Technical Analysis / Page 89

Technical Analysis – USDCAD explodes to a fresh 6-month high

Posted on October 6, 2023 at 7:56 am GMT

USDCAD in an aggressive advance, smashing previous resistance zones Formation of a golden cross boosts bulls’ appetite Momentum indicators ease but remain deeply positive USDCAD managed to totally erase its recent downside correction and edge higher towards a fresh six-month peak of 1.3784. However, the pair has surrendered some gains in the last couple of sessions after the short-term oscillators pointed at overbought conditions. Should buying interest persist, the pair could re-test the recent rejection region of 1.3784. A break above [..]

Technical Analysis – Is USDCHF close to a reversal?

Posted on October 6, 2023 at 7:20 am GMT

USDCHF’s strong rally since July appears to have stalled This is the first attempt by the bears to regain market control Momentum indicators could be close to sending bearish signals USDCHF is edging higher today, trading a tad below the 0.9187 level as the bears are trying to show their strength after a very aggressive rally since the July 27 trough. This is the first proper reaction from the bears with the bulls currently taking a much-needed breather. Turning to [..]

Technical Analysis – BTCUSD gets capped by 200-day SMA

Posted on October 5, 2023 at 12:33 pm GMT

Bitcoin in a steady advance, jumping above crucial descending trendline Despite the jump above 28,000, 200-day seems a tough obstacle Death cross points to losses but momentum indicators diverge BTCUSD (Bitcoin) has been forming a structure of higher highs and higher lows since its bounce off the September bottom of 24,915. Interestingly, the completion of a bearish cross between the 50- and 200-day simple moving averages (SMAs) has failed to trigger a decline. If buying interest intensifies, the king of cryptos [..]

Technical Analysis – WTI oil’s uptrend faces hazards

Posted on October 5, 2023 at 8:19 am GMT

Oil rally at risk near 84.00 after latest freefall Bearish continuation likely, but patience required WTI oil futures closed with heavy losses on Wednesday near a one-month low of 84.16 following the rejection near the 20-day simple moving average (SMA) at 89.40. The 50-day SMA put the brakes on the bear run marginally below the support trendline from June. But the negative trajectory in the RSI, which has slipped below its 50 neutral mark, and the downward move in [..]

Technical Analysis – Gold collapses towards 1,800, stuck in oversold conditions

Posted on October 5, 2023 at 7:13 am GMT

Gold posts eighth straight daily loss, touching its lowest levels since March Decline shows no signs of easing, widening Bollinger bands point to high volatility Oscillators deep in oversold zone for quite some time, bulls remain on the sidelines Gold has been in a steep downtrend after violating both its 50- and 200-day simple moving averages (SMAs). Even though the momentum indicators suggest that the retreat has been overstretched, the price appears unable to stage a rebound. If the bears attempt to push the price [..]

Technical Analysis – US 30 cash index takes a much-needed breather

Posted on October 5, 2023 at 6:51 am GMT

US 30 cash index edges higher, a tad above the May 25 low The short-term bearish trend remains dominant Momentum indicators don’t point to a reversal yet The US 30 cash index is trying to record the second consecutive green candle since it managed to bounce off the 50% Fibonacci retracement of the January 5, 2022 – October 3, 2022 downtrend. The bulls are desperately trying to set up their defense following the aggressive sell-off since the July 27 high, but the bearish [..]

Technical Analysis – EURGBP heads lower; support at 20-day SMA

Posted on October 4, 2023 at 3:01 pm GMT

EURGBP extends its pullback from 4-month high Mildly bearish bias in the near term But plenty of support at 20-day SMA and uptrend line EURGBP has been gradually edging lower after scaling a four-month high in late September. The momentum indicators are mixed as the RSI has flatlined slightly above the 50-neutral level but the MACD just crossed below its red signal line. If the bearish pressure intensifies, the pair could soon test the crucial support zone in the 0.8630 [..]

Technical Analysis – NZDUSD lingers near recent lows after RBNZ’s rate decision

Posted on October 4, 2023 at 12:13 pm GMT

NZDUSD loses ground after RBNZ rate decision Sellers could stay in charge; focus on 0.5830 NZDUSD opened slightly lower on Wednesday as the RBNZ kept interest rates unchanged but left some traders disappointed, providing vague indications about future rate hikes. With the RSI diving back below its 50 neutral mark and the MACD staying within the negative region, downside movements look more likely than upside ones in the short-term. A durable increase above the 20-day simple moving average (SMA) at [..]

Technical Analysis – Nvidia stock gets rejected at 50-day SMA

Posted on October 4, 2023 at 9:48 am GMT

Nvidia pulls back from its 2023 high before attempting a rebound Latest recovery held down by 50-day SMA and Ichimoku cloud Momentum indicators are tilted slightly to the bearish side Nvidia has been the best performing stock of the S&P 500 in 2023, gaining around 250% and marching to consecutive record highs before experiencing a downside correction. Even though the price staged a minor recovery, the 50-day simple moving average (SMA) capped its upside. Should the 50-day SMA hold its ground and deflect the [..]

Technical Analysis – GBPJPY stays in bear mode after slump

Posted on October 4, 2023 at 8:04 am GMT

GBPJPY finds support after sudden fall, but risks remain Bearish wave could gain new legs below 178 GBPJPY slumped suddenly to 10-week low of 178.00 on Tuesday in what looked to be a currency intervention from the Bank of Japan. The resistance-turned-support trendline from April 2022 halted the bearish action and lifted the price back to the 179.90 constraining area, but downside risks have not evaporated yet. The RSI remains negatively charged comfortably below its 50 neutral mark, while the [..]

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