Technical Analysis / Page 87

Technical Analysis – GBPJPY gets rejected near July highs

Posted on October 13, 2023 at 7:50 am GMT

GBPJPY rebounds from its lowest level since July Gets capped by the 50-day SMA and Ichimoku cloud Momentum indicators suggest a cautiously bullish tone GBPJPY had been stuck 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 attempted to rebound from its October lows and recoup some losses, its advance got rejected near the July peak of 184.00. Should the price march higher and reclaim its 50-day simple moving [..]

Technical Analysis – EURAUD rally stops at 50-day simple moving average

Posted on October 13, 2023 at 7:31 am GMT

EURAUD edges higher, prepares to test the 50-day SMA Downleg since mid-August high could have run its course The stochastic oscillator tentatively keeps the door open for another rally EURAUD is moving higher today, recording its fourth consecutive green candle and testing the resistance set by the 50-day simple moving average (SMA). The sell-off since the August 17, 2023 peak has failed to record a lower low, below the mid-July trough, thus opening the door to current reaction from the [..]

Technical Analysis – BTCUSD finds strong support at 50-day SMA

Posted on October 12, 2023 at 1:30 pm GMT

Bitcoin pulls back after rejection at 200-day SMA Decline ceases at the 50-day SMA Momentum indicators point to more losses BTCUSD (Bitcoin) had been forming a structure of higher highs and higher lows since its bounce off the September bottom of 24,915. However, the price has been on the retreat in the last few daily sessions after being repeatedly repelled by the 200-day simple moving average (SMA). If selling interest intensifies and the price crosses below the 50-day SMA, the September [..]

Technical Analysis – USDJPY sits on support ahead of US CPI data

Posted on October 12, 2023 at 8:01 am GMT

USDJPY keeps its footing on 20-day SMA at 148.75 Broad uptrend intact, but technical signals warrant some caution USDJPY remains range-bound around its 20-day simple moving average (SMA) for the sixth consecutive trading day as investors eagerly wait for September’s US CPI inflation report due at 12:30 GMT. Despite the resilience in the price, the RSI and the MACD cannot warrant a bullish reversal. The former, although above 50, keeps trending southwards, while the latter is also decelerating below its red signal line. [..]

Technical Analysis – US 100 cash index close to a key trendline

Posted on October 12, 2023 at 7:40 am GMT

US 100 cash index continues its strong short-term upleg Strong reaction higher amidst challenging market environment Momentum indicators mostly point to a continuation of the current move The US 100 cash index is in the green again today, recording its fifth consecutive positive session. It has been aggressively moving higher from September lows with the US 100 index now trading a tad below the key July 19, 2023 descending trendline. The bulls need a new higher high, above the September 1 peak [..]

Technical Analysis – WTI oil futures’ rebound falters

Posted on October 12, 2023 at 7:17 am GMT

WTI futures fail to breach the ascending trendline Oil drops below 50-day SMA towards October low Momentum indicators tilt to the bearish side WTI oil futures (November delivery) had been in a steady advance since July, climbing to a 13-month peak of 95.02 on September 28 before experiencing a correction. Even though oil managed to halt the retreat and recoup some losses, its recovery seems to be fading. Should the bears attempt to push the price lower, the recent support of 81.50 could act [..]

Technical Analysis – Nvidia shares rise, but remain in a trading range

Posted on October 11, 2023 at 2:30 pm GMT

Nvidia shares climb in recent days, recapturing 50-day average However, bigger picture appears neutral as market lacks direction If stock retreats, the massive earnings gap below is a major risk Nvidia shares have staged a sensational rally this year, hitting a new record high in late August. The market then drifted lower, but the 408.00 region defended the price action and shares have risen in recent days to reclaim the 50-day simple moving average (SMA). That said, the broader [..]

Technical Analysis – CHFJPY gears up for another test of record highs

Posted on October 11, 2023 at 11:58 am GMT

CHFJPY rally stalls after hitting record levels back in August But pair recovered last week, and remains in a clear uptrend If buyers push to new records, the focus would turn to 170 region CHFJPY enjoyed a massive surge this year, cruising to new all-time highs. This rally stalled in September and prices corrected lower, but buyers stepped back in last week, boosting the pair to bring it just 1% away from those record highs. Overall, CHFJPY remains in [..]

Technical Analysis – Gold increasingly bullish in short term, reaches 100-period SMA

Posted on October 11, 2023 at 11:47 am GMT

Gold extends rebound, tries to overtake 100-period SMA But risk that rally is becoming overstretched Gold climbed to a near two-week high on Wednesday, briefly hitting 1,874.65, as the rebound from the seven-month low of 1,810.31 continued to gain traction. The momentum indicators point to an ongoing positive bias in the short term, but there is a risk the recovery could soon run out of breath. The RSI is crossing into the overbought region above 70 and the stochastics are [..]

Technical Analysis – EURUSD takes a breather before new battle

Posted on October 11, 2023 at 7:51 am GMT

EURUSD eases bullish tone near major obstacle Holds within bearish channel ahead of FOMC minutes Bulls need to drive above 1.0760 to brighten outlook EURUSD has been muted around the 1.0600 level during the early European trading hours on Wednesday after five consecutive bullish days. The pair is having a positive week, but the 20-day SMA has been a struggle. The upper boundary of the bearish channel could be a bigger threat at 1.0640, close to the 23.6% Fibonacci [..]

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