Technical Analysis / Page 332

Technical Analysis – Gold moves with weak momentum in 4-month trading range

Posted on October 11, 2021 at 6:32 am GMT

Gold prices have been moving sideways with very weak momentum over the last couple of sessions, remaining below the 20- and 40-day simple moving averages (SMAs). The market has been in a trading range since June 16 and regarding the technical indicators the stochastic is heading south, approaching the oversold zone, while the RSI is flattening in the negative region. If the price dips further, immediate support for the bears could be the 1,723 support level before increasing the negative [..]

Technical Analysis – GBPJPY reaches 100 MA after bounce at base of trading range

Posted on October 8, 2021 at 9:16 am GMT

GBPJPY’s current upward drive is questionable around the 100-day simple moving average (SMA) at 152.43 after the 2½-month floor of the sideways market, halted once again negative tendencies from gaining downward momentum. The converging SMAs and especially the 50- and 100-day averages are endorsing the horizontal trajectory in the pair. The short-term oscillators are indicating a scenario of weak positive momentum. The MACD has marginally pushed higher into the bullish region, while the rising RSI is trying to improve further [..]

Technical Analysis – CADJPY extends bullish breakout to 5-month high

Posted on October 8, 2021 at 7:57 am GMT

CADJPY got extra bullish traction following the break above the descending trendline, dissolving the bearish pattern from the 3 ½-year high of 91.17 and printing a new five-month high at 89.24 ahead of the Canadian jobs data on Friday. The RSI and the Stochastics are flirting with overbought levels, making downside corrections likely. That said, neither of them has found a peak to guarantee that case yet. Therefore, the basic scenario is for the pair to keep its positive momentum in [..]

Technical Analysis – USDCAD approaches the lower Bollinger band near 1.25

Posted on October 8, 2021 at 7:24 am GMT

USDCAD is falling after the pullback off the 1.2770 resistance level last week. The price is approaching the lower Bollinger band, while the 20-day simple moving average (SMA) is ready to cross the 40-day SMA to the downside. The MACD is stretching its negative momentum below its trigger and zero lines, while the RSI is holding in the negative region. If the pair dives beneath the 200-day SMA, which overlaps with the lower Bollinger band, it could open the way [..]

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

Posted on October 7, 2021 at 11:33 am GMT

WTI crude oil futures have been in a somewhat negative correction mode over the last couple of sessions after the aggressive upside rally towards the seven-year high of 79.76 on Wednesday. Regarding the technical indicators, the MACD oscillator is losing ground in the positive region and is approaching its trigger line for a possible bearish crossover. Moreover, the RSI is heading south after the jump to the overbought territory. The red Tenkan-sen line is sloping down above the blue Kijun-sen [..]

Technical Analysis – AUDUSD hovers near the SMAs and below 0.7300

Posted on October 7, 2021 at 7:18 am GMT

AUDUSD has been moving sideways over the last couple of sessions, holding near the 20- and 40-day simple moving averages (SMAs) and the lower surface of the Ichimoku cloud. The MACD oscillator is advancing above its trigger line in the negative region, while the RSI is flattening around the neutral threshold of 50. If the price jumps above the SMAs and the 0.7320 resistance level, it could open the door for the 0.7480-0.7500 restrictive area. Moving higher, the 200-day SMA at 0.7577 could halt [..]

Technical Analysis – EURGBP applies brakes on decline around 0.85

Posted on October 6, 2021 at 3:39 pm GMT

EURGBP sellers have steered the latest price descent from the 2-month high of 0.8658 down towards the 0.8500 handle, but buyers are fighting back to overturn further downward price development. The simple moving averages (SMAs) are converging and provide no clear message towards the pair’s directional path. Conflicting proposals in directional momentum are also being conveyed in the short-term oscillators. The MACD, far below the zero threshold, is flirting with its red trigger line, while the negatively charged stochastic oscillator [..]

Technical Analysis – GBPJPY tumbles in the short-term; holds in sideways pattern

Posted on October 6, 2021 at 9:40 am GMT

GBPJPY has lost momentum over the last 4-hour session, finding strong resistance at the descending line that has been standing since September 14. The MACD oscillator is heading downwards, approaching its trigger line for a bearish cross in the positive region, while the RSI is pointing downwards in the bullish area. However, the 20-period simple moving average (SMA) recorded a bullish cross with the 40-period SMA, acting as support for traders. More declines could open the way for a test of the 200-period SMA currently at [..]

Technical Analysis – NZDUSD gains non-existent despite 25bps rate hike

Posted on October 6, 2021 at 9:05 am GMT

NZDUSD appears to have failed to capitalise on the 25bps rate hike to 0.50% out of the Reserve Bank of New Zealand (RBNZ), which was delivered in the Asian trading session. The pair is dropping towards the 0.6875 level, that being the 61.8% Fibonacci retracement of the up leg from 0.6510 until 0.7464, the lower region of a mostly sideways market that began around June 18. The overall trendless simple moving averages (SMAs) are also confirming the fairly ranging price [..]

Technical Analysis – USDJPY back to bullish territory with strong momentum

Posted on October 6, 2021 at 7:01 am GMT

USDJPY is recouping the losses that posted in the preceding week with strong momentum, approaching the 20-month high of 112.07. In technical indicators, the RSI is sloping upwards in the positive region, while the MACD is gaining momentum again above its trigger and zero lines. Moreover, the red Tenkan-sen line is still standing above the blue Kijun-sen line, while the price is trading well above the Ichimoku cloud, endorsing a positive structure. More upside moves could retest the 112.07 key mark before attention turns to the 112.20-112.40 [..]

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