Technical Analysis / Page 80

Technical Analysis – BTCUSD jumps to fresh 18-month peak; looks overbought

Posted on November 9, 2023 at 1:42 pm GMT

BTCUSD touches 37,000 for the first time since May 5, 2022 Momentum indicators remain deep in overbought zones These oscillators warn of an impending pullback BTCUSD (Bitcoin) has experienced a massive rally driven by speculation around the approval of spot-Bitcoin ETFs, which has sent the price to a fresh 18-month high of 37,029 on Thursday. However, the latest advance seems substantially overstretched as both the RSI and stochastics are within their overbought zones for more than two weeks. Given that the price is [..]

Technical Analysis – WTI oil futures collapse to a fresh 3-month low

Posted on November 9, 2023 at 8:27 am GMT

WTI futures decline sharply below the 200-day SMA Drop to the lowest level since July 20, but find their feet at the 75.00 handle Momentum indicators touch oversold levels, hinting at potential bounce WTI oil futures (December delivery) have been on the retreat since their October peak of 89.85, breaking aggressively below historical support zones. On Tuesday, the price dropped more than 4.5%, sliding beneath the crucial 200-day simple moving average (SMA) before recording a fresh three-month low on the following day. Should [..]

Technical Analysis – Next leg in US 500 cash index could be critical

Posted on November 9, 2023 at 8:15 am GMT

US 500 cash index trades sideways after recent upleg Strong rebound from late-October lows amidst key market events Mixed momentum indicators complicate the short-term outlook The US 500 cash index is trying to record a green candle today as it trades between the 50- and 100-day simple moving averages (SMAs). It currently stands around 7% higher than the October 27 low with the rally stopping, potentially temporarily, a tad below the previous peak recorded on October 12. Thus, the US [..]

Technical Analysis – EURUSD gets assistance after rejection from 200-EMA

Posted on November 9, 2023 at 8:14 am GMT

EURUSD decelerates below 200-EMA resistance Positive structure remains intact above 1.0600 EURUSD could not carry last week’s impressive rally above its 200-day exponential moving average (EMA), but the 50-day EMA helped the pair to hold within the 1.0700 zone and above its previous high. The market structure is positive in the short-term picture as the pair keeps fluctuating within a bullish channel. Hence, even if downside pressures resume, the pair will remain attractive unless it exits the bullish formation below [..]

Technical Analysis – US 30 cash index at key resistance area

Posted on November 8, 2023 at 3:21 pm GMT

US 30 index edges higher, a tad below a key support area The current higher high broke a significant bearish pattern Momentum indicators appears to be less bullish after the strong rally The US 30 cash index is trying to record its second consecutive green candle as it trades around 6% higher than the October 27 low of 32,324. It has been an impressive bullish reaction that also managed to cancel the recent bearish series of lower lows and lower [..]

Technical Analysis – NZDUSD pulls back from November peak

Posted on November 8, 2023 at 8:56 am GMT

NZDUSD attempts to rebound from its 2023 lows Gets rejected at 0.6000 but 50-day SMA provides support Momentum indicators remain cautiously tilted to the upside NZDUSD has been in a steady downtrend throughout 2023, posting a fresh one-year low of 0.5772 on October 26. Although the pair showed some signs of life lately, its rebound fell short around the 0.6000 handle, with the 50-day simple moving average (SMA) pausing the setback for now. Should the price bounce off its 50-day SMA and [..]

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

Posted on November 8, 2023 at 8:53 am GMT

USDJPY enters 150 territory again, above SMAs Technical signals mixed; 2023 uptrend well intact USDJPY is looking to resume its bullish trend ahead of Powell’s speech, having softly pivoted near the 149.30 level at the start of the week. To attract new buyers, the bulls will have to surpass the nearby resistance of 151.65 and move beyond the 2022 top of 151.93. In this case, the price could pick up steam towards the important resistance trendline area at 153.00. Another successful battle [..]

Technical Analysis – Can EURJPY carry on recording higher highs?

Posted on November 7, 2023 at 8:29 am GMT

EURJPY makes new 15-year high Intervention threat has not dented bullish appetite Bullish momentum indicators but exhaustion signs appear EURJPY is edging higher today, trying to record its fourth consecutive green candle. It has made a new 15-year high after finally managing to surpass the 159.64 level that has greatly been troubling the bulls over the past three months. Last week’s BoJ meeting announcements and the intervention threat do not seem to dent the bullish appetite. Turning to the momentum indicators and [..]

Technical Analysis – Did GBPUSD get caught in a false breakout?

Posted on November 7, 2023 at 7:50 am GMT

GBPUSD trims gains after rejection from 200-SMA Buying appetite falls; support at 1.2260-1.2300 GBPUSD could not find enough buyers to expand Friday’ bull run above its 200-day simple moving average (SMA), closing with marginal losses within the 1.2300 area on Monday. Given the current negative momentum in the price, the question now is whether the pair will stay resilient above the 1.2260-1.2300 key region. A clear step below it and beneath the 50-day SMA would wipe out Friday’s boost, [..]

Weekly Technical Outlook – EURGBP, AUDUSD, USDJPY

Posted on November 6, 2023 at 12:56 pm GMT

UK GDP in focus this week; pound could significantly benefit from a strong print RBA meeting and Chinese data could push aussie even higher against the US dollar USDJPY could break below its upward trending channel if Japanese data improve UK GDP Q3 print -> EURGBP The Bank of England kept its main bank rate unchanged at last week’s meeting despite the inflation rate remaining at a very high level. Bailey et al kept the door open to further tightening [..]

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