Technical Analysis / Page 68

Technical Analysis – Will the US 100 cash index rally ever stop?

Posted on December 18, 2023 at 4:04 pm GMT

US 100 index is a tad below the November 22, 2021 high Continued upside pressure after the November range-trading period Momentum indicators could be close to signaling a reversal The US 100 cash index is trying to record another green candle today as it prepares to test the resistance set by the November 22, 2021 high at 16,767. It has been a one-way street move from the October 26, 2023 trough with the US 100 avoiding, up to now, the typical [..]

Weekly Technical Outlook – EURUSD, GBPUSD, Gold

Posted on December 18, 2023 at 10:26 am GMT

EURUSD’s 2023 performance looks muted GBPUSD tries to resume its uptrend in 2024 Gold shines in 2023 EURUSD: Euro faces another challenging year The dollar was under pressure at the start of the year due to expectations of a dovish Federal Reserve. However, those dismal predictions have not come true, and the dollar is anticipated to finish the year unchanged. Despite the near certainty of a Fed rate drop, EURUSD bulls may struggle to draw a higher trajectory. In 2023, [..]

Technical Analysis – Gold retraces lower after hitting crucial ascending trendline

Posted on December 18, 2023 at 9:17 am GMT

Gold manages to halt the pullback from its recent record high But rebound meets strong resistance at important ascending trendline Momentum indicators suggest that positive momentum is fading Gold had been in a steep uptrend since November 10, recording a fresh all-time high of 2,144 before experiencing a solid correction. Although the bulls attempted to erase this pullback, the upward sloping trendline drawn from its October lows, which previously acted as support, rejected further advances. Given that both the RSI and MACD [..]

Technical Analysis – Palladium futures jump by 20%

Posted on December 15, 2023 at 1:43 pm GMT

Palladium recoups December losses after rocket rally A close above 1,140 required to bolster buying appetite Palladium futures had a sparkling week, booming by 23% from nearly a five-year low of 922 to a one-and-a-half month high of 1,156 on Friday. The bulls jumped above the resistance trendline drawn from May’s highs, surpassing the 23.6% Fibonacci retracement level of the April-December downtrend at 1,097 too. Although the price has reached the upper Bollinger band, the RSI and the stochastic [..]

Technical Analysis – USDCAD plummets below crucial trendline

Posted on December 15, 2023 at 9:17 am GMT

USDCAD posts a fresh 2½-month low in today’s session Decline shows no signs of easing after break below 200-day SMA Momentum indicators are pointing at an overstretched retreat USDCAD has been constantly losing ground following its 13-month high of 1.3898 on November 11. Moreover, the pair dropped to its lowest levels in more than two months on Friday, with the bears pushing the price below the crucial ascending trendline that connects a series of higher lows since October 2022. Should the selloff persist, [..]

Technical Analysis – AUDUSD looks for bullish expansion

Posted on December 15, 2023 at 9:11 am GMT

AUDUSD marks new higher high, breaks key resistance area Short-term bias positive, but 0.6715 zone adds some pressure AUDUSD experienced a spectacular rally after a dovish FOMC policy meeting earlier this week, crawling as high as 0.6727 on Thursday – the highest level since the end of July. The bulls have finally breached the resistance trendline from April 2022 with a strong attitude after a failed attempt at the start of the month, increasing optimism that the upside reversal from [..]

Technical Analysis – USDCHF corrects higher after 4-month low

Posted on December 15, 2023 at 7:39 am GMT

USDCHF ends the week in red MACD and RSI in negative region USDCHF is moving slightly higher after the retreat towards a fresh four-month low of 0.8630. The pair failed to have a closing day beneath the 0.8665 barrier, which is acting as a significant support level. Technically, the RSI is flattening near the 30 level, while the MACD is extending its bearish momentum beneath its trigger line. Should the bulls return, they will first push for a move above [..]

Technical Analysis – ETHUSD attempts to erase recent pullback

Posted on December 14, 2023 at 12:53 pm GMT

Ethereum posts 19-month peak before retracing lower But the bulls regain control and recoup some losses Momentum indicators point at more gains ahead ETHUSD (Ethereum) has 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 latest high was followed by a mild setback, the price seems ready to stage a recovery as both the RSI and stochastics are implying strengthening positive momentum. Should the rebound extend and [..]

Technical Analysis – EURAUD plunges to 6-month low

Posted on December 14, 2023 at 9:53 am GMT

EURAUD returns some of today’s losses Momentum is still bearish Strong resistance at 200-day SMA EURAUD tumbled to a new six-month low of 1.6207 earlier today but is now hovering above the 1.6260 support level, which seems to be a significant line for traders. According to the technical oscillators, the RSI indicator is pointing down in the bearish region, while the MACD is strengthening its negative momentum beneath its trigger and zero lines. Both suggest that the next movement would [..]

Technical Analysis – US 500 index surges to almost 2-year high

Posted on December 14, 2023 at 9:12 am GMT

US 500 index posts 5-day bullish rally Technical oscillators look overbought The US 500 index (cash) stormed higher after validating the previous high of 4,607. Although, the price jumped to its highest level since January 2022 at 4,728, extending the strong rebound off 4,100 that it has last October. Technically, the RSI climbed above the 70 level with strong momentum, and the MACD oscillator is crossing above its trigger line well above the zero level. Both indicate an overstretched market and a [..]

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