Technical Analysis / Page 92

Technical Analysis – EURCHF extends gains but cloud top may block further advances

Posted on September 26, 2023 at 2:25 pm GMT

EURCHF jumps 1% in a week after surprise SNB pause Short-term bias is still bullish But obstacles lie ahead EURCHF has leapt higher over the past week, climbing well above its 50-day simple moving average (MA) and entering the Ichimoku cloud. The momentum indicators are maintaining the short-term positive bias as the RSI is edging towards the 70 overbought level, while the MACD is ascending above zero and its red signal line. However, although the bulls remain firmly in control, [..]

Technical Analysis – GBPUSD marks its worst month of 2023

Posted on September 26, 2023 at 8:14 am GMT

GBPUSD set to close the month with heavy losses Short-term risk bearish but oversold conditions evident Support could emerge within the 1.2100 area GBPUSD has been in the red almost every single week since peaking at a 15-month high of 1.3141 in mid-July, with selling forces intensifying significantly in September. The pair is 4.0% down this month, suffering its worst month so far this year. It is currently trading near a six-month low of 1.2173, increasing speculation that the bearish cycle [..]

Technical Analysis – EURJPY extends sideways pattern just below 15-year high

Posted on September 26, 2023 at 7:47 am GMT

EURJPY stuck in a tight range during September Hovers a tad below 15-year peaks supported by 50-day SMA Momentum indicators are tilted slightly to the bullish side 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 the short-term oscillators are reflecting a neutral-to-positive near-term bias. If buying interest intensifies, the bulls might [..]

Weekly Technical Outlook – USDJPY, EURUSD, AUDUSD

Posted on September 25, 2023 at 3:09 pm GMT

US inflation could ease; will USD/JPY extend uptrend above 150? Eurozone inflation to soften too; EUR/USD at a make-or-break point Australian inflation to reverse higher; AUD/USD looks for a rebound US core PCE inflation –> USD/JPY The Fed’s favorite core PCE inflation index is expected to ease significantly to a new two-year low of 3.9% y/y on Friday at 12:30 GMT, erasing July’s moderate pickup to 4.3% y/y. If this turns out to be the case, the news could sound music to [..]

Technical Analysis – US 500 index drops below 23.6% Fibonacci

Posted on September 25, 2023 at 1:36 pm GMT

US 500 index posts fresh 3-month low in today’s session Bears eye the ascending 200-day SMA Momentum indicators suggest that the recent decline could be overstretched The US 500 stock index (cash) has been experiencing a strong pullback following its rejection near the 50-day simple moving average (SMA) in mid-September. However, the aggressive selloff could be over soon as the momentum indicators are hinting at oversold conditions. If sellers push the price lower, initial support could be met at 4,178, which is the 38.2% Fibonacci retracement of [..]

Technical Analysis – EURUSD extends decline to a fresh 5-month low

Posted on September 25, 2023 at 7:57 am GMT

EURUSD in a clear downtrend, posting a fresh 5-month bottom of 1.0614 The descending 50-day SMA is approaching 200-day SMA, setting the stage for a death cross Momentum indicators are heavily skewed to the bearish side EURUSD has been in a steady decline after peaking at the 18-month high of 1.1275 on July 18, generating a series of lower highs and lower lows. Meanwhile, the pair dived to a fresh five-month low of 1.0614 before recovering some ground, while the short-term [..]

Technical Analysis – USDCAD bears still in control

Posted on September 22, 2023 at 7:39 am GMT

USDCAD is in the red today, tests the support of the 200-day simple moving average The mixed momentum indicators complicate the outlook The SMAs’ convergence could open the door to a sizeable move ahead USDCAD is moving lower today after bouncing off the July 14, 2023 upward sloping trendline. The downleg since the September 7, 2023 peak has been impressive but the path appears to be trickier at this stage, especially as the bulls have decided to react more forcefully. [..]

Technical Analysis – GBPJPY recovers some ground after BoE slump

Posted on September 22, 2023 at 7:38 am GMT

GBPJPY slid below 50-day SMA after BoE surprise decision to hold rates steady Remains in a gentle downward path despite today’s bounce after BoJ leaves policy unchanged Will the short-term pullback extend? GBPJPY had been stuck in a prolonged uptrend since the beginning of the year, posting an eight-year high of 186.75 on August 22. However, the pair has been experiencing a downside correction since then, with the momentum indicators suggesting more losses in the near term. If selling interest persists, [..]

Technical Analysis – WTI oil futures turn positive again after pullback from 10-month high

Posted on September 21, 2023 at 2:24 pm GMT

Slide in oil doesn’t last long as bulls remain in control But further gains will depend on whether 50% Fibonacci can be overcome WTI oil futures (cash) are heading higher on Thursday, reversing an earlier decline to a one-week low of 88.96. The price brushed a 45-week peak of 93.08 on Tuesday, extending the year-to-date gains to more than 15%. The pullback was to be expected as both the RSI and stochastics had crossed into their respective overbought zones. The [..]

Technical Analysis – Intel stock plunges after sharp selloff but uptrend intact

Posted on September 21, 2023 at 10:00 am GMT

Intel share price nosedives days after hitting 40.00 Momentum indicators point to further losses in short term But medium-term bullish structure intact for now Intel stock tumbled in the past two sessions, losing about 8.75% of its value. Crucially, the price has slid below both its 20- and 50-period simple moving averages (SMAs), signalling a dramatic shift in the near-term picture from bullish to bearish. The RSI has fallen from around 70.0 to below 50.0 but has yet to reach [..]

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