Technical Analysis / Page 82

Technical Analysis – GBPUSD tests key descending trendline

Posted on November 2, 2023 at 8:20 am GMT

GBPUSD slightly higher today as market digests Fed meeting It tests again the July 14 aggressive descending trendline Momentum indicators remain muted ahead of next key event GBPUSD is trading slightly higher, testing the resistance set by the July 14 downward sloping trendline that has defined the downleg since the July 14 high at 1.3141. The pair appears to have recently found a bottom just above the 1.1967 area with volatility slowing down ahead of this week’s key events. Momentum indicators [..]

Technical Analysis – WTI oil futures succumb to bearish pressures

Posted on November 2, 2023 at 8:19 am GMT

WTI futures decline after rejection at 50-day SMA Found their feet around the 80.00 handle, forming potential double bottom Momentum indicators deep in the negative zone WTI oil futures (December delivery) have been on the retreat since their October peak of 89.85. In the near term, the price’s repeated inability to conquer the 50-day simple moving average (SMA) led to an acceleration of the decline and a fall below the Ichimoku cloud. Should the bears try to push the price lower, initial support [..]

Technical Analysis – Apple stock held down by 200-day SMA

Posted on November 1, 2023 at 4:05 pm GMT

Apple stock battles with 200-day SMA ahead of Q3 earnings Dropped to its lowest since May before recouping some losses Oscillators improve but still in negative zone Apple’s share has been in a clear downtrend after recording a fresh all-time high in mid-July, dropping below its 200-day simple moving average (SMA) for the first time since March. Although the price managed to halt its retreat at the six-month bottom of 165.50, momentum indicators suggest that the bulls remain on the [..]

Technical Analysis – BTCUSD consolidates below its 18-month peak

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

BTCUSD surged above 35,000 to its highest since May 2022 Has been flat since then, forming a pennant pattern Momentum indicators remain within overbought territories BTCUSD (Bitcoin) has experienced a massive rally driven by speculation around the approval of spot-Bitcoin ETFs, which sent the price to a fresh 18-month high of 35,187. However, the leading cryptocurrency has been trading sideways in the past seven days, with the formation of a pennant hinting at an impending breakout. Given that the short-term oscillators are [..]

Technical Analysis – NZDUSD hovers near its 2023 lows

Posted on November 1, 2023 at 9:26 am GMT

NZDUSD halts latest decline at a fresh 1-year bottom of 0.5772 Trades without a clear direction in the past week Momentum indicators remain tilted to the bearish side NZDUSD has begun another round of weakness following the steep retreat from its October highs just a tad above the 50.0% Fibonacci retracement of the 0.5510-0.6535 upleg. Although the pair managed to find its feet at a fresh one-year low of 0.5772, the short-term oscillators are reflecting persistent downside risks. Should the selling [..]

Technical Analysis – USDJPY bulls test Japanese authorities’ resolve

Posted on November 1, 2023 at 8:52 am GMT

USDJPY edges lower after Tuesday’s sizeable rally Heightened risk of intervention as USDJPY is comfortably above 150 Mixed momentum indicators complicate the outlook The lack of JPY-positive announcements at Tuesday’s BoJ meeting opened the door to a sizeable move in USDJPY. It bounced off the lower boundary of its medium-term upward trending channel and now trades comfortably above the 150 threshold. The pair is recording a red candle session today as the market is on the lookout for an actual [..]

Technical Analysis – Is Nvidia’s uptrend ready to crack?

Posted on October 31, 2023 at 1:26 pm GMT

Nvidia’s stock prints bearish trend pattern 400 could be critical for a negative reversal Nvidia’s stock has formed a bearish head and shoulders pattern near its all-time high of 497.90. This suggests that the upward trend of almost one year may be over. The negative structure is not officially approved as the bears have yet to drive clearly below the neckline of 400. Meanwhile, the RSI is still hovering below its 50 neutral mark, although being near a former [..]

Technical Analysis – EURCHF bulls eye September high

Posted on October 31, 2023 at 12:24 pm GMT

EURCHF continues to edge aggressively higher It tests the support set by a long-term descending trendline Momentum indicators point to further upside EURCHF is edging higher again today, continuing on the strong uptrend that commenced after the pair registered its lowest level since September 26, 2022. EURCHF is actually recording six consecutive green candles for the first time since the October 2022 rally. Interestingly, it is now a tad above the key June 9, 2022 downward sloping trendline. EURCHF has [..]

Technical Analysis – EURGBP bulls take the steering wheel

Posted on October 31, 2023 at 11:09 am GMT

EURGBP moves further away from the upper end of a prior range Both the MACD and the RSI indicate positive momentum These signs paint a cautiously positive short-term picture EURGBP bulls have gained the upper hand this week, distancing themselves from the key barrier of 0.8700, fractionally above which the pair has been oscillating since October 20. That zone acted as the upper bound of the sideways range that had been containing most of the price action since May, and [..]

Technical Analysis – GBPUSD consolidates near October lows

Posted on October 31, 2023 at 8:55 am GMT

GBPUSD stuck in a range after steep decline pauses Creates a pennant pattern, hinting at potential breakout Oscillators suggest that positive momentum is slowly 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 managed to find its feet at the seven-month low of 1.2036, it has been rangebound for almost a month, failing to stage a solid recovery. Should buying interest intensify, the recent resistance of [..]

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