Technical Analysis / Page 83

Technical Analysis – EURJPY speeds up after BoJ’s flexible tone

Posted on October 31, 2023 at 8:54 am GMT

EURJPY gains strong momentum; recoups previous losses Technical signals improve but major resistance intact EURJPY sped up to the 159.00 area on Tuesday after the Bank of Japan (BoJ) kept its yield curve control at 1.0%, but softened its language to allow any breaches above that threshold, disappointing those who expected a higher bar at 1.25-1.50%. The pair is currently flirting with August’s 15-year high of 159.75, which cooled last week’s bullish actions, but a bigger challenge could occur within the 160.85-161.65 [..]

Technical Analysis – EURUSD restores bullish bias after reclaiming uptrend line

Posted on October 30, 2023 at 3:56 pm GMT

EURUSD bounces higher as positive bias gains traction Price climbs above moving averages and ascending trendline But how convincing is this rebound? EURUSD is marching higher, pushing above its simple moving averages (SMA), but more importantly, the price action has moved back above the short-term ascending trendline. The momentum indicators are strongly bullish with the stochastic oscillator plotting higher, while the MACD has just crossed above the zero threshold. Both are positively aligned with their moving averages, although the former [..]

Weekly Technical Outlook – EURUSD, GBPUSD, USDJPY

Posted on October 30, 2023 at 1:25 pm GMT

Fed to stick to stable rates; will EURUSD rotate higher? GBPUSD at a discouraging position ahead of BoE rate announcement USDJPY not bearish yet as clock ticks down to BoJ rate decision FOMC policy meeting –> EURUSD The Federal Reserve’s two-day policy meeting ends on Wednesday at 18:00 GMT, as worries about the Middle East and its effect on the global economy rise. Interest rates are expected to remain steady for another month, but it’s unclear if there are [..]

Technical Analysis – Gold faces setback after hitting 5-month peak

Posted on October 30, 2023 at 9:07 am GMT

Gold surges to a fresh 5-month high amid increasing geopolitical tensions Pulls back below the 2,000 psychological mark in the following session Momentum indicators ease from overbought levels Gold has been in a steep uptrend since October 10, reclaiming crucial technical regions such as the 200-day simple moving average (SMA) and the 2,000 psychological mark before posting a fresh five-month peak of 2,009. However, bullion experienced a minor pullback probably due to reaching overbought conditions. Should gold extend its recent correction, the [..]

Technical Analysis – GBPJPY extends sideways pattern below 50-day SMA

Posted on October 27, 2023 at 8:09 am GMT

GBPJPY rebounded strongly from a 3-month low Gets stuck in a range after the 50-day SMA curbs advance RSI and MACD are hovering around their neutral regions GBPJPY had been in a prolonged uptrend since January, posting an eight-year high of 186.75 on August 22 before experiencing a pullback. Even though the pair staged a solid recovery, it has been rangebound for the past two weeks, with the narrowing Bollinger Bands hinting at low volatility ahead. Should the price march higher and reclaim its [..]

Technical Analysis – USDJPY holds above 150 but with caution

Posted on October 27, 2023 at 7:25 am GMT

USDJPY unlocks new high above 150 but with weak momentum Technical signals mixed; support at 149.43 USDJPY escaped the FX intervention risk on Thursday despite closing marginally above the 150 round level for the second consecutive day and charting a new one-year high of 150.76. The pair seems to have pierced an ascending triangle on the upside, increasing optimism for a bullish continuation ahead of the US core PCE inflation release. Yet, Thursday’s tiny candlestick at the top of the [..]

Technical Analysis – AMD stock in a downward path ahead of earnings

Posted on October 26, 2023 at 2:19 pm GMT

AMD stock has generated a structure of lower highs and lower lows Its close below the 200-day SMA deteriorates the outlook Momentum indicators aggressively tilted to the bearish side AMD’s stock has been forming a bearish technical pattern following its 2023 peak of 131.90 on June 13. In the previous daily session, the price closed below the 200-day simple moving average (SMA) and has been trading beneath it for two consecutive sessions for the first time since early March. Should [..]

Technical Analysis – Are we close to a meaningful correction in CHFJPY?

Posted on October 26, 2023 at 8:51 am GMT

CHFJPY trades sideways today, a tad below the all-time high Intervention threat increases as JPY crosses reach new highs Momentum indicators show increasing signs of rally exhaustion CHFJPY is trying to record a green candle today as it remains very close to its all-time high of 168.40. The latest upleg from the October 3 low of 159.99 has been aggressive, increasing the possibility of intervention from the Japanese authorities and thus forcing some profit taking from the bulls. In the [..]

Technical Analysis – WTI oil futures capped by 50-day SMA

Posted on October 26, 2023 at 8:21 am GMT

WTI futures bounce off the lower end of the Ichimoku cloud But their rebound is being held down by the 50-day SMA Momentum indicators got rejected before entering bullish territories WTI oil futures (December delivery) had been in a steady advance since their October bottom of 80.20 before experiencing a pullback. Although the commodity managed to halt its latest retreat and recoup some losses, the 50-day simple moving average (SMA) has been acting as a strong ceiling. Should the price [..]

Technical Analysis – EURUSD gives up gains but not bearish yet

Posted on October 26, 2023 at 8:04 am GMT

EURUSD switches back to losses after touching resistance Technical signals weaken but bears not in control yet EURUSD was harshly pressured after touching its 50-day exponential moving average (EMA), erasing almost all the gains it made last week ahead of the ECB policy announcement. The price went below its 20-day EMA, and the RSI dropped below 50, causing concerns of potential market dominance by sellers in the short-term. On a positive note, there is a short-term bullish channel in the chart that is [..]

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