Technical Analysis / Page 90

Technical Analysis – Could USDJPY change course after the rumoured intervention?

Posted on October 4, 2023 at 6:44 am GMT

USDJPY is edging higher today after yesterday’s tumultuous session It continues to hover inside a wide ascending trend channel Stochastic oscillator could be close to giving a bearish signal USDJPY is in the green today as market participants are trying to find their foot following yesterday’s alleged intervention from the Japanese authorities. The pair continues to trade at extremely elevated levels and remains comfortably inside an upward trend channel. However, the picture portrayed by the momentum indicators is not so [..]

Technical Analysis – Silver hopes for some recovery after freefall

Posted on October 3, 2023 at 2:24 pm GMT

Silver hits multi-month lows but bears look exhausted A bounce above 21 could improve sentiment Silver extended Monday’s freefall to a seven-month low of 20.66 on Tuesday before turning slightly positive in the day during the early US trading hours. The slump in the price preceded the close below the one-year-old support trendline, but the metal seems to be forming a long-legged hammer candlestick today, suggesting that the downfall could take a breather. The Stochastic and the RSI are testing their previous lows [..]

Technical Analysis – GBPUSD tumbles to fresh 6-month low, looks oversold

Posted on October 3, 2023 at 8:01 am GMT

GBPUSD stuck in a steep decline since mid-July, appearing unable to recover Records consecutive multi-month lows as the bulls remain on the sidelines Given that momentum indicators are pointing at oversold conditions, can the price bounce back? GBPUSD has been forming a structure of lower highs and lower lows since its 15-month peak of 1.3141. Meanwhile, in the near term, the RSI has entered its 30-oversold mark and the stochastic oscillator is touching its 20-oversold territory, both suggesting that the recent [..]

Technical Analysis – EURJPY sends bearish warning

Posted on October 3, 2023 at 7:54 am GMT

EURJPY leans to the downside after a defeat Technical signals flag more weakness ahead Potential support expected at 156.00 EURJPY could not enter the 158.00 territory as the falling 20- and 50-day simple moving averages (SMA) managed to cool upside forces once again. The broken support trendline from March and the short-term resistance line from recent highs cemented that ceiling, increasing the risk for a new bearish wave. The technical indicators are in line with the bearish expectation. Both the RSI [..]

Technical Analysis – US 100 cash index could see another bullish move

Posted on October 3, 2023 at 7:47 am GMT

The US 100 cash index is edging lower today after four green candles The bearish series of lower lows and lower highs remain intact The momentum indicators point to a continuation of the current upleg The US 100 cash index is in the red today as the short-term bearish trend since the July 19, 2023 peak remains firmly in place. The bulls are trying to stage an upleg but they need a new higher high, above the latest peak of 15,628, [..]

Weekly Technical Outlook – USDJPY, NZDUSD, Gold

Posted on October 2, 2023 at 2:16 pm GMT

USDJPY prints new highs; hawkish Fed signals required to boost rally Will RBNZ’s policy approach help NZD/USD to stage a bull run? Gold gets hammered by Treasury yields; bearish but oversold US Nonfarm payrolls –> USD/JPY US lawmakers passed a last-minute deal during the weekend to avert a government shutdown until mid-November. With fiscal risks moving temporarily out of the spotlight, the focus will turn back to interest rates as the US dollar is stubbornly trying to revive its uptrend [..]

Technical Analysis – EURUSD bounces off 8-month low; downtrend intact

Posted on October 2, 2023 at 8:13 am GMT

EURUSD stuck in a clear downward path, posting a fresh 8-month bottom of 1.0487 Formation of a death cross between 50- and 200-day SMAs could spell more trouble Despite latest rebound the momentum indicators remain skewed to the bearish side EURUSD has been in a steady retreat after peaking at the 18-month high of 1.1275 on July 18, generating a series of lower highs and lower lows. Even though the pair managed to find its feet at the eight-month bottom of 1.0487, [..]

Technical Analysis – US 500 cash index trades a tad above a 2-month low

Posted on October 2, 2023 at 7:46 am GMT

The US 500 cash index is moving sideways again today The index bounced off the October 13, 2022 trendline The momentum indicators could signal a reversal soon The US 500 cash index is trading sideways today, hovering around the busy 4,270-4,310 area. The current downleg stopped at the long-term October 13, 2022 upward sloping trendline, allowing the bulls to temporarily gain some breathing space. However, the current bearish series of lower lows and lower highs remains intact. In the meantime, [..]

Technical Analysis – USDCAD vulnerable to more downside

Posted on September 29, 2023 at 8:05 am GMT

USDCAD gives up weekly gains; might be due to a pullback Potential support could next emerge near 1.3400 US core PCE inflation index on the agenda USDCAD erased Tuesday’s bounce as the 20-day simple moving average (SMA) obstructed progress, forcing the price to ease towards its 50- and 200-day SMAs at 1.3450. This is also where the 38.2% Fibonacci mark of the previous upleg is placed. Market sentiment is neutral-to-bearish according to the technical indicators. The MACD is marginally below its [..]

Technical Analysis – GBPAUD bearish move continues unabated

Posted on September 29, 2023 at 7:42 am GMT

GBPAUD records another red candle, at lowest point since mid-July Aggressive bearish trend continues since August 17, 2023 peak Momentum indicators favour the current move but exhaustion signs could emerge soon GBPAUD is continuing its downward move with the bears appearing determined to recover a good part of the losses incurred during the September 2022-August 2023 uptrend. GBPAUD has cleared a crucial region, but it is now approaching a critical area that could determine the next leg. In the meantime, [..]

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