Technical Analysis / Page 69

Technical Analysis – EURUSD gains in the FOMC aftermath

Posted on December 14, 2023 at 8:39 am GMT

EURUSD reclaims 200-day SMA following dovish Fed signals ECB meeting later today could spur some volatility Momentum indicators are skewed to the positive side EURUSD had been experiencing a solid downside correction from its recent three-month peak of 1.1016, which ceased just shy of the 50-day simple moving average (SMA). In the past few sessions though, the pair has been regaining some ground, with the rebound accelerating on the back of the dovish FOMC meeting. Considering that both the RSI and stochastics [..]

Technical Analysis – EURGBP rises above 0.8600

Posted on December 13, 2023 at 11:32 am GMT

EURGBP failed to cross below 0.8555 Upside moves may be next EURGBP is regaining some ground after the several attempts to move beneath the 0.8555 support level. According to technical oscillators, the RSI is ticking north after the bounce off the 30 level, while the MACD is strengthening its upside momentum above its trigger line in the negative region. To attract new buyers, the bulls will have to surpass the nearby resistance of 0.8610 and move beyond the 20-day SMA at 0.8640, [..]

Technical Analysis – NZDUSD corrects lower but 200-day SMA curbs retreat

Posted on December 13, 2023 at 9:17 am GMT

NZDUSD experiences a sharp pullback from its 4-month peak But the 200-day SMA acts as a strong floor for now Momentum indicators deteriorate but remain in positive areas NZDUSD had been staging a solid rebound from its 2023 low of 0.5772, peaking at a fresh four-month high of 0.6221 in early December. Since then, the pair retraced lower, with the 200-day simple moving average (SMA) preventing further declines. Should the price break below the crucial 200-day SMA, immediate support could be met [..]

Technical Analysis – Gold eases from record highs in 2023

Posted on December 13, 2023 at 8:55 am GMT

Gold jumped to new highs last week Overall trend remains positive But RSI and stochastic suggest bearish correction Gold prices climbed to a high of 2,144.60 last week before falling. The price has been clearly on an uptrend since October 2022, and the long-term structure of rising highs and rising lows is still in place. On the weekly chart, the technical oscillators are reflecting the most recent market retreat. While the Relative strength index (RSI) is moving lower in positive [..]

Technical Analysis – USDJPY bulls show further signs of life

Posted on December 13, 2023 at 8:53 am GMT

USDJPY in the green today ahead of this week’s key events It is now hovering below a key support area Momentum indicators confirm the weakening bearish pressure USDJPY is trying to record a green candle today as it trades a tad below a strong support area. The bulls have managed to react to the sizeable correction from the November 13, 2023, high of 151.90, by defending the 200-day simple moving average (SMA) and then staging a small rally towards current levels. [..]

Technical Analysis – Could silver bulls stage a rebound?

Posted on December 12, 2023 at 4:08 pm GMT

Silver trades sideways today after a quick 12% correction Sell-off stopped a tad below a busy resistance area Momentum indicators are sending mixed signals Silver is trading sideways today, bouncing off the October 5, 2023 ascending trendline and trying to test the resistance set by the 50-day simple moving average (SMA). This appears to be the first reaction from the bulls after six consecutive sizeable red candles that pushed silver around 12% below the December 4, 2023 high of 25.90. [..]

Technical Analysis – JP 225 index’s rebound seems unconvincing

Posted on December 12, 2023 at 2:07 pm GMT

JP 225 index halts its aggressive retreat at the 50-day SMA Its attempt to rebound though seems to be running out of juice Momentum indicators are skewed to the downside The JP 225 index (cash) advanced after validating a double bottom pattern around the 30,400 region in late October, breaking above the crucial descending trendline. However, the price experienced a pullback following its failure to post a fresh 2023 high, which ceased around the 50-day simple moving average (SMA). Should the recent bounce resume, the bulls [..]

Technical Analysis – EURJPY rotates higher, but trend risks remain

Posted on December 12, 2023 at 12:59 pm GMT

EURJPY pauses sharp downfall near 200-day SMA Oversold, but trend signals remain discouraging EURJPY turned oversold near its 200-day simple moving average (SMA) after a heavy bearish storm squeezed the pair from fifteen-year highs to a four-month low of 153.00 last week. The latest freefall in the price has breached the June-November bullish channel, charting a new lower low in the short-term picture. Hence, traders may stay cautious, although the RSI and the stochastic oscillators have changed direction to the upside, backing the [..]

Technical Analysis – GBPUSD pulls back from 3-month high

Posted on December 12, 2023 at 8:21 am GMT

GBPUSD corrects lower after advance pauses But seems to be finding traction in the last couple of sessions Oscillators lose ground but remain in their positive zones GBPUSD had been forming a profound structure of higher highs and higher lows following its break above the crucial descending trendline in early November. However, the pair’s rally paused at the three-month peak of 1.2732, with the price retracing lower towards the 200-day simple moving average (SMA). Given that both the RSI and MACD managed [..]

Technical Analysis – WTI crude oil holds neutral in 2023

Posted on December 12, 2023 at 8:07 am GMT

WTI oil finds significant support at 200-week SMA Will the price end the bearish move soon? RSI and stochastic suggest upside correction As the year 2023 is coming to an end, WTI crude oil is developing beneath January’s market price. The price is currently testing the 200-week simple moving average (SMA) after seven consecutive red weeks, suggesting that the bearish action may come to an end and 2024 could be more optimistic for oil prices. Weekly oscillators suggest that [..]

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