Technical Analysis / Page 48

Technical Analysis – US 100 index may hit all-time high again

Posted on February 14, 2024 at 10:25 am GMT

US 100 index remains above rising trend line RSI ticks up but MACD falls below its trigger line The US 100 (cash) index reached another all-time high of 18,041.10 on Monday as the index extended another bull run. The bullish picture in the medium term is further supported by the RSI, which is rising above the 50 level. However, the MACD oscillator is slipping beneath its trigger line, remaining in positive territory. Should prices reverse lower, immediate support could come [..]

Technical Analysis – EURGBP reaches lower limit of range

Posted on February 14, 2024 at 9:46 am GMT

EURGBP pivots higher at the bottom of a range Technical signals not bullish yet Eyes on the 0.8540 resistance zone EURGBP switched to recovery mode after almost reaching August’s one-year low of 0.8491 and the bottom of the 2023 range area. While the area looks to be an ideal place for an upside reversal, the technical picture cannot guarantee a sustainable rebound. According to the technical indicators, there is some persisting skepticism in the market, as the RSI is [..]

Technical Analysis – USDJPY retreats after 3-month peak around 151.00

Posted on February 14, 2024 at 9:04 am GMT

USDJPY surpasses significant levels including 150.00 RSI and Stochastics indicate overbought market But MACD still looks strongly positive USDJPY experienced a new three-month high of 150.87 in Tuesday’s session after the release of the US CPI data. The rebound off the 140.20 support is still in progress, endorsing the bullish tendency in the short-term timeframe. The technical oscillators are showing some mixed signals. The RSI is ticking lower near the 70 level, while the stochastic oscillator is posting a bearish [..]

Technical Analysis – GBPUSD bears push for a breakout

Posted on February 14, 2024 at 8:17 am GMT

GBPUSD tests the support set by the 200-day SMA Bears are attempting a breakout from the recent trading range Momentum indicators tentatively support the correction GBPUSD is registering its second consecutive red candle as the bears are trying to push GBPUSD below its recent trading range following yesterday’s US CPI release. The 200-day simple moving average (SMA) and the October 26, 2023 ascending trendline are acting as strong support points at this moment, testing the bear’s determination. Momentum indicators appear to [..]

Technical Analysis – USDCHF picks up steam, but caution needed

Posted on February 13, 2024 at 10:07 am GMT

USDCHF speeds up, approaches crucial zone Overbought signals detected Important resistance at 0.8888 USDCHF gained significant positive momentum during the early European trading hours on Tuesday after a couple of weak sessions, extending its short-term uptrend from December’s low to 0.8816. Despite the current euphoria in the market, traders will have to be prepared for a potential downside correction as the price is testing the support-turned-to-resistance trendline near December’s high. The 200-day simple moving average (SMA) at 0.8845 and the [..]

Technical Analysis – USDJPY bulls take control, but it could be a trap

Posted on February 13, 2024 at 8:41 am GMT

USDJPY rises but trades within a bearish pattern Resistance expected around 149.70-150.00 US CPI inflation data due for release at 13:30 GMT USDJPY turned green after touching its 20-period simple moving average (SMA) in the four-hour chart, rising gradually to a new high of 149.64 on Tuesday and closer to November’s resistance zone ahead of the US CPI inflation data. February’s trading has transformed into a rising wedge pattern, which is theoretically a signal of a potential bearish reversal. The RSI [..]

Technical Analysis – EURUSD loses steam after bounce off 1.0725

Posted on February 13, 2024 at 7:57 am GMT

EURUSD holds beneath downtrend line in short-term 20- and 200-day SMAs post death cross Long-term view is still bullish EURUSD is struggling to continue the rebound that started from the 1.0725 support level and the medium-term ascending trend line. Currently, the market is losing momentum indicating a potential downside movement again. The 20-day and 200-day simple moving averages (SMAs) are on the verge of forming a death cross, confirming a decline. Moreover, the RSI indicator is currently pointing south below [..]

Technical Analysis – EURJPY re-enters bullish channel

Posted on February 13, 2024 at 7:55 am GMT

EURJPY edges higher after 50-day SMA prevents decline Jumps back within its bullish channel in place since June Momentum indicators turn positive EURJPY had been sliding lower in the short term, following its rejection at 161.85 in late January. Nevertheless, the pair managed to quickly recoup most of its losses after the 50-day simple moving average (SMA) curbed its downside, re-entering its medium-term bullish channel. Given that both the RSI and MACD are within their positive zones, the price may revisit the [..]

Technical Analysis – EURCAD range trading could end soon

Posted on February 12, 2024 at 2:19 pm GMT

EURCAD hovers around 1.4500 area as volatility drops SMAs’ convergence points to a sizeable move soon Momentum indicators send mixed messages EURCAD is trying to record its third straight green candle as it continues to hover around the 1.4500 area. The bears remain in control and enjoying an almost 4% gain since November 21, 2023 peak of 1.5043 as volatility has been dropping aggressively lately. This could change quite soon as the 50-, 100- and 200-day simple moving averages (SMAs) [..]

Technical Analysis – Palladium futures shift spotlight to 2018 lows

Posted on February 12, 2024 at 9:43 am GMT

Palladium marks new lower low Long-term support line attracts interest Palladium futures could not build on December’s rebound, flipping backwards after confirming a double top pattern around the 1,250 number. The decline re-activated the long-term downtrend from the 2022 top, squeezing the price to a more than a five-year low of 853.49 on Monday. While the market is within oversold territory according to the RSI and the stochastic oscillator, increasing the odds for a relief bounce, the bears may not abandon the fight [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

How can we help?

Live Chat Terms

How to Access

Telegram Chat Terms

Technical Analysis