Technical Analysis / Page 81

Technical Analysis – AUDJPY in overbought waters; RBA rate decision looms

Posted on November 6, 2023 at 11:03 am GMT

AUDJPY enjoys fastest weekly growth since June Risk skewed to the upside, but gains could be limited RBA policy announcement due on Tuesday at 03:30 GMT AUDJPY has turned its eyes back to June’s peak of 97.65 after a constructive week of strong gains. The RSI and the stochastic oscillator are warning that the latest rapid upturn may not be durable, as the indicators are already testing their overbought levels. Note that the price has been constantly closing above the [..]

Technical Analysis – Could gold return above 2,000?

Posted on November 6, 2023 at 8:30 am GMT

Gold extends last week’s sideways move below 2,000 Bullish structure in progress above 1,980 Gold shifted to a sideways pattern after its impressive rally from a seven-month low of 1,800 run out of steam slightly above the 2,000 mark. The consolidation phase seems to be developing within a bullish pennant formation, feeding hopes that the bulls have more fuel in the tank. In other encouraging signals, the 20-day simple moving average (SMA) has drifted above the longer-term SMAs, while the price itself has yet [..]

Technical Analysis – AUDUSD overcomes hurdles after NFP miss

Posted on November 3, 2023 at 1:48 pm GMT

AUDUSD breaks familiar resistance zone after dissapointing NFP data Technical signals improve, but some caution necessary AUDUSD rose rapidly in the wake of a weaker-than-expected US jobs report, crossing above the long-term constraining line from the 2020 low at 0.6450 after a couple of failed attempts. The RSI has finally advanced above its 50 neutral mark for the first time after three months, boosting optimism that the bulls could stay in play in the coming sessions. The rising MACD, [..]

Technical Analysis – GBPJPY buyers stay away but ready to step in

Posted on November 3, 2023 at 10:11 am GMT

GBPJPY resumes muted tone despite bullish breakout Nearby support levels keep the focus on the upside GBPJPY could not capitalize from Tuesday’s surge above the short-term resistance trendline, staying muted around the 183.55 area. The RSI is above its 50 neutral mark, although weaker, and the MACD is keeping its footing above its red signal line and within the positive area, both reflecting that buyers are still active. Yet, with the stochastic oscillator looking for a downside reversal near [..]

Technical Analysis – Is the US 500 cash index at the start of a new uptrend?

Posted on November 3, 2023 at 9:47 am GMT

US 500 cash index trades sideways today after strong rally Impressive weekly rebound amidst key market events Momentum indicators cautiously supportive of current upleg The US 500 cash index is trying to record its fifth consecutive green candle and further increase the 5% jump recorded this week. It is now preparing to test the resistance set by the long-term October 13, 2022 ascending trendline. Despite the current rally, the bearish series of lower highs and lower lows remains firmly in [..]

Technical Analysis – Has USDCAD’s recent rally run its course?

Posted on November 3, 2023 at 7:28 am GMT

USDCAD in the red after reaching 3-year high Aggressive rally since the July 14 low of 1.3091 Momentum indicators appear to support the current downleg USDCAD is moving lower today, registering its third consecutive red candle after trading at a 3-year high of 1.3898. It has been an aggressive rally from the July 14 low with the bulls potentially staying on the sidelines this week due to numerous key events. In the meantime, the bullish series of higher highs and [..]

Technical Analysis – Starbucks stock leaps higher after earnings beat

Posted on November 2, 2023 at 3:44 pm GMT

Share price jumps more than 10%, hits 200-day SMA But formation of doji candlestick raises doubts about new uptrend Starbucks stock shot higher on Thursday, opening with a gap higher, after the company reported much stronger-than-expected earnings results for the third quarter. The jump has taken the price above all the simple moving averages (SMA). However, the move above the 200-day SMA is looking a bit shaky as a doji candlestick appears to be forming. Nevertheless, the near-term momentum remains bullish [..]

Technical Analysis – Is that a dead cat bounce in the US 100 stock index?

Posted on November 2, 2023 at 1:46 pm GMT

US 100 gains bullish impetus after bouncing near 200-SMA Short-term bias shows improvement, but uncertainty remains A bullish reversal or a dead cat bounce? The US 100 stock index (cash) picked up steam on Wednesday, extending its bounce off a five-month low of 14,057 to a high of 14,833. The price is currently aiming for a close above its 20- and 50-day simple moving averages (SMAs) after avoiding a drop below the long-term 200-day SMA last week. That said, its [..]

Technical Analysis – GBPAUD flags more losses ahead; eyes 200-SMA

Posted on November 2, 2023 at 11:04 am GMT

GBPAUD erases latest rebound ahead of BoE rate decision Bearish bias strengthens; focus turns on 200-day SMA GBPAUD surrendered all its October gains following the rejection near its 50-day simple moving average (SMA), and is currently flirting with September’s low of 1.8856. The 200-day simple moving average (SMA) is also in sight at 1.8795, as the downward trajectory in the RSI and the MACD points to more losses ahead. The recent close below the support trendline from September 2022 is [..]

Technical Analysis – Gold trades near key barrier of 1,985

Posted on November 2, 2023 at 9:46 am GMT

Gold pulls back to rest near 1,985 key zone Daily oscillators detect slowing upside momentum A break lower could signal the metal’s return within a broader range Gold has been in a retreat mode since October 30, after hitting resistance near the 2,010 zone. The metal has seen massive gains due to concerns surrounding the conflict in the Middle East, but the current retreat has brought it back near the 1,985 barrier, which acted as the upper bound of the [..]

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