Technical Analysis / Page 7

Technical Analysis – WTI crude oil moves sideways in near term

Posted on June 27, 2024 at 9:39 am GMT

WTI crude oil fails to rally above 81.90 RSI and MACD remain above mid-levels WTI crude oil has been on the sidelines for the most part of the week as the 81.90 level seems to be a real struggle for the bulls. Technically, the price could gain some ground in the short-term as the RSI is changing direction to the upside and holds above the 50 neutral mark, while the MACD is standing above its trigger and zero lines. A move above [..]

Technical Analysis – EURUSD rises slightly up after the battle with 8-week low

Posted on June 27, 2024 at 7:15 am GMT

EURUSD holds in sideways move SMAs create bearish crossovers MACD continues to head south EURUSD tested the previous low of 1.0665 on Wednesday, holding within a narrow range of 1.0665-1.0720. The 20- and 50-day simple moving averages (SMAs) posted a bearish crossover a few days after the death cross between the 20- and the 200-day SMAs, both hinting at more losses. Technically, the momentum oscillators are showing some mixed signals confirming the lack of direction in the near term. The [..]

Technical Analysis – USDJPY flirts with 160 level again

Posted on June 26, 2024 at 8:28 am GMT

USDJPY trades with weak momentum slightly below critical 160 level Overbought conditions detected; sellers wait below 158.35-159.00 BoJ intervention is possible; US core PCE inflation due on Friday at 12:30 GMT Following a constructive week, USDJPY is now hovering just below its 34-year high of 160.20, having surpassed April’s barrier of 158.34 and a crucial resistance line. The price has been facing resistance near 159.80 over the past couple of days and with the technical indicators sending overbought signals, the bulls might [..]

Technical Analysis – EURGBP lacks clear direction in short-term

Posted on June 26, 2024 at 8:00 am GMT

EURGBP fails to recoup the negative gap RSI ticks down but MACD stands above its trigger line EURGBP is heading south after the pullback off the 20-day simple moving average (SMA) around 0.8465. The pair is moving sideways after the European elections and the negative gap that was posted back on June 10. Technically, the momentum oscillators indicate mixed signals. The RSI is sloping down beneath the neutral threshold of 50; however, the MACD oscillator is holding above its trigger [..]

Technical Analysis – GBPUSD bounces off 50-day SMA

Posted on June 26, 2024 at 7:41 am GMT

GBPUSD rebounds from a 1-month low But the price trades flat in past couple of sessions Momentum indicators improve but remain neutral GBPUSD came under some selling pressure following its recent three-month peak of 1.2859, breaking below the short-term ascending trendline that connects its higher lows since April. Moreover, the pair fell to a fresh one-month low last week, but the 50-day simple moving average (SMA) prevented further retreats. Should the short-term pullback extend, the June support of 1.2655 could act as the first line of defence. [..]

Technical Analysis – EURJPY builds base slightly near 40-year high

Posted on June 26, 2024 at 6:38 am GMT

EURJPY stands well above uptrend line RSI flattens but MACD strengthens its momentum EURJPY has rebounded off the long-term ascending trend line near 167.70, sending the market above the previous peak of 170.80. A successful jump above the 40-year high of 171.56 could help the pair to surge towards the next round numbers such as 172.00 and 173.00. According to the technical oscillators, the RSI is flattening above the neutral threshold of 50, while the MACD is extending its positive momentum above its trigger and [..]

Technical Analysis – EURCHF is held down by 200-day SMA

Posted on June 25, 2024 at 3:05 pm GMT

EURCHF bounces off 4-month low of 0.9476 But the 200-day SMA curbs the pair’s rebound Momentum indicators improve but still negatively tilted EURCHF has been in a steep decline since the beginning of June, shedding almost half of its 2024 gains. In the near term, although the pair found its feet at the four-month low of 0.9476, the 200-day simple moving average (SMA) has prevented further advances for now. Should buying pressures persist, the pair might conquer 0.9590, which is the 50.0% [..]

Technical Analysis – CADJPY aims for April’s multi-year high

Posted on June 25, 2024 at 8:35 am GMT

CADJPY surpasses key resistance levels, but enters overbought zone Next resistance at 117.93; support at 115.80-116.00 Canadian CPI inflation due for release at 12:30 GMT CADJPY is in the third consecutive week of gains, having experienced an impressive rally to almost reach the 117.00 round level following the rebound near the 50-day simple moving average (SMA) at 113.20. The bulls accelerated successfully above April’s closing price of 115.78 last Friday, surpassing the constraining lines from the summer of 2023. [..]

Weekly Technical Outlook – EURUSD, USDCAD, AUDUSD

Posted on June 25, 2024 at 8:34 am GMT

US Core PCE index could affect EURUSD’s performance Canadian CPI expected to fall; USDCAD still falling AUDUSD may remain in range after Australian CPI US Core PCE price index –> EURUSD The main focus for traders this week will be the US core PCE price index for May, which is coming out on Friday. Also, the personal income and spending data and the final GDP figure will be released this week. The core PCE index is expected to have slid to 2.6% from 2.8% y/y. The sluggish retail sales figures hint [..]

Technical Analysis – Gold reverses back below 50-day SMA

Posted on June 25, 2024 at 8:04 am GMT

Gold retreats after unsuccessful break above 50-day SMA The price extends its structure of lower highs Momentum indicators turn bearish Gold had been in a steady recovery from its recent one-month low, which led to the price closing above its 50-day simple moving average (SMA) last Thursday. Despite the violation of that crucial hurdle, bullion reversed back lower after failing to jump above the upper end of the Ichimoku cloud. Should the latest weakness persist, initial support could be found at the [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

How can we help?

Live Chat Terms

How to Access

Telegram Chat Terms

Technical Analysis