Technical Analysis / Page 88

Technical Analysis – NZDUSD rally stops at key area

Posted on October 11, 2023 at 7:32 am GMT

NZDUSD trades sideways amidst geopolitical developments The current short-term upleg started when NZDUSD failed to break 0.5870 Momentum indicators are somewhat supportive of the current move NZDUSD is trading sideways today after registering five strong green candles. It tested the 0.5870 level multiple times during September, but it failed to break it thus fuelling the current short-term rally. It has now reached a key resistance area, a tad below the lower boundary of the February-August rectangle. Understandably, the focus is [..]

Technical Analysis – Will NGAS futures shift to a bull market?

Posted on October 10, 2023 at 12:04 pm GMT

Natural gas futures reach caution area Market structure sends encouraging signals Natural gas futures (November delivery) have been gently trending up since April’s 32-month lows, marking new higher highs and higher lows at a soft pace. The recent upturn in the price brought the January 2023 resistance territory of 3.40 under the spotlight. Interestingly, this is where the bulls faced confluence at the end of October 2020 and it took them seven months to crack that wall and stage an impressive [..]

Technical Analysis – GBPUSD retains upswing but needs more backing

Posted on October 10, 2023 at 8:09 am GMT

GBPUSD pauses upturn from seven-month low Short-term signals are improving but threats exist GBPUSD has been stagnant around the 1.2235 barrier for two days, hindered by the 20-day simple moving average (SMA) and the resistance line from July. Encouragingly, the technical indicators keep pointing upwards, with the RSI further distancing itself from its 30 oversold region and the MACD recovering above its red signal line. On the other hand, the stochastic oscillator is crawling into the overbought territory, signaling the [..]

Technical Analysis – EURJPY rebounds but 50-day SMA caps gains

Posted on October 10, 2023 at 8:02 am GMT

EURJPY re-enters recent range after minor slump Held down by 50-day SMA and Ichimoku cloud Momentum indicators suggest a neutral-to-negative tone EURJPY has been in a prolonged uptrend since the beginning of the year, posting a fresh 15-year peak of 159.75 on August 31. Since then, the price has been trading without a clear direction around the 158.00 handle, while its recent spike to the downside got erased within a few sessions. Should sellers regain the upper hand, the pair could test [..]

Technical Analysis – Silver turns lower after violation of triangle pattern

Posted on October 9, 2023 at 2:56 pm GMT

Silver prices fall sharply following the break of a triangle Outlook has turned negative, confirmed by ‘death cross’ Psychological level of 20.00 might be next obstacle for sellers Silver prices fell without a parachute in recent weeks, hitting their lowest levels since March after breaking a triangle pattern to the downside. The violation of the uptrend line that formed the lower side of the triangle coupled with the 50-day simple moving average (SMA) crossing below the 200-day to form [..]

Weekly Technical Outlook – USDJPY, GBPUSD, Oil

Posted on October 9, 2023 at 1:04 pm GMT

USD/JPY resilient above key support as US CPI awaited UK GDP to rise, but will GBP/USD extend rebound? Tensions in Middle East boost oil, but key resistance overhead US CPI –> USD/JPY Friday’s US jobs data backed the “higher for longer” era in the monetary world, with the focus turning now to the next CPI inflation report due on Thursday at 12:30 GMT. The data are expected to indicate softer price pressures after two months of gradual rises, with the headline [..]

Technical Analysis – US 500 cash index digests developments

Posted on October 9, 2023 at 12:41 pm GMT

The US 500 cash index jumped decisively higher on Friday The index bounced off the October 13, 2022 trendline The momentum indicators could be close to supporting a reversal The US 500 cash index is trading sideways today, a much quieter session amidst the Columbus Day holiday. Market participants have the chance to digest Friday’s performance, when the US 500 index managed to successfully bounce off the long-term October 13, 2022 ascending trendline, and developments elsewhere. The focus has understandably [..]

Technical Analysis – Gold trades higher but not yet ready for a full reversal

Posted on October 9, 2023 at 7:30 am GMT

Gold jumps higher on the back of geopolitical risks This is the first reaction from the bulls after the strong sell-off Upleg could have legs if momentum indicators align Gold is trading higher today as the bulls are trying to recover part of the significant losses incurred during the nine consecutive red candles that pushed gold from the mid-1,900s down to 1,800. The bulls’ ability to continue this upleg is critical for the short-term outlook of gold. In the meantime, the momentum [..]

Technical Analysis – EURUSD swings higher as US jobs data loom

Posted on October 6, 2023 at 11:02 am GMT

EURUSD stages another bull run within bearish channel Bulls need to push above 200-EMA to gain control EURUSD has been moving in an upward path since pausing its downtrend at a ten-month low of 1.0447 and at the lower boundary of the two-month-old bearish channel. In the four-hour chart, the pair is looking for a clear close above its 50-period exponential moving average (EMA), which the bulls have been struggling to successfully surpass over the past months. The RSI keeps making new higher highs above [..]

Technical Analysis – AUDUSD bulls step in but caution still warranted

Posted on October 6, 2023 at 7:58 am GMT

AUDUSD pivots higher near familiar support Short-term risk remains skewed to the downside Next resistance expected to emerge near 20-EMA AUDUSD found shelter near the descending line drawn from December 2022 for the fifth time, avoiding any declines below the 0.6300 round level. The RSI and the stochastic oscillators have deviated above their oversold levels, backing the recent rise in the price. Still, they haven’t exited the bearish area, keeping the focus on the 0.6395-0.6455 important resistance zone, where the [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

How can we help?

Live Chat Terms

How to Access

Telegram Chat Terms

Technical Analysis