Technical Analysis / Page 49

Weekly Technical Outlook – EURUSD, GBPUSD, USDJPY

Posted on February 12, 2024 at 9:25 am GMT

US CPI figure may confirm another bullish wave for EURUSD UK data this week could clear GBPUSD’s next direction Japan GDP to reverse higher; USDJPY may lose ground US CPI –> EURUSD In the US, inflation has been going down over time, but the CPI shows that the drop in the last few months has stopped short of bringing it all the way down to 2%. Although Fed officials are hopeful that prices will continue to fall over the next few [..]

Technical Analysis – US 500 index jumps above 5,000. Now what?

Posted on February 12, 2024 at 8:39 am GMT

The US 500 index surpasses 5,000; goes from record to record Caution needed as price reaches a former peak area The US 500 stock index (cash) has been on a steep uptrend since October’s low of 4,099, gaining more than 20% to enter uncharted territory again. The remarkable appreciation lifted the price to a record high of 5,030 last Friday, helping the market to close marginally above the long-term resistance line, which connects the highs from December 2022 and [..]

Technical Analysis – Are EURCHF bulls ready for a breakout?

Posted on February 12, 2024 at 8:10 am GMT

EURCHF trades higher, tests key resistance trendline Strong upmove in place since late January Momentum indicators support the current upleg EURCHF is trying to record its eighth consecutive green candle since the January 31 trough. It is now testing the resistance set by the June 9, 2022 downward sloping trendline and the upper boundary of a contracting triangle developing since mid-December 2023. This structure is the result of a series of lower highs and higher lows, and declining volatility. In the [..]

Technical Analysis – Gold slides below 50-day SMA, hitting ascending trendline

Posted on February 12, 2024 at 8:05 am GMT

Gold trades sideways in the past week Closes profoundly below the 50-day SMA on Friday Momentum indicators turn negative Gold has been rangebound in the past few trading sessions, following its rejection at the 2,065 mark on February 1. However, on Friday, the price dived beneath the 50-day simple moving average (SMA) before finding its feet at the ascending trendline that connects higher lows since December. If bearish pressures persist, the price could initially test the recent support of 2,020. Breaking below [..]

Technical Analysis – TSMC stock touches crucial resistance after exponential rally

Posted on February 9, 2024 at 2:38 pm GMT

TSMC stock hits new two-year high after encouraging headlines Overbought conditions detected; resistance line halts rally Taiwan Semiconductor’s stock (TSMC) skyrocketed in the wake of an upbeat monthly revenue report and on the company’s plan to build a second factory in Japan. The stock rallied by around 7.0% to a new two-year high of 134.65, but halted near the resistance line from February 2023, increasing the risk of a downside correction in the coming sessions. Note that the RSI [..]

Technical Analysis – GBPUSD retreats after bullish spike

Posted on February 9, 2024 at 10:12 am GMT

GBPUSD rests near the 20-period SMA RSI and MACD suggest bearish wave GBPUSD is falling after a bullish spike earlier today, testing the 20-period simple moving average (SMA) in the 4-hour chart. According to technical oscillators, the RSI is still standing below its 50 neutral mark, losing some pace, and the MACD oscillator has yet to confirm a bearish crossover within its trigger line in the negative territory, both keeping the bias on the downside for now. In the negative [..]

Technical Analysis – GBPJPY works towards uptrend resumption

Posted on February 9, 2024 at 8:58 am GMT

GBPJPY surrounded by bullish vibes Could re-activate long-term uptrend Next resistance expected at 189.50 GBPJPY finally closed above the 188.25 region on Thursday, which had been keeping upside movements in control since mid-November, providing a ray of hope that the latest bullish race could pick up momentum. The focus is now on the 189.50 area, where the resistance line from August is placed, as the positive slope in the technical indicators is currently favouring the buyers. A clear move above that bar [..]

Technical Analysis – USDCAD retreats towards crucial trendline

Posted on February 9, 2024 at 8:53 am GMT

USDCAD gets repeatedly repelled by 1.3543 Latest rejection triggers decline below 200-day SMA Momentum indicators ease but remain positive USDCAD had been staging a solid recovery from its December low of 1.3176, but its advance was rejected twice at the 2024 peak of 1.3543. The persistent inability to claim that hurdle resulted in a retreat below the 200-day simple moving average (SMA) this week, with the pair currently testing a crucial ascending trendline. Should the pair bounce off the trendline and reverse [..]

Technical Analysis – EURAUD pulls back from long-term downtrend line

Posted on February 9, 2024 at 7:55 am GMT

EURAUD turns down from 1.6605 significant level 20- and 200-day SMAs golden cross remains intact RSI indicates downside moves again EURAUD is declining after aggressive bullish movement towards the long-term descending trend line near the 1.6605 resistance. The golden cross within the 20- and the 200-day simple moving averages (SMAs) is still in place; however, the technical oscillators are mixed. The RSI is heading south above the neutral threshold of 50, but the MACD is crossing above its trigger line [..]

Technical Analysis – AUDJPY’s gentle climb continues

Posted on February 9, 2024 at 7:49 am GMT

AUDJPY trades higher, clears the 100-day SMA A contracting triangle has been forming as AUDJPY volatility drops Momentum indicators remain uninterested in current upmove AUDJPY is enjoying its fourth consecutive green candle as JPY remains under pressure across the board. AUDJPY has managed to climb above the busy 96.16-96.70 area but has not tested the March 24, 2023 upward sloping trendline. Interestingly, a contracting triangle has been forming as a result of a series of lower highs and higher lows, and declining volatility. [..]

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