Technical Analysis / Page 5

Technical Analysis – USDJPY flies to another higher high at 161.92

Posted on July 3, 2024 at 7:03 am GMT

USDJPY continues its ascending move Technical oscillators still ticking up USDJPY is creating higher highs, unlocking a fresh 38-year high of 161.92 earlier in the day. The rebound off 154.50 is still in progress, while the technical oscillators are still heading north. The RSI is developing above its uptrend line in the overbought territory, the MACD is rising above its trigger and zero lines, and the stochastic posted a bullish crossover within its %K and %D lines above the 80 level. More [..]

Technical Analysis – Tesla stock surges again, looks overbought

Posted on July 2, 2024 at 2:58 pm GMT

Tesla stock opens with a gap higher on Tuesday But RSI enters overbought territory Is the rally sustainable? Tesla stock powered ahead on Tuesday to a seven-month high, opening with a gap higher, after the company announced better-than-expected vehicle deliveries for Q2. The price has now recovered above the 50% Fibonacci retracement of the July 2023-April 2024 downtrend at 218.82. The momentum indicators suggest further gains are likely as both the RSI and stochastics are rising. However, the RSI has [..]

Technical Analysis – GBPCAD uptrend intact after latest correction

Posted on July 2, 2024 at 1:26 pm GMT

GBPCAD bounces off uptrend line But strength of rebound is in question 20-day SMA is nearest challenge for the bulls GBPCAD has rebounded back above the 50-day simple moving average (SMA) after a 2% correction in June took the price below it towards the upper ascending trendline that’s been in place since the autumn of 2023. The momentum indicators are positive again, but there are also signs that the upswing could already be faltering. The %K line of the stochastic [..]

Technical Analysis – JP 225 advances to 3-month high

Posted on July 2, 2024 at 11:56 am GMT

JP 225 index has been steadily rising in the short term On Tuesday,the price jumped to its highest since April 4 Momentum indicators are heavily skewed to the upside The JP 225 index (cash) had been trading without a clear direction in May and early June, fluctuating around its 50-day simple moving average (SMA). More recently, the price broke above that crucial barrier and edged higher to a fresh three-month high this week. If the price extends its recent gains, the March resistance of 40,564 could curb initial [..]

Technical Analysis – UK 100 index experiences pre-election decline

Posted on July 2, 2024 at 9:55 am GMT

UK 100 index erases June’s recovery attempt as the UK election looms A break below 8,055 could worsen short-term outlook The UK 100 stock index (cash) continues to suffer for the sixth consecutive trading day, extending its downleg aggressively to the critical support zone of 8,110 on Tuesday ahead of the election day on July 4. The index could not mark a new higher high above the key resistance area of 8,300 and the important resistance line from February [..]

Technical Analysis – EURJPY sails in uncharted waters

Posted on July 2, 2024 at 7:56 am GMT

EURJPY advances above 32-year high Fears of a Japanese intervention increase Oscillators point to overbought conditions EURJPY has been in an uptrend since the beginning of the year, storming to consecutive multi-year highs. Despite a strong pullback following a currency intervention from Japan in late April, the market has been steadily moving higher above levels that the Japanese authorities were willing to protect. Should the upward trajectory resume, the pair could meet resistance at psychological levels such as 175.00 or 180.00 last observed in [..]

Technical Analysis – GBPUSD remains bearish in very short-term

Posted on July 2, 2024 at 6:44 am GMT

GBPUSD’s recent bounce off 1.2300 runs out of steam RSI and MACD hold beneath mid-levels GBPUSD started a bearish wave again after the spike towards the three-month high of 1.2860, sending prices beneath the 20- and 50-day simple moving averages (SMAs). The market is ready to retest the midpoint of the long-term trading range at 1.2610. Short-term momentum indicators are also pointing to a continuation of the bearish bias. The RSI is still developing beneath its downtrend line and the neutral [..]

Technical Analysis – US 500 index charts a double top pattern

Posted on July 1, 2024 at 3:36 pm GMT

US 500 index pauses record rally around 5,520 Technical indicators signal more weakness ahead Sellers could take control below 5,395 The US 500 stock index (cash) opened on the negative side on Monday to test the 5,450 region, which seems to be the neckline of a bearish double top pattern. The RSI and the MACD cannot discount the possibility of a bearish continuation as the former has changed course to the downside after peaking in the overbought zone and [..]

Technical Analysis – EURCHF advances sharply after violating 200-SMA

Posted on July 1, 2024 at 12:06 pm GMT

EURCHF recovers strongly from 4-month low Decisive break above 200-day SMA boosts rebound Momentum indicators improve significantly EURCHF has been in a steep recovery in the past few sessions, attempting to erase the slide from its 2024 peak. Moreover, the advance accelerated following the break above the 200-day simple moving average (SMA), with the bulls now eyeing the 50-day SMA. Should buying pressures persist, the pair might conquer the 50-day SMA and challenge 0.9796, which is the 23.6% Fibonacci retracement [..]

Technical Analysis – EURUSD gaps higher over potential French hung parliament

Posted on July 1, 2024 at 9:20 am GMT

EURUSD surges after French far-right party wins first race with weaker majority Bullish bias expected to come above 1.0788; sellers could take control below 1.0670 EURUSD opened with a positive gap on Monday after Le Pen’s far right party dominated the first round of the election on Sunday with a smaller margin than analysts expected, increasing speculation that an absolute majority on July 7 might be a struggle for the Euro-sceptic party. The pair ran to an almost three-week [..]

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