Technical Analysis / Page 317

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 [..]

Technical Analysis – US 30 index falls below 20-day SMA; broader outlook is bullish

Posted on November 19, 2021 at 10:04 am GMT

The US 30 cash index is retreating beneath the 20-day simple moving average (SMA), posting a bearish correction after the pullback off the record high of 36,561. The RSI indicator is pointing slightly down in the bullish zone, marginally above the neutral threshold of 50, while the stochastic oscillator is ticking lower after the bearish crossover within its %K and %D lines. If the index declines further, immediate support could come from the 40-day simple moving average (SMA) at 35,365 before hitting the [..]

Technical Analysis – GBPJPY recovers above MAs as upside impetus improves

Posted on November 19, 2021 at 8:28 am GMT

GBPJPY is recouping some lost ground from the pullback off the near 64-month peak of 158.20. The longer-term 200-day simple moving average (SMA) is endorsing the positive structure in the bigger picture, while the rising 50-day SMA is promoting the recent progress in the pair. The Ichimoku lines are not conveying any ruling directional forces at present, while the short-term oscillators are reflecting conflicting messages in momentum. The MACD, below the zero mark, has nudged above its red trigger line [..]

Technical Analysis – USDCAD slips below 7-week high and 1.2600

Posted on November 19, 2021 at 7:51 am GMT

USDCAD is losing momentum after the spike towards the seven-week high of 1.2646 that it posted on Thursday. The pair declined below the 1.2600 psychological number again and it may find immediate supports at the simple moving averages (SMAs), which are hovering around 1.2460. The MACD oscillator is rising in the positive area, holding above its trigger line, while the RSI is testing the ascending line in the bullish area. In case of more losses, the price could meet the 20- and 40-day [..]

Technical Analysis – WTI futures retreat from 7-year high to the Ichimoku cloud

Posted on November 18, 2021 at 9:37 am GMT

WTI oil futures have logged a minor correction from the fresh 7-year high levels, dipping slightly beneath the 50-day simple moving average (SMA) at 78.38, and nearing the Ichimoku cloud. That said, the longer-term 100- and 200-day SMAs continue to endorse the positive structure. The Ichimoku lines are indicating a modest loss of power in the upward drive, while the short-term oscillators are suggesting negative momentum is gaining pace. The MACD is falling beneath its red trigger line and has [..]

Technical Analysis – USDJPY stumbles around 4½-year highs as bullish forces wane

Posted on November 18, 2021 at 9:33 am GMT

USDJPY has been ramping up after the price encountered strong support at the 112.71 region in early November. However, the pair has been giving up ground since its recent rally halted at the 4½-year high of 114.96. This recent pullback is likely to continue as the short-term oscillators indicate that the positive momentum is fading. The MACD histogram is above zero but below its red signal line, while the RSI is flatlining in the 50-neutral mark. Should the selling pressure intensify, the 113.66 level might act as immediate support. A drop below this level would open [..]

Technical Analysis – EURJPY descending move continues as bearish forces linger

Posted on November 18, 2021 at 8:52 am GMT

EURJPY continues its descending move after the October high, powered by lingering negative forces. Moreover, its 50-period simple moving average (SMA) has crossed below the 200-period SMA completing a ‘death cross’ and increasing fears of a sustained bearish outlook. The short-term oscillators are transmitting a negative bias, reflecting the pair’s recent price depreciation. The RSI is found slightly above its 30 oversold region, while the MACD is found below zero and its red signal line. If the price crosses below [..]

Technical Analysis – AUDUSD rebounds off ascending line after the declining move

Posted on November 18, 2021 at 8:07 am GMT

AUDUSD is creating a downward movement after the bounce off the 0.7560 resistance, dropping beneath the 20- and 40-day simple moving averages (SMAs). Despite that decline, the pair found support at the short-term uptrend line and any moves below that line could endorse a negative outlook. The stochastic oscillator is confirming the falling move, approaching the oversold territory with a bearish cross within the %K and %D lines. However, after the recent upside session, the RSI is pointing up in [..]

Technical Analysis – USDTRY trades like a rocket amid unstoppable rally

Posted on November 17, 2021 at 2:19 pm GMT

USDTRY has gone through the roof lately, breaking record high after record high. The pair has gone parabolic this week, with the price currently trading much higher than its upper Bollinger band and still rising. Momentum oscillators are completely overwhelmed. The RSI is already above 90, miles beyond the ‘overbought’ region of 70. The MACD has skyrocketed as well. Both detect accelerating upside momentum. In this environment, it’s difficult to say where resistance may be found. There hasn’t been any [..]

Technical Analysis – US 500 index approaches new record highs

Posted on November 17, 2021 at 11:46 am GMT

The US 500 cash index powered back higher after its retreat in September, reaching a new record high. The overall picture remains bullish as the index is currently trading well above its 50- and 200-day simple moving average (SMA). Short-term momentum indicators are reflecting a mixed picture for the index. The MACD is looking ready to cross above its red signal line which would be an encouraging sign of strengthening momentum. However, the RSI has entered its 70 overbought region, [..]

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