Technical Analysis / Page 53

Technical Analysis – GBPUSD relies on support levels as bears stay in play

Posted on February 1, 2024 at 9:24 am GMT

GBPUSD exposed to more declines in the short-term Outlook to stay neutral as long as the price holds above 1.2485 BoE policy announcement due at 12:00 GMT GBPUSD came under renewed downside pressure on the first trading day of February, feeling the blues from Powell’s hawkish rate message. The pair is currently testing the short-term support trendline from December’s lows at 1.2647, but the technical indicators cannot guarantee a rebound in the coming sessions. The RSI has slid below its 50 [..]

Technical Analysis – EURUSD plummets to 7-week low

Posted on February 1, 2024 at 8:36 am GMT

EURUSD records several red sessions Remains below SMAs and downtrend line MACD and RSI slip further EURUSD plunged to a new seven-week low earlier this morning, dropping beneath the significant 1.0795 barricade. The pair is in the process of posting the fifth consecutive red 4-hour session, remaining well below the short-term descending trend line. According to technical oscillators, the RSI is diving in the territory below the 50 level, while the MACD is strengthening its negative momentum. Both confirm the [..]

Technical Analysis – WTI oil futures battle with 61.8% Fibo

Posted on February 1, 2024 at 7:48 am GMT

WTI futures retreat after hitting 2-month high Violate 200-day SMA but 61.8% Fibo pauses decline Momentum indicators weaken but remain positive WTI oil futures (March delivery) had been staging a comeback from the December bottom of 68.00, jumping above both the 50- and 200-day simple moving averages (SMAs). However, the advance got rejected a tad below the 50.0% Fibonacci retracement of the 64.20-95.02 upleg, albeit the 61.8% Fibo prevented further retreats. Should bearish pressures persist and the price dive below the 61.8% Fibo of [..]

Technical Analysis – EURAUD trips on 200-day SMA and falls

Posted on January 31, 2024 at 1:33 pm GMT

EURAUD remains beneath downtrend line MACD and RSI show mixed signs EURAUD continues to rise above the 1.6320 support level, fighting with the short-term simple moving averages (SMAs) in the daily timeframe. The pair remains beneath the medium-term descending trend line with the MACD oscillator sliding beneath its trigger line above the zero level. However, the RSI is pointing slightly north near the neutral threshold of 50. A move to the downside could stall at the 1.6320 hurdle ahead of the previous [..]

Technical Analysis – US 100 index leans to the downside

Posted on January 31, 2024 at 11:59 am GMT

US 100 stock index drops below short-term SMAs Faces downside risks below 17,286 as technical signals worsen The US 100 stock index (cash) changed direction to the downside after hitting a record high of 17,666 near the resistance line drawn from mid-November last week. Despite Monday’s recovery attempt, the price paused slightly below the 2024 top, increasing fears that January’s rally has peaked. A continuation lower is likely in the four-hour chart as the 50-period exponential moving average (EMA) [..]

Technical Analysis – Apple stock descends sharply ahead of earnings

Posted on January 31, 2024 at 10:29 am GMT

Apple shares slide ahead of earnings on Thursday Stock exhibits heightened volatility in recent months Momentum indicators tilt to the bearish side Apple’s stock has been very volatile in the past few months, opening frequently with significant price gaps. In the near term, the stock has been facing downside pressures, which led to a decline below the 50-day simple moving average (SMA) ahead of its earnings report on Thursday. Should the retreat extend, initial support could be met at 186.40. [..]

Technical Analysis – USDJPY sustains its 2024 bullish setup

Posted on January 31, 2024 at 8:53 am GMT

USDJPY consolidates its 2024 upleg between key boundaries Momentum indicators point lower, but trend signals remain positive FOMC policy announcement due at 19:00 GMT USDJPY has been facing difficulties in surpassing the 148.30 region for almost two weeks, but the 147.45 region, which coincides with the 61.8% Fibonacci retracement of the November-December downleg, kept bearish forces in control, sustaining January’s almost 5% rally. The momentum indicators have shifted southwards, pointing to more losses ahead as investors are hoping to get more [..]

Technical Analysis – Gold develops ascending triangle in near-term

Posted on January 31, 2024 at 8:21 am GMT

Gold struggles to surpass 2,037 and 200-period SMA RSI and MACD move horizontally Short-term outlook looks neutral-to-bullish Gold prices are flirting with the 2,037 resistance level and the 200-period simple moving average (SMA) in the 4-hour chart, creating an ascending triangle. Technically, the RSI is moving horizontally above the 50 level, while the MACD is standing slightly above its trigger line in the positive territory, both confirming the recent weak momentum in price. On the upside, the price could attempt [..]

Technical Analysis – NZDUSD lacks clear direction ahead of key events

Posted on January 31, 2024 at 7:47 am GMT

NZUSD continues to hover around a crucial support area Market participants appears to be in waiting mode ahead of key market events Momentum indicators remain mixed; all eyes on the stochastic oscillator NZDUSD is in the red today as it continues to range trade in line with the busy 0.6047-0.6092 area and the 200-day simple moving average (SMA) acts as a strong support point. The correction that started since the December 28, 2023 peak and pushed NZDUSD to a new [..]

Technical Analysis – GBPCHF drops below 50-day SMA, tests 20-day SMA

Posted on January 30, 2024 at 3:17 pm GMT

GBPCHF sees selling pressure intensify after drop below 50-day SMA and cloud Will the 20-day SMA halt the decline? Momentum indicators aren’t very encouraging GBPCHF is extending its retreat from the January peak above 1.1050, with the slide accelerating after breaching both the Ichimoku cloud bottom as well as the 50-day simple moving average (SMA). Subsequently, the near-term bias has turned increasingly bearish. The stochastics have plunged into oversold territory, while the RSI has just slipped below the 50-neutral mark. [..]

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