Technical Analysis / Page 52

Technical Analysis – Meta’s stock to skyrocket on earnings beat

Posted on February 2, 2024 at 1:36 pm GMT

Meta’s stock to jump to a record high Traders may look for some profit-taking Facebook parent Meta platforms beat Q4 earnings expectations after Thursday’s market close and announced its first ever dividend to shareholders and a huge amount of stock buybacks. The stock has been trading 17.05% higher during Friday’s pre-market hours around 460 in the aftermath of its earnings, where the ascending trendline drawn from February 2023 is located. Some profit taking could be possible if such an aggressive rally sends the [..]

Technical Analysis – GBPAUD could be preparing for a strong move

Posted on February 2, 2024 at 12:50 pm GMT

GBPAUD continues to range trade near the upper end of the rectangle Momentum indicators are mostly mixed; focus on stochastic oscillator SMAs’ convergence points to increased volatility GBPAUD is edging lower today after recording a new 5-month high of 1.9454 on February 1. It has returned inside the rectangle that has been dictating price action since September 2023 as the market is preparing for the next key events. GBPAUD continues to trade above the busy 1.9017-1.9183 area with the convergence of [..]

Technical Analysis – GBPJPY ticks up in BoE aftermath

Posted on February 2, 2024 at 9:11 am GMT

GBPJPY pauses its slide from a fresh 8½-year high Broader long-term uptrend remains in place RSI and MACD soften but remain positive GBPJPY has been in a prolonged uptrend since early 2023, posting a fresh 8½-year high of 188.91 on January 19 before experiencing a setback. However, in the past couple of sessions, the pair managed to halt its decline in an attempt to move back higher towards its recent multi-year peak. Considering that the short-term oscillators remain tilted to the upside, the price [..]

Technical Analysis – Is AUDUSD set for a break higher?

Posted on February 2, 2024 at 9:04 am GMT

AUDUSD sends some encouraging signals But the bulls need to claim the 0.6600 territory US nonfarm payrolls awaited at 13:30 GMT AUDUSD bulls came into action instantly after the price dropped to a more-than-two-month low of 0.6507 to test the ascending trendline from the 2020 low. The pair finished the day with a bullish long-tailed hammer candlestick, which is theoretically a positive signal of an upside reversal. Yet, traders will need another big green candlestick to confirm a continuation higher. [..]

Technical Analysis – GBPUSD rises but not enough to change neutral phase

Posted on February 2, 2024 at 8:09 am GMT

GBPUSD holds above SMAs MACD and RSI show some positive signs Outlook is still neutral GBPUSD had a strong bounce off the 1.2625 support level on Thursday’s session, meeting again the 1.2755 critical level after jumping above the simple moving averages (SMAs). According to technical oscillators, the RSI is moving sideways above the neutral threshold of 50 and is ticking marginally up. The MACD oscillator is strengthening its positive momentum above its trigger and zero lines. Traders will be eagerly [..]

Technical Analysis – AUDCAD examines potential pivot point

Posted on February 1, 2024 at 3:07 pm GMT

AUDCAD continues to trim gains, reaches key support level Technical picture reflects oversold conditions AUDCAD erased more than half of its October-December upleg to find support around the November 13 low of 0.8755, which overlaps with the 61.8% Fibonacci retracement level of the bullish wave. Both the RSI and the stochastic oscillators hint at oversold conditions, signaling that the bearish action could soon stabilize. If that proves to be the case, the bulls might again fight for a close above the [..]

Technical Analysis – Copper futures slip after failing to break 50% Fibo

Posted on February 1, 2024 at 3:03 pm GMT

Copper prices on the retreat after hitting wall at 50% Fibonacci But head towards breakout from bullish pennant Near-term bias is neutral Copper futures (HGCOP) confirmed the formation of a bullish pennant pattern after failing to post a higher high on Wednesday. Advances were rejected for a second time by both the 50% Fibonacci retracement level of the January-October 2023 downtrend as well as the long-term descending trendline. The momentum indicators are somewhat mixed, underscoring the neutral picture until prices [..]

Technical Analysis – BTCUSD drops below 50-day SMA

Posted on February 1, 2024 at 12:26 pm GMT

BTCUSD bounces off 2024 low and reclaims 40,000 But price dips back below 50-day SMA after advance pauses Momentum indicators suggest weakening buying pressures BTCUSD (Bitcoin) experienced a strong decline from its recent two-year peak of 49,051, dropping to as low as 38,460. Despite the price’s attempt for recovery, a new round of weakness has begun, with Bitcoin dropping below the 50-day simple moving average (SMA) following a rejection near 43,850. If the slide resumes, the inside swing low of 41,420 could [..]

Technical Analysis – EURCHF retains bearish bias; next support at all-time low

Posted on February 1, 2024 at 10:24 am GMT

EURCHF holds beneath the 20- and 50-day SMAs MACD and RSI strengthens negative momentum EURCHF is posting a leg to the downside after the pullback from the 0.9470 resistance level, heading towards the previous record low of 0.9253. The technical oscillators are endorsing the current picture on the price. The RSI is falling within the 30 to 50 area, while the MACD is strengthening its bearish structure below zero. Immediate support level could come from the all-time low of 0.9253 [..]

Technical Analysis – Is the US 30 cash index preparing for a new all-time high?

Posted on February 1, 2024 at 9:54 am GMT

US 30 index reacts to Wednesday’s sizeable red candle It remains just a tad below its all-time high Momentum indicators still mostly positive for the bulls The US 30 cash index is in the green today, reacting to the Fed-induced sell off registered at yesterday’s session. It remains very close to its all-time high of 38,579 but it is evident that the market is questioning its direction. The jury is still out on this as on Friday we expect the [..]

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