Technical Analysis / Page 94

Weekly Technical Outlook – EURUSD, GBPUSD, USDJPY

Posted on September 18, 2023 at 10:11 am GMT

EURUSD hovers near key 1.0665 ahead of Fed decision A dovish BoE could trigger reversal confirmation in GBPUSD BoJ to stand pat; may help USDJPY extend its uptrend Fed rate decision -> EUR/USD The Fed is expected to stand pat on Wednesday, with the markets seeing only a 40% probability of another hike before this tightening campaign ends and around 80bps worth of rate cuts for next year. Thus, all the attention is likely to fall on the updated economic [..]

Technical Analysis – Gold challenges crucial downward sloping trendline

Posted on September 18, 2023 at 7:52 am GMT

Gold in a congested technical territory, capped by 50-day SMA A decisive close above the trendline could shift the short-term picture to bullish Momentum indicators endorse latest advance Gold has been edging higher in the past few sessions, rebounding strongly from its drop below the 200-day simple moving average (SMA). Furthermore, the short-term oscillators suggest that bullish forces are strengthening as the price is testing the important trendline that connects its recent lower highs. Should the buying interest persist, the bulls could attempt to conquer [..]

Technical Analysis – US 500 cash index prepares for Wednesday’s event

Posted on September 18, 2023 at 7:37 am GMT

The US 500 cash index tries to recover from Friday’s decent red candle The bears are trying to increase the bearish pressure by aiming for a lower low The momentum indicators could open the door to a further bearish correction The US 500 cash index is in the green today as the market is anxiously waiting this week’s events. The bears are trying to exert their influence and stage another downleg, but most market participants are unlikely to be aggressive [..]

Technical Analysis – USDCAD extends pull back from 5-month peak

Posted on September 15, 2023 at 7:53 am GMT

USDCAD in an aggressive decline from its 5-month high of 1.3693 Bears eye the crucial 200-day SMA Momentum indicators suggest more pain in the short term USDCAD had staged a massive rebound after finding its feet at the one-year low of 1.3091 in mid-July. However, the pair has been undergoing a downside correction since its rejection at a fresh five-month peak of 1.3693 last week, with short-term oscillators suggesting that sellers have gained total control. If the price extends its retreat, [..]

Technical Analysis – Gentle GBPJPY moves continue despite bears’ attempts for a strong correction

Posted on September 15, 2023 at 7:18 am GMT

Gentle downward move continues ahead of key events GBPJPY ready to test a key area as intervention rumours linger Momentum indicators appear to have reset after the strong rally GBPJPY is trading higher today as the market is preparing for next week’s events. The bears are trying to stage a pullback, but such a move could only gather pace if the momentum indicators decide to send strong bearish signals. However, only the stochastic oscillator has been supportive of the current [..]

Technical Analysis – AUDUSD attempts recovery from 10-month low

Posted on September 14, 2023 at 7:10 am GMT

AUDUSD hit a fresh 10-month bottom of 0.6356 last week Regained some ground but clearly not out of the woods yet Momentum indicators suggest that the rebound could strengthen AUDUSD had been in an aggressive decline following a double top pattern in mid-July, with the pair posting consecutive multi-month lows. Even though the price managed to find its feet at a fresh 10-month bottom and recoup some losses, the road to recovery seems rather long. Should the negative pressures wane, the [..]

Technical Analysis – EURUSD in waiting mode; bulls desperate for a move higher

Posted on September 14, 2023 at 7:03 am GMT

EURUSD continues to hover around the 1.0720-1.0727 area Short-term bearish trend remains firmly in place But the stochastic oscillator could open the door to a bullish move EURUSD continues to hover around the 1.0720-1.0727 area as market participants are preparing for the next key events. All eyes are on the stochastic oscillator at this juncture. It is hovering in its oversold territory, but it has surpassed its moving average and looks ready to climb above the 20 threshold and the August [..]

Technical Analysis – Apple stock slips again after hitting wall at 20-day SMA

Posted on September 13, 2023 at 10:08 am GMT

Rebound attempt falters as selling pressure intensifies Short-term outlook deteriorates Can the stock find its feet or is or is this the start of a new bearish phase? Apple stock has reversed lower after its latest upswing was hindered by the 20-day simple moving average (SMA) in the 180.00 region. Selling pressure has intensified today, which was predicted by the bearish doji star that formed yesterday. The RSI has been below 50 ever since the previous rebound floundered a week [..]

Technical Analysis – EURGBP turns bullish in the short term

Posted on September 13, 2023 at 8:29 am GMT

EURGBP posts a higher high to climb to a one-month peak Short-term bias increasingly bullish according to technical indicators But long-term descending trendline could curb advances EURGBP is scaling a higher high on Wednesday, climbing above the 100-day simple moving average (SMA), having already reclaimed the 20- and 50-day SMAs. The momentum indicators point to further gains in the near term. The MACD just turned positive and is increasing its distance above its red signal line. The RSI is edging [..]

Technical Analysis – NZDUSD gets rejected, but bulls might try again

Posted on September 13, 2023 at 8:24 am GMT

NZDUSD hovers near 10-month low A close above 20-day SMA needed Hopes for upside reversal remain NZDUSD is unable to go beyond its 20-day simple moving average (SMA) even after persistently attempting to rebound around the falling support line from March 2023. The pair registered a ten-month low of 0.5884 last week, but there is some growing optimism that the bulls may take the lead soon. The RSI seems to be trending against the market, creating higher lows below its [..]

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