Technical Analysis / Page 46

Technical Analysis – EURCHF ticks up after strong losses

Posted on April 16, 2024 at 9:35 am GMT

EURCHF remains beneath uptrend line MACD and RSI momentum weakens EURCHF is recovering some losses after the bearish gap that opened on Monday, remaining beneath the steep rising trend line. The pair may be ready for a bearish correction, mirrored by the technical oscillators. The RSI is flattening beneath the neutral threshold of 50, while the MACD is standing beneath its trigger line in the positive region. More losses could send the pair until the 50-day simple moving average (SMA) at 0.9640 ahead of [..]

Technical Analysis – JP 225 index tests crucial support zone

Posted on April 16, 2024 at 9:06 am GMT

JP 225 index pulls back from its all-time high Drops below 50-day SMA to face March support Momentum indicators are skewed to the downside The JP 225 index (cash) has been experiencing a downside correction after posting a fresh all-time high of 41,147 on March 21. In the near term, the price has declined beneath its 50-day simple moving average (SMA), while currently testing the March support of 38,300. Should the price break below the crucial 38,300 zone, the bears could attack the January resistance of [..]

Technical Analysis – GBPUSD pulls back into the negative zone

Posted on April 16, 2024 at 8:16 am GMT

GBPUSD inches down to a new five-month low An extension below 1.2400 could generate fresh selling interest GBPUSD tried to breach the psychological barrier at 1.2500 and re-establish itself within the 1.2488-1.2892 range. But its efforts proved unsuccessful, with the pair charting a new lower low of 1.2405 during Tuesday’s early trading hours – the lowest level since November 2023. The bears might take a breather soon as the stochastic oscillator has reached its previous support area below [..]

Technical Analysis – AUDUSD breaks the lower bound of a sideways range

Posted on April 16, 2024 at 7:35 am GMT

AUDUSD extends slide after breaking lower bound of range MACD and RSI detect bearish momentum Break below 0.6390 could aim for 0.6335 Recovery above 0.6500 could signal return within range AUDUSD extended its tumble on Monday and during the Asian session Tuesday, falling below the key support barrier of 0.6455. On Friday, the pair broke below the lower end of a sideways range that was containing most of the price action since mid-January, and the dip below 0.6455 may have [..]

Technical Analysis – EURUSD dives further near 1.0600

Posted on April 16, 2024 at 7:11 am GMT

EURUSD challenges new 5-month low Penetrates symmetrical triangle to the downside MACD and RSI continues bearish momentum EURUSD has been losing more than 2.5% since the pullback from the 1.0880 resistance level and is challenging a new five month low around the 1.0600 handle. The market has been experiencing a strong sell-off over the last five days, switching the short-term outlook to bearish. Technically, the RSI is holding beneath the 30 level, while the MACD is standing beneath its trigger [..]

Technical Analysis – Goldman Sachs stock gains on strong earnings

Posted on April 15, 2024 at 2:36 pm GMT

Goldman Sachs shares pull back from record high levels Jump back above 50-day SMA after solid Q1 earnings call Short-term oscillators turn positive Goldman Sach’s stock has been in a steady advance since October 2023, posting consecutive multi-month highs and peaking at 418.00 just shy of the record peak of 425.00. Although the price had been losing ground in the near term, it reclaimed the 50-day simple moving average (SMA) due to the upbeat Q1 earnings report. To the upside, [..]

Technical Analysis – USDJPY rallies to another fresh 34-year high

Posted on April 15, 2024 at 12:57 pm GMT

USDJPY surpasses 154.00 Round numbers to be watched Stochastics indicate overstretched market USDJPY is surging to another multi-year high above the 154.00 round number, adding 0.8% so far today. The technical oscillators are holding in overbought regions. The RSI is suggesting that more gains may be on cards; however, the stochastic oscillator is indicating an overstretched market as it is creating a bearish crossover within its %K and %D lines above the 80 level, hinting that a potential negative retracement [..]

Technical Analysis – US 500 reverses towards 123.6% Fibonacci

Posted on April 15, 2024 at 9:53 am GMT

US 500 cash index experiences a minor pullack Meets support at 123.6% Fibo extension of its 2022 downtrend Oscillators exit overbought zones, but do not weaken dramatically The US 500 stock index (cash) has been staging an impressive rally since it bottomed out in October 2023, generating consecutive all-time highs. Although the price has been experiencing a setback in the past two weeks, it’s still too early to call for a sustained downside correction. Should bearish pressures persist, the index could challenge 5,130, which is the 123.6% [..]

Weekly Technical Outlook – GBPUSD, USDJPY, AUDUSD

Posted on April 15, 2024 at 8:26 am GMT

Will UK CPI data drive cable even lower? USDJPY still skyrockets ahead of Japanese CPI China GDP may help AUDUSD exit from trading range UK CPI data –> GBPUSD Inflation in the United Kingdom dropped to 3.4% in February, and experts predict that it will fall to 3.1% in March. It is anticipated that the core figure will likewise fall once more. On Friday, eyes will be on the March retail sales figures to see if spending is increasing. Currently, cable is trading higher after the strong sell-off on Friday, penetrating the long-term sideways channel to the downside. Incoming data might potentially lead to a decline in price if it indicates that the Bank of England is still planning to begin cutting rates in August, even while the Fed’s timeframe [..]

Technical Analysis – Gold in a wait-and-see mode

Posted on April 15, 2024 at 8:26 am GMT

Gold opens near Friday’s closing price as safe-haven demand stabilizes Bulls wait for a break above 2,430; Bears anticipate a drop below 2,325 It was a harsh weekend, as Iran’s retaliatory missile and drone attack against Israel sparked concerns of global conflict. But traders seem to have concluded this attack will not lead to further escalation for the time being, averting another record rally in the safe-haven gold. Bullion started the day steady, remaining close to the 2,350 level, [..]

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