Technical Analysis / Page 66

Technical Analysis – USDCHF hits 2023 floor

Posted on December 22, 2023 at 9:08 am GMT

USDCHF tests July’s eight-year low Sellers might stay in power, but not for long Core PCE inflation due at 13:30 GMT It was another bearish week for USDCHF, with the price fully retracing its July-September upleg to reach July’s eight-year low of 0.8551. There is potential for an upside reversal around the 2023 floor of 0.8550. However, the RSI and the stochastics have yet to bottom out in the oversold region, suggesting the sellers might stay in play for [..]

Technical Analysis – USDCAD slips to almost 5-month low

Posted on December 22, 2023 at 8:47 am GMT

USDCAD continues the sell-off in short-term 20- and 200-day SMAs post death cross USDCAD plummeted to a fresh almost five-month low earlier today, continuing the sharp selling interest that started from the 13-month high of 1.3900. Technically, the 20- and the 200-day simple moving averages (SMAs) posted death cross, confirming the latest bearish wave in market. The MACD oscillator is strengthening its negative momentum beneath its trigger and zero lines, while the RSI is flattening in the oversold area. The [..]

Technical Analysis – ETHUSD attempts to erase recent pullback

Posted on December 21, 2023 at 2:23 pm GMT

ETHUSD forms structure of lower highs and lower lows But the latest rebound advances above previous high Momentum indicators suggest strengthening positive bias ETHUSD (Ethereum) had experienced a strong rally since late October, which propelled the price to a fresh 19-month peak of 2,403 on December 9. Although the latter was followed by a pullback, the price seems to be attempting a recovery in the past couple of sessions as the short-term oscillators have turned positive. Should the rebound extend and [..]

Technical Analysis – UK 100 index sticks in descending triangle in 2023

Posted on December 21, 2023 at 11:40 am GMT

UK 100 meets upper Bollinger band Price encounters upside pressure above triangle formation The UK 100 index a few weeks after the beginning of 2023 started a descending triangle formation with the top at 8,043 and a strong support level of 7,250. Currently, the price is standing above the falling trend line, after testing the upper Bollinger band and the 7,750 resistance. According to the technical oscillators, the RSI is pointing slightly upwards in the positive territory; however, the stochastic posted a bearish [..]

Technical Analysis – AUDUSD’s bullish wave loses steam

Posted on December 21, 2023 at 9:40 am GMT

AUDUSD takes a breather after hitting a five month high Overbought signals point to a downside reversal Broad bullish channel stays intact AUDUSD corrected moderately lower after a five-day bull run drove the price to a five-month high of 0.6778. The close above the upper Bollinger band and the overbought signals coming from the RSI and the stochastic oscillators suggest the bears might be around the corner. Specifically, the trigger could be a step below the nearby support of 0.6730. In this [..]

Technical Analysis – EURUSD rangebound after forming a double top

Posted on December 21, 2023 at 9:38 am GMT

EURUSD gets rejected a tad below its recent 4-month peak A failure to claim that level could validate a double top structure Momentum indicators lose steam but remain positive EURUSD experienced a solid correction from its recent four-month high of 1.1016, but the pair managed to erase most of it, following a decisive break above the 200-day simple moving average (SMA). However, the rebound faltered just shy of the latest peak, underscoring the case of a double top structure. Considering that both the RSI and [..]

Technical Analysis – WTI crude oil hovers near the upper boundary of the channel

Posted on December 21, 2023 at 7:40 am GMT

WTI crude attempts to surpass 74.00 Immediate resistance near 200-day SMA Stochastic looks overbought WTI crude oil futures are battling with the 74.00 round number, within a downward sloping channel that has been drawn since September 28. Technically, the MACD is advancing above its trigger line in the negative territory, while the stochastic oscillator is still standing near the 80 level, indicating that the market may be in an overbought territory. Steeper increases could penetrate the descending channel to the [..]

Technical Analysis – CHFJPY pulls back from record highs

Posted on December 20, 2023 at 3:25 pm GMT

CHFJPY has lost some ground over the last month Yet, overall picture remains overwhelmingly positive Decisive break below 160 level needed to change that CHFJPY suffered a minor retreat in recent weeks, after hitting a record high back in November. That said, the structure of higher highs and higher lows remains in force, which suggests that the market remains in a broader uptrend. Momentum oscillators are near their neutral levels, providing few clues about what comes next. The RSI [..]

Technical Analysis – NZDUSD climbs to fresh 5-month high, eyes 0.6300 level

Posted on December 20, 2023 at 2:52 pm GMT

NZDUSD headed for eighth straight day of gains Bullish momentum continues to strengthen But is it at risk of a negative correction? NZDUSD reached a fresh five-month high of 0.6293 on Wednesday, as its bullish streak shows no sign of easing. The momentum indicators are looking dangerously overbought but a reversal may not be imminent and the current upswing could continue for a little bit longer. The stochastics have crossed into the overstretched zone but the %K and %D lines [..]

Technical Analysis – Tesla shares climb, but remain in a downtrend

Posted on December 20, 2023 at 12:52 pm GMT

Tesla shares reach two-month high, break above trendline Short-term outlook positive, but still in broader downtrend Break above 269 needed for longer term picture to improve Tesla shares have risen steadily over the last couple of months, breaking above some key moving averages and a downtrend line taken from the peaks of July. The price is also trading above an uptrend line drawn from the lows of October, all of which suggests that the short-term outlook is positive. The [..]

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