Technical Analysis / Page 56

Technical Analysis – CHFJPY fails to extend bullish move

Posted on January 25, 2024 at 10:28 am GMT

CHFJPY holds beneath record high of 171.60 Develops within an ascending channel SMAs act as strong support CHFJPY is standing near the upper boundary of the medium-term ascending channel and above the short-term simple moving averages (SMAs). According to technical oscillators, the RSI has been moving sideways above the neutral threshold of 50 over the last three weeks, while the MACD is developing beneath its trigger line in the positive region. Both suggest a weak momentum for the price. If [..]

Technical Analysis – Tesla stock to fall on missed earnings; bulls could be near

Posted on January 25, 2024 at 9:53 am GMT

Tesla stock to open lower on disappointing Q4 earnings October’s low in focus as oversold conditions detected Tesla’s stock finished Wednesday’s session on a negative note but remained supported above the 206 level, which has been restricting both upside and downside movements over the past four years. The latest bearish cycle started after the bulls proved unsuccessful in crossing above the broken support-turned-to-resistance trendline drawn from January 2023, while also failing to breach the long-term resistance trendline from the [..]

Technical Analysis – WTI oil futures challenge 61.8% Fibo

Posted on January 25, 2024 at 8:59 am GMT

WTI futures break above crucial trendline and 50-day SMA Next target is the 61.8% Fibo, which held strong in January Momentum indicators tilt to the positive side WTI oil futures (March delivery) had been on the retreat since their September peak of 95.02, breaking below consecutive support zones. Although the price managed to halt its retreat and erase some of its losses, the 61.8% Fibonacci retracement of the 64.20-95.02 upleg has rejected further advances. If bullish pressures persist, oil might challenge [..]

Technical Analysis – Is EURUSD ready to climb back above the uptrend line?

Posted on January 25, 2024 at 7:43 am GMT

EURUSD rebounds off 200-day SMA But, remains beneath the rising trend line Technical signals are mixed EURUSD finds strong support at the 200-day simple moving average (SMA), which overlaps with the 1.0845 barrier. The pair is currently holding beneath the medium-term ascending trend line but the fact that it is still above the aforementioned support is raising optimism for a potential upside move. However, the technical oscillators are showing mixed signals in the market. The RSI is ticking slightly higher [..]

Technical Analysis – Silver trades higher but strong resistance ahead

Posted on January 24, 2024 at 1:13 pm GMT

Silver has recorded an aggressive downward move since December’s high It is now hovering at the lower boundary of its multi-month rectangle Momentum indicators mostly balanced after the downleg Silver is edging higher again today, trading above the busy 22.24-22.50 area and possibly preparing to test the resistance set by the December 4, 2023 descending trendline. It has been an aggressive correction from the December 2023 high of 25.90 as silver is currently around 12% lower. The recent series of [..]

Technical Analysis – CADJPY pulls below 2-month high ahead of BoC rate decision

Posted on January 24, 2024 at 12:15 pm GMT

CADJPY leans to the downside after two-month high 2024 uptrend remains intact above 109.50 BoC policy announcement due at 15:00 GMT CADJPY lost momentum after the peak at a two-month high of 110.37 on Monday, but January’s series of higher highs and higher lows on the four-hour chart remain intact and only a break below the 50-period simple moving average (SMA) and the support trendline at 109.40 would put the upward trajectory in doubt. The technical indicators favor the [..]

Technical Analysis – EURGBP meets crucial line at 0.8550

Posted on January 24, 2024 at 10:18 am GMT

EURGBP may rebound off 0.8550 to reduce bearish actions However, technical oscillators and SMAs indicate negative movements EURGBP is creating a double bottom formation at 0.8550, which is acting as a significant support barrier. The simple moving averages (SMAs) are moving lower, confirming the recent bearish action in price, while the technical oscillators are suggesting more losses. The RSI is ticking lower in the negative territory, while the MACD is still extending its negative momentum beneath its trigger and zero [..]

Technical Analysis – Gold is not out of the woods yet

Posted on January 24, 2024 at 9:31 am GMT

Gold below key barriers ahead of next week’s FOMC policy announcement Technical signals cannot promise a meaningful rally Gold has been in a tight range within the 2,016-2,030 region so far this week, struggling to find enough buyers to close successfully above its exponential moving averages (EMAs) on the four-hour chart and the broken support trendline from November. The technical indicators point to a neutral-to-bullish bias, with the RSI maintaining a sideways trajectory above its 50 neutral mark and the MACD set [..]

Technical Analysis – USDJPY dives near 61.8% Fibonacci

Posted on January 24, 2024 at 8:32 am GMT

USDJPY fails to surpass 148.50 resistance Rebounds off 140.20 still intact However, RSI and MACD suggest negative correction USDJPY has been struggling to surpass the 148.50 resistance level over the last five days after the upward movement from the 140.20 support level. The pair is still holding above the 61.8% Fibonacci retracement level of the down leg from 151.90 to 140.20 at 147.40 and well above the simple moving averages (SMAs). However, the technical oscillators are suggesting a bearish retracement [..]

Technical Analysis – NZDUSD continues to trade sideways

Posted on January 24, 2024 at 7:48 am GMT

NZUSD hovers above a key support area Aggressive downward move from late December 2023 peak Momentum indicators are mostly mixed at this juncture NZDUSD is in the green today, but it continues to range trade. The 0.6036-0.6092 area appears to have put a temporary stop at the correction that has been in place since the December 28, 2023 high. Market participants could also be in waiting mode for some key market events coming up over the next 10 days, especially [..]

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