Technical Analysis / Page 39

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 [..]

Technical Analysis – Gold marches to consecutive all-time highs

Posted on March 11, 2024 at 9:03 am GMT

Gold advances sharply after claiming 50-day SMA Generates consecutive record highs in recent sessions Momentum indicators flag overbought conditions Gold has been in a steep uptrend following its profound break above the 50-day simple moving average (SMA), posting a barrage of fresh all-time highs in the past few sessions. However, traders should not rule out a pullback as the momentum indicators have been in their overbought zones for more than a week. Should bullish pressures persist, bullion could initially claim 2,181, which [..]

Technical Analysis – US 500 cash index in the red again

Posted on March 11, 2024 at 8:39 am GMT

US 500 index trades lower after recording a new all-time high The pace of the rally remains aggressive but euphoria dominates Bears continue to closely monitor the stochastic oscillator’s movements The US 500 cash index is edging lower again today after recording a new all-time high of 5,189 last week. Friday’s mixed US labour market data do not appear to have dented the market’s bullish appetite but some profit taking has clearly taken place. Having said that, the pace of the rally since the [..]

Technical Analysis – EURJPY has one more chance before bears take the lead

Posted on March 8, 2024 at 12:24 pm GMT

EURJPY flips backwards to retest familiar support zone Trend signals lean to the negative side More sellers might show up below 160.70 EURJPY could not sustain its recent recovery attempt above the 162.00 round level, drifting lower to seek shelter near the important support trendline, which came to the rescue on Thursday. The pair eased back below its 200-day simple moving average (SMA) and the technical indicators are not in the oversold area at the moment, increasing the possibility of additional [..]

Technical Analysis – USDCHF puts 2024 uptrend in test

Posted on March 8, 2024 at 9:41 am GMT

USDCHF consolidates its 2024 uptrend Short-term bias weakens, but a rebound is still possible USDCHF topped twice around February’s high of 0.8884 and the 200-day exponential moving average (EMA), increasing fears that the 2024 upleg might have peaked, especially after the tick below the nearby 0.8780 support region on Thursday. However, the ascending trendline from December’s low is still intact and is currently being examined at 0.8765, with the possibility that January’s high at 0.8727 could also mitigate pressures. [..]

Technical Analysis – USDCAD loses 1% after pullback from 1.3600

Posted on March 8, 2024 at 8:03 am GMT

USDCAD tumbles below 200-day SMA But remains within ascending channel Stochastics and MACD lose steam USDCAD is plunging after the pullback near the 1.3600 psychological level, remaining within the medium-term upward sloping channel. However, this dive drove the market beneath the 200-day simple moving average (SMA) and the technical oscillators are also losing momentum, indicating more losses. The MACD is standing beneath its trigger line, while the stochastic is slipping into the oversold territory. If the bears continue to sell [..]

Technical Analysis – WTI oil futures in fierce battle with 50.0% Fibo

Posted on March 8, 2024 at 7:52 am GMT

WTI futures jump above the 200-day SMA But fail to conquer the 50.0% Fibonacci level Oscillators suggest intensifying positive momentum WTI oil futures (April delivery) have been staging a comeback after finding their feet at the 68.00 region in December. However, the recovery seems to have been on hold for the past few sessions as the 50.0% Fibonacci retracement of the 64.20-95.02 upleg has been curbing the price’s upside. Given that both the RSI and MACD are tilted to the upside, [..]

Technical Analysis – ETHUSD storms to a fresh 26-month peak

Posted on March 7, 2024 at 2:58 pm GMT

ETHUSD ascends sharply, touching 4,000 psychological mark Momentum indicators are deep within overbought zones Risk of a pullback is high given the overstretched rally ETHUSD (Ethereum) has been in a steep uptrend, surging to consecutive multi-month highs. However, traders should not rule out an impending downside correction as the short-term oscillators are flagging extremely overbought conditions. Should bullish pressures persist, the price might revisit its recent 26-month peak of 3,902. Breaking above that zone, [..]

Technical Analysis – Palladium poised for bullish trend reversal after spike

Posted on March 7, 2024 at 10:20 am GMT

Palladium futures jump by 12.7% Market structure points to bullish trend reversal There are more resistance levels till December’s peak Palladium futures (June delivery) seem to have completed a bullish inverse head and shoulders pattern following Wednesday’s extraordinary rally, which drove the price above the 1,000 neckline. The bullish breakout might produce additional gains in the coming sessions, though the signals coming from the exponential moving averages (EMAs) cannot endorse that scenario. The 20-day EMA has been fluctuating below the 50-day [..]

Technical Analysis – EURUSD wipes out half of January’s downfall

Posted on March 7, 2024 at 9:00 am GMT

EURUSD peaks in overbought zone; trend signals still positive ECB rate announcement comes center stage at 13:15 GMT EURUSD resumed its recovery phase on Wednesday, rising as high as 1.0914 – the highest level since January – before easing slightly lower again. The pair seems to have met overbought conditions in the four-hour chart as both the RSI and the Stochastic oscillator are pivoting lower after peaking around 70 and 80, respectively. Interestingly, the warning signals came after the price faced a [..]

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