Technical Analysis / Page 76

Technical Analysis – GBPUSD accelerates to fresh 2-month high

Posted on November 21, 2023 at 7:14 am GMT

GBPUSD overcomes 1.2500 key barrier RSI and MACD continue bullish bias The 20- and 50-day SMAs posted positive cross GBPUSD is looking to resume its bullish trend as the price is creating the third consecutive green day, surpassing the 200-day simple moving average (SMA) and the 1.2500 psychological mark. Also, the pair rose to its highest level of the last two months, with the technical oscillators suggesting strengthening upside momentum. The RSI is above its 50 neutral mark and is approaching the overbought region, continuing [..]

Technical Analysis – GER 40 index shows signs of exhaustion

Posted on November 20, 2023 at 4:25 pm GMT

German 40 index takes a breather after dynamic rally Selling pressures expected to intensify below 15,800 The German 40 index (cash) marked a three-week bullish streak, running from seven-month lows to a two-month high of 15,954. The index has recouped more than half of the August-October downtrend, but the falling RSI, which seems to have topped in the overbought region in the four-chart, is warning that the latest downturn might be at an early stage. Note that the price [..]

Technical Analysis – CHFJPY retreats after hitting new record high

Posted on November 20, 2023 at 3:45 pm GMT

CHFJPY climbed to new record highs last week But got rejected and has retreated a little since Overall trend remains overwhelmingly positive CHFJPY rose to its highest levels in at least four decades last week, since official records began. The price hit a new record peak of 170.52 and subsequently retreated, but not dramatically. Overall, the long term structure of higher highs and higher lows remains intact, keeping the pair in a clear uptrend. Weekly oscillators suggest that upside [..]

Technical Analysis – EURCHF breaks above crucial trendline

Posted on November 20, 2023 at 2:28 pm GMT

EURCHF jumps to its highest since early October Violates trendline that held strong since January Momentum indicators point at more gains EURCHF had been in a steady decline since the beginning of the year, dropping to a 14-month low of 0.9416 on October 20. However, the pair regained traction and jumped above the downward sloping trendline that connects its lower highs in 2023, with the short-term oscillators currently being skewed to the upside. If the positive momentum strengthens, the bulls [..]

Technical Analysis – USDJPY tumbles aggressively after meeting 200-period SMA

Posted on November 20, 2023 at 11:29 am GMT

USDJPY battle with a new 5-week low Short-term bias skewed to the downside, but caution needed MACD and stochastic confirm bearish bias USDJPY plummeted 1.2% in the preceding 4-hour sessions, finding strong resistance near the 200-period simple moving average (SMA) at 150.00. The pair dived to a new five-week low of 148.15 and is currently moving even deeper. Technically, the MACD oscillator is stretching its bearish momentum to the downside, beneath its trigger and zero lines, while the stochastic holds [..]

Technical Analysis – US 500 index reclaims 4,500, threatening September highs

Posted on November 20, 2023 at 10:23 am GMT

US 500 stock index posts fresh 2½ -month high But advance seems to be taking a breather Momentum indicators approach their overbought zones The US 500 stock index (cash) has been staging an aggressive rally since it bottomed out in late 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 have approached overbought levels. Should buyers attempt to push the price higher, immediate resistance could be found [..]

Weekly Technical Outlook – US 500, GBPUSD, USDJPY

Posted on November 20, 2023 at 10:05 am GMT

US 500 muted ahead of FOMC minutes GBPUSD meets key levels awaiting Eurozone’s and UK PMIs Japanese inflation may drive USDJPY even lower? FOMC minutes –> US 500 The FOMC minutes are one of the highlight events of the week, coming up on Tuesday instead of Wednesday due to the Thanksgiving holiday on Thursday in the US. During this meeting, the Federal Reserve opted to maintain interest rates at their current level and adopted a neutral stance. They emphasized the uncertainty about whether or not [..]

Technical Analysis – EURUSD is halfway to July’s top; tests 1.0940 level

Posted on November 20, 2023 at 9:45 am GMT

EURUSD stretches to fresh highs ahead of important PMI data Overbought signals strengthen near August’s hurdles EURUSD stepped into the 1.0900 zone after an exponential rally last week, marking a new 2½-month high of 1.0934 during Monday’s early European trading hours. The pair has passed the halfway mark to July’s peak from the October low and some profit-taking would not be a big surprise as the RSI and the stochastic oscillator are hinting at overbought conditions while the price is testing its August’s resistance levels. Encouragingly though, [..]

Technical Analysis – Dollar index declines aggressively below its range

Posted on November 17, 2023 at 2:31 pm GMT

USDX plummets after softer-than-expected CPI on Tuesday Hits a fresh 2-month low before forming a new sideways pattern Momentum indicators close to oversold conditions The US dollar index (December Futures) fell sharply on the back of disappointing inflation data in the US, breaking below its recent range defined by the 50.0% and 38.2% Fibonacci retracements of the 114.71-99.19 downleg. However, traders should not rule out a bounce as the short-term oscillators are hinting at oversold conditions. Should the bears attempt to push [..]

Technical Analysis – GBPJPY recedes from new highs

Posted on November 17, 2023 at 9:19 am GMT

GBPJPY starts a new brief bearish cycle after fresh highs Support at 185.60, but sellers need to drive deeper to change outlook GBPJPY switched into corrective mode, erasing half of its weekly wins after almost approaching the November 15, 2015 peak of 188.80. The doji candlestick, along with the negative reversals in the RSI and stochastic oscillator, indicate that the bears have an advantage in the short term. A close below 185.60, where the 23.6% Fibonacci retracement of the latest [..]

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