Technical Analysis / Page 70

Weekly Technical Outlook – USDJPY, EURUSD, GBPUSD

Posted on December 11, 2023 at 10:24 am GMT

Fed to stick to stable rates; will USDJPY move even higher? EURUSD is muted below 1.0800 awaiting ECB meeting GBPUSD stays calm ahead of BoE rate announcement Fed meeting –> USDJPY The Federal Reserve’s two-day policy meeting ends on Wednesday at 18:00 GMT and it is quite likely that it will maintain its policy rate without any changes. The primary emphasis on Wednesday will be the timing of the Federal Reserve’s initiation of interest rate reductions. Based on the current [..]

Technical Analysis – Gold feels the blues after record rally

Posted on December 11, 2023 at 9:23 am GMT

Gold starts a new bearish wave after record high A consolidation phase is likely; support at 1,970-1,990 Despite its rocket rally to a new record high of 2,144 last Monday, gold could not successfully remain above the pandemic-era 2,070 bar, which caused a negative trend reversal in 2022 and 2023. The precious metal has been trending southwards since then, feeding concerns that a new bearish trend could be underway as the price has slipped below a short-term support trendline [..]

Technical Analysis – EURUSD retains short-term negative trend

Posted on December 8, 2023 at 12:51 pm GMT

EURUSD trims recent gains ahead of US jobs data Short-term downward trajectory stays intact Bulls need a clear bounce above 1.0800 EURUSD could not sustain gains above the 1.0800 number and its 20- and 200-period exponential moving averages (EMAs) in the four-hour chart, staying within the tight bearish channel, which followed November’s peak of 1.1016. The latest pullback dampened hopes for a bullish reversal in the very short-term picture ahead of the all-important US nonfarm payrolls report. Adding to the risks is [..]

Technical Analysis – Is USDCHF ripe for a rally?

Posted on December 8, 2023 at 9:31 am GMT

USDCHF stabilizes around 0.8750 after a strong sell-off Records a 4-month low but fails to test the early July lows Momentum indicators point to rising bullish pressure USDCHF is trading sideways today, a tad below the 0.8757 level, as the bulls are trying to regain market control after a very strong sell-off from the October 3 high of 0.9243. The most recent, less volatile, sessions show a degree of indecisiveness from market participants ahead of key market events. However, the [..]

Technical Analysis – GBPJPY seeks buyers after worst day of the year

Posted on December 8, 2023 at 8:38 am GMT

GBPJPY reverses October-November rally Oversold conditions detected after sharp drop Resistance at 181.45-182.00 GBPJPY crashed by 3.5% to 178.51 on Thursday before closing the day at 181.45, marking its worst daily session of the year. The pair faced heavy selling in the wake of renewed signals the Bank of Japan could exit its existing super accommodative monetary policy. The bears are currently aiming to push the price back below the 180.00 mark, but the RSI and the stochastic oscillators [..]

Technical Analysis – AUDUSD ends another year with negative mode

Posted on December 8, 2023 at 8:37 am GMT

AUDUSD pulls back from 1-year downtrend line Strong resistance lines to test before switching the downtrend RSI and stochastic indicate more losses As the year 2023 is approaching its conclusion, AUDUSD is continuing the descending movement that started back in February 2021. Currently, the pair is testing the downtrend line, which has been drawn since January and the 50-week simple moving average (SMA). According to technical oscillators, they are confirming the recent negative movement on price as the RSI is [..]

Technical Analysis – BTCUSD’s rocket rally runs out of steam

Posted on December 7, 2023 at 3:52 pm GMT

BTCUSD at the highest levels in more than a year Overbought conditions threaten a negative reversal Sellers could come back into play below 41,770 BTCUSD (Bitcoin) had a rocket start to the week, stretching its uptrend from September’s low of 24,915 to a one- and-a-half year high of 44,497 on Thursday before turning slightly negative. The price seems to have created a bearish evening star candlestick pattern at the top of the uptrend, flagging a potential downside reversal as the RSI [..]

Technical Analysis – US 500 cash index on the brink of a bearish move

Posted on December 7, 2023 at 10:55 am GMT

US 500 index is trading sideways amidst key market events It failed to record a new 2023 high, denting bullish sentiment Momentum indicators point to increasing bearish pressure The US 500 cash index is trying to record a green candle today as it trades in the busy 4,533-4,550 area. The aggressive move from the October 27 low appears to have run out of steam, especially after the US 500 index failed to record a new 2023 high, above the July [..]

Technical Analysis – EURGBP moves sideways after significant plunge

Posted on December 7, 2023 at 10:25 am GMT

EURGBP fails to extend negative structure 20- and 200-SMAs post death cross EURGBP is stubbornly fighting the nearby 0.8555 support level for the fifth consecutive trading day, after the strong sell-off from the 0.8765 resistance. The pair is holding well below the penetrated uptrend line and the 20- and the 200-day simple moving averages (SMAs) are ready for a death cross. The technical picture suggests a neutral-to-bearish bias at the moment as the MACD remains negatively charged below its trigger [..]

Technical Analysis – WTI oil futures: Is the sell-off overdone?

Posted on December 7, 2023 at 8:56 am GMT

WTI oil futures test critical 2023 support zone Technical signals point to oversold levels Sellers await a weekly close below 70 WTI oil futures were sold dramatically on Wednesday, extending their weekly losses to a more than a four-month low of 69.10. The bears are leading for the seventh consecutive week, increasing speculation that a bullish correction could soon take place as the RSI and the stochastic oscillators are looking for an upside reversal near their oversold levels. Moreover, 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