Technical Analysis / Page 74

Technical Analysis – US 500 consolidates near 4-month highs

Posted on November 27, 2023 at 1:51 pm GMT

US 500 index trades sideways after posting fresh 4-month peak Momentum indicators approach their overbought zones Risk of a downside correction is increasing The US 500 stock index (cash) has been staging an impressive rally since it bottomed out in October, piercing through the descending trendline that connects its recent lower highs. However, the uptrend appears to be on hold in the last few sessions as the short-term oscillators are pointing at overbought conditions. Should buyers attempt to push the price even higher, immediate resistance could be [..]

Weekly Technical Outlook – WTI, USDJPY, EURUSD

Posted on November 27, 2023 at 9:21 am GMT

OPEC+ meeting expected to cut production; WTI crude oil remains in the red US Core PCE index to soften; USDJPY fails to climb higher Eurozone flash inflation to tick lower; EURUSD holds near previous 3-month high OPEC meeting –>WTI The OPEC meeting was scheduled for November 26th but has been postponed to this Thursday. This suggests deepening alliance disagreements over whether to curtail production, according to investors. Saudi Arabia, which wants to keep prices from falling, will likely reach a [..]

Technical Analysis – EURUSD regains traction after mild pullback

Posted on November 27, 2023 at 9:15 am GMT

EURUSD attempts a strong rebound from 2023 lows Posts a fresh 3-month high before paring some gains Momentum indicators endorse a resumption of the advance EURUSD has been in a recovery mode following its 2023 bottom of 1.0447 on October 3. Although the pair’s rebound got rejected at a fresh three-month high of 1.0964, the bulls prevented a significant downside correction, with the short-term oscillators remaining heavily skewed to the upside. Should buying pressures persist, the price could revisit its recent rejection [..]

Technical Analysis – Is gold forming a double top pattern?

Posted on November 24, 2023 at 9:30 am GMT

Gold gets rejected a tad below its recent 5-month peak A failure to claim that level could validate a double top structure While momentum indicators remain tilted to the upside Gold had been in a steep uptrend since November 10, when the price bounced off the crucial 200-day simple moving average (SMA). The latest rally seems to be faltering though after bullion failed to surpass its five-month high of 2,009, but the short-term oscillators suggest that buyers have not given up yet. [..]

Technical Analysis – USDCAD rises after finding support on ascending line

Posted on November 24, 2023 at 7:37 am GMT

USDCAD rebounds off the uptrend line Holds within short-term SMAs MACD and RSI muted bearish momentum USDCAD is hovering within the downward sloping 20- and the 50-day simple moving average (SMA) lines but is still standing above the medium-term rising trend line. The pair found support near the 1.3655 support level and the bearish correction may come to an end. Moving higher, the market may retest the 20-day SMA at 1.3745 before rallying towards the 1.3850 resistance. Above these obstacles [..]

Technical Analysis – ETHUSD breaks above trendline but fails to rally

Posted on November 23, 2023 at 1:52 pm GMT

ETHUSD conquers downward sloping trendline Meets strong resistance though at crucial technical level Momentum indicators warn for impending pullback ETHUSD (Ethereum) had been forming a structure of lower highs in the four-hour chart since its peak at 2,136 on November 10. However, yesterday, the price managed to violate the descending trendline that connects its recent highs, but the bulls seem unable to reclaim the strong resistance of 2,092 for now. As both the stochastic oscillator and the RSI show signs [..]

Technical Analysis – EURUSD buyers continue to have the upper hand

Posted on November 23, 2023 at 11:45 am GMT

EURUSD is still in positive territory after brief slide Nearby support levels keep the focus on the upside EURUSD rebounded off the 1.0850 support and the 23.6% Fibonacci retracement level of the up leg from 1.0515 to 1.0965 at 1.0860, fighting with the 20-period simple moving average (SMA) at 1.0920 in the 4-hour chart. The RSI is above its 50 neutral mark, although weaker, and the MACD is keeping its footing below its trigger line but within the positive area, [..]

Technical Analysis – GBPAUD range-trading might not have legs

Posted on November 23, 2023 at 9:43 am GMT

GBPAUD in tight range, tests descending trendline SMAs appear to be converging towards the 1.9000 area Mixed momentum indicators increase uncertainty for the next leg GBPAUD is edging higher today, a tad above the support set by the August 17, 2023 descending trendline. This pair has been range-trading since mid-September as both sides have failed to make significant gains. This is confirmed by the Average Directional Movement Index (ADX) being stuck below its 25-threshold for more than one month. However, [..]

Technical Analysis – WTI oil futures held down by 200-day SMA

Posted on November 23, 2023 at 9:04 am GMT

WTI futures fall to a 4-month low before attempting a recovery But the 200-day SMA repeatedly rejects their rebound Momentum indicators suggest that bears are in charge WTI oil futures (January delivery) have been on the retreat since their October peak of 89.80, breaking aggressively below historical support zones. Last week, the price dropped to its lowest levels since July before recouping some losses, but the 200-day simple moving average (SMA) has been curbing its upside. Should the 200-day SMA hold [..]

Technical Analysis – AUDUSD challenges the recent 3-month peak

Posted on November 23, 2023 at 7:18 am GMT

AUDUSD faces strong battle near 200-day SMA MACD and RSI suggest bullish bias AUDUSD could not find enough buyers to expand Tuesday’s bull run above the three-month high of 0.6590, closing with some losses on Wednesday. Technically, the short-term risk is leaning to the upside. The price is developing well above the Ichimoku cloud, while the MACD oscillator is strengthening its positive momentum above its trigger and zero lines. Also, the RSI is pointing north and is moving towards the 70 [..]

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