Technical Analysis / Page 4

Technical Analysis – USDCAD slides towards the lower bound of a range

Posted on July 4, 2024 at 2:59 pm GMT

USDCAD oscillates within a sideways range Momentum starts shifting negative A break below 1.3590 could turn the picture negative A move above 1.3750 could invite more bulls USDCAD came under selling interest this week, after hitting resistance near the 1.3750 zone, the upper bound of a sideways range, within which the pair has been mostly oscillating since April 10. The price is now approaching the lower boundary, which currently coincides with the 200-day exponential moving average (EMA). Both the RSI [..]

Midweek Technical Look – Gold, GBPUSD, EURUSD

Posted on July 4, 2024 at 1:18 pm GMT

Gold cheers on weaker business data, but a break above 2,368 is still needed GBPUSD retains positive momentum as the UK election kicks off; eyes on 1.2770 EURUSD resumes recovery mode; aims for a close above 200-SMA [..]

Technical Analysis – BTCUSD battles with 200-day SMA

Posted on July 4, 2024 at 12:46 pm GMT

BTCUSD drops to a fresh 2-month low Currently tests the crucial 200-day SMA Momentum indicators hover near oversold territories BTCUSD (Bitcoin) has been experiencing a extensive selloff since the beginning of June, forming a series of fresh lows. Despite a minor rebound last week, the price’s decline has accelerated in the past couple of sessions, with the bears challenging the 200-day simple moving average (SMA) on Thursday. Should Bitcoin violate that crucial hurdle, the April bottom of 56,483 could act as [..]

Technical Analysis – WTI crude oil moves sideways in the very short-term

Posted on July 4, 2024 at 10:05 am GMT

WTI crude oil still above SMAs RSI and MACD indicate weakening momentum WTI crude oil futures are continuing to bounce off the 72.45 support level, remaining in an upside mood, but the current very short-term view is neutral. The price stands above the 81.90 support level after the bullish crossover within the 20-, 50- and 200-day simple moving averages (SMAs). According to technical oscillators, the RSI is still standing above the 50 level but is pointing south, while the MACD is [..]

Technical Analysis – EURUSD holds above 200-period SMA

Posted on July 4, 2024 at 9:52 am GMT

EURUSD continues the rebound off 1.0670 Price is bullish in near term Momentum oscillators are mixed EURUSD is finding strong support at the 200-period simple moving average (SMA) in the 4-hour chart near 1.0785. Also, the pair has been holding in an upside tendency after the bounce off 1.0670, with the MACD oscillator is holding above its trigger and zero lines. However, the RSI is flattening slightly beneath the 70 level. If the bulls drive the market higher, then the [..]

Technical Analysis – GBPAUD in the red, a tad above its recent lows

Posted on July 4, 2024 at 7:45 am GMT

GBPAUD edges lower as the UK general election is underway Downward trend from the March 5 high remains intact Stochastics close to sending a bullish signal GBPAUD is edging lower as the market is closely following the UK general election held today. Some GBP weakness is sensible considering the importance of today’s risk event, but market participants could also be reconsidering the possibility of a rate hike by the RBA following the June meeting minutes and a plethora of positive [..]

Technical Analysis – AUDUSD challenges upper limit of its range

Posted on July 4, 2024 at 7:37 am GMT

AUDUSD attempts to break above sideways structure Oscillators are heavily tilted to the bullish side AUDUSD has been trading sideways for more than a month now, unable to adopt a clear directional impetus. However, in the last two sessions, the bulls have been testing the upper end of the neutral pattern, where a decisive break could trigger a sharp move to the upside. If buying pressures persist and the price closes above 0.6713, the recent resistance of 0.6732 could prove to be [..]

Technical Analysis – Gold retains positive attitude

Posted on July 3, 2024 at 9:53 am GMT

Gold picks up steam towards a key resistance region ahead of US Independence day Short-term bias is positive, but an extension above 2,352 is necessary ISM services PMI, ADP employment, FOMC meeting minutes on the agenda Gold bulls returned with stronger positive momentum on Wednesday and hit an almost two-week high of 2,287. This came after Fed chairman Powell acknowledged progress on inflation and as investors awaited a slew of US data before the 4th of July holiday [..]

Technical Analysis – AUDUSD posts several sessions of gains

Posted on July 3, 2024 at 9:23 am GMT

AUDUSD develops in an upward sloping channel RSI and MACD continue the upside move AUDUSD is creating several green 4-hour sessions after the bounce off the 200-period simple moving average (SMA). The pair has been trading within an ascending channel since June 17, with immediate resistance at 0.6687 that failed a couple of times to break it. Technically, the RSI indicator is standing above the neutral threshold of 50 with strong positive momentum, while the MACD is holding above its [..]

Technical Analysis – NZDUSD meets support at 38.2% Fibo

Posted on July 3, 2024 at 8:08 am GMT

NZDUSD is in a steady decline since early June Completion of golden cross fails to trigger a recovery Oscillators are tilted to the bearish side NZDUSD had been in an aggressive uptrend following its 2024 bottom of 0.5851 in mid-April, surging to a six-month high of 0.6220 in June. However, the pair has come under severe selling pressure since then, with the 200-day simple moving average (SMA) preventing further declines for now. Should the bears attempt to push the price lower, immediate [..]

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