Technical Analysis / Page 336

Technical Analysis – US 30 index advances after bullish double bottom pattern

Posted on September 23, 2021 at 3:33 pm GMT

The US 30 index (cash) charted a bullish double bottom pattern near July’s base of 33,815 on the four-hour chart, with the price skyrocketing to 34,747 on Thursday following the close above the 33,324 neckline. Having breached the 50-period simple moving average (SMA) too, the rally could get more legs towards the 100-period SMA at 34,844 as the RSI is still some distance below its 70 overbought level, and the Stochastics have yet to peak above 80. Meanwhile, the MACD managed to step into the [..]

Technical Analysis – EURUSD turns bullish in very short term after dramatic slump

Posted on September 23, 2021 at 11:53 am GMT

EURUSD is posting positive sessions, surpassing the 20-period simple moving average (SMA), following the bounce off 1.1682. Immediate resistance could come from the 23.6% Fibonacci retracement level of the downward wave from 1.1908 to 1.1682 at 1.1735 before meeting the 40-period SMA at 1.1748 and the 1.1755 barrier. More bullish actions could take the market towards the 38.2% Fibonacci of 1.1768 and the 200-period SMA at 1.1773. Surpassing this crucial line would shift the bias from bearish-to-neutral, challenging 1.1785 and the 50.0% Fibonacci [..]

Technical Analysis – GBPJPY makes slight headways from bottom of range

Posted on September 23, 2021 at 10:57 am GMT

GBPJPY has pushed higher off a two-month low of 148.94 but is finding some difficulty in extending the move far above the 150.00 mark. The bearish simple moving averages (SMAs) are endorsing the decline from the 152.84 peak, while the Ichimoku lines are conveying a drop in the pair’s negative potency, but have yet to signal that downward forces have fully abated. As things stand, the short-term oscillators are suggesting positive momentum is on the rise. The MACD, in the [..]

Technical Analysis – AUDUSD resilient above 0.7230, but still under bearish risk

Posted on September 23, 2021 at 6:55 am GMT

AUDUSD was unsuccessful in piercing the 0.7300 level late on Wednesday but resilient enough to hold above the familiar base of 0.7230, where the bulls found some footing in the last week of August and market actions paused in the second half of 2020. The RSI and the MACD have yet to show any convincing improvement, with the former maintaining its downward pattern from the start of September comfortably below its 50 neutral mark despite its latest upturn, and the latter [..]

Technical Analysis – WTI futures holds a bullish bias but strong resistance awaits near 73.00

Posted on September 23, 2021 at 6:42 am GMT

WTI futures are climbing above the Ichimoku cloud and the bullish crossover within the 20- and 40-day simple moving averages (SMAs), challenging again the previous days’ high of 72.86. According to the technical indicators, the MACD is overcoming its trigger line and is gaining momentum in the positive region, while the RSI indicator is ticking higher above the neutral threshold of 50. Both are confirming the recent bullish bias in the near term. Also, the market is trading above [..]

Technical Analysis – USDCHF tumbles after topping at 0.9330

Posted on September 22, 2021 at 10:23 am GMT

USDCHF has been trying to break the 0.9330 resistance level in the last few days, but the failed attempt has taken the pair down to the red Tenkan-sen line around 0.9240. Nevertheless, the positive market structure consisting of higher highs and higher lows remains well intact since mid-June, but the short-term oscillators are in favor of the bears. The RSI is moving south above its 50 neutral mark and the stochastic is falling from the overbought region. The short-run risk is looking negative at [..]

Technical Analysis – EURCHF finds wobbly foothold near 200-MA

Posted on September 22, 2021 at 8:06 am GMT

EURCHF’s attempts to recoup lost ground after plummeting towards the 200-period simple moving average (SMA) appear to be lacking decisive upward drive. The less responsive longer-term trend indicators, that being the 100- and 200-period SMAs, are still backing the positive structure, while the 50-period SMA has lost some of its bullish potency, but has yet to confirm that sellers have taken full command. At the moment, the short-term oscillators are displaying mixed signals in directional momentum. The MACD, in the [..]

Technical Analysis – USDJPY indecisive between key boundaries

Posted on September 22, 2021 at 7:32 am GMT

USDJPY used the support around 109.10 once again to stand on its feet on Wednesday after two days of declines. The tough resistance trendline drawn from the top of 111.65 remains the main target at 110.00, and the pair’s resilience above 109.00 increases the odds for an upside breakout. But the momentum indicators are not fully in line with this narrative. The RSI is below its 50 neutral mark and continues to swing in a range. The Stochastics are also following a horizontal trajectory, [..]

Technical Analysis – NZDUSD remains below descending trend line

Posted on September 22, 2021 at 7:29 am GMT

NZDUSD is rising somewhat after it found strong resistance at the long-term descending trend line around the 0.7465 resistance. According to the SMAs, they are mainly promoting a neutral price development. The technical indicators appear to be flat and are signaling weak and mixed indications in directional momentum. Positively, the RSI is attempting to improve in the bullish zone. The MACD oscillator is falling below its trigger line and near the zero level. Sellers may find it difficult to close [..]

Technical Analysis – USDCAD eases after the spike at 1.2895

Posted on September 21, 2021 at 8:39 am GMT

USDCAD posted four straight negative days, following the pullback off the 1.2895 resistance level. The stochastic oscillator dived in the oversold zone; however, the RSI is flattening in the positive region after the drop from the 70 level. The 20- and 40-period simple moving averages (SMAs) are approaching the current market action that are acting as strong support levels. In case the pair slips below the SMAs and the 1.2705 support, it could visit the short-term ascending trend line, which [..]

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