Technical Analysis / Page 51

Technical Analysis – NZDUSD bounces off 2-month low

Posted on February 7, 2024 at 9:05 am GMT

NZDUSD extends its bearish leg below 200-day SMA But manages to rebound strongly from 2-month bottom Oscillators remain tilted to the downside NZDUSD has been in a steady downtrend since its rejection from near 0.6373 in late December, which is the 78.6% Fibonacci retracement of the 0.6536-0.5772 downleg. This week, the pair dropped to a fresh two-month low after violating its 200-day simple moving average (SMA), but the bulls fought back and reclaimed the latter. Given that both the RSI and MACD [..]

Technical Analysis – USDJPY hovers above a key support area

Posted on February 7, 2024 at 8:13 am GMT

USDJPY is in the red again today, reacts to last week’s jump It continues to hover a tad above its 100-day SMA Most momentum indicators tentatively support the ongoing upleg USDJPY is recording its second consecutive red candle, recouping a good part of last week’s strong gains. USDJPY continues to trade above the busy 146.65-147.71 area with the 100-day simple moving average (SMA) acting as a main support factor. The upward move since the December 28, 2023 trough remains comfortably in place. [..]

Technical Analysis – GER 40 index hits all-time high

Posted on February 6, 2024 at 4:25 pm GMT

The German 40 index unlocks a record high The short-term bias is positive; next resistance at 17,145 The German 40 index (cash) returned to the uncharted territory following the completion of a bullish flag formation, printing a record high of 17,040 on Tuesday. The RSI and the MACD have gradually turned up in the positive region, backing the current bullish momentum in the price. Yet, downside risks could stay in play as the price has yet to close decisively [..]

Technical Analysis – McDonald’s stock completes a head and shoulders

Posted on February 6, 2024 at 1:31 pm GMT

McDonald’s stock falls after disappointing earnings The fall completes a head and shoulders formation Both the RSI and the MACD corroborate the reversal McDonald’s stock fell sharply yesterday after the firm reported its first quarterly sales miss in nearly four years. The price closed below the $287.00 barrier which can be considered as the neckline of a complex head and shoulders pattern that had been forming since December 11. Although in the bigger picture, the stock continues to trade above [..]

Technical Analysis – Gold flips backwards but still shines above 2,000

Posted on February 6, 2024 at 8:44 am GMT

Gold loses ground after hitting tough resistance Lacks bullish signals but pattern of higher lows remains intact Gold could not mark a new higher high above January’s tough resistance of 2,065, correcting lower to close around its 50-day exponential moving average (EMA) and the support trendline from November at 2,025. The latest downturn in the technical indicators has increased downside risks, but the series of higher lows that started in October keeps feeding hopes for a bullish continuation as long as [..]

Technical Analysis – GBPUSD plummets to 2-month low

Posted on February 6, 2024 at 8:14 am GMT

GBPUSD tests 200-day SMA after strong sell-off Prices break trading range to the downside Outlook looks bearish in short-term GBPUSD plunged to a new almost two-month low of 1.2517 on Monday’s session, falling beneath the short-term trading range and the 200-day simple moving average (SMA). Currently, the market is recovering some losses with the RSI confirming the recent upside move as it is ticking slightly up below 50. On the other hand, the MACD oscillator is losing momentum beneath its [..]

Weekly Technical Outlook – USDJPY, AUDUSD, USDCAD

Posted on February 5, 2024 at 12:32 pm GMT

USD/JPY halts post-NFP gains near familiar resistance; ISM services PMI awaited AUD/USD misses a bullish breakout. Will the RBA come to the rescue? USD/CAD stuck within the 1.3400 territory ahead of Canadian jobs report ISM non-manufacturing PMI –> USD/JPY Another US jobs report beat analysts’ forecasts by a large margin on Friday, helping USD/JPY to close the day higher by 1.3% at 148.32 on expectations the Fed may not cut interest rates in March. The ISM non-manufacturing PMI, which [..]

Technical Analysis – USDJPY stops beneath 2-month high

Posted on February 5, 2024 at 9:33 am GMT

USDJPY trades sideways after failing to extend its breakout RSI and MACD are hovering in their positive regions Stochastic indicates overstretched market USDJPY came close to breaking the 148.81 level in the preceding week, recording a two-month high. According to the RSI, the market could maintain positive momentum in the short-term as the indicator is positively sloped near the 70 level and the MACD is extending its bullish movement above its trigger and zero lines. However, the fast Stochastics suggest [..]

Technical Analysis – US 500 cash index continues to record higher highs

Posted on February 5, 2024 at 8:22 am GMT

US 500 index flirts with new all-time highs on daily basis Bears lack the strength to stage a correction Momentum indicators still support the bullish move The US 500 cash index is edging lower after recording a new all-time high of 4,976 last week. Friday’s US labour market statistics do not appear to have dented the market’s bullish appetite. Having said that, the pace of the rally since the October 27, 2023 low of 4,100 remains too aggressive and thus keeping the [..]

Technical Analysis – EURUSD unlocks 2-month low below 1.0800

Posted on February 5, 2024 at 7:49 am GMT

EURUSD meets lower boundary of bearish triangle Market is in descending tendency MACD and RSI strengthen bearish bias EURUSD plummeted more than 1% on Friday after the release of the NFP report and posted a fresh almost two-month low of 1.0766 earlier today, meeting the lower boundary of the bearish triangle. The price is also developing beneath the 200-day simple moving average (SMA) and the 20- and 50-day SMAs act as strong resistance levels as well, after the bearish crossover [..]

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