Technical Analysis / Page 324

Technical Analysis – GBPUSD flatlines within bearish channel ahead of BoE

Posted on November 4, 2021 at 8:05 am GMT

GBPUSD has been flatlining within the 1.3600 – 1.3700 area so far this week, unable to find enough buying traction to recoup the pullback from the down-trending channel ahead of the Bank of England’s policy meeting at 12:00 GMT today. On the positive side, the price seems to be rejecting any downfalls towards the bottom of the channel, increasing the case for another test of the upper boundary of 1.3780. Prior to that, the bulls will also need to overcome the shorter-term [..]

Technical Analysis – USDCHF bullish forces unable to gain advantage; bias bearish

Posted on November 3, 2021 at 3:48 pm GMT

USDCHF has been deteriorating for a month after the pair hit a near 6-month peak just shy of the long-term trendline pulled from the April 2019 high of 1.0235. The price is currently steady at the mid-Bollinger band at 0.9130 and is adhering to a one-month decline. The bearish 50- and 100-period simple moving averages (SMAs) are nourishing the descent, while the gradual falling of the 200-period SMA is signalling that the pair is cementing its negative bearing. The short-term [..]

Technical Analysis – Gold plunges below supportive trendline

Posted on November 3, 2021 at 1:48 pm GMT

Gold slid aggressively below the ascending trendline in the four-hour chart on Wednesday, signalling more negative sessions ahead. The 50% Fibonacci retracement of the 1,833 – 1,722 downleg at 1, 777 is also positioned in the same region, making any violation important to watch. With the RSI extending its downtrend towards its 30 oversold level, and the MACD hovering below its signal and zero lines, the odds look to be against the market. Encouragingly, though, the Stochastics suggest the sell-off [..]

Technical Analysis – WTI futures penetrate ascending line to the downside around 82.00

Posted on November 3, 2021 at 11:22 am GMT

WTI crude oil futures are trying to break the medium-term uptrend line to the downside, meeting the 23.6% Fibonacci retracement level of the upward wave from 67.37 to 84.90 at 81.13. Even lower the price could continue facing selling interest until the 80.62 support before challenging the 200-period simple moving average (SMA) at 78.80. Marginally lower, the 38.2% Fibonacci at 78.51 may pause the descending move. The technical indicators are confirming the recent downside movement. The MACD oscillator is heading [..]

Technical Analysis – GBPJPY buyers incapable of dismissing bearish trajectory

Posted on November 3, 2021 at 9:26 am GMT

GBPJPY’s decline may have recently taken a breather but bearish signals suggest the pair’s downward path may resume in the near-term. While the 200-period simple moving average (SMA) remains an upside defence for the positive structure, the slowing incline of the 100-period SMA and the fresh bearish crossover of it by the 50-period SMA, are hints that the bearish trend is gaining pace again. The Ichimoku lines are indicating the pause in negative forces, while the short-term oscillators, which are [..]

Technical Analysis – USDJPY constrained below 114.00 ahead of FOMC policy decision

Posted on November 3, 2021 at 8:33 am GMT

USDJPY has been constrained between the support-turned-resistance trendline and the 20-day simple moving average (SMA) over the past week, unable to clearly close above the 114.00 level ahead of the FOMC policy announcement. The upward slope in the shorter-term SMAs is endorsing the bullish market structure from September’s lows, but the momentum indicators are foreseeing depressed trading in the coming sessions. Specifically, the RSI continues to make lower highs and lower lows towards its 50 neutral mark, the MACD remains [..]

Technical Analysis – NZDUSD tries to exit from tight range of 0.7127-0.7215

Posted on November 3, 2021 at 7:38 am GMT

NZDUSD has been trading in a narrow range between 0.7127 and 0.7215 since October 19. The technical indicators are in confusion as the RSI is pointing marginally up after the bounce off the 50 level, while the MACD is falling below its trigger line. Furthermore, the 200-day simple moving average (SMA) is flattening, which confirms the recent lack of upward momentum in the market. If the bulls gain control, they have a chance to push the market above the 0.7215 [..]

Technical Analysis – EURGBP picks up and oversteps 200-MA

Posted on November 2, 2021 at 4:12 pm GMT

EURGBP is currently maintaining a positive bearing and is a tad above the 200-period simple moving average (SMA) at 0.8505. The upturn in the 100-period SMA and the nearing of a bullish crossover of it by the rising 50-period SMA is endorsing the recently growing uptrend. The climbing Ichimoku lines are indicating positive drive is present, while the short-term oscillators are promoting mixed signals in momentum. The MACD is strengthening above its red trigger line in the positive zone and [..]

Technical Analysis – USDCAD edges sideways as negative forces ebb

Posted on November 2, 2021 at 9:28 am GMT

USDCAD is once again making efforts to improve by prodding above the Ichimoku cloud and the 100-period simple moving average (SMA) to face the 1.2400 handle in a ranging market environment that has lasted for a little more than two-weeks. The lagging longer-term oscillators are still sponsoring the negative picture, while the recent upturn in the 50-period SMA is reflecting buyers’ battle to regain a slight lead. The Ichimoku lines are indicating that driving forces have lost their potency and [..]

Technical Analysis – AUDUSD gives up battle with key resistance after RBA policy meeting

Posted on November 2, 2021 at 8:33 am GMT

AUDUSD surrendered to the dovish RBA press conference early on Tuesday, with the price giving up its multi-day battle with the tough 0.7531 resistance territory to seek support near the familiar region of 0.7460. The pair has also breached the red Tenkan-sen line after trading above it for a month, confirming the gloomy mood in the market. The RSI and the MACD are sending some discouraging signals as well, with the former turning sharply down in the bullish region and [..]

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