Technical Analysis / Page 61

Technical Analysis – USDJPY on the rise again

Posted on January 15, 2024 at 1:28 pm GMT

USDJPY tries to switch medium-term outlook to bullish Prices hold within Fibonacci levels Technical signals are positive USDJPY is looking to resume its bullish trend, having softly pivoted near the 50.0% Fibonacci retracement level of the down leg from 151.90 to 140.20 at 146.07. To attract new buyers, the bulls will have to surpass the aforementioned resistance of 146.07 and move beyond the 146.60 barrier. In this case, the price could pick up steam towards the important resistance at 148.50. Another successful [..]

Technical Analysis – Natural gas futures lose steam after exponential surge

Posted on January 15, 2024 at 1:04 pm GMT

Natural gas futures start the year with a bang Momentum indicators warrant some caution Natural gas futures (February delivery) have been rising exponentially so far in January after refusing to drop below the 2023 floor of 2.00-2.20 in mid-December. The price stretched to a one-and-a-half-month high of 3.37 last week, but it soon eased back below the support-turned-resistance trendline from June 2023 at 3.17. Given the negative slope in the RSI, which seems to have confirmed a bearish double [..]

Weekly Technical Outlook – EURUSD, GBPUSD, AUDUSD

Posted on January 15, 2024 at 9:55 am GMT

EUR/USD resilient below 1.1000 as US retail sales awaited UK CPI to fall but will GBP/USD extend rebound? China’s GDP growth could rise; AUD/USD looks for pullback US retail sales –> EUR/USD Retail sales will be the main focus in the US, while the other releases will primarily consist of second-tier data. Although there has been a deceleration in US consumer spending following a rise throughout the summer, it is not expected to see a sudden and drastic decline. In [..]

Technical Analysis – EURGBP continues to oscillate within a range

Posted on January 15, 2024 at 9:55 am GMT

EURGBP slides but remains within a range MACD and RSI detect negative momentum A dip below 0.8520 could turn the outlook bearish EURGBP has been drifting south recently, after it hit resistance slightly above the 0.8700 territory. That said, although the pair is currently trading below all three of the plotted exponential moving averages (EMAs) on the daily chart, it is still stuck within the sideways range between 0.8520 and 0.8700. That range has been containing most of the price [..]

Technical Analysis – Will the US 500 index sail to record highs?

Posted on January 15, 2024 at 9:54 am GMT

The US 500 index flirts with its 2022 record high Lacks momentum, but its trend remains positive above 4,660 The US 500 stock index (cash) recovered its latest pullback, rising swiftly back above its 20-day exponential moving average (EMA) and closer to its record high of 4,817 registered in January 2022. There is some skepticism in the market as the stochastic oscillator is looking for a negative reversal slightly above its 80 overbought level. That said, the RSI is [..]

Technical Analysis – Gold edges higher after hitting 50-day SMA

Posted on January 15, 2024 at 9:18 am GMT

Gold finds its feet at the 50-day SMA Clocks a positive session but does not yet erase recent drop Momentum indicators suggest that positive momentum is strengthening Gold had been undergoing a downside correction after attempting to break above an upward sloping trendline drawn from its October lows. However, the price bounced off its 50-day simple moving average (SMA) and recouped some losses, with the short-term oscillators suggesting improving positive bias. Should the bulls attempt to push the price even higher, the [..]

Technical Analysis – GBPAUD could be in for a sizeable move

Posted on January 12, 2024 at 12:34 pm GMT

GBPAUD has returned to the midpoint of its 2023 rectangle Momentum indicators remain mostly on the bulls’ side SMAs’ convergence creates expectations for increased volatility GBPAUD is edging lower today after recording nine consecutive green candles, one of the longest streaks of positive daily moves. The pair has returned inside the rectangle that defined trading in the latter part of 2023, quickly cancelling out the December downleg, and is now trading at a very busy area. Looking ahead, the convergence [..]

Technical Analysis – USDCAD bears show up near key resistance

Posted on January 12, 2024 at 9:09 am GMT

USDCAD pauses rebound near key resistance trendline Market sentiment remains fragile below 1.3440 USDCAD could not climb into the 1.3400 zone despite the slight positive surprise in the US CPI inflation numbers on Thursday, staying below the ascending trendline drawn from November 22. The pair also seems to be trapped between the upper 2021 ascending trendline around 1.3440 and the constraining line from November 2022 near 1.3345. Encouragingly, the price has built a floor around the 23.6% Fibonacci mark [..]

Technical Analysis – AUDUSD remains in positive territory

Posted on January 12, 2024 at 8:51 am GMT

AUDUSD fails to fall below 0.6645 Price holds well above uptrend line RSI is flattening AUDUSD has been in a somewhat positive corrective mode during the week, earning back some losses from the December 28 high of 0.6870. Entering the 0.6700 area has been a struggle over the past few days, and there might be another tough obstacle within the 0.6740 region, which is the 20-day simple moving average, but the bulls may not give the battle yet according to [..]

Technical Analysis – Citigroup stock pulls back ahead of earnings

Posted on January 11, 2024 at 1:31 pm GMT

Citigroup shares post 21-month high in 2024 But experience a setback ahead of Q4 earnings on Friday Short-term oscillators exit overbought territories Citigroup’s stock has been staging a V-shaped recovery since its 2023 bottom in October, jumping above a crucial trendline taken from its February peak. Moreover, the price posted a fresh 21-month high of 54.66 in the past week, but quickly retraced lower due to reaching overbought conditions. Should the recent weakness persist, the stock may slide towards 49.91, [..]

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