Technical Analysis / Page 320

Technical Analysis – GBPJPY set for neutral close but bears still present

Posted on November 12, 2021 at 9:00 am GMT

GBPJPY returned to Monday’s opening price on Friday, aiming for a neutral weekly close around 152.60, where the 20-period simple moving average (SMA) has been buffering negative movements since the start of October in the weekly chart. The price has erased a large portion of the October rally and the momentum indicators keep the short-term bias tilted to the downside. Both the RSI and the fast-Stochastics are making attempts for an upside reversal, though they are still comfortably dipped in the bearish territory, [..]

Technical Analysis – Palladium futures hold bullish stakes; eyes on 2,100

Posted on November 11, 2021 at 3:28 pm GMT

Palladium futures (December delivery) remain jammed below the 2,100 border for the third consecutive week, but the solid base created around the 16-month low of 1,823 in September is still on track, feeding optimism that a bullish trend reversal is in play. The squeeze in the Bollinger bands is a stronger indication that volatility is coming, with the RSI and the MACD favoring bullish tones but with some caution, as the former has yet to pierce its nearby resistance and [..]

Technical Analysis – GBPAUD turns neutral amid waning negative momentum

Posted on November 11, 2021 at 11:40 am GMT

GBPAUD is consolidating following the rebound off the 1.8121 low, with the price currently hovering around the 200-day simple moving average (SMA), as the short-term picture has turned neutral. The short-term momentum indicators suggest waning negative momentum, as the RSI is increasing but remains slightly below its 50 neutral mark, while the MACD is found below zero but above its red signal line. Should the price hold above its 200-day SMA currently at 1.8345, the bulls may then target the [..]

Technical Analysis – EURAUD crosses above 200-SMA, bullish forces consolidate

Posted on November 11, 2021 at 11:34 am GMT

EURAUD has been tumbling in the medium-term but managed to find significant support at the eight-month low of 1.5356 in late October. Since then, the pair has been trending upwards, surpassing both its 50- and 200-period simple moving averages (SMAs). This positive momentum suggests that the near-term bias seems bullish as well. The momentum indicators reinforce the pair’s positive short-term picture. The stochastic oscillator is pointing upwards near the 80-overbought area, while the RSI is hovering well above the 50-neutral mark. Should the price continue its [..]

Technical Analysis – USDCAD visits fresh 1-month high above 1.2500

Posted on November 11, 2021 at 9:47 am GMT

USDCAD is creating an impressive upside rally after the bounce off the 1.2387 level and the lower band of the Ichimoku cloud, reaching a fresh one-month high around 1.2533 earlier today. The market has been developing in an ascending movement since October 21, holding well above the simple moving averages (SMAs). The RSI is flirting with the overbought region, while the stochastic is suggesting that the bullish movement may come to an end as it is turning slightly lower above [..]

Technical Analysis – US 30 index retreats from all-time highs; bullish outlook maintained

Posted on November 11, 2021 at 9:46 am GMT

The US 30 stock index pushed back from its all-time highs at 36562 amid weakened positive momentum. However, the overall bullish outlook is still maintained as the price is trading well above its 50- and 200-day simple moving average (SMA). The weakened positive momentum and the minor price depreciation are also supported by the short-term momentum indicators, as the RSI has decreased slightly over the past sessions, although it’s still above its 50 neutral mark, while the MACD is found [..]

Technical Analysis – AUDUSD’s decline gets snagged at the Ichimoku cloud

Posted on November 11, 2021 at 9:30 am GMT

AUDUSD sellers managed to seize command in the pair two days ago and successfully push the price back underneath the 50- and 100-day simple moving averages (SMAs). The bears are currently attempting to extend this recent drop in the price below the Ichimoku cloud, around the 0.7283 level. The 200-day SMA has aimed slightly lower showing price’s preference to the downside, while the negative bearing of the 100-day SMA and the deflection off it by the 50-day SMA, together suggest [..]

Technical Analysis – AUDJPY stumbles around 3½-year highs

Posted on November 11, 2021 at 9:30 am GMT

AUDJPY has been ramping up since the price encountered strong support at the 8-month low of 77.87 in mid-August. However, the pair has been giving up ground lately after its recent rally halted at the 3½-year high of 86.23. As the price is heading to test its 50- and 200-day simple moving averages (SMAs), its immediate bias seems negative. This recent pullback is likely to continue as the short-term oscillators indicate that the positive forces are fading. The MACD histogram [..]

Technical Analysis – WTI oil futures trade on weak bias after strong rejection

Posted on November 11, 2021 at 7:42 am GMT

WTI oil futures (December delivery) pulled aggressively below the tough barricade of 84.50, unable to correct the breakout below the ascending trendline, which has switched roles from support to resistance for the price. The technical picture reflects a neutral-to-bearish short-term bias as the RSI is still floating marginally above 50 following its latest downfall, whereas the MACD keeps stretching downwards below its red signal line. Should the bears gear up, the price could initially test the 79.83 – 79.00 region formed by the [..]

Technical Analysis – EURJPY selloff could have more legs; neutral in medium-term

Posted on November 10, 2021 at 1:34 pm GMT

EURJPY has erased half of October’s rally, which peaked at a four-month high of 133.47, with the 50- and 200-day simple moving averages (SMAs) recently coming into the rescue to impede the sell-off around 130.50. The technical status, however, is still bearish. The RSI has stretched its downtrend into bearish territory, while the MACD continues to lose ground below its red signal line as the Stochastics head back into the oversold zone. Hence, unless the longer-term SMAs build a solid [..]

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