Technical Analysis / Page 43

Technical Analysis – AUDUSD drifts into Ichimoku cloud as rebound falters

Posted on February 27, 2024 at 4:00 pm GMT

AUDUSD is headed for the Ichimoku cloud in neutral shift Latest upswing can’t get past downtrend line Focus on 38.2% Fibo for support AUDUSD has been edging lower since last Thursday, forming lower highs in the 4-hour chart. The price rebounded off the 38.2% Fibonacci retracement of the February upleg but was capped by the short-term descending trendline. Subsequently, the pair is in the process of entering the Ichimoku cloud, signalling a neutral phase. The momentum indicators underscore the [..]

Technical Analysis – GBPUSD’s rebound stalls at 50-day SMA

Posted on February 27, 2024 at 8:48 am GMT

GBPUSD bounces off 200-day SMA and regains ground But its advance meets strong resistance at 50-day SMA Momentum indicators turn slightly positive GBPUSD has been stuck in a rangebound pattern since mid-November, unable to adopt a clear directional impetus. Despite falling towards the lower end of the range in February, the pair managed to fight back after encountering strong support at the 200-day simple moving average (SMA). Given that the short-term oscillators are providing cautiously positive signals, the bulls might attempt to [..]

Technical Analysis – EURJPY falls slightly after meeting 3-month high

Posted on February 27, 2024 at 8:07 am GMT

EURJPY creates bullish tendency in short- and long-term timeframes RSI indicates potential downside retracement EURJPY is retreating somewhat after the aggressive buying interest towards the three-month high of 163.70. The price has been developing an upward trend since the rebound off the 153.15 support level confirming the bullish bias in the short- and long-term pictures. Technically, the RSI indicator is pointing slightly down after it jumped above the 70 level; however, the MACD oscillator is still pointing to strengthening momentum above its trigger and zero lines. [..]

Technical Analysis – GBPCAD tests resistance trendline on stronger bullish momentum

Posted on February 26, 2024 at 4:12 pm GMT

GBPCAD extends rebound from February trough But major obstacle may prevent further gains GBPCAD has recovered more than 1% from the February 9 low of 1.6916 to climb back above the 1.7100 level. The momentum indicators suggest further gains are likely in the near term. The RSI is ticking higher above the 50 neutral level but has yet to reach the overbought mark, while the MACD recently crossed above both zero and its red signal line in a bullish [..]

Technical Analysis – USDJPY maintains weak positive bias as bulls tread carefully

Posted on February 26, 2024 at 2:20 pm GMT

USDJPY is barely holding onto upside momentum Stiff support propping up the bulls but neutral shift may be unavoidable USDJPY is slowly crawling back up towards the February 13 peak of 150.87 after a mild pullback. But despite the tight range of the past two weeks and a strong immediate support zone, the bullish forces may not yet be powerful enough to drive the price to fresh highs. The stochastics have only just turned positive after today’s rebound in [..]

Technical Analysis – EURCHF extends advance towards 200-day SMA

Posted on February 26, 2024 at 1:18 pm GMT

EURCHF extends recovery to a fresh 2-month high Breaks above trendline and eyes 200-day SMA 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 rebound in 2024, violating the downward sloping trendline that connects its lower highs in the past year and posting a fresh two-month peak on Monday. Should the pair resume the recovery and jump above the [..]

Technical Analysis – US 500 bull run could take another break

Posted on February 26, 2024 at 11:24 am GMT

US 500 shows some signs of running out of steam Outlook positive above 20-day EMA The US 500 stock index (cash) could not sustain gains above Thursday’s closing price of 5,081 on Friday despite a flash spike to a record high of 5,111, forming a shooting star candlestick with a long upper wick at the top of the uptrend instead. The candlestick pattern could be a cautious sign that the bears are around the corner, but traders will monitor today’s trading actions to get [..]

Weekly Technical Outlook – USDJPY, EURUSD, NZDUSD

Posted on February 26, 2024 at 9:29 am GMT

US Core PCE price index expected to fall as USDJPY weakens Decline in flash Eurozone CPI may lead to rate cuts; EURUSD remains above 1.0800 RBNZ expected to keep rates unchanged; NZDUSD falls after bullish rally US Core PCE price index –> USDJPY The Federal Reserve is not rushing to ease policy, and markets are beginning to accept the possibility that there will be no rate cuts before the summer. Annually, the core PCE price index is anticipated to have decelerated [..]

Technical Analysis – Gold battles with 50-day SMA

Posted on February 26, 2024 at 8:38 am GMT

Gold rebounds strongly from its 2024 low Challenges 50-day SMA and ascending trendline Momentum indicators turn neutral-to-positive Gold has been regaining ground in the past few sessions, following its bounce off the 2024 bottom of 1,984. Although the price has recouped a significant part of its losses, it has currently stalled at the congested region that includes the 50-day simple moving average (SMA) and the ascending trendline that connects the higher lows since December. Should bullish pressures persist, bullion could challenge [..]

Technical Analysis – USDCAD uptrend loses power

Posted on February 23, 2024 at 9:03 am GMT

USDCAD lacks strength but holds near key support zone Short-term bias looks neutral USDCAD has been facing difficulties in printing new higher highs for more than a week now, shifting to the sidelines to trade around 1.3480. The technical indicators are mirroring the absence of buying interest, with the RSI easing towards its 50 neutral mark and the MACD remaining muted below its red signal line. The flattening simple moving averages (SMAs) is another indication of an indecisive market. On a [..]

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