Technical Analysis / Page 344

Technical Analysis – NZDUSD still rises after the rebound off 0.6800

Posted on August 25, 2021 at 7:21 am GMT

NZDUSD is still moving higher after the rebound off the 0.6800 support level, reaching the 20- and 40-day simple moving averages (SMAs). Technically, the RSI indicator is flattening near the neutral threshold of 50, while the MACD is rising in the bearish territory, approaching the trigger line. If the price jumps above the SMAs, the next immediate resistance could come from the 0.7100 psychological level, which holds near the 200-day SMA. Even higher, the market could meet the medium-term descending [..]

Technical Analysis – US 500 index doubles March 2020 lows as record rally continues

Posted on August 24, 2021 at 3:06 pm GMT

The US 500 stock index (cash) keeps trading in a perfect uptrend in the daily chart, marking highs after highs for the fifth consecutive month, having almost doubled its price from the March 2020 lows to a fresh record of 4,495 on Tuesday. Technically, the upward pattern shows no signs of abating as the upward slope in the simple moving averages is defending the positive trend. Therefore, the rally could chase fresh records in the uncharted territory in the short term, [..]

Technical Analysis – WTI futures rises above short-term SMAs

Posted on August 24, 2021 at 10:55 am GMT

WTI crude oil futures have been in a strong positive movement over the last 4-hour sessions, following the turning point at the 61.75 support level. The price jumped above the short-term SMAs and is moving towards the Ichimoku cloud. The RSI is approaching the overbought territory, while the MACD is holding above its trigger and zero lines. The price is heading towards the 67.50 barrier before potentially resting around the 69.45 resistance, which overlaps with the 200-period SMA. If the [..]

Technical Analysis – USDCAD plummets after 9-month high; eyes on trendline

Posted on August 24, 2021 at 10:02 am GMT

USDCAD has lost more than 2.0% since the peak at a nine-month high of 1.2947 on Friday, but the bearish wave is not over yet according to the technical indicators in the four-hour chart. Specifically, although the RSI is testing its previous support area, it is still some distance above its 30 oversold level, keeping the bias skewed on the bearish side. Meanwhile, the MACD has entered the negative zone, while the red Tenkan-sen line has dipped below the blue [..]

Technical Analysis – GBPUSD lays foundation for an upside reversal

Posted on August 24, 2021 at 7:25 am GMT

GBPUSD built the foundation for a new bullish wave after completing a morning star candlestick pattern with a tall green candle on Monday. The cheering setup occurred near the surface of the broken descending channel, which acted as a lifesaving support this time, and around the previous low of 1.3570, further endorsing the case for an upside reversal. In momentum indicators, signals are encouraging as well given the clear rebound in the RSI and the Stochastics, though the former has yet to [..]

Technical Analysis – EURJPY takes a breather after bearish move

Posted on August 24, 2021 at 6:56 am GMT

EURJPY is pointing upwards for the third straight day after the bounce off the 127.90 support level. The price is moving towards the 200-day simple moving average (SMA) and if it surpasses this line, the market could shift from bearish to neutral. The RSI indicator is mirroring the positive view, while the stochastic is approaching the overbought zone. More bullish actions could find immediate resistance at the 40-day simple moving average (SMA) around 129.82 ahead of the 130.55 barrier. Overcoming these [..]

Technical Analysis – Gold in confusion within tight range

Posted on August 23, 2021 at 9:25 am GMT

Gold is in a tight range with the 1,780 – 1,770 zone as the quick bounce from the five-month low of 1,680 was not enough to pierce a former support region and the 20- and 50-day simple moving averages (SMAs). Notably, the surface of the descending channel, which lost some credence following May’s breakout, seems to be back into focus, acting as resistance again within the same region. From a technical perspective, the signals are still confusing, providing little direction [..]

Technical Analysis – EURUSD set to rebound but no guarantees yet

Posted on August 23, 2021 at 7:19 am GMT

EURUSD is pushing for a rebound after its latest downfall snapped the March trough of 1.1703 to mark a new lower low at 1.1663, the lowest since November 2020. Despite the bullish appetite in the price, the technical indicators cannot guarantee any sustainable recovery in the market yet. The RSI has bottomed twice near its 30 oversold mark, but it continues to fluctuate within the bearish area, while the Stochastics haven’t officially abandoned the oversold region yet. Likewise, the MACD, [..]

Technical Analysis – NZDUSD licks wounds at 9-month low; more losses may come

Posted on August 20, 2021 at 12:27 pm GMT

NZDUSD slid to a more than 9-month low of 0.6804 on Friday, extending its weekly losses. But the selloff may not be over as the momentum indicators remain deep in bearish territory. The Stochastics have tumbled within the oversold zone but have yet to show signs of reversing higher. The RSI, meanwhile, has flatlined just above the 30 level. The only positive signal is coming from the price having violated the lower Bollinger band, which indicates that a rebound may [..]

Technical Analysis – USDCAD prints positive move to new 8-month high

Posted on August 20, 2021 at 7:49 am GMT

USDCAD posted an aggressive rally on Thursday, jumping above the 1.2810 barrier and printing a new eight-month high of 1.2920. The MACD oscillator is going up above its trigger line, while the RSI is moving into overbought territory. The Ichimoku lines are rising higher, and so are the 20- and 40-day simple moving averages (SMAs), of which the former has crossed to the upside of the 200-day SMA. Taking the previous high as a reference point, a subsequent push up might take the price as far [..]

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