Technical Analysis / Page 45

Technical Analysis – NZDJPY hits nine-year high as bullish run continues

Posted on February 21, 2024 at 2:06 pm GMT

NZDJPY extends bullish streak above 92.00 level Bulls remain firmly in control Overbought signals begin to flash red NZDJPY has been recording fresh highs all week and scaled a nine-year high of 92.98 earlier on Wednesday. The momentum indicators suggest that the bullish bias isn’t likely to fade in the near term. However, both the RSI and the stochastics have entered overbought territory, pointing to increased risk of a downside correction. If the pair makes a renewed push towards the [..]

Technical Analysis – JP 225 index holds below record peak

Posted on February 21, 2024 at 11:04 am GMT

Is JP 225 index ready for bearish correction? RSI and Stochastics indicate downward wave in short term The JP 225 stock index (cash) stormed higher after the bounce off around the 35,700 region in late January. Although the price jumped to its highest level since 1990 at 38,868, it has been range bound since then, appearing unable to extend its advance. The market structure is neutral-to-bearish in the very short-term picture as the pair keeps fluctuating below the all-time high. If that bearish scenario unfolds’, selling forces could [..]

Technical Analysis – Gold encounters resistance at 50.0% Fibo

Posted on February 21, 2024 at 9:30 am GMT

Gold rebounds strongly from 2-month bottom Price breaks above 50- and 200-period SMAs Oscillators tilt to the positive side Gold had been trading within a range in the four-hour chart, but a hotter-than-expected US inflation report triggered a downward spike to a fresh two-month low of 1,984. However, bullion managed to post a swift recovery, jumping above both 50- and 200-period simple moving averages (SMAs) before encountering strong resistance at 2,030. For the rebound to resume, the bulls need to conquer [..]

Technical Analysis – NZDUSD prepares to switch to a bull market

Posted on February 21, 2024 at 9:22 am GMT

NZDUSD prints bullish trend pattern Constraining 50-day SMA under examination again FOMC meeting minutes due for release at 19:00 GMT NZDUSD is looking to complete a bullish double bottom pattern above the 0.6155 neckline and the 50% Fibonacci retracement of the February-October 2023 downtrend. Technically, the bulls could dominate in the coming sessions as the RSI has extended its upward pattern above its 50 neutral mark and the MACD continues to strengthen above its red signal line. Meanwhile, the stochastic oscillator has entered [..]

Technical Analysis – EURGBP tries to overcome 0.8570 key level

Posted on February 21, 2024 at 9:17 am GMT

EURGBP holds in sideways move in short-term MACD and RSI suggest more gains EURGBP has been in a bullish corrective mode over the last week, meeting the 0.8570 resistance level once again. Entering the 0.8600 area has been a struggle over the past month, and there might be another tough obstacle between the 50-and the 200-day simple moving averages (SMAs) at 0.8585 and 0.8615. Specifically, the RSI is crossing above its 50 neutral mark, gaining some pace, and the MACD [..]

Technical Analysis – USDJPY hovers above a key trendline

Posted on February 21, 2024 at 7:37 am GMT

USDJPY trades sideways, hovering around the 150 level It remains close to its recent peak and it is comfortably above a key trendline Momentum indicators are mixed, all eyes on the stochastic oscillator USDJPY is trying to record a green candle as it continues to range trade and to respect the aggressive December 28, 2023 ascending trendline. It remains a tad below the October 3, 2023 high at 150.15, a level that appears to provoke verbal interventions from Japanese officials. In [..]

Technical Analysis – Apple stock drops below 50.0% Fibonacci

Posted on February 20, 2024 at 3:54 pm GMT

Apple shares slide after rejection at 50-day SMA Price violates 200-day SMA and ascending trendline Momentum indicators deep in their negative zones Apple’s stock has been very volatile in the past few months, opening frequently with significant price gaps. In the near term, the stock has been facing downside pressures, which led to a decline below the 200-day simple moving average (SMA) and the upward sloping trendline that connects its recent higher lows. Should the retreat extend, initial support could [..]

Technical Analysis – ETHUSD unlocks 21-month high just shy of 3,000

Posted on February 20, 2024 at 12:46 pm GMT

ETHUSD extends structure of higher highs Posts 21-month peak a tad below 3,000 psychological mark Momentum indicators point to overbought conditions ETHUSD (Ethereum) has been developing within a bullish channel since late October, surging to consecutive higher highs. On Tuesday, the price leaped to a fresh 21-month peak of 2,984, but traders should be cautious as the momentum indicators are hinting at overbought conditions . If buying pressures persist and the price storms to fresh highs, the bulls might attack the [..]

Technical Analysis – Is the US 100 cash index close to a correction?

Posted on February 20, 2024 at 11:21 am GMT

US 100 index is in red today, testing the support set by a key trendline It remains a tad below its all-time high as the market looks for new bullish catalysts Stochastic oscillator is trying to send a bearish message The US 100 cash index is lower today, testing the support set by the October 26, 2023 ascending trendline but remaining very close to its February 12, 2024 high of 18,041. The journey higher has almost been a straight line, raising [..]

Technical Analysis – Nvidia stock consolidates ahead of earnings

Posted on February 20, 2024 at 10:04 am GMT

Nvidia hovers around its record high of 745.70 Exponential year-to-date rally seems overstretched Stochastics exit but RSI stays in overbought area Nvidia has been surging since the beginning of the year, posting consecutive all-time highs. However, the price seems to be in a consolidation phase in the past few daily sessions as traders are bracing for the upcoming Q4 earnings report on Wednesday. Should buying pressures persist, the stock might revisit its all-time high of 745.70 registered on February 12. An upward violation of [..]

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