Technical Analysis / Page 40

Technical Analysis – AUDUSD surges within critical levels

Posted on March 7, 2024 at 7:59 am GMT

AUDUSD rebounds off 0.6485 and surpasses downtrend line MACD and RSI indicate more upside pressure AUDUSD has been experiencing a new up leg over the last couple of days, surpassing above the short-term downtrend line and the flat 200-day simple moving average (SMA), meeting the 50-day SMA near the 0.6590 critical resistance. Technically, the MACD oscillator is standing above its trigger line in the bearish region, while the RSI is pointing upwards above the neutral threshold of 50. If the [..]

Technical Analysis – USDJPY correction picks up speed

Posted on March 7, 2024 at 7:46 am GMT

USDJPY is edging aggressively lower today and closing in on a key support area This is the bears’ first attempt to push USDJPY significantly below the 150 level Momentum indicators support the current correction USDJPY is recording its third consecutive red candle as recent comments by BoJ members are potentially opening the door to a monetary policy move in the upcoming gathering. USDJPY has managed to drop below the 150 threshold and is getting closer to the busy 146.65-147.80 support area. In [..]

Technical Analysis – EURGBP posts new bearish wave in trading range

Posted on March 6, 2024 at 10:02 am GMT

EURGBP eases beneath 23.6% Fibo and SMAs Technical oscillators suggest more downside move EURGBP is posting a new bearish wave within the short-term consolidation area of 0.8500 to 0.8578. The price is currently moving slightly beneath the 20-period simple moving average (SMA) and the 23.6% Fibonacci retracement level of the down leg from 0.8765 to 0.8497 with weak momentum, reflected by the technical oscillators too. The RSI is flattening marginally beneath the neutral threshold of 50, while the MACD approached [..]

Technical Analysis – Gold near all-time high; what’s next?

Posted on March 6, 2024 at 9:45 am GMT

Gold’s impressive appreciation stabilizes near record high The bulls might take a break, but stay in play above 2,100 Gold bulls staged a comeback with a bang, driving the price vertically as high as 2,141 on Tuesday. This is marginally below December’s record high of 2,144 and could induce some consolidation ahead of Powell’s testimony before Congress and Friday’s US jobs data. In the meantime, the precious metal is looking for another upturn in the four-hour chart after posting a [..]

Technical Analysis – NZDUSD stuck in a rectangle pattern

Posted on March 6, 2024 at 8:37 am GMT

NZDUSD gets rejected after claiming 50-day SMA But the decline meets strong support at 200-day SMA Oscillators remain in their negative territories NZDUSD had been in a downtrend since its rejection at 0.6373, which is the 78.6% Fibonacci retracement of the 0.6536-0.5772 region. Despite the pair’s attempt for recovery and its temporary break above the 50-day simple moving average (SMA), it reversed back within its short-term sideways pattern. Given that both the RSI and MACD are tilted to the downside, [..]

Technical Analysis – EURUSD holds in tight range within SMAs

Posted on March 6, 2024 at 7:50 am GMT

EURUSD remains above downtrend line RSI and MACD look weak EURUSD has been developing within a narrow range of the 20- and the 50-day simple moving averages (SMAs) of 1.0805 to 1.0860 respectively. The pair is still standing above the short-term downtrend line and the 200-day SMA, confirming the broader bullish outlook. Technically, the RSI indicator is pointing slightly up above the neutral threshold of 50; however, the MACD oscillator is weakening its momentum above its trigger and zero lines. [..]

Technical Analysis – US 100 stock index meets familiar support zone

Posted on March 5, 2024 at 4:16 pm GMT

US 100 stock index turns red after all-time high Downside risks balanced above 20-day EMA The US 100 stock index (cash) has been in a clear uptrend since October 2023, gaining 28% to pause at a record high of 18,339 on Monday. The index opened at the back foot on Tuesday, but the bearish move is not a concern yet. Instead, the negative action can be considered part of the upward pattern as long as the price holds above the 17,945 level. [..]

Technical Analysis – Cocoa futures ease back after hitting new record

Posted on March 5, 2024 at 3:46 pm GMT

Cocoa futures turn lower after latest record high Short-term steep uptrend line still intact But rally may be on its last legs Cocoa futures (May ’24) slipped on Tuesday as the latest three-day surge paused for breath. Prices hit a new all-time high of 6,673 on Monday, barely surpassing the previous peak of 6,643 set on February 26. This could be a sign that the year-to-date rally is losing steam. The momentum indicators point to some weakening of the bullish [..]

Technical Analysis – EURJPY recovers from mild pullback

Posted on March 5, 2024 at 9:37 am GMT

EURJPY storms back higher towards 2024 peaks Momentum indicators weaken but remain positive EURJPY has been in a steady advance since December 2023, peaking at the 2024 high of 163.70 on February 27. Despite experiencing a pullback in the past week, the pair found its feet and rotated back higher towards its recently registered three-month peak. Given that both the RSI and MACD are within their positive zones, the price may revisit its 2024 high of 163.70. Should that barricade fail, the [..]

Technical Analysis – GBPUSD battles with SMAs within sideways channel

Posted on March 5, 2024 at 8:12 am GMT

GBPUSD continues its consolidating move Medium-term uptrend line acts as strong support GBPUSD is still holding near the mid-level of the medium-term trading range of 1.2520-1.2785. The pair is battling with the 50-day simple moving average (SMA) at 1.2673 again, with the technical oscillators suggesting weak momentum on price. The MACD is flattening near its trigger and zero lines, while the RSI is pointing slightly down, trying to cross below the 50 level. In the case of more notable gains, [..]

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