Technical Analysis / Page 41

Weekly Technical Outlook – USDJPY, EURUSD, USDCAD

Posted on March 4, 2024 at 12:17 pm GMT

USD/JPY holds above 20-day SMA as investors wait for fresh rate signals EUR/USD inside a constraining zone as ECB rate decision looms USD/CAD stabilizes near December’s barrier ahead of BoC policy meeting Nonfarm payrolls, Powell’s testimony –> USD/JPY USDJPY remained flat and supported around its 20-day simple moving average (SMA) even though Friday’s ISM manufacturing PMI for February fell short of expectations by a large margin, squeezing Treasury yields lower. Investors are now eagerly waiting for the Fed chairman’s testimony [..]

Technical Analysis – US 500 battles with 123.6% Fibonacci

Posted on March 4, 2024 at 11:10 am GMT

US 500 cash index extends its series of record highs Tests 123.6% Fibonacci extension of its 2022 downtrend Oscillators look overbought, increasing risk of a pullback The US 500 stock index (cash) has been staging an impressive rally since it bottomed out in October 2023, generating consecutive all-time highs. Given that the price is trading into uncharted waters, the Fibonacci extensions of its most recent downtrend could provide potential future resistance zones. Should bullish pressures persist, buyers might initially claim 5,130, which is the 123.6% Fibonacci [..]

Technical Analysis – USDJPY meets short-term SMAs within trading range

Posted on March 4, 2024 at 10:39 am GMT

USDJPY fails to have clear picture RSI and stochastics indicate upside move USDJPY has been developing within a consolidation area over the last two weeks, with upper boundary the 150.85 resistance level and lower boundary the 149.65 support. Currently, the market is testing the 20- and the 50-period simple moving averages (SMA), in the mid-level of the range around 150.25 in the 4-hour chart. Technically, the RSI is meeting the neutral threshold of 50, pointing north, while the stochastic oscillator [..]

Technical Analysis – EURCHF challenges 38.2% Fibonacci

Posted on March 4, 2024 at 8:21 am GMT

EURCHF extends recovery to a fresh 3-month high Breaks above 200-day SMA and tests 38.2% Fibo Momentum indicators approach overbought levels EURCHF has been in a 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 Friday. Should the pair attempt to extend its rebound [..]

Technical Analysis – Gold rally pauses at 2,088 after strong bullish move

Posted on March 4, 2024 at 7:52 am GMT

Gold prices break descending trend line Medium-term trend remains neutral RSI indicates overbought market Gold prices posted an impressive bullish rally in the preceding week, touching the upper boundary of the medium-term trading range at 2,088 and penetrating the downtrend line to the upside. The technical oscillators are confirming this view. The MACD is strengthening its momentum above its trigger and zero lines, while the RSI is holding near the overbought area, indicating that after the upside move, a bearish [..]

Technical Analysis – GBPUSD flirts with uptrend line

Posted on March 1, 2024 at 10:03 am GMT

GBPUSD recoups come ground in the 4-hour chart RSI points up but MACD heads south GBPUSD is ready for an upside correction after it found support at the 1.2610 barrier and is currently testing the penetrated rising trend line in the 4-hour chart. The RSI is pointing upwards below the neutral threshold of 50; however, the MACD is strengthening the downward momentum beneath its trigger and zero lines. In the case that the market surpasses the diagonal line, the price [..]

Technical Analysis – Will GBPJPY rebound again?

Posted on March 1, 2024 at 9:20 am GMT

GBPJPY breaks below key support area after new high Technical signs weaken, but 20-day EMA comes to the rescue again GBPJPY extended its pullback from an eight-and-a-half-year high of 191.30 for the third consecutive day on Thursday to find support around the 20-day exponential moving average (EMA) at 189.50. The line had protected the market at the end of January, though with the pair having crossed below a short-term ascending trendline, the odds for a continuation lower might be [..]

Technical Analysis – AUDUSD retreats after rejection at 200-day SMA

Posted on March 1, 2024 at 8:35 am GMT

AUDUSD was recovering from its lowest level since November But is on the retreat again as 200-day SMA repels advance Momentum indicators are tilted to the downside AUDUSD had been in a steady decline after peaking at 0.6870 in December, violating both its 50- and 200-day simple moving averages (SMAs). Although the pair managed to find its feet and rotate back above its descending trendline, it has been losing ground again following its repeated rejection at the 200-day SMA. Should the pair [..]

Technical Analysis – USDCHF surpasses 200-day SMA, endorsing bullish bias

Posted on March 1, 2024 at 8:02 am GMT

USDCHF resumes upward trend after consolidating period Remains above short-term uptrend line RSI and MACD tick higher USDCHF managed to overcome the 200-day simple moving average (SMA), extending its bullish structure after consecutive days of a sideways move near the 50.0% Fibonacci retracement level of the down leg from 0.9240 to 0.8332 at 0.8790. Also, the market started an upward move following the bounce off the nine-year low of 0.8332 and penetrated the medium-term descending trend line to the upside. [..]

Technical Analysis – AUDJPY’s retreat continues as 50-day SMA looms

Posted on February 29, 2024 at 3:31 pm GMT

AUDJPY trades lower, tries to return inside the contracting triangle It is preparing to test the support set by the 50-day SMA Momentum indicators support the current bearish move AUDJPY is enjoying its fourth consecutive red candle, after failing to trade decisively above the September 13, 2022 high at 98.50, as the recent comments by BoJ members have provided some respite to the bruised yen. AUDJPY is now testing the support set by the 50-day simple moving average (SMA) and the upper boundary [..]

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