Technical Analysis / Page 58

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 [..]

Technical Analysis – US 500 index skyrockets to new all-time high

Posted on January 22, 2024 at 10:23 am GMT

US 500 index still confirms a strong upside tendency MACD and RSI in positive territories Next resistance at 161.8% Fibonacci extension The US 500 cash index has been in a prolonged uptrend since the end of October, posting a fresh all-time high of 4,858 earlier today. After a period of rangebound trading, the pair stormed above the 4,800-4,817 region, which is now acting as support area. According to technical indicators, the RSI is moving towards the 70 level and the [..]

Technical Analysis – Nvidia stock conquers uncharted territories

Posted on January 22, 2024 at 9:44 am GMT

Nvidia extends rally and hits new all-time high Oscillators point to extremely positive momentum Investors may continue exploring uncharted areas Nvidia’s stock surged on Friday, extending its prevailing rally, and hitting a new record high of around 594. The stock has been climbing north since January 8, when it exited the sideways range between 405 and 505, within which it was trading since mid-May. This has turned the technical outlook back to overly positive. The daily oscillators corroborate that view. [..]

Technical Analysis – USDJPY trades sideways ahead of BoJ meeting

Posted on January 22, 2024 at 9:06 am GMT

USDJPY consolidates near its almost 2-month high RSI and MACD lose ground but stay in positive zones USDJPY has been in a steady advance since its five-month bottom of 140.24 registered in late December, posting consecutive higher highs. However, the rally seems to have taken a breather in the past few four-hour sessions as momentum indicators suggest that bullish pressures are fading. Should the pair reverse lower, immediate support could be found at 147.44, which is the 61.8% Fibonacci retracement [..]

Technical Analysis – Gold lower; tests key trendline

Posted on January 22, 2024 at 8:17 am GMT

Gold is lower again today Holds beneath short-term SMAs Momentum indicators disappoint below mid-levels Gold prices are fighting with the short-term uptrend line, which has been drawn since mid-November, and the 38.2% Fibonacci retracement level of the upward wave from 1,810 to 2,145 at 2,016. Also, the market is failing to surpass above the 20- and the 50-day simple moving averages (SMAs), indicating weak momentum. The MACD oscillator is moving lower beneath its trigger line and near the zero level, [..]

Technical Analysis – AUDJPY edges higher; bears desperate for a correction

Posted on January 19, 2024 at 1:24 pm GMT

AUDJPY trades higher, a tad below its recent high The March 24, 2023 trendline continues to define price action Momentum indicators mostly uninterested in recent moves AUDJPY is enjoying another green candle as JPY remains under pressure across the board. AUDJPY continues to trade above both the busy 96.20-96.88 area and the March 24, 2023 ascending trendline after failing multiple times to decisively trade below it. Volatility appears to be slowing down as the market appears to be preparing for next week’s BoJ [..]

Technical Analysis – TSMC stock rockets to 2-year high after big positive gap

Posted on January 19, 2024 at 12:30 pm GMT

TSMC stock marks new higher high after impressive bounce Overbought signals detected; sellers could retake control below 110 Taiwan-Semiconductor (TSMC) stock closed almost 10% higher on Thursday marginally below the 113.00 level after opening the day with a huge positive gap to spike to a two-year high of 113.30. The extraordinary rally emerged after the chip maker forecasted vigorous growth in 2024 on the back of artificial intelligence demand. Technically, the move above June’s high and out of the upward-sloping channel could motivate more buying towards [..]

Technical Analysis – GBPJPY charts new high but with caution

Posted on January 19, 2024 at 9:31 am GMT

GBPJPY loses momentum after charting new high Downside moves likely; resistance within 188.00-189.00 area GBPJPY ascended almost vertically after touching its 200-day simple moving average (SMA) at the start of January, erasing its latest bearish wave to print a new higher high of 188.90 on Friday—the highest level since August 2015. The 188.00 round level remains a tough obstacle, as the technical indicators detect some skepticism among investors. Specifically, the stochastic oscillator keeps fluctuating sideways within the overbought region and [..]

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