Technical Analysis / Page 65

Technical Analysis – GBPUSD begins 2024 in a muted tone

Posted on January 2, 2024 at 9:10 am GMT

GBPUSD pares some gains after posting a 4-month peak But remains within its upward sloping channel Positive bias holds as momentum indicators are skewed to the upside GBPUSD had been forming a profound structure of higher highs following its break above a crucial descending trendline in early November. Although the pair’s rally has temporarily paused at the four-month peak of 1.2826, the impending completion of a golden cross between the 50- and 200-day simple moving averages (SMAs) could infuse upside pressures. Given [..]

Technical Analysis – EURUSD fails again at key resistance area

Posted on January 2, 2024 at 7:50 am GMT

EURUSD in the red again today after making a new 5-month high The key resistance area at 1.1032 is playing a key role in this move Momentum indicators signal that the current bullish move has probably ended EURUSD is registering its third straight red candle, after reaching a new 5-month high at 1.1139. However, the busy 1.1032-1.1095 area, which has been making the bulls’ lives difficult since February 2023 with several failed breakout attempts recorded, appears to have played a [..]

Technical Analysis – USDCAD stages a rebound after sharp selloff

Posted on December 29, 2023 at 12:29 pm GMT

USDCAD is recovering following December nosedive Positive momentum is gaining traction but sustained rebound not certain yet Is this just a temporary respite? USDCAD is headed for a third straight day of gains as it recovers from Wednesday’s five-month low of 1.3176. The pair’s two-month old slide accelerated in mid-December, pushing the momentum indicators deep into oversold territory. But the bearish pressures have started to ease, with the immediate bias turning positive, as both the stochastics and RSI are attempting [..]

Technical Analysis – GBPUSD halts advance but retains bullish structure

Posted on December 29, 2023 at 8:33 am GMT

GBPUSD pares some gains after posting a 4-month peak Positive bias holds as momentum indicators are skewed to the upside GBPUSD had been forming a profound structure of higher highs following its break above a crucial descending trendline in early November. Although the pair’s rally has temporarily paused at the four-month peak of 1.2826, the impending completion of a golden cross between the 50- and 200-day simple moving averages (SMAs) could infuse upside pressures. Given that both the RSI and MACD are [..]

Technical Analysis – AUDUSD extends recovery; crucial double top in sight

Posted on December 28, 2023 at 8:55 am GMT

AUDUSD hits a fresh five-month peak on Thursday But oscillators have been in overbought levels for several sessions Can the rally resume or are we heading for a pullback? AUDUSD has been staging a solid recovery following its 2023 bottom of 0.6271 in October, generating a clear structure of consecutive higher highs. However, the risk of an impending correction is more than evident as both the RSI and stochastics have been within their overbought areas for the past few sessions. If the [..]

Technical Analysis – Gold enjoys another rally

Posted on December 28, 2023 at 8:05 am GMT

Gold edges higher, surpasses 2,075 level Festive period fueling gold rally amidst low liquidity Momentum indicators support the current move Gold is trading higher again today, recording the fifth consecutive green candle, as the low-liquidity festive period appears to be fueling demand for the precious metal. Gold is currently around 6% higher than the December 13 trough as it managed to surpass the 2,075 level and has returned above the October 6, 2023 trendline, after spending almost 20 days below [..]

Technical Analysis – US 500 index edges closer to all-time high but does rally still have legs?

Posted on December 27, 2023 at 3:52 pm GMT

US 500 stock index nears 2022 record high as it extends year-end bull run But upside momentum appears to be waning Is a near-term correction on the cards? The US 500 stock index (cash) made further progress towards surpassing its all-time high of 4,817.51 on Tuesday but was nevertheless unable to crack the 4,800 level. The index is trading marginally lower on Wednesday, with the momentum indicators reflecting this weakness. The RSI has flatlined just above the 70 overbought mark, [..]

Technical Analysis – NZDUSD clocks fresh 5-month high; looks overbought

Posted on December 27, 2023 at 8:51 am GMT

NZDUSD stages a steady recovery from 2023 lows But momentum indicators warn of overbought risks Is there a pullback in sight? NZDUSD has been in a steep uptrend since its 2023 low of 0.5772, generating consecutive higher highs and a V-shaped recovery pattern. However, the latest advance seems substantially overstretched as the RSI has been within its overbought zone for more than a week. Should the price defy overbought signals, the bulls could aim at 0.6373, which is the 78.6% Fibonacci retracement of the 0.6536-0.5772 downtrend. Violating [..]

Technical Analysis – EURUSD edges higher, tests key resistance area

Posted on December 27, 2023 at 8:19 am GMT

EURUSD edges higher again today, makes higher high It tests the resistance set by a key area, north of 1.1032 Momentum indicators support the current bullish move EURUSD is trying to record its fourth consecutive green candle as it has entered the 1.1032-1.1095 area. This is a key resistance area, which has been making the bulls’ lives difficult since February 2023 with a number of failed breakout attempts recorded. EURUSD has also recorded a higher high, above the recent local [..]

Technical Analysis – GBPJPY rotates lower after rejection at 50-day SMA

Posted on December 22, 2023 at 9:11 am GMT

GBPJPY moves without direction in the past two weeks The 50- and 200-day SMAs curb upside and downside, respectively RSI and MACD are deep in their negative zones GBPJPY had been in a prolonged uptrend since January, posting an eight-year high of 188.64 on November 24 before experiencing a pullback. In the short-term, the pair is undergoing a period of rangebound trading, with its 50- and 200-day simple moving averages (SMAs) defining its neutral pattern. Considering that the short-term oscillators remain tilted to [..]

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Technical Analysis