Technical Analysis / Page 75

Technical Analysis – EURGBP flips backwards; focus on 0.8780

Posted on November 22, 2023 at 11:17 am GMT

EURGBP erases last week’s bounce Technical signals are mixed Selling pressures might intensify below 0.8780 EURGBP switched to losses, falling back below its 20-day simple moving average (SMA) after an unsuccessful three-day battle around the more-than-six month high of 0.8764. The pair is currently trying to stay afloat above the 0.8700 round-level as the 20-day SMA proved a tough obstacle earlier today at 0.8712. From a technical perspective, the risk is more to the downside than to the upside. [..]

Technical Analysis – Gold on the rise again, but for how long?

Posted on November 22, 2023 at 10:21 am GMT

Gold enters 2,000 territory again Technical signals remain bullish, but might be weakening Gold prices are looking to resume its bullish trend after the rebound off the 1,932 support level and the climb above the 20- and the 50-period simple moving averages (SMAs). The market structure is positive in the short-term picture as the price keeps fluctuating above the rising trend line. Hence, even if downside pressures resume, the commodity would remain attractive unless it drops below the 1,993 barrier and the 20-period [..]

Technical Analysis – USDZAR trades sideways after hitting new record

Posted on November 22, 2023 at 9:51 am GMT

USDZAR reached a new record high back in June However, pair has been trading sideways since then Break above 19.92 or below 17.40 needed to signal direction USDZAR hit a new record high of 19.92 back in early June. However, the pair subsequently retreated to post a lower low in late July, and has been trading without a clear direction since then. Hence, the near-term outlook appears neutral, while the longer-term picture remains positive. Momentum oscillators reflect the lack [..]

Technical Analysis – Is it time for a correction in NZDUSD?

Posted on November 22, 2023 at 8:23 am GMT

NZDUSD in the red today after recording a new higher high Bulls took advantage of the widespread USD underperformance The stochastic oscillator could turn bearish soon NZDUSD is edging lower, reacting to Tuesday’s 3-month high of 0.6085. It has been an aggressive rally from the November 1 low of 0.6017 as the NZDUSD bulls took advantage of the recent widespread USD weakness. They have managed to establish a bullish series of higher highs and higher lows but the next local [..]

Technical Analysis – USDJPY ticks up after bullish doji candle

Posted on November 22, 2023 at 8:10 am GMT

USDJPY advances after it bottomed at 147.10 Momentum indicators suggest more gains in the near term A jump above 20- and 50-day SMAs would shift the bias back to bullish USDJPY stormed higher after posting a bullish doji candle that indicates an upside reverse on the current trend in the short-term. The price is gaining some ground trying to recoup the previous days’ sell-off with the technical oscillators endorsing the positive move. The RSI is ticking up in the negative [..]

Technical Analysis – US 100 eases after reaching almost 2-year high

Posted on November 21, 2023 at 12:49 pm GMT

US 100 posts a sharp upside rally MACD extends its bullish move but RSI ticks down The US 100 (Cash) index rebounded off a five-month low of 14,050 on October 26, sending the price towards an almost two-year high of 16,064. The index is creating the fourth straight green week and is travelling well above the medium-term descending channel. The latest flat movement in the RSI is discouraging, but the indicator is still in the overbought area. Also, the MACD [..]

Technical Analysis – Microsoft stock posts fresh all-time high

Posted on November 21, 2023 at 12:44 pm GMT

Microsoft storms to a new all-time high on Monday Momentum indicators are within their overbought zones Suggesting elevated possibility of a correction Microsoft’s shares have been in a steady advance since their September bottom of 309.35, generating a series of new record highs in the last few sessions. Given that the short-term oscillators are hinting at overbought conditions, traders should be aware of the increasing risk of a pullback. If the uptrend resumes and the price moves to uncharted waters, initial [..]

Technical Analysis – EURJPY starts a new bearish wave

Posted on November 21, 2023 at 11:55 am GMT

EURJPY turns down after 15-year high, faces weakening bias Immediate support could develop within 160.35-161.00 region EURJPY traders engaged in some profit taking near last week’s top of 164.28, recording four negative consecutive days to drive the pair as low as 161.38 early on Tuesday. The negative slope in the momentum indicators is a discouraging signal ahead of Eurozone’s flash business PMI data due on Thursday at 09:00 GMT. But the 20-day simple moving average (SMA) at 161.00 and the [..]

Technical Analysis – JP225 cash index bears show signs of life

Posted on November 21, 2023 at 10:56 am GMT

JP225 cash index dips lower after strong upmove Bulls still focused οn testing the June 16, 2023 high Momentum indicators show some early signs of trend reversal The JP225 cash index is trading lower again today as the bulls appear to be taking a breather from the recent strong rally. The JP225 is still around 10% higher than the end-of-October low of 30,380 and not far from the all-time high of 34,006. In the meantime, the momentum indicators are probably showing [..]

Technical Analysis – AUDUSD claims fresh 3-month high

Posted on November 21, 2023 at 9:09 am GMT

AUDUSD’s bulls keep control Momentum oscillators enter overbought conditions AUDUSD has found strong resistance near the new three-month high of 0.6585 which is also encapsulating the 200-day simple moving average (SMA). Considering that the short-term oscillators remain tilted to the upside, the price could edge higher and revisit its recent three-month high of 0.6585. Piercing through that wall, the pair may challenge the inside swing low of 0.6620, registered on July 28. On the flip side, should the pair reverse [..]

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