Technical Analysis / Page 84

Technical Analysis – Meta stock regains traction ahead of Q3 earnings

Posted on October 25, 2023 at 11:51 am GMT

Meta stock pulls back from 2023 peak Halts decline and attempts rebound in the last few sessions But oscillators suggest fading positive momentum Meta’s (Facebook) stock has been in a steep uptrend since it bottomed out in October 2022, while defying the broader market pullback since late summer. In the near-term, the price has been showing some weakness after hitting a fresh 2023 high, but near-term risks remain tilted to the upside. If the reported financials later today surprise to the upside, the bulls [..]

Technical Analysis – Amazon stock undecided ahead of Q3 earnings

Posted on October 25, 2023 at 8:41 am GMT

Amazon stock experienced a downside correction from 2023 high Has been trading without clear direction since then Momentum indicators suggest a cautiously positive bias Amazon’s stock had been in a steady uptrend since the beginning of the year, attempting to erase part of its huge 2022 decline. However, in mid-September the stock pulled back from its 2023 peak, with the price trading sideways below the 50-day simple moving average (SMA) for the first time since early March. Should the share price [..]

Technical Analysis – USDCAD has another round of fighting ahead

Posted on October 25, 2023 at 8:08 am GMT

USDCAD jumps above 1.3700 ahead of BoC rate decision Will the pair breach the neutral triangle pattern too? USDCAD held its footing above the resistance-turned-support trendline drawn from the 2020 peak and bounced back into the 1.3700 area on Tuesday. The latest bullish action shifted the attention back to the 1.3800-1.3860 region ahead of the Bank of Canada’s policy meeting, with the technical indicators promoting further progress in the market. The RSI has resumed its positive slope above 50 and the MACD [..]

Technical Analysis – NZDUSD rallies but all eyes on momentum indicators

Posted on October 25, 2023 at 6:46 am GMT

NZDUSD is in the green again today, a tad above a key level Bearish pressure lingers as NZDUSD traded at a 1-year low Momentum indicators could soon turn bullish NZDUSD is edging higher today, recording its third consecutive green candle but trading only a tad above the key 0.5813 level. The bears remain in control of the market as the latest downleg, from the October 11 local peak, pushed NZDUSD to the lowest level since November 4, 2022. Understandably, the [..]

Technical Analysis – EURCHF bulls could soon regain market control

Posted on October 24, 2023 at 11:32 am GMT

EURCHF edges lower today after strong rally yesterday Significant sell-off recorded since end-September high Momentum indicators appear ready to turn bullish EURCHF almost tested the all-time low at 0.9403 in an aggressive sell-off since the end-September high. This prompted a reaction from the bulls by recording two strong green daily candles. EURCHF is edging lower today as the bears are trying to find their footing especially as the momentum indicators do not appear to support their bearish intentions anymore. In [..]

Technical Analysis – USDJPY rebounds after brief bearish episode

Posted on October 24, 2023 at 11:09 am GMT

USDJPY skids, slipping below moving averages in 4-hour chart But selloff is already fading and rebound underway Bigger picture remains neutral USDJPY came under selling pressure during the past 24 hours, slipping to a one-week low of 149.31 earlier in today’s session. However, not only does the pair remain within its recent tight trading range, but also, the negative momentum appears to be receding. After repeated failed knocks at the 150-door, USDJPY took a tumble, slipping below both the 20- [..]

Technical Analysis – BTCUSD skyrockets on ETF speculation

Posted on October 24, 2023 at 8:51 am GMT

Bitcoin surges to an almost 18-month high Broader picture appears overly positive But overstretched rally increases the risk of a correction BTCUSD (Bitcoin) soared to an almost 18-month high on Tuesday, driven by speculation that an exchange-traded fund (ETF) that tracks the price of Bitcoin could soon be approved by the United States. The crypto king rallied more than 10% to hit 35,187, before pulling back below the 34,500 zone, which is marked as resistance by the inside swing low [..]

Technical Analysis – EURJPY jumps to fresh 15-year high

Posted on October 24, 2023 at 8:26 am GMT

EURJPY posts a new 2023 peak in today’s session Quickly erases gains, seems unable to extend its advance Momentum indicators suggest that bulls have lifted foot off the gas EURJPY had been stuck in a rangebound pattern for the last couple of months, repeatedly failing to extend its bullish medium-term technical structure. Even though the price managed to record a fresh 15-year peak of 159.90 in today’s session, it seems to be lacking the necessary momentum to push even higher. Should buying pressures [..]

Technical Analysis – GBPUSD receives positive vibes

Posted on October 24, 2023 at 7:50 am GMT

GBPUSD has its best day since July Bulls await a close above 1.2300 GBPUSD enjoyed a whopping start to the week, marking one of its strongest days since mid-July to rise as high as 1.2257 on Monday. The technical outlook is looking promising at the moment. The pair confirmed a bullish doji candlestick pattern near last week’s low of 1.2089 and around the support trendline drawn from the 2022 low, suggesting more positive sessions ahead. The technical indicators align [..]

Weekly Technical Outlook – EURUSD, USDJPY, USDCAD

Posted on October 23, 2023 at 1:10 pm GMT

EUR/USD in neutral zone ahead of ECB policy announcement USD/CAD needs more upside as BoC rate decision looms USDJPY at a critical resistance territory; bunch of US data due ECB policy meeting –> EUR/USD EURUSD is stuck in a sideways trend above its 10-month low, but there is hope for a bullish reversal as the European Central Bank comes into public’s attention this week. Policymakers will gather in Athens on their annual getaway from Frankfurt to decide on interest rates [..]

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