Technical Analysis / Page 44

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 [..]

Technical Analysis – GBPAUD’s range trading could end soon

Posted on February 23, 2024 at 7:57 am GMT

GBPAUD is stuck in a tight range, a tad below the upper end of the rectangle Momentum indicators are mostly in waiting mode SMAs’ convergence points to a sizeable move soon GBPAUD is edging lower today after recording three consecutive green candles. It remains a tad below the upper boundary of the rectangle that has been dictating price action since September 2023. Interestingly, the continued convergence of the 50-, 100- and 200-day simple moving averages (SMAs) and the relative tightness [..]

Technical Analysis – GBPUSD tries to strengthen bullish move above SMAs

Posted on February 23, 2024 at 7:29 am GMT

GBPUSD rebounds off 200-day SMA But still holds in trading range in short-term RSI and MACD have weak momentum GBPUSD is making an attempt to climb above the short-term simple moving averages (SMAs), posting three straight green days but is still developing within the three-month trading range of 1.2520-1.2785. According to technical oscillators, the MACD jumped above its trigger line but is still standing beneath its trigger line with weak momentum, while the RSI is moving sideways above its neutral [..]

Technical Analysis – Platinum futures stuck in a range

Posted on February 22, 2024 at 3:46 pm GMT

Platinum futures consolidate around the 900 mark Price repeatedly fails to conquer 23.6% Fibonacci Momentum indicators tilt to the negative side Platinum futures (April delivery) experienced a steep downtrend in the second half of 2023, falling from 1,135 to as low as 841 in late November. Since then, the price has been attempting a recovery, but so far it has failed to escape its medium-term rangebound pattern. Given that both stochastics and RSI point to intensifying downside pressures, the price [..]

Technical Analysis – GER 40 index back at record highs

Posted on February 22, 2024 at 1:49 pm GMT

The German 40 index hits a record high within bullish formation Might be sailing within overbought waters, but there is still some bullish power Despite the disappointing manufacturing PMI data, the German 40 index (cash) managed to spike to a record high of 17,388 on Thursday, rising above the important resistance line which has been blocking the bulls during 2023. The index has been resilient above its short-term simple moving averages (SMAs) over the past month, but with the price set to close [..]

Technical Analysis – BTCUSD consolidates near more than 2-year high

Posted on February 22, 2024 at 1:39 pm GMT

BTCUSD moves sideways after steep advance pauses Holds comfortably above 50,000 psychological mark Momentum indicators look overbought BTCUSD (Bitcoin) had been in a steep advance following its break above the 50-day simple moving average (SMA) on February 7. However, the rally seems to have paused for now, with the price consolidating a tad below its more than two-year peak of 52,989. If Bitcoin storms to fresh highs, the November 2021 support zones of 53,300 and 55,500 could now provide initial resistance. Conquering [..]

Technical Analysis – EURUSD jumps to test critical resistance

Posted on February 22, 2024 at 9:19 am GMT

EURUSD has its best week of the year Downside risks remain around 1.0880 EZ flash business PMIs show a mixed picture EURUSD is in the seventh day of gains, marking its longest bull run in a while to reach the critical 1.0880 bar. Disappointingly, Eurozone’s flash business PMI figures for February could not lift the pair above that threshold earlier today as the manufacturing sector continued to shrink, but the technical indicators are still in the bullish area. The [..]

Technical Analysis – Is the US 30 cash index ready for a higher high?

Posted on February 22, 2024 at 9:12 am GMT

US 30 index in the green again following a few mixed sessions It remains just a tad below its recent all-time high Momentum indicators are mixed; the stochastic oscillator appears indecisive The US 30 cash index is in the green again today, following some mixed sessions. The bulls are probably feeling confident again as the index is just a tad below its February 12, 2024 high of 38,929. However, they probably need to register a higher high soon in order [..]

Technical Analysis – WTI oil futures in fierce battle with 200-SMA

Posted on February 22, 2024 at 9:08 am GMT

WTI futures hover around the 200-day SMA Failure to edge higher might lead to a double top Oscillators suggest intensifying positive momentum WTI oil futures (April delivery) have been staging a comeback following their break above the 50-day simple moving average (SMA) in early February. However, the recovery seems to be on hold for now as the 200-day SMA has been curbing the price’s upside. Given that both the RSI and MACD are tilted to the upside, the bulls might attack 79.61, which is [..]

Technical Analysis – AUDUSD challenges 200-day SMA

Posted on February 21, 2024 at 2:49 pm GMT

AUDUSD rebounds from its lowest level since November Price jumps above descending trendline to test 200-day SMA Momentum indicators improve but remain in negative zones AUDUSD had been in a constant decline after peaking at 0.6870 in December, breaking below both its 50- and 200-day simple moving averages (SMAs). Nevertheless, the pair managed to find its feet and rotate back above its descending trendline, currently attempting to claim the crucial 200-day SMA. Should the price break above the 200-day SMA, the [..]

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