Technical Analysis / Page 9

Technical Analysis – Gold flirts with upper Bollinger band

Posted on June 19, 2024 at 8:25 am GMT

Gold consolidates within ascending channel 20- and 50-period SMA post bullish cross MACD and RSI head higher Gold prices have been developing within an upward sloping channel in the short-term view with strong resistance at 2,336 and the 200-period simple moving average (SMA) at 2,345. The mid-level of the Bollinger band (20-period SMA) and the 50-period SMA posted a bullish crossover, and the technical oscillators are heading north. The MACD is standing slightly above its trigger line above the zero [..]

Technical Analysis – EURGBP eases again below trading range

Posted on June 19, 2024 at 7:38 am GMT

EURGBP fails to extend the bounce off 22-month low Momentum oscillators show mixed signals EURGBP is falling again today after rebounding off the 22-month low of 0.8396. The pair is still developing well below the medium-term trading range of 0.8620 – 0.8495, confirming the negative structure. According to the technical oscillators, the RSI is falling slightly above the 30 line; however, the MACD is ticking higher, trying to surpass its trigger line in the negative area. More negative pressures could drive the bears towards [..]

Technical Analysis – USDJPY reapproaches multi-year highs

Posted on June 19, 2024 at 7:28 am GMT

USDJPY in a steady advance after pullback halts at 50-day SMA Momentum indicators are strengthening in their positive zones USDJPY experienced a strong setback from its 34-year high of 160.20 following an intervention by Japanese authorities in late April. However, the pair has been in a steady uptrend since then, attempting to revisit its recent multi-year highs. Should bullish pressures persist, the price could initially test the recent resistance of 158.25. Further upside attempts could then cease at 159.10, which is the [..]

Technical Analysis – WTI oil futures surge back to 80

Posted on June 18, 2024 at 12:00 pm GMT

WTI oil futures swiftly recoup June’s lost ground to trade again above 80 Technical signals return to positive area, but there is another barrier nearby Hopes of increased demand in the next quarter caused WTI oil futures to surge back to 80.60, erasing earlier losses that led the price to a four-month low of 72.46 two weeks ago. The bullish action lifted the price back above its 50- and 200-day simple moving averages (SMAs), pushing the RSI index above [..]

Technical Analysis – GBPUSD falls to a fresh 1-month low

Posted on June 18, 2024 at 8:00 am GMT

GBPUSD declines to its lowest level since May 17 Momentum indicators ease but remain in positive zones GBPUSD was in a steady recovery following its bounce off the 2024 bottom of 1.2298, with the price violating both the 50- and 200-day simple moving averages (SMAs). In the near term, although the pair surged to a three-month high of 1.2859, it quickly reversed lower. Should the pullback extend, the recent support of 1.2655 could act as the first line of defence. Further retreats [..]

Weekly Technical Outlook – GBPUSD, AUDUSD, USDCHF

Posted on June 17, 2024 at 12:48 pm GMT

GBPUSD holds a bearish bias ahead of UK inflation, BoE rate decision AUDUSD retains neutral outlook as all eyes turn to the RBA policy decision USDCHF sustains 0.8890 floor; Will the SNB trigger the next bull wave? BoE rate decision –> GBPUSD UK CPI inflation and the Bank of England’s rate decision could produce a new wave of volatility for GBPUSD on Wednesday and Thursday, respectively. Given the rebound in the Eurozone CPI inflation and the stickiness in the [..]

Technical Analysis – EURUSD battles with 61.8% Fibo

Posted on June 17, 2024 at 12:38 pm GMT

EURUSD drops to a fresh 1-month low after violating SMAs Quickly recoups some losses and challenges 61.8% Fibo Oscillators suggest that bearish forces are strengthening EURUSD has undergone some volatile sessions in the past few days, eventually dipping beneath both its 50- and 200-day simple moving averages (SMAs), to a fresh one-month low. Also, the pair broke below its descending trendline in place since December further deteriorating the technical outlook Should the recent weakness persist, the price could challenge its one-month [..]

Technical Analysis – US 500 index eases after the climb to new high

Posted on June 17, 2024 at 9:46 am GMT

US 500 index calms near the 261.8% Fibonacci extension level RSI and Stochastics are flattening The US 500 (cash) index has been moving with weak momentum over the last couple of sessions after the surge towards a new record peak of 5,449.73, holding near the 261.8% Fibonacci extension level of the up leg from 4,924 to 4,100 at 5,425. The market is looking overstretched as the technical oscillators are moving horizontally near their overbought territories. The RSI is flattening [..]

Technical Analysis – Gold attempts to erase latest slump

Posted on June 17, 2024 at 7:47 am GMT

Gold falls to its lowest level in a month But recovers some ground, eyeing 50-day SMA Oscillators improve but remain negatively tilted Gold has been experiencing a pullback from its all-time high of 2,450, breaking below the 50-day simple moving average (SMA). Although the price posted a fresh one-month low on June 7, it has been in a recovery mode since then as the bulls appear to have locked their gaze on the short-term SMA. If the price violates the 50-day SMA, [..]

Technical Analysis – Does the EURCHF correction have legs?

Posted on June 17, 2024 at 7:11 am GMT

EURCHF drops to a 4-month low Significant correction over the past 15 days Momentum indicators confirm the bearish pressure EURCHF has been on a freefall since late May with the move picking up pace following the recent European elections and the first ECB rate cut. This pair is currently trading at a 4-month low, around 4% lower than the recent May 27 peak, and on Friday it managed to successfully break through a strong support area. In the meantime, the momentum [..]

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