Technical Analysis / Page 406

Technical Analysis – US 500 index tumbles around 20-day SMA; indicators suggest correction

Posted on February 23, 2021 at 1:33 pm GMT

The US 500 index (Cash) is retreating from the record high of 3,963.58, flirting with the 20-day simple moving average (SMA) again, which is acting as a strong support for the bulls. The momentum indicators are suggesting a downside reversal as the MACD is losing ground below its trigger line and the RSI is heading towards the 50 level. Further losses could take the index towards the 50-day SMA currently at 3,800 before slipping into the Ichimoku cloud around the [..]

Technical Analysis – WTI futures ease below 13-month high around 67.00

Posted on February 23, 2021 at 9:41 am GMT

WTI crude oil futures have advanced considerably touching a 13-month high of 62.98 before moving marginally lower from this peak. The negatively aligned Tenkan- and Kijun-sen lines serve as a testament to the negative short-term momentum that is in place. The RSI and the MACD indicators are signaling a potentially overbought market; a near-term reversal should thus not be ruled out. Immediate support may take place around the 62.25 support, while the 20- and 40-period simple moving averages (SMAs) around 60.50 could provide [..]

Technical Analysis – GBPUSD extends gains over 1.4000; upside pressures persist

Posted on February 23, 2021 at 8:44 am GMT

GBPUSD is trailing the upper Bollinger band hiking to a new 34-month high of 1.4085. The pair is exhibiting a sturdy positive tone, something also reflected in the short-term oscillators. The price is steadily progressing above the climbing simple moving averages (SMAs), which are conveying a predominant bullish demeanour. The MACD, in the positive zone, is rising above its red trigger line, while the RSI is preserving its push into the overbought territory. Furthermore, the stochastic oscillator is persisting above the [..]

Technical Analysis – EURJPY insists over 128.00; bullish overall

Posted on February 23, 2021 at 8:42 am GMT

EURJPY is making another attempt to break above the 128.00 level, which was a tough obstacle to pass over the past couple of days despite the spikes above it. The RSI and the MACD suggest the bulls may not abandon the game yet as the former is picking up steam above its 50 neutral mark and the latter seems to be regaining strength above its red signal line. If the rising red Tenkan-sen currently at 127.55 continues to provide a [..]

Technical Analysis – AUDUSD retreats from almost 3-year high above 0.79

Posted on February 22, 2021 at 9:39 am GMT

AUDUSD is plunging from the almost three-year peak of 0.7907, recouping some gains of the previous sessions. The RSI is declining below the overbought zone, while the MACD is failing to improve the positive move, both suggesting a possible downside retracement. However, in trend indicators, the short-term simple moving averages (SMAs) are sloping upwards. A downside movement could find support at the 0.7805-0.7820 area ahead of the 20-period SMA at 0.7798. Even lower, the 0.7780 barrier, which coincides with the [..]

Technical Analysis – EURUSD edges sideways but upside risks persist

Posted on February 22, 2021 at 8:59 am GMT

EURUSD is consolidating beneath the capping 50-day simple moving average (SMA), after the pullback from the multi-year top of 1.2349 bounced off the 100-day SMA. The slowing upward pace of the 50-day SMA is promoting sideways price action, while the rising 100- and 200-day SMAs are preserving the upwards structure. The positively tilted short-term oscillators are also defending the bullish momentum. The MACD, a tad above its red trigger line, is flirting with the zero threshold, while the RSI is [..]

Technical Analysis – Gold’s death cross flags trend deterioration as bulls push higher

Posted on February 22, 2021 at 8:18 am GMT

Gold is looking to claim the 1,790 resistance which kept the market on the downside over the past couple of days. The RSI is endorsing the current positive momentum in the price as the indicator is trying to recover after refusing to create fresh lows in the bearish territory. The upside reversal in the Stochastics is also adding to this optimism. However, in terms of the trend, technical signals have further deteriorated following the death cross between the 50- and [..]

Technical Analysis – USDJPY increases again but still below 5-month high

Posted on February 22, 2021 at 7:46 am GMT

USDJPY is on course for a third straight session of gains, which have taken the pair from below the 105.25 support to a retest of the 20-period simple moving average (SMA) around 105.65 in the 4-hour chart. The momentum indicators are supportive of the bullish picture, with the RSI rising into positive territory above 50, while the stochastic is heading north to overbought zone. A rally even higher could take the market until the five-month high of 106.20 ahead of [..]

Technical Analysis – NZDUSD shifts gear and accelerates upwards

Posted on February 19, 2021 at 1:52 pm GMT

NZDUSD today aggressively shot above the 50-period simple moving average (SMA) at 0.7220 and has overstepped the 0.7225 level and the highs of 0.7267 and 0.7280, with relative ease. Despite the lack of positive incline in the SMAs, they continue to back the improving picture. The short-term oscillators are also sponsoring positive price action. The MACD is strengthening above its zero and trigger lines, while the advancing RSI is approaching the 70 level. The stochastic lines, which are in overbought [..]

Technical Analysis – US 30 index fails to jump to new record high

Posted on February 19, 2021 at 10:45 am GMT

The US 30 stock index (Cash) rebounded off the 29,642 support level, however, the current market reaction is flat around the record high of 31,718.90. The technical indicators are suggesting contradicting signals. The RSI is moving marginally higher in the positive area, while the stochastic is falling from the overbought zone. An extension beyond the all-time peak of 31,718.90 could take the index in uncharted levels towards the next psychological marks such as 32,000 and 33,000. However, a sell-off below the [..]

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