Technical Analysis / Page 371

Technical Analysis – Gold pulls back but upside trend still in play

Posted on June 2, 2021 at 11:56 am GMT

Gold remains under pressure, reaching the 40-period simple moving average (SMA) in the last four-hour session. The short-term technical indicators are returning to a bullish signal, with the stochastic oscillator creating a positive crossover within the %K and %D lines, while the RSI is sloping upwards around the neutral threshold of 50. The next target to watch is the five-month high around 1,916, before heading towards the 1,959 resistance, registered in January 2021. In the negative scenario, the lower band [..]

Technical Analysis – NZDUSD still bullish, edges toward tentative uptrend line

Posted on June 2, 2021 at 8:22 am GMT

NZDUSD has found a toehold on the mid-Bollinger band, a tad beneath the 0.7239 level, which happens to be the 23.6% Fibonacci retracement of the up leg from 0.6510 until 0.7464. The minor pickup in the slope of the 50-day simple moving average (SMA) and a possible bullish crossover of the flattening 100-day SMA, slightly overhead at 0.7179, could aid short-term improvements in the price. The 200-day SMA continues to act as a shield for the broader bullish picture. The [..]

Technical Analysis – USDJPY ticks up, finding support at Ichimoku line

Posted on June 2, 2021 at 7:00 am GMT

USDJPY has reversed back up after finding support at the red Tenkan-sen line. The momentum indicators are suggesting mixed signals in the short term with the RSI ticking higher in the positive territory and the stochastic is heading south after the bearish cross within the %K and %D lines suggesting a downside reversal is nearing. Moreover, the MACD oscillator is moving sideways in the bullish area. In the event of an upside move, the 110.20 resistance could act as a [..]

Technical Analysis – WTI futures push above ceiling at 68.00 mark

Posted on June 1, 2021 at 10:36 am GMT

WTI oil futures have propelled to a 31-month high of 68.40, overcoming the 68.00 handle, which had limited gains for around two-months. The bullish crossover of the 100-period simple moving average (SMA) by the 50-period one is suggesting positive sentiment is gaining some pace. Although currently frozen, the Ichimoku lines are also reflecting the pickup in positive momentum. The short-term oscillators are skewed to the upside; however, they are also mirroring the slight pause in bullish price action. The MACD [..]

Technical Analysis – EURJPY cools near 134.00 level but climb remains intact

Posted on June 1, 2021 at 8:01 am GMT

EURJPY has hiked towards a 39½-month high marginally overshooting the 134.00 handle. Although the pair’s immediate bullish drive has vanished just short of the resistance barrier of 134.16, the ascending simple moving averages (SMAs) are bullet proofing the uptrend. Despite the flattening of the red Tenkan-sen line, the Ichimoku lines are establishing firm defences to counter price pullbacks. The short-term oscillators are also favouring the upside as positive momentum currently possesses a marginal advantage. The MACD is sticking above its [..]

Technical Analysis – GBPUSD reaches new 35-month high

Posted on June 1, 2021 at 6:52 am GMT

GBPUSD created a new 35-month high of 1.4238, remaining well above the long-term rising trend line. The MACD is flirting with the trigger line for a potential downside retracement in the positive region, while the RSI is turning slightly up above the 50 level. The 20- and 40-day simple moving averages (SMAs) posted a bullish crossover and the 200-day SMA is keeping the upside move. Steeper increases could take the bulls until the 1.4345 resistance, registered in January 2018. Stretching [..]

Technical Analysis – EURCHF oversteps 200-MA and heads for ceiling of consolidation

Posted on May 31, 2021 at 3:28 pm GMT

EURCHF is currently trying to extend beyond the 200-period simple moving average (SMA) following its latest bounce within the support section of 1.0915-1.0931. The negative slopes of the SMAs have somewhat calmed, which is endorsing the ranging market mood. Although the Ichimoku lines have been recently unclear of direction, they are now reflecting a pickup in positive momentum. The short-term oscillators are also reflecting growing bullish sentiment. The MACD is strengthening above its red trigger line, while the RSI is [..]

Technical Analysis – USDJPY maintains weak bias in near term; broader trend is bullish

Posted on May 31, 2021 at 12:35 pm GMT

USDJPY has been underperforming in the past couple of days, breaking back below the key 110.00 level. When looking at the bigger picture the pair has been in a bullish tendency since April 23. The RSI is trying to restore upside movement and the stochastic oscillator is ready to create a bullish crossover within the %K and %D lines. If price action remains above the 23.6% Fibonacci retracement level of the up leg from 107.47 to 110.20 at 109.55, there [..]

Technical Analysis – US 500 sees bullish drive evaporate

Posted on May 31, 2021 at 12:19 pm GMT

The US 500 stock index (Cash) is hovering around the 4,200 mark after recently improving from the 50-day simple moving average (SMA). The advancing SMAs are shielding the broader bullish outlook, while the flattening in the Ichimoku lines is indicating the lack of positive drive within the index. The short-term oscillators are reflecting a muted positive market mood. The MACD is above its red trigger line, slightly north of the zero threshold, while the RSI appears to be fading in [..]

Technical Analysis – AUDUSD heads up in downside correction mode

Posted on May 31, 2021 at 11:47 am GMT

AUDUSD found strong support at the 0.7677 barrier, driving the market within both the short- and long-term timeframes in the 4-hour chart. The RSI is standing marginally beneath the neutral threshold of 50, while the MACD surpassed its trigger line in the negative territory. In trend indicators, the Ichimoku cloud is acting as a powerful resistance, however, the Ichimoku lines are flattening. Any upside pressures above the SMAs and the 0.7755 level, and the market could open the door for [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

Technical Analysis

XM Live Chat