD bears reinforce downward trajectory

Posted on November 22, 2021 at 3:18 pm GMT

AUDUSD sellers have resurfaced and have driven the price beneath the mid-Bollinger band and towards the 0.7225 level, where the price recently rebounded. The bearish 50- and 100-period simple moving averages (SMAs) are sponsoring the downtrend in the pair from the near four-month peak of 0.7555. The short-term oscillators are confirming the rise in negative powers. The MACD, although in the negative region and above its red trigger line, looks to dive back below it, while the RSI is steering [..]

Technical Analysis – EURUSD sellers dominate but hit a snag around the 1.1254 mark

Posted on November 22, 2021 at 9:44 am GMT

EURUSD sellers have led the pair on a sharp decline towards 1.1249, a low last seen back in July 2020, where the price began a near two-month rally, which reached a 28-month high of 1.2010. The falling simple moving averages (SMAs) are nurturing the bearish structure in the pair. The negatively charged Ichimoku lines are indicating that downward forces have yet to subside, while the short-term oscillators are implying that negative momentum is gaining power again. The MACD is steering [..]

Technical Analysis – EURAUD trades below SMAs as bearish forces linger

Posted on November 22, 2021 at 9:25 am GMT

EURAUD has witnessed a minor upside reversal after bouncing back from its November low. However, the overall bearish outlook is still maintained as the price is well below its 50- and 200-day simple moving average (SMA). The negative bias is mostly supported by the short-term momentum indicators, as the RSI is hovering below its 50 neutral mark. However, the MACD is found below zero but above its red signal line, which indicates that the negative momentum might be fading. If [..]

Technical Analysis – GBPAUD crosses above 50-SMA as bullish forces resurface

Posted on November 22, 2021 at 9:13 am GMT

GBPAUD has been giving up ground in the medium-term but managed to find significant support at the 1.8130 region in early November. Since then, the pair has been trending upwards, surpassing both its 50- and 200-period simple moving averages (SMAs) but still trading below the Ichimoku cloud. The momentum indicators further reinforce the pair’s short-term recovery. The MACD histogram is above both zero and its red signal line, while the RSI is hovering in the positive area. Should the price [..]

Technical Analysis – Gold fails to improve the bullish move in near-term

Posted on November 22, 2021 at 7:38 am GMT

Gold prices are declining following the pullback off the five-month high of 1,877 that was posted last Tuesday. The stochastic is approaching the oversold territory with strong momentum, while the RSI indicator is heading south in the positive region. However, the 20- and 40-day simple moving averages (SMAs) crossed the 200-day SMA higher in the previous sessions. Should prices reverse lower, immediate support could come at 1,834 ahead of the 20-day SMA currently at 1,825. A drop below this area would take the price closer to the [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

Technical Analysis

XM Live Chat