Technical Analysis / Page 95

Technical Analysis – BTCUSD dodges selloff despite death cross completion

Posted on September 13, 2023 at 8:15 am GMT

Bitcoin hovers within 25,000-26,000 range in September Rebounded after posting fresh low just shy of June bottom Death cross points to more losses but momentum indicators diverge BTCUSD (Bitcoin) has been trading without clear direction in the short term but extended its structure of lower lows. Interestingly, the completion of a death cross between the 50- and 200-day simple moving averages (SMAs) did not trigger a decline, with the short-term oscillators currently tilting to the bullish side. If buying interest intensifies, [..]

Technical Analysis – USDJPY edges higher, very close to its 2023 high

Posted on September 13, 2023 at 7:29 am GMT

USDJPY bulls remain in control despite intervention rumours Momentum indicators are not supportive of the bulls’ intentions Could the bears stage a move towards the 144.99 area? USDJPY remains a tad below its 2023 high as the bullish pressure continues unabated. The market appears to be testing the Japanese Finance Ministry’s nerves. In the meantime, the momentum indicators are mixed. Specifically, the Average Directional Movement Index (ADX) is pointing to a very muted and weak bullish trend. More importantly, the stochastic oscillator continues to [..]

Technical Analysis – EURJPY sails sideways as ECB rate decision looms

Posted on September 12, 2023 at 7:53 am GMT

EURJPY eases into range-bound trading after 15-year high Short-term outlook neutral, but will the bears return? ECB policy announcement scheduled for Thursday 12:15 GMT EURJPY has been moving back and forth between its 20- and 50-day simple moving averages (SMAs) following the pullback from a 15-year high of 159.75. The short-term signals are mixed as the RSI is hovering around its 50 neutral mark, while the stochastic oscillator is trending higher. In the weekly chart, though, the indicators have peaked [..]

Technical Analysis – GBPUSD bounces off 3-month low; bearish bias holds

Posted on September 12, 2023 at 7:47 am GMT

GBPUSD in a steady decline since mid-July Found its footing just shy of the 200-day SMA Can the bulls stage a comeback? GBPUSD has been forming a structure of lower highs and lower lows since its 15-month peak of 1.3141. Despite the latest rebound from a three-month low, the short-term oscillators are pointing to further downside as both the RSI and MACD are well within their negative territories. If the selling interest intensifies, the pair could face the recent support of [..]

Weekly Technical Outlook – EURUSD, GBPUSD, USDJPY

Posted on September 11, 2023 at 2:52 pm GMT

ECB to hold rates steady; EUR/USD may not enjoy lasting gains UK jobs & GDP data may be not be strong enough to push GBP/USD above key barrier US CPI inflation to strengthen but will USD/JPY resume uptrend? ECB rate decision –> EUR/USD ECB policymakers will analyze a dull dataset before announcing their next policy decision on Thursday at 12:15 GMT. On the one hand, inflation has not diminished enough to meet the central bank’s 2.0% symmetrical target despite interest rates standing at historic highs. [..]

Technical Analysis – US 500 index challenges 50-day SMA

Posted on September 11, 2023 at 12:51 pm GMT

US 500 index rebounds from its September low Bulls attack the 50-day SMA Momentum indicators point to short-term gains The US 500 stock index (cash) is currently testing the 50-day simple moving average (SMA), with short-term oscillators endorsing this latest advance. The MACD jumped above its red signal line in the positive zone, while the RSI is hovering above the 50-neutral threshold. If buyers propel the price above the 50-day SMA, initial resistance could be found at the recent rejection region of 4,540. Surpassing [..]

Technical Analysis – Gold finds support at 200-day SMA

Posted on September 11, 2023 at 8:21 am GMT

Gold fails to pierce descending trendline Encounters strong support at 200-day SMA Is bullion headed for a re-test of the crucial barrier? Gold experienced some losses after its advance got rejected at the downward sloping line that connects its recent lower highs. However, the 200-day simple moving average (SMA) capped the pair’s decline, with the short-term oscillators pointing to more gains in the near term. If the price attempts to move higher, immediate resistance could be found at the May low of [..]

Technical Analysis – USDCAD rally approaches caution area

Posted on September 8, 2023 at 8:15 am GMT

USDCAD bulls have been in charge for eight weeks in a row, currently aiming to push past the resistance trendline from 2020 that caused a bearish trend reversal in October 2022 and March 2023. Given the overbought signals coming from the RSI and the stochastic oscillator, it’s uncertain whether the pair will manage to extend its uptrend above the tough trendline and the 1.3740 bar. The 78.6% Fibonacci mark of the 1.3976-1.3115 downtrend is nearby at 1.3780 and may attract some interest before all [..]

Technical Analysis – Do the GBPJPY bears have the strength for a sizeable downmove?

Posted on September 8, 2023 at 7:15 am GMT

GBPJPY is trading sideways today as the recent strong bullish pressure appears to have abated somewhat. A short-term bearish trend channel has formed as the bears are preparing to test the support set by the busy 180.81-183.09 region, hoping that any pullback achieved might not prove short-lived like the late-July 2023 price action. The bears would clearly enjoy some supportive messages from the momentum indicators. However, only the stochastic oscillator appears to be favouring their intentions. It has managed to fall [..]

Technical Analysis – WTI oil futures jump to fresh 9-month high

Posted on September 7, 2023 at 7:59 am GMT

WTI oil futures (October delivery) have been in a steady advance since early July, generating a structure of higher highs and higher lows. Moreover, in yesterday’s session, the price climbed to a fresh nine-month peak of 88.08 before paring some gains. The momentum indicators currently suggest that the recent rally could be overstretched as both the RSI and the stochastic oscillator are within their overbought territories, while the price is trading near the upper Bollinger band. Hence, a potential downside correction might be on the cards. Should [..]

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