Technical Analysis / Page 6

Weekly Technical Outlook – EURGBP, USDJPY, USDCAD

Posted on July 1, 2024 at 9:03 am GMT

French elections help euro to recoup some losses Friday’s NFP report is the week’s main driver as USDJPY holds near highs Canadian employment report next in focus with USDCAD in range French and UK elections –> EURGBP The euro experienced an increase on Monday following the initial round of France’s election, which resulted in the far-right party taking the lead, albeit by a smaller margin than anticipated. The far-right National Rally (RN) party, led by Marine Le Pen, emerged as the winner in the initial [..]

Technical Analysis – Gold battles with descending trendline

Posted on July 1, 2024 at 8:06 am GMT

Gold trades back and forth in the past few sessions Price fails to claim 50-day SMA and restrictive trendline Momentum indicators are neutral-to-bullish Gold has been under pressure lately following its break below the 50-day simple moving average (SMA). Although the price managed to find its feet at the lower end of the Ichimoku cloud, it has failed to jump back above the downward sloping trendline drawn from the all-time high of 2,450. Should the latest weakness persist, the price could test [..]

Technical Analysis – GBPJPY unlocks new 16-year high

Posted on June 28, 2024 at 7:42 am GMT

GBPJPY posts several green days RSI and stochastics are overstretched GBPJPY is recording the tenth consecutive green day, posting a fresh 16-year high of 203.57. The market is looking positive, but the technical oscillators are suggesting overstretched momentum. The RSI is flattening near the 70 level, while the stochastic is moving horizontally above the 80 level. More increases would drive the pair towards the 261.8% Fibonacci extension level of the downward wave from 188.65 to 178.80 at 204.70. Even higher, [..]

Technical Analysis – GBPAUD trades higher but key risk events ahead

Posted on June 28, 2024 at 7:10 am GMT

GBPAUD edges higher after almost testing the early May low Downward trend from the March 5 peak remains intact Early signs of bullish momentum building up GBPAUD is edging higher after almost testing the early May low of 1.8900. It failed to make a lower low, but provided that the March 5, 2024 downward trendline remains intact, GBPAUD remains in a bearish trend. Stronger Australian inflation contributed to the recent correction, but the focus now turns to the UK where [..]

Technical Analysis – Will the US 100 stock index revisit the 20,000 mark?

Posted on June 27, 2024 at 3:13 pm GMT

US 100 index turns up, but it’s not out of the woods yet Bulls need approval near 19,840 to renew record rally The US 100 stock index started Thursday’s session on the right foot, extending its recent upturn to 19,848 after a short break on Wednesday. A close above Wednesday’s bar of 19,814 could pave the way for the 20,084-20,200 region, bounded by the ascending lines drawn from the beginning of the year. A steeper increase might take a breather near April’s resistance line at [..]

Technical Analysis – Gold rebounds from near the lower end of its range

Posted on June 27, 2024 at 1:53 pm GMT

Gold bulls step in from near key support zone RSI and MACD suggest momentum is turning positive Advances within the current sideways range may be possible A dip below 2,290 could invite the bears back into the game Gold is trading higher today, after hitting support slightly above 2,290 on Wednesday. That zone has been acting as a strong support barrier since April, and it can also be seen as the lower boundary of a sideways range that’s been containing [..]

Technical Analysis – JP 225 extends rally to 2-month high

Posted on June 27, 2024 at 1:48 pm GMT

JP 225 index has been steadily advancing in the short term On Wednesday, price jumped to its highest since April 12 Momentum indicators are heavily skewed to the upside The JP 225 index (cash) had been trading without clear direction since early May, fluctuating around its 50-day simple moving average (SMA). In the near term, the price broke above that crucial barrier and edged higher to a fresh two-month high. If the price extends its recent gains, the April resistance of 39,950 could curb initial upside [..]

Technical Analysis – Tesla stock advances to 2-month high

Posted on June 27, 2024 at 12:05 pm GMT

Tesla shares jump to highest level since April 26 Bulls violate restrictive trendline taken from July 2023 Momentum indicators improve drastically Tesla has been among the worst performing stocks of the S&P 500 in 2024, but lately it has started to show some signs of life. After a consolidation period, the price advanced above the downward sloping trendline that connects its lower highs from July 2023, leading to a fresh two-month high. Should buying pressures persist, the price may test the April high of [..]

Midweek Technical Look – Gold, GBPUSD, USDJPY

Posted on June 27, 2024 at 11:11 am GMT

Gold at risk of a bearish trend reversal below 2,285 GBPUSD extends its negative trajectory; 200-EMA in focus USDJPY tests intervention risks above 160 ahead of core PCE inflation data [..]

Technical Analysis – BTCUSD bounces off 1-month low

Posted on June 27, 2024 at 9:47 am GMT

BTCUSD drops to its lowest level since May 2 Despite initial rebound, price remains under selling pressure Momentum indicators hover near oversold territory BTCUSD (Bitcoin) has been experiencing a vast selloff since the beginning of June, temporarily breaking below the 60,000 psychological mark. Although the price managed to halt its retreat just shy of the 200-day simple moving average (SMA), the bears continue to hold the upper hand. Should Bitcoin fall back below the 60,000 psychological level, immediate support could be found [..]

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