Technical Analysis / Page 77

Technical Analysis – USDCAD bounces off 50-day SMA

Posted on November 17, 2023 at 8:30 am GMT

USDCAD experienced a setback, falling below the 1.3800 handle But quickly found its feet at the 50-day SMA and recouped some losses Momentum indicators suggest a cautiously bullish tone USDCAD had been in a steady advance since July, posting a fresh 13-month peak of 1.3898 on November 2. Since then, the pair has experienced two rounds of weakness, but both attempted declines got curbed by the ascending 50-day simple moving average (SMA). Given that the momentum indicators are tilted to the upside, [..]

Technical Analysis – USDCHF’s weakness continues below 50.0% Fibonacci

Posted on November 17, 2023 at 8:13 am GMT

USDCHF bottoms at 0.8855 after dramatic slump Momentum indicators confirm near term sideways move USDCHF has been underperforming in the past couple of days, after the sharp sell-off towards the 0.8855 support level. The price is still developing beneath the 50.0% Fibonacci retracement level of the upward wave from 0.8550 to 0.9240 at 0.8900 and based on technical indicators, momentum is too weak to provide a sustained move higher. The RSI is moving sideways in the negative territory, while the [..]

Technical Analysis – EURUSD aims for a bullish continuation

Posted on November 16, 2023 at 3:19 pm GMT

EURUSD recoups Thursday’s losses after disappointing US data A break above 1.0880 needed to confirm bullish signs EURUSD turned green after the miss in the US weekly jobless claims and weaker job stats in the Philadelphia Fed manufacturing survey. The pair ran as high as 1.0880, erasing Wednesday’s pullback. In terms of market trend, the pair seems to have completed a bullish flag formation in the four-hour chart, which is theoretically a sign that the upward trend will continue. In [..]

Technical Analysis – EURAUD holds in sideways channel around 1.6700

Posted on November 16, 2023 at 10:10 am GMT

EURAUD bounces off 20-day SMA Momentum indicators confirm the weak momentum EURAUD has been developing within a trading range of 1.6440 to 1.6845 since August 23 with the short-term simple moving averages (SMAs) acting as mid-levels. The technical oscillators are confirming the sideways move, as the MACD is flattening near its zero level and the RSI is ticking marginally up around the neutral threshold of 50. If buyers stay in play, the door will open for the tight zone of [..]

Technical Analysis – Could NZDUSD enter a new downtrend?

Posted on November 16, 2023 at 9:12 am GMT

NZDUSD in the red today after testing the October high USD recovery across the board drives today’s move Mixed Momentum indicators complicate the short-term outlook NZDUSD is edging lower, reacting to Tuesday’s very strong green candle that pushed the pair towards the October 11 high of 0.6054. NZDUSD bulls took advantage of the widespread USD weakness but failed to overcome the 0.6060 level and are now testing the support set by the 100-day simple moving average (SMA). In the meantime, a double [..]

Technical Analysis – WTI oil turns down, but 2020 trendline feeds hopes

Posted on November 16, 2023 at 9:00 am GMT

WTI oil futures driven by bears Will the 2020 bar block the way down? WTI oil futures reversed their post-CPI increase above the 200-day SMA, dropping immediately after reaching a high of 79.77 on Tuesday. The RSI and the MACD have resumed their negative slope in the bearish area, signaling more depressing sessions ahead. But the upcoming sessions might be quite interesting as the long-term support trendline, which connects the 2020 and 2023 lows, is within breathing distance at 74.70 [..]

Technical Analysis – AUDUSD pulls back from a 3-month high

Posted on November 16, 2023 at 8:55 am GMT

AUDUSD hit a fresh three-month peak of 0.6541 on Wednesday But quickly pared some gains, hinting that the way to recovery is long Momentum indicators diverge from the price action AUDUSD had been in an aggressive decline following a double top pattern in mid-July, with the pair posting consecutive multi-month lows. Even though the price spiked upwards following its bounce off the one-year low of 0.6271, its advance seems to be faltering, despite the momentum indicators being tilted to the upside. Should the [..]

Technical Analysis – US 30 index continues the upside rally near 35,000

Posted on November 16, 2023 at 8:44 am GMT

US 30 holds above 61.8% Fibo and SMAs RSI and stochastic suggest bearish correction in near term Only a move above 35,985 would shift broader bias to positive The US 30 (Cash) index has advanced considerably after the bounce off the 32,320 support level, overcoming the 200-day simple moving average (SMA) and the shorter-term SMAs. Notably, the price is rallying well above the 61.8% Fibonacci retracement level of the down leg from 35,685 to 32,320 at 34,400 but with weaker [..]

Technical Analysis – Platinum futures’ recovery hits 50-day SMA

Posted on November 15, 2023 at 3:56 pm GMT

Platinum futures stuck in a bearish long-term pattern Price rebounded from fresh 2023 low, challenging 50-day SMA Momentum indicators reflect strengthening positive momentum Platinum futures (January delivery) have been stuck in a prolonged downtrend since April, generating a clear pattern of lower highs and lower lows. In the near-term, the pair bounced off its 2023 bottom of 841.00, but its advance is facing strong resistance at the 50-day simple moving average (SMA). Given that both the RSI and stochastics are currently [..]

Technical Analysis – ETHUSD falls back below 2,000

Posted on November 15, 2023 at 12:27 pm GMT

Ethereum pulls back from recent multi-month high Impending golden cross could revive the rally Momentum indicators ease from overbought conditions ETHUSD (Ethereum) experienced a strong correction after peaking at 2,136, its highest level since April 2023. However, the 50-day simple moving average (SMA) is closing the gap with the 200-day SMA, where a potential golden cross could induce upside pressures. Should the positive momentum strengthen, the bulls might attack the July resistance of 2,030, which also held strong in August 2022. A [..]

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