Technical Analysis / Page 57

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 [..]

Technical Analysis – AUDUSD recovers, but remains below prior uptrend line

Posted on January 23, 2024 at 1:46 pm GMT

AUDUSD recovers after hitting 0.6525 But the bulls struggle below key resistance crossroads This increases the chances for another strike by the bears AUDUSD entered a recovery mode after it hit support near the key zone of 0.6525. However, the bulls seem to be struggling to overcome the 0.6615 level and the 50-period EMA, with the pair staying below the prior uptrend line drawn from the low of October 26, and below a short-term term downside resistance line taken from [..]

Technical Analysis – Netflix stock stable within bullish area

Posted on January 23, 2024 at 10:57 am GMT

Netflix stock holds neutral tone as Q4 earnings awaited after market close Resistance near 494; support within 466-475 area Netflix’s stock could not reach the top of the short-term bullish channel while it also closed below December’s highs despite spiking to a record high of 502.35 two weeks ago. The stock has been on the sidelines since then, keeping hopes for a bullish continuation low.Nevertheless, the RSI has not crossed below its 50 neutral mark yet, and the stochastic [..]

Technical Analysis – US 100 index looks overstretched after record high

Posted on January 23, 2024 at 10:02 am GMT

US 100 posts bearish doji, suggesting downside retracement Technical oscillators indicate weak momentum The US 100 index surged to a fresh all-time high of 17,450 during yesterday’s session, ending the day with a bearish doji candle. This indicates a potential downside retracement after the aggressive rally above the 161.8% Fibonacci extension level of the down leg 15,930 to 14,050 at 17,090. Technically, the short-term risk is leaning to the downside. The stochastic oscillator seems to have peaked above its 80 [..]

Technical Analysis – GER 40 index aims for bullish continuation

Posted on January 23, 2024 at 9:12 am GMT

German 40 index looks for a bullish channel breakout Will the index resume its long-term uptrend? The German 40 index (cash) has been trending southwards within a channel since marking the record high of 17,000 in mid-December. The downward-sloping formation could be part of a bullish continuation flag pattern followed by the almost vertical October-December uptrend. The index is currently seeking confirmation above the 20-day simple moving average (SMA) and the 16,700 level. If its efforts prove successful, it could crawl up to [..]

Technical Analysis – EURJPY re-enters its bullish channel

Posted on January 23, 2024 at 8:41 am GMT

EURJPY bounces back after 200-day SMA prevents decline Rejoins its bullish setup in place since summer Momentum indicators are within their positive territories EURJPY has been on the rise again after a period of weakness in which the price dropped below its bullish channel established in June. The rebound has been largely attributed to the pair’s repeated inability to violate the 200-day simple moving average (SMA). Should buying pressures persist, the price may revisit the January high of 161.85. A break [..]

Technical Analysis – GBPUSD ticks up in trading range

Posted on January 23, 2024 at 8:08 am GMT

GBPUSD surpasses 20-day SMA RSI points up in bullish area Short-term bias positive, but there are more threats higher GBPUSD has reversed back higher again after finding support at the lower boundary of the trading range of 1.2610-1.2785. Currently, the price is rising beyond the 20-day simple moving average (SMA) and is approaching its previous highs. Momentum indicators are showing some mixed signs. The MACD is still losing momentum beneath its trigger line in the positive region, while the RSI [..]

Technical Analysis – GBPCAD hovers around key area; has the rally ended?

Posted on January 22, 2024 at 4:06 pm GMT

GBPCAD trades higher in anticipation of the Bank of Canada meeting 200-day SMA continues to act as a strong support point Stochastic oscillator could send a strong signal soon GBPCAD is trading higher today and testing the resistance set by the busy 1.7033-1.7080 area with the 200-day simple moving average (SMA) acting as strong support. It has been a gentle upleg from the December 2023 low, but the bulls have not managed to record a new higher high. However, market [..]

Weekly Technical Outlook – EURUSD, USDJPY, USDCAD

Posted on January 22, 2024 at 1:49 pm GMT

EUR/USD constrained between SMAs ahead of ECB policy decision & flash PMIs USD/JPY faces limited room for improvement as BoJ rate decision & US data loom USD/CAD comes under pressure. Will the BoC policy meeting boost sentiment? ECB policy meeting –> EUR/USD EUR/USD had a soft positive opening on Monday, gradually approaching the 1.0900 round level as investors awaited a volatile week ahead. The recent bearish trendline breakout was halted immediately near the 200-day simple moving average (SMA) at 1.0843 last [..]

Technical Analysis – EURCHF gets rejected at 50.0% Fibonacci

Posted on January 22, 2024 at 12:49 pm GMT

EURCHF in a steady uptrend since the beginning of 2024 But fails to conquer the 50.0% Fibo of 0.9468 Momentum indicators decline from overbought conditions EURCHF has been staging a mild recovery since the beginning of the year, jumping above both 50- and 200-period simple moving averages (SMAs) in the four-hour chart. However, the pair has been repeatedly rejected around 0.9468 in the past few sessions, setting the stage for a potential pullback. Should the pair reverse lower, initial support could [..]

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