Technical Analysis / Page 72

Technical Analysis – US 30 cash index battles with key trendline

Posted on December 5, 2023 at 8:25 am GMT

US 30 index in the red after recording a new 22-month high Aggressive move higher from the October lows Some early signs of rally exhaustion from the momentum indicators The US 30 cash index is trying to record its second consecutive red candle after registering a new 22-month high, 12% higher from the late October lows. It is currently battling with the October 13, 2022 upward sloping trendline with the bulls possibly taking a breather and preparing for the next [..]

Technical Analysis – EURUSD fails to surprise during 2023

Posted on December 5, 2023 at 7:57 am GMT

EURUSD holds in trading range in weekly chart 50-week SMA acts as strong support RSI and stochastic suggest more losses As the year is coming to an end, EURUSD’s market price is holding slightly higher than at the beginning of 2023. The pair is consolidating within a consolidation area with upper boundary the 200-week simple moving average (SMA) around 1.1150, despite the move above it in July, and lower boundary the ten-month low of 1.0450. Currently, the price is testing [..]

Technical Analysis – EURCHF plummets following double top confirmation

Posted on December 4, 2023 at 1:41 pm GMT

EURCHF declines steeply below crucial trendline Approaches 2023 lows and trades below lower Bollinger band Momentum indicators remain deep in their negative territories EURCHF has been in a downtrend since the beginning of the year, dropping to a 14-month low of 0.9416 on October 20. Although the pair regained traction and jumped above the downward sloping trendline that connects its lower highs in 2023, the formation of a double top pattern triggered a steep retreat. Considering that both the RSI and MACD [..]

Weekly Technical Outlook – USDJPY, AUDUSD, USDCAD

Posted on December 4, 2023 at 1:00 pm GMT

USD/JPY hovers near a critical support zone ahead of NFP data AUD/USD rally stalls near caution area before RBA rate decision USD/CAD hopes for a rebound, but bullish outlook is not in sight US jobs data, Japan CPI –> USD/JPY It will be a busy week in the US markets as a batch of data are expected to shed some light on whether rate cuts are possible in the middle of next year. The calendar includes the all-important nonfarm [..]

Technical Analysis – Gold storms to record high before surrendering intraday gains

Posted on December 4, 2023 at 9:23 am GMT

Gold posts a fresh all-time peak of 2,142 on Monday But fails to hold onto its gains, falling back below April high Momentum indicators point at an overstretched advance Gold has been in a steep uptrend since November 10, when the price bounced off the crucial 200-day simple moving average (SMA). On Monday, bullion recorded a fresh all-time high of 2,144 before erasing all its intraday rally, with the price reversing back below its previous record peak. Given that the [..]

Technical Analysis – Gold remains trapped below 2,050

Posted on December 1, 2023 at 2:18 pm GMT

Gold flatlines near former resistance Short-term bias leans to the downside Key support levels hold intact Gold shifted to the sidelines following the advance towards its May 2023 resistance of 2,051 on Wednesday. The 20-period simple moving average (SMA), which has been cooling downside pressures recently, seems to be cracking at 2,038, but the support trendline drawn from November’s lows could still come to the rescue at 2,027 despite the negative trajectory in the RSI and the MACD. Then, the resistance-turned-support region [..]

Technical Analysis – USDCHF bullish odds increase after 4-month lows

Posted on December 1, 2023 at 9:08 am GMT

USDCHF bounces from 4-month lows Oversold signals create hopes for a rebound An advance above 0.9100 is required USDCHF extended its three-week bearish wave, dipping as low as 0.8683 on Thursday before closing the day with mild gains above the 0.8700 round level. Although Friday’s session started with weak momentum ahead of the ISM business PMI figures, traders might attempt to push the pair higher according to the technical indicators. The RSI is near its previous lows in the oversold [..]

Technical Analysis – USDCAD extends decline towards the 200-day SMA

Posted on December 1, 2023 at 8:42 am GMT

USDCAD posts a fresh 2-month low in today’s session Decline shows no signs of easing, bears eye the 200-day SMA Momentum indicators endorse the resumption of the 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 two months on Friday, with the bears setting the stage for a test of the 200-day simple moving average (SMA). Given that the momentum indicators are heavily tilted to the [..]

Technical Analysis – ETHUSD set for a breakout move

Posted on November 30, 2023 at 12:57 pm GMT

Ethereum pulls back from recent multi-month high Generates a structure of lower highs and higher lows Momentum indicators suggest that buying interest is fading ETHUSD (Ethereum) experienced a strong rally since late October, which propelled the price to 2,136, its highest level since April. However, in the past few weeks, the leading altcoin has been trading without a clear direction, with the formation of a pennant pattern hinting at an impending breakout. Should the pennant break to the upside, the bulls [..]

Technical Analysis – WTI oil futures in a fierce battle with the 200-day SMA

Posted on November 30, 2023 at 9:03 am GMT

WTI futures fall to a 4-month low before attempting a recovery But their rebound is being held down by the 200-day SMA Momentum indicators suggest that positive momentum is picking up WTI oil futures (January delivery) have been on the retreat since their October peak of 89.85, breaking aggressively below historical support zones. Although the price managed to find its feet at the four-month low of 72.40, the 200-day simple moving average (SMA) has been repeatedly curbing its upside. If the bulls manage to conquer the [..]

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