Technical Analysis / Page 63

Technical Analysis – Will AUDUSD start a battle with 200-SMA?

Posted on January 9, 2024 at 10:18 am GMT

AUDUSD looks bearish after topping at 0.6870 200-period SMA acts as strong support AUDUSD has been underperforming in the past two four-hour sessions, breaking back below the 20-period simple moving average (SMA). When looking at the bigger picture the pair is still positive, trading above the 200-period SMA. However, in the very short-term, the technical oscillators are suggesting more weakness. The RSI is falling after the pullback off the neutral threshold of 50, while the MACD is extending its bearish [..]

Technical Analysis – GBPUSD gains some confidence for new higher high

Posted on January 9, 2024 at 8:47 am GMT

GBPUSD returns above key support trendline, reduces negative risks Technical signals are encouraging for a continuation to 1.2850-1.2900 GBPUSD stepped on the 20-day simple moving average (SMA) and climbed back above the broken short-term support trendline from October at 1.2720, reviving hopes that the soft four-day bullish wave could gain extra legs in the coming sessions. The positive trajectory in the RSI and the stochastic oscillator is endorsing the bullish case, increasing the odds for a bounce towards the 1.2850-1.2900 resistance [..]

Technical Analysis – EURUSD flirts with 20-day SMA

Posted on January 9, 2024 at 8:10 am GMT

EURUSD rebounds off 1.0875 50- and 200-SMAs post golden cross Price is still well above uptrend line EURUSD is rising somewhat after the pullback off the 1.0875 support level and has been battling with the 20-day simple moving average (SMA) over the last four sessions. It is worth mentioning that the 50- and the 200-day SMAs posted a golden crossover suggesting more gains in the next few sessions, while the technical oscillators are contradicting each other. The RSI is pointing [..]

Weekly Technical Outlook – USDJPY, GBPUSD, AUDUSD

Posted on January 8, 2024 at 1:44 pm GMT

USD/JPY resumes cautious mood ahead of CPI inflation GBP/USD sends mixed signals as GDP figures awaited AUD/USD trades at a make-or-break point; inflation and China’s data eyed US CPI inflation –> USD/JPY Nonfarm payrolls increased by 210k in December, more than analysts’ forecast of 170k, and the unemployment rate ticked down to 3.7%, sending USD/JPY closer to the 146.00 mark on Friday. Despite that, gains proved short-lived after the ISM services PMI report surprisingly headed lower, indicating careful hiring, persisting [..]

Technical Analysis – EURCHF bulls could find an opening

Posted on January 8, 2024 at 11:39 am GMT

EURCHF trades a tad above its all-time low of 0.9235 Euro bulls are trying to regain market control and limit their losses Momentum indicators could open the door for a rebound EURCHF is edging higher today but trades very close to its all-time low of 0.9235 recorded on December 29, 2023 with the recent series of lower lows and lower highs remaining intact. Euro bulls are trying to recover part of their significant 6% losses recorded during 2023, but they [..]

Technical Analysis – USDJPY builds base within 20- and 200-SMAs

Posted on January 8, 2024 at 10:23 am GMT

USDJPY returns to gains after rejection from 200-period SMA Short-term bias positive, but there are more threats higher USDJPY fell after the sharp increase above the long-term descending trend line as it found significant resistance at the 200-period simple moving average (SMA) at 145.12 in the 4-hour chart. Currently, the market is recouping some losses with the RSI indicator confirming an upside recovery as it is pointing upwards in the positive territory. However, the MACD oscillator is still heading south [..]

Technical Analysis – Gold meets uptrend line in negative mode

Posted on January 8, 2024 at 8:14 am GMT

Gold eases beneath 20-day SMA MACD and stochastic indicate more losses Gold is challenging the medium-term ascending trend line near 2,030 after the sell-off that started from 2,088. The crucial support level for traders to have in mind is the 38.2% Fibonacci retracement of the upward wave from 1,810 to 2,145 at 2,016, where the yellow metal may create a rebound to continue the bullish trend. Momentum indicators are pointing to a neutral to negative bias in the short term [..]

Technical Analysis – GBPJPY bullish near the top of a short-term range

Posted on January 5, 2024 at 11:03 am GMT

GBPJPY meets former resistance after quick bounce Technical signals endorse a bullish breakout GBPJPY pivoted swiftly near its 200-day simple moving average (SMA) and recovered a three-week-old soft downturn but despite that, it’s still struggling to exit the short-term range above the tough 50-day SMA at 183.90. The technical indicators are feeding optimism that buying appetite could strengthen in the coming sessions. The RSI has crawled above its 50 neutral mark, while the MACD keeps deviating above its red [..]

Technical Analysis – Could the US 500 cash index correction have legs?

Posted on January 5, 2024 at 11:00 am GMT

US 500 index is in the red again today Correction underway since touching the 4,796 high Momentum indicators support the current bearish move The US 500 cash index is trying to record its sixth consecutive red candle, starting 2024 in a rather negative note. The current correction could gain further traction if the data releases on Friday disappoint market participants. Having said that the US 500 index remains around 14% higher than the October 27, 2023 low of 4,100. The [..]

Technical Analysis – USDCHF sustains weekly gains ahead of jobs data

Posted on January 5, 2024 at 9:13 am GMT

USDCHF’s rebound is not convincing yet A continuation above 20-SMA could boost sentiment US nonfarm payrolls report due at 13:30 GMT USDCHF is set to close the first week of the year within the positive area, having secured a strong foothold around the support-turned-resistance trendline from March 2023 at 0.8400 following the flash drop to an almost nine-year low of 0.8331. That said, the latest upturn in the price hasn’t gained credence yet as the constraining 23.6% Fibonacci retracement of the [..]

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