Technical Analysis / Page 78

Technical Analysis – Gold shows some improvement in near term

Posted on November 15, 2023 at 10:57 am GMT

Gold posts several green sessions Short-term outlook looks bullish Momentum indicators indicate more upside pressure Gold is recording the eighth consecutive green session in the 4-hour chart, holding above the short-term simple moving averages (SMAs). The price is currently moving within the Ichimoku cloud and any move higher would extend the bullish movement. The RSI indicator is approaching the overbought region, while the MACD is jumping above its trigger and zero lines in the near term, both suggesting more gains. [..]

Technical Analysis – US 500 index snaps downtrend

Posted on November 15, 2023 at 9:19 am GMT

The US 500 index breaks downtrend after amazing rally Short-term bias bullish, but overbought conditions evident The US 500 stock index (cash) enjoyed its fastest daily rally (+2%) in a year on Tuesday, successfully scraping off the aggressive sell-off that started on September 15th to trade around 4,500 again. The latest bullish explosion indicates that the price will continue to rise as it is significantly above the descending trendline from July and its simple moving averages. Yet, the overbought signals coming from [..]

Technical Analysis – EURUSD eases after sharp rally towards 2½-month high

Posted on November 15, 2023 at 8:18 am GMT

EURUSD adds 200 pips and tries to reach 1.0900 Trades well above moving average lines RSI suggests negative correction EURUSD skyrocketed yesterday after the US CPI release and added almost 200 pips, recording a new two-and-a-half-month high of 1.0886, but its rally seems to have temporarily paused. Approaching the 1.0900 area, it seems to be a real struggle to surpass this round number according to the RSI. The RSI is losing momentum after it touched the overbought region; however, the [..]

Technical Analysis – USDJPY bears show their strength but is it enough for a downleg?

Posted on November 15, 2023 at 8:16 am GMT

USDJPY in the green today after a strong red candle Bears took advantage of USD weakness in the market Momentum indicators have reached a crucial stage USDJPY is higher today, bouncing off the lower boundary of the ascending trending channel that has been in place since mid-March. Today’s reaction is partly the response from the USDJPY bulls to yesterday’s sizeable red candle. With Japanese authorities sticking to verbal intervention and the BoJ disappointing, market participants are fighting for the upper [..]

Technical Analysis – Nvidia stock set to test all-time high ahead of earnings

Posted on November 14, 2023 at 2:55 pm GMT

Nvidia in a steady advance month-to-date Aims to revisit its record high as earnings call draws closer Momentum indicators are just shy of their overbought marks Nvidia has been the best performing stock of the S&P 500 in 2023, gaining around 250% before experiencing a downside correction. However, the price has regained traction following its bounce off the five-month bottom of 392.00 in late October, with the bulls eyeing the all-time high of 497.80. Should the price extend its advance ahead [..]

Technical Analysis – Brent oil regains ground after sharp sell-off

Posted on November 14, 2023 at 10:42 am GMT

Brent tests neckline after breaking head and shoulders pattern Momentum indicators still in negative territory Brent crude oil futures with delivery in January 2024 have been in a corrective mode so far this week, recouping some of the losses after the break of the head and shoulders formation to the downside in the previous sessions. Entering the 82.50 area has been a struggle today and there might be another obstacle near the 200-day exponential moving average (EMA) near 83.60, but the bulls may not give up the battle yet, according to the technical [..]

Technical Analysis – US 100 cash index rally pauses

Posted on November 14, 2023 at 8:46 am GMT

US 100 cash index edges higher today, tests September highs It has decisively broken above the July 19, 2023 trendline Momentum indicators remain mostly bullish The US 100 cash index is trying to record a green candle today as it tests the September highs. It has recorded an impressive rally from the October 26, 2023 low with the bulls decisively breaking the July 19, 2023 descending trendline and cancelling out the developing bearish pattern of lower lows and lower highs. In [..]

Technical Analysis – GBPUSD enters Ichimoku cloud after claiming 50-SMA

Posted on November 14, 2023 at 8:44 am GMT

GBPUSD breaks out of triangle but 200-day SMA curbs advance Despite a mild pullback, the bulls conquer the 50-day SMA Oscillators suggest that positive momentum is picking up GBPUSD had been forming a profound structure of lower highs and lower lows since its 18-month peak of 1.3141. Although the pair’s latest attempt to recoup some losses got rejected by the 200-day simple moving average (SMA), buyers managed to halt the retreat and reclaim the 50-day SMA. Should buying interest intensify further, [..]

Technical Analysis – AUDUSD corrects lower again and below SMAs

Posted on November 14, 2023 at 8:43 am GMT

AUDUSD tests the 200-day SMA in narrow range Trades sideways after failing to extend its upside move RSI and MACD look optimistic AUDUSD is moving slightly lower today, finding strong resistance near the 200-day simple moving average (SMA), which is acting as a resistance line for the bulls. The pair jumped above the steep descending trend line, which had been holding since the November 6 top of 0.6522, but it is holding within a narrow range of space 0.6338-0.6390. In [..]

Technical Analysis – EURJPY uptrend continues but carries risks

Posted on November 14, 2023 at 8:43 am GMT

EURJPY hits new highs, but still close to caution zone Next resistance could emerge near 163.00 EURJPY surged to 162.35 on Monday–the highest level since August 2008–surpassing the caution trendline zone, though marginally. The ongoing upleg seems secure, but the overbought signals from the RSI and stochastic oscillator raise the risk of a negative reversal. The 163.00 round level, which capped bullish actions back in August 2008, will be closely watched in the coming sessions. If the bulls breach that [..]

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