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Technical Analysis

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Technical Analysis – Nvidia bulls could take some rest

Posted on June 21, 2024 at 12:57 pm GMT

Nvidia’s stock drifts lower after peaking in the 140 area Technical signals confirm overbought conditions; next support at 126 Long-term outlook positive above 109.85   Nvidia’s stock closed Thursday’s session sharply lower at 130.24 after stretching its record rally to 140.29. There was no serious headwind behind the decline, which feeds speculation that traders probably decided to lock some profits near the 140 psychological mark. The question now is whether the bearish action could gain more legs in the coming sessions. [..]

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Technical Analysis – USDCAD bears could remain in control

Posted on June 21, 2024 at 8:45 am GMT

USDCAD eases below 1.3700; could attract new sellers in short-term Next support could emerge within 1.3600-1.3622 territory US S&P Global PMIs, Canadian retail sales on the agenda   USDCAD has been tiptoeing to the downside for five consecutive trading days, increasing speculation that some stability could soon occur. The technical picture, however, suggests that the bears have more to accomplish. Thursday’s close below the 20- and 50-day simple moving averages (SMAs) and the drop back into the short-term falling channel [..]

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Technical Analysis – EURAUD hovers near 1-year low

Posted on June 21, 2024 at 7:48 am GMT

EURAUD continues the strong negative tendency RSI and stochastic hold in bearish territories EURAUD is plunging towards a fresh one-year low of 1.6058, posting the fourth straight red day. The pair has been developing in a bearish tendency since August 2023 with the technical oscillators confirming this view. The RSI is crossing the 30 level to the downside, while the stochastic is holding in the oversold territory. In case of more downside pressure, immediate support could come from the strong [..]

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Technical Analysis – ETHUSD bounces off 50-day SMA

Posted on June 20, 2024 at 1:38 pm GMT

ETHUSD halts retreat at the 50-day SMA Regains some ground after posting a double bottom Momentum indicators turn neutral-to-positive ETHUSD (Ethereum) experienced a strong rally in May, approaching its 2024 highs before undergoing a strong pullback. However, the latest decline appears to be on pause for now as the 50-day simple moving average (SMA) has held its ground twice in the past 10 days. If the latest bounce off the 50-day SMA triggers a move to the upside, the April resistance of [..]

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Technical Analysis – USDCHF cheers on SNB rate cut

Posted on June 20, 2024 at 10:02 am GMT

USDCHF rises rapidly after SNB lowers interest rates to 1.25% Oversold signals favor the bulls; more upside needed for a positive outlook   USDCHF turned swiftly up to test its 200-day simple moving average (SMA) at 0.8890 after the Swiss National Bank (SNB) cut interest rates by a quarter percentage point for the second consecutive meeting despite some investors estimated no changes in borrowing costs. The oversold signals coming from the RSI and the stochastic oscillator suggest that the rebound [..]
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Technical Analysis – GBPJPY is ready to re-challenge 16-year high

Posted on June 20, 2024 at 9:46 am GMT

GBPJPY rebounds off 198.90 Stochastics and RSI show positive signals GBPJPY is heading upwards again after the selling interest in the previous week and the bounce off the 198.90 support level. The market is ready to test the 16-year high of 201.64, while even higher the 261.8% Fibonacci extension level of the down leg from 188.65 to 178.80 at 204.70 may halt bullish movements. However, traders need to be cautious at the next psychological levels as well, as at 202.00 and 203.00. [..]

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Technical Analysis – NZDUSD erases GDP-led pickup

Posted on June 20, 2024 at 8:50 am GMT

NZDUSD rises temporarily after slight GDP growth surprise Bulls remain capped below 20-SMA; key support at 0.6085-0.6095   Early Thursday data revealed that the New Zealand economy experienced slightly faster growth than anticipated in Q1. However, NZDUSD rose only a few pips to 0.6164, which were swiftly erased. The bears couldn’t push past the 20-day SMA at 0.6145 for the fourth consecutive day, leading to worries that the pause in the short-term uptrend could lead to a downward reversal. The negative slope in [..]

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Technical Analysis – AUDUSD extends sideways movement

Posted on June 20, 2024 at 8:30 am GMT

AUDUSD trades back and forth within its range The ascending 50-day SMA acts as a strong floor Oscillators remain tilted to the bullish side AUDUSD has been trading sideways for more than a month now as the price has been unable to jump above the five-month high of 0.6713. However, the pair’s downside also seems to be capped by the upward sloping 50-day simple moving average (SMA). If buying pressures persist, the price may initially test the five-month high of 0.6713, [..]

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Technical Analysis – AUDCAD bulls stay in the driver’s seat

Posted on June 19, 2024 at 9:17 am GMT

AUDCAD rebounds and breaks above 0.9125 Overall, it remains above a prior upside channel The advance may continue towards the 0.9230 zone A dip below 0.9000 could signal a bearish correction AUDCAD rebounded strongly on Tuesday, extending its recovery above the key resistance zone of 0.9125. Overall, the pair is trading above the upper bound of a prior upward sloping channel and above all three of the plotted exponential moving averages (EMA). This paints a positive picture. The daily momentum indicators corroborate [..]

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