Technical Analysis / Page 323

Technical Analysis – USDJPY trades parallel with SMAs; neutral bias in short-term

Posted on November 8, 2021 at 8:21 am GMT

USDJPY has been in a sideways move after peaking at a fresh four-year high of 114.70 on October 20. The 20- and 40-period simple moving averages (SMAs) and the Ichimoku cloud are confirming the recent neutral bias. However, the stochastic is creating a bullish crossover within the %K and %D lines in the oversold zone, while the MACD oscillator is in the process to surpass its trigger line in the negative region. Both are suggesting that the next move may be to the [..]

Technical Analysis – NZDUSD may find its feet ahead of 50.0% Fibonacci

Posted on November 5, 2021 at 2:51 pm GMT

NZDUSD has surrendered just about 50.0% of its latest rally from 0.6910 until 0.7217 but the negative drive seems to have somewhat softened. The falling 50-period simple moving average (SMA) appears to be heading for a bearish crossover of the 100-period SMA and this could signal the negative trend is gaining strength. However, the short-term oscillators are indicating a slight pick up in positive momentum. The MACD, in the negative region, is flattening beneath its red trigger line. On the [..]

Technical Analysis – US 30 index breaches 176.4% Fibo on upbeat NFP payroll

Posted on November 5, 2021 at 1:25 pm GMT

The US 30 stock index (Cash) has pushed past the 36,200 level, that being the 176.4% Fibonacci extension of the down leg of 35,893 until 35,495, which had capped recent advances, keeping the all-time high at 36,189. The index has now regained buoyancy after a minor pullback and is now heading for the resistance of 36,300. The advancing simple moving averages (SMAs) are endorsing the uptrend in the index. Moreover, the bullish Ichimoku lines are confirming that positive forces are [..]

Technical Analysis – GBPUSD rocked as BoE fails to hike rates

Posted on November 5, 2021 at 9:43 am GMT

GBPUSD plummeted to a one-month low of 1.3470 yesterday, after the Bank of England’s Monetary Policy Committee (MPC) voted to continue with its existing programme of UK government bond purchases, and to keep the bank rate unchanged at 0.1%. The pair is now extending its drop past the 1.3470 low and the road to recovery for the pound is looking to be a bumpy one. The longer-term simple moving averages (SMAs) are directing lower, while the diving 50-period SMA is [..]

Technical Analysis – GBPJPY declines around 40-day SMA; bearish bias

Posted on November 5, 2021 at 8:53 am GMT

GBPJPY is retreating around the 40-day simple moving average (SMA) after a strong sell-off on Thursday. The short-term SMAs are pointing down, while the technical indicators are confirming the recent bearish bias. The stochastic is approaching the oversold zone again after the bearish cross within the %K and %D lines, and the RSI is flattening in the negative region. If the price falls further, immediate support could come from the 152.80 barrier before meeting the 200-day SMA at 151.94. More [..]

Technical Analysis – USDCAD aims for more progress near 200-SMA

Posted on November 5, 2021 at 8:48 am GMT

USDCAD has been rising on the support of the red Tenkan-sen line this week, reaching the limits of the 200-day simple moving average (SMA) and the 50% Fibonacci of the 1.2006 – 1.2947 upleg at 1.2477. The compression in Bollinger bands foreshadows a significant change in volatility ahead, with the momentum indicators signaling that the breakout could be on the upside. The RSI has crawled above its 50 neutral mark, the MACD is recovering above its red signal line, and [..]

Technical Analysis – US 500 index has more bullish fuel in store; next stop 4,720

Posted on November 4, 2021 at 4:04 pm GMT

The US 500 stock index (cash) has been breaking record after record over the past two weeks, and although overbought signals are flashing red at the moment, the unstoppable rally still has some room for improvement. The RSI is approaching April’s peak in the overbought territory and the Stochastics are printing a lower high, both warning that the bears could be around the corner. However, with the price trading some way below the key resistance line from September 2020 at 4,720, the bulls [..]

Technical Analysis – EURUSD buyers re-emerge near 15-month low levels

Posted on November 4, 2021 at 1:50 pm GMT

EURUSD has been edging relatively sideways for nearly a month now, but the price action seems to be adhering to the trajectory of a medium-term restrictive trend line, which is pulled from the 1.2254 peak. The converging simple moving averages (SMAs) are confirming the trendless market. Moreover, the Ichimoku lines are presently not indicating a reliable price direction, while the short-term oscillators are conveying mixed messages in momentum. The MACD, which has dipped marginally beneath its red trigger line along [..]

Technical Analysis – EURJPY range bound after rally retraces below 23.6% Fibonacci

Posted on November 4, 2021 at 11:08 am GMT

EURJPY is testing the 131.46-131.57 base of the 10-day consolidation, which is fortified by the 38.2% Fibonacci retracement of the up leg from 128.32 until the four-month high of 133.47. The pair glided into a sideways market after the rally that began off the 128.32 level surrendered some ground from the 133.47 peak. Currently, the 50- and 100-period simple moving averages (SMAs) are not endorsing any clear price trend. The short-term oscillators are showing that sellers are in command. The [..]

Technical Analysis – WTI oil futures correct sharply higher but some caution still in play

Posted on November 4, 2021 at 10:49 am GMT

WTI oil futures (December delivery) found immediate support near the 79.83 level following the bearish breakout below the trendline on Wednesday. Today’s upside reversal helped the RSI bounce on its 50 neutral mark and stay within the bullish area, though the cautious mood may not fade away unless the price returns above the trendline. The weakness in the MACD and the negative slope in the Stochastics are currently flagging that the bears are still in town. The falling red Tenkan-sen [..]

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