Technical Analysis / Page 334

Technical Analysis – AUDUSD bounces off 1-month low below 0.72

Posted on September 30, 2021 at 6:55 am GMT

AUDUSD has been underperforming in the past two days, diving to a one-month low of 0.7172 and remaining below the Ichimoku cloud and the short-term simple moving averages (SMAs). However, today, the price is ticking up again with the RSI mirroring this latest movement. The MACD is still moving downwards with strong momentum beneath its trigger and zero lines. The next target to the downside is the nine-month low of 0.7103. At this stage the market would likely a resumption [..]

Technical Analysis – EURGBP resistance barricade denies extension of rally

Posted on September 29, 2021 at 3:31 pm GMT

EURGBP’s latest upside momentum has stalled at the resistance ceiling of 0.8658-0.8671, which was formed by the July and May highs. The until recently trendless simple moving averages (SMAs) are now reflecting the upsurge in positive price action with their slightly raised bearings. The short-term oscillators are demonstrating that buyers are struggling to push the price over the limiting border of 0.8658-0.8671. The MACD continues to strengthen far above its red trigger line, suggesting buyers are in command. Yet, the [..]

Technical Analysis – NZDUSD starts new bearish cycle within channel

Posted on September 29, 2021 at 11:26 am GMT

NZDUSD embarked itself on a new bearish cycle after the bulls got defeated once again near the tough resistance trendline drawn from February’s four-year high of 0.7463. The 0.7000 level could not catch the fall this week, with the price currently seeking shelter near the 0.6930 handle, where bearish actions halted several times over the past few months. While a rebound at this point cannot be excluded, the momentum indicators are currently flagging that the sell-off has more room to run. With the MACD decelerating below [..]

Technical Analysis – USDJPY gains opposed by critical resistance of 111.71

Posted on September 29, 2021 at 8:26 am GMT

USDJPY is confronting the March 2020 rally high of 111.71 for a second time in nearly three months after its recent bullish propulsion from around the 109.00 handle. The 200-day simple moving average (SMA) is defending the medium-term positive structure, while the marginal upturn in the 50- and 100-period SMAs is indicative of the recent intensity in positive price action. The short-term oscillators are reflecting the battle buyers are encountering in pushing above the crucial 111.71 resistance boundary. Despite the [..]

Technical Analysis – Gold remains under pressure; indicators suggest bullish bias

Posted on September 29, 2021 at 6:28 am GMT

Gold prices are ticking up, following the rebound off 1,728 in the previous 4-hour sessions. However, in the broader outlook, the market has been bearish since September 3, but the technical indicators are confirming the latest upside momentum. The RSI is moving marginally up in the negative territory, while the MACD is ready for a bullish crossover within its trigger line below the zero level. If the price continues to rise, immediate resistance could come from the 20-period simple moving [..]

Technical Analysis – USDCAD rises in negative tendency in near term

Posted on September 28, 2021 at 8:53 am GMT

USDCAD has finally reversed to the upside in the very short term after printing lower highs and lower lows in the preceding week. However, the downward pattern may not change unless the market crawls substantially above the 1.2895 resistance. The momentum indicators in the 4-hour chart though, currently support that positive momentum is likely to strengthen in the short-term. Specifically, the RSI is picking up speed below the 50 level and the stochastic oscillator posted a bullish crossover within the %K and %D lines. Should the [..]

Technical Analysis – GBPUSD steering forces feeble around support base

Posted on September 28, 2021 at 8:34 am GMT

GBPUSD is consolidating in the proximity of the support foundation of 1.3564-1.3621, which has defended the positive structure from the beginning of February. The converging simple moving averages (SMAs) are currently lacking a clear direction in trend. Furthermore, the short-term oscillators are indicating a phase where directional momentum is not decisive. The MACD, is flattening below its red trigger line slightly beneath the zero threshold, while the RSI is drifting sideways in negative territory. The stochastic oscillator’s %K line has [..]

Technical Analysis – EURJPY fights for a bullish trendline breakout

Posted on September 28, 2021 at 7:30 am GMT

EURJPY resumed its positive momentum on Tuesday after a neutral start to the week with scope to test the descending trendline drawn from June’s 3 ½-year high and the 130.00 mark, which proved hard to claim yesterday. A sustainable move above the trendline would signal further continuation of last week’s rebound, which took place exactly where the summer sell-off paused in August, creating a sort of double bottom pattern around 127.92. Hence, if traders monitor this bullish structure, they will [..]

Technical Analysis – WTI futures climb sharply higher, hitting new highs

Posted on September 28, 2021 at 7:14 am GMT

WTI futures have been in an extremely bullish rally over the last week, meeting a three-month high of 76.37. The broader outlook is also positive after the rebound off 61.75, while the technical indicators are heading north. The RSI is holding in the overbought region and the MACD oscillator is gaining momentum above its trigger and zero lines. In case the market moves higher, the next resistance could be the inside swing low of October 2014 at 79.10 before the [..]

Technical Analysis – US 500 index struggles to clear longer-term MAs

Posted on September 27, 2021 at 1:59 pm GMT

The US 500 stock index’s (Cash) recent progress has hit a snag around the converged 100- and 200-period simple moving averages (SMAs), pulling back after spiking to the September 17 high of 4,482. The lagging SMAs are now endorsing a more neutral price tone in the pair. The short-term oscillators are reflecting the recent price drop and are signalling that upside momentum lacks potency to revive the price incline. The MACD in the positive region is slowing towards its red [..]

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