Technical Analysis / Page 47

Technical Analysis – NZDUSD stuck in a rectangle pattern

Posted on February 16, 2024 at 7:48 am GMT

NZDUSD claims 200-day SMA and descending trendline But the pair fails to rally, extending sideways move Oscillators improve but remain in negative territories NZDUSD entered a downtrend after getting rejected at the 78.6% Fibonacci retracement of the 0.6536-0.5772 downleg in December. However, the pair has adopted a rangebound pattern around the 200-day simple moving average (SMA) since mid-January, while the latest jump above it has failed to trigger a strong advance. Given that both the RSI and MACD are within their negative zones, the [..]

Technical Analysis – AMD stock jumps again but stiff resistance at 261.8% Fibo

Posted on February 15, 2024 at 12:13 pm GMT

AMD stock not giving up on setting a new all-time high Positive momentum gains traction But 261.8% Fibonacci extension may be hard to overcome Advanced Micro Devices (AMD) stock hit a new intra-day record of 184.79 in January but the price has since been drifting lower, with a battle ground forming around the 261.8% Fibonacci extension of the late December – early January selloff. This extension level at 178.85 is in the spotlight again today as it’s putting up a [..]

Technical Analysis – BTCUSD explodes to a more than 2-year high

Posted on February 15, 2024 at 11:58 am GMT

BTCUSD goes parabolic after claiming 50-day SMA Jumps above 50,000 to a fresh more than 2-year peak Momentum indicators look extremely overbought BTCUSD (Bitcoin) has been experiencing a steep advance following its break above the 50-day simple moving average (SMA) on February 7. Within a week, the price violated its two-year peak of 49,051 and surged above the 50,000 psychological mark, but traders should be cautious as the advance is significantly overstretched. If the rally resumes, Bitcoin could test the November 2021 support [..]

Technical Analysis – JP 225 index in sight of historic peak

Posted on February 15, 2024 at 10:41 am GMT

JP 225 index approaches its 1989 record high Bulls might be exhausted as overbought signals detected Japan’s 225 stock index (cash) marked another green day on Thursday despite GDP figures pointing to a recessionary economy, extending its weekly bull run closer to the 1989 record high of 38,915. While the upward pattern has shown no cracks so far, the market might be at risk of a downside correction. Specifically, the price could not strengthen its positive momentum above the resistance [..]

Technical Analysis – EURUSD consolidates below SMAs and 1.0735

Posted on February 15, 2024 at 10:05 am GMT

EURUSD bounces off 3-month low but loses momentum MACD crosses above its trigger line EURUSD has been in a battle with the 1.0735 resistance level over the last four sessions in the 4-hour chart, meeting the 20-period simple moving average (SMA) as well. From a technical perspective, the RSI indicator is heading marginally north below the neutral threshold of 50, while the MACD oscillator is standing above its trigger line below the zero level, suggesting that the negative momentum is [..]

Technical Analysis – Is a correction around the corner for the US 30 cash index?

Posted on February 15, 2024 at 9:03 am GMT

US 30 index in the green again, after Tuesday’s decent correction It remains a tad below its all-time high but bulls might start to worry Momentum indicators mixed; all eyes on the stochastic oscillator The US 30 cash index is in the green again today, reacting to Tuesday’s sizeable red candle that slightly unnerved the bulls. The index remains a tad below its February 13, 2024 high at 38,929 but it is evident that the market is questioning its direction [..]

Technical Analysis – GBPUSD edges down as the UK slips into mild recession

Posted on February 15, 2024 at 8:47 am GMT

GBPUSD holds above key support trendline despite disappointing UK GDP data Short-term trend deteriorates, but confirmation needed below 1.2500 GBPUSD remained squeezed between the 1.2563 resistance and the key support trendline from the 2022 record low in the four-hour chart despite the UK economy falling into a mild technical recession in Q4 2023. The market trend is leaning on the downside as the price has already printed a lower low at 1.2517 and a lower high at 1.2682. On [..]

Technical Analysis – AUDUSD rises from 0.6440 bottom

Posted on February 15, 2024 at 8:23 am GMT

AUDUSD still holds below the downtrend line But MACD and RSI suggest bullish correction AUDUSD has been over performing over the last two sessions after the rebound off the 0.6440 support level. However, the market remains beneath the short-term descending trend line, which has been drawn after the price peaked at 0.6870. Technically, the MACD oscillator is crossing to the upside of its trigger line in the negative territory, while the RSI, following the strong bounce off the 30 level, is currently moving horizontally below [..]

Technical Analysis – WTI oil futures get rejected at 200-day SMA

Posted on February 15, 2024 at 8:12 am GMT

WTI futures retreat after testing 200-day SMA Pattern formation resembles a double top Momentum indicators weaken but remain positive WTI oil futures (March delivery) had been staging a comeback after their decline below the 50-day simple moving average (SMA) came to an end in early February. However, the bulls failed to conquer the 200-day SMA, which led to the price reversing back lower on Wednesday. Should bearish pressures persist, oil futures could challenge 75.97, which is the 61.8% Fibonacci retracement of the 64.20-95.02 upleg. Lower, the [..]

Technical Analysis – Gold plummets below 2,000

Posted on February 14, 2024 at 11:12 am GMT

Gold drops to its lowest since mid-December Breaks beneath the crucial 2,000 mark Oscillators point to extreme oversold conditions Gold experienced a massive downward spike in the four-hour chart following the hotter-than-expected US CPI report on Tuesday, dropping to a fresh two-month low. The magnitude of the decline has been reflected in the momentum indicators, which are currently deep in their oversold territories. Should the retreat resume, immediate support could be found at the December bottom of 1,973. Failing to halt [..]

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