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Technical Analysis

Technical Analysis – EURGBP starts to take a bullish shape

Posted on March 13, 2024 at 9:31 am GMT

EURGBP gets rejected near 50-day SMA after rebound Market structure develops into a bullish double bottom pattern Buyers need a rally above 0.8577 to dominate   EURGBP could not surpass its 50-day simple moving average (SMA) at 0.8553 on Tuesday. However, the bullish double bottom pattern, which started to take shape around February’s base of 0.8500, might generate buying interest in the coming sessions in hopes the pair will soon stage an upside trend reversal. The technical indicators have turned upwards, [..]

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Technical Analysis – Gold advances again after rebound off 2,150

Posted on March 13, 2024 at 8:21 am GMT

Gold turns up after negative retracement Technical signs are mixed Gold prices rebounded off the 2,150 support level after creating a bearish correction from the strong rally towards the fresh all-time high of 2,195 on Friday in the 4-hour chart. The technical oscillators are showing some contradicting signs as the MACD is losing momentum beneath its trigger line. However, the stochastic is gaining some momentum following the bullish crossover within the %K and %D lines in the oversold territory. If the [..]

Technical Analysis – USDJPY stuck inside a key range

Posted on March 13, 2024 at 7:48 am GMT

USDJPY trades sideways in anticipation of next week’s key events USDJPY’s correction halted a tad above the 200-day SMA Momentum indicators support the bearish trend but with less conviction USDJPY is trying to record a green candle today as it tests the resistance set by the 146.65-148.28 range. The correction from the late February highs halted at the 200-day simple moving average (SMA) with market participants potentially positioning for the key events ahead, which include wage talk results and next week’s [..]

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Technical Analysis – Gold advances again after rebound off 2,150

Posted on March 13, 2024 at 7:32 am GMT

Gold prices rebounded off the 2,150 support level after creating a bearish correction from the strong rally towards the fresh all-time high of 2,195 on Friday in the 4-hour chart. The technical oscillators are showing some contradicting signs as the MACD is losing momentum beneath its trigger line. However, the stochastic is gaining some momentum following the bullish crossover within the %K and %D lines in the oversold territory. If the market continues to the upside, then the market could [..]

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Technical Analysis – US 100 stock index at risk of double top

Posted on March 12, 2024 at 2:01 pm GMT

US 100 stock index forms bearish structure The market could balance selling forces above 17,800   The US 100 stock index (cash) seems to have formed a bearish double top pattern within a rising channel and around the peak area of 18,338. The bears will have to successfully complete that negative pattern below the 17,800-17,914 neckline to visit the 50-day exponential moving average (EMA) and the 23.6% Fibonacci of 17,389. Slightly lower, the constraining ascending line from January 2023 might act as a safety [..]

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Technical Analysis – Apple stock rebounds from 4-month low

Posted on March 12, 2024 at 1:36 pm GMT

Apple shares slide to the lowest since October 31 But find their feet and recoup minor losses Momentum indicators exit oversold territories   Apple’s stock has been very volatile in the past few months, opening frequently with significant price gaps. In the short term, the stock has been in a steep decline, falling to a fresh four-month bottom of 168.30 last week before paring some losses. Should the rebound falter, the bears might try to push the price back below the [..]

Technical Analysis – EURUSD in the middle of 2020-2022 downtrend

Posted on March 12, 2024 at 9:16 am GMT

EURUSD trades neutral as US CPI inflation data loom Short-term upleg intact but risks remain below 1.0968   EURUSD has been capped below the 50% Fibonacci retracement of the 2020-2022 downtrend at 1.0945 since Friday’s flash spike halted near the 1.0980 level and around the resistance trendline from May 2021 on Friday. The US CPI inflation data could generate fresh volatility today at 12:30 GMT, and the protective 50% Fibonacci retracement of the latest downleg is currently feeding optimism that [..]

Technical Analysis – EURJPY drops below ascending channel

Posted on March 12, 2024 at 8:22 am GMT

EURJPY descends below ascending channel But 50-day SMA prevents further retreats Momentum indicators are tilted to the downside EURJPY has been in a steady advance since December 2023, peaking at the 2024 high of 163.70 on February 27. Since then, the pair has been undergoing a minor correction breaking below the lower end of its upward sloping channel before finding strong support at the 50-day simple moving average (SMA). Should the 50-day SMA fail to hold its ground, the pair could decline [..]

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Technical Analysis – EURCHF retraces back towards 38.2% Fibonacci

Posted on March 11, 2024 at 2:13 pm GMT

EURCHF hits a fresh 3-month high last week But reverses back towards 38.2% Fibonacci Momentum indicators ease from overbought levels   EURCHF has been in a long-term downtrend since the beginning of 2023, dropping to an all-time low of 0.9252 on December 29. However, the pair has been staging a recovery in 2024, violating the downward sloping trendline that connects its lower highs in the past year and posting a fresh three-month peak last week. Should bullish pressures persist, the pair could revisit [..]

Weekly Technical Outlook – USDJPY, GBPUSD, Nvidia

Posted on March 11, 2024 at 1:30 pm GMT

USD/JPY eyes 200-day SMA after dramatic downfall; US CPI next on the calendar GBP/USD resumes bullish outlook as UK jobs data loom Nvidia stock sinks the most in a while. Where next for the AI king?   US CPI inflation –> USD/JPY February saw a jobs growth of 275k in the US, surpassing analysts’ expectations. However, a downward revision in previous readings and a rise in the unemployment rate, along with slowing wages, fueled rate cut projections and led to more selling [..]

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