Technical Analysis / Page 42

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 [..]

Technical Analysis – BTCUSD skyrockets towards record highs

Posted on February 29, 2024 at 1:03 pm GMT

BTCUSD goes parabolic, gaining around 20% since Monday Jumps above 60,000 and is on track to test all-time highs Momentum indicators look extremely overbought BTCUSD (Bitcoin) has experienced an exponential rally since the beginning of the week, which has sent the price within breathing distance from its all-time highs. However, the momentum indicators are currently deep in their overbought zones, increasing the odds for an impending pullback. If Bitcoin storms to fresh highs, the December 2021 resistance of 64,300 might curb initial upside [..]

Technical Analysis – WTI oil futures restricted in a bullish trend

Posted on February 29, 2024 at 9:51 am GMT

WTI oil futures keep facing constraints on the upside Trend signals endorse the positive trajectory WTI oil futures only marginally surpassed January’s high of 79.28, before closing back within the 78.00 territory and around the 38.2% Fibonacci retracement of the September-December downleg, which has been restricting upside movements for more than a week. The sideways trajectory in the RSI and the flattening MACD cannot guarantee additional price increases, although the indicators are within positive territory. On the other hand, the trend signals are [..]

Technical Analysis – EURAUD flies to 3-month high

Posted on February 29, 2024 at 9:36 am GMT

EURAUD penetrates the downtrend line RSI and stochastic suggest bearish correction EURAUD skyrocketed to a new three-month high of 1.6693 during yesterday’s session, penetrating the long-term descending trend line to the upside. Currently, the pair is weakening its momentum and something reflected in the technical oscillators as well. The RSI is pointing down above the 50 level, while the stochastic is holding above the 80 level, indicating an overstretched market. If the market remains above the downtrend line, the next [..]

Technical Analysis – US 30 index retreats near the medium-term uptrend line

Posted on February 29, 2024 at 8:40 am GMT

US 30 index still above ascending trend line Technical oscillators confirm the latest bearish move The US 30 (cash) index is easing after it reached a fresh all-time high of 39,284.42 on Friday. Currently the price is testing the medium-term uptrend line for a potential bearish correction but also a rebound is expected. Technically, the MACD is holding beneath its trigger line in the positive territory, while the stochastic oscillator is moving lower after the bearish crossover within its %K [..]

Technical Analysis – EURUSD remains stuck between SMAs

Posted on February 29, 2024 at 8:40 am GMT

EURUSD trades in a range defined by 50- and 200-day SMAs Momentum indicators are marginally tilted to the upside EURUSD has posted a mild recovery following its pullback from the December high of 1.1138 to the 2024 bottom of 1.0693. However, the pair’s rebound has stalled at the congested region that includes the 50-day simple moving average (SMA) and Ichimoku cloud, with the price consolidating between the 50- and 200-day SMAs. Considering that both the RSI and MACD are providing cautiously positive [..]

Technical Analysis – Gold tumbles below short-term uptrend line

Posted on February 28, 2024 at 10:42 am GMT

Gold meets 200-period SMA, which acted as strong support line Stochastic dives to oversold region and MACD falls below trigger line Gold prices are edging lower, beneath a short-term ascending trend line, meeting the 200-period simple moving average (SMA) at 2,026.60, which is ready to post a bullish cross with the 50-period SMA in the 4-hour chart. If there is an attempt below the aforementioned lines and the 2,025 support, then the commodity could battle with the 2,015 region before tumbling towards the 1,995 [..]

Technical Analysis – EURGBP consolidates above 20-day SMA

Posted on February 28, 2024 at 9:14 am GMT

EURGBP looks for resistance at 50-day SMA RSI confirms sideways move EURGBP has been consolidating beneath the 50-day simple moving average (SMA), which overlaps with the 0.8578 resistance level and the six-month low of 0.8500 since January 18. According to technical oscillators, the RSI is confirming the sideways movement as it is holding near the neutral threshold of 50, while the MACD is standing above its trigger line but still beneath the zero level. If the market remains above the [..]

Technical Analysis – USDJPY consolidates near 3-month high

Posted on February 28, 2024 at 8:31 am GMT

USDJPY stuck in a tight range in the past few sessions The pair is within breathing distance from 2023 peak Momentum indicators soften but remain positive USDJPY has been in a steady uptrend since late 2023, forming a V-shaped recovery from its November-December rout. Moreover, in the past few sessions, the pair has been trading sideways near its 2024 peak of 150.87, a tad below its 33-year high of 151.94 registered in October 2022. Should bullish pressures persist, the price might revisit its [..]

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