Technical Analysis / Page 97

Technical Analysis – JP225 cash index bulls’ determination in question

Posted on September 5, 2023 at 7:40 am GMT

The JP225 cash index is trying to register its fourth consecutive green candle but the rally seems to have halted temporarily at the June 16, 2023 downward sloping trendline. This is the third time that this trendline appears to limit the bulls’ appetite, allowing the formation of a bearish series of lower lows and lower highs. In the meantime, the momentum indicators remain mostly on the bulls’ side. The RSI has made a higher high, but it appears to be [..]

Weekly Technical Outlook – AUDUSD, USDCAD, Gold

Posted on September 4, 2023 at 3:13 pm GMT

Central bank meetings in Australia and Canada will shift attention to the aussie and the loonie this week in a relatively important month for monetary policy decisions. The commodity currencies aim to steal ground from the US dollar, while gold is hoping for a bullish breakout too ahead of the ISM non-manufacturing PMI index. RBA rate decision –> AUD/USD The Reserve Bank of Australia meets on Tuesday, with the policy statement expected to move markets at 04:30 GMT. The central [..]

Technical Analysis – US 500 attempts to revisit 2023 highs

Posted on September 4, 2023 at 12:03 pm GMT

The US 500 stock index (cash) had been undergoing a pullback after marching to a fresh 16-month high of 4,606 on July 27. However, the index managed to find its footing at 4,342, which is the 23.6% Fibonacci retracement of the 3,486-4,606 upleg, and storm back higher towards its recent peaks. The short-term oscillators currently suggest that bullish forces are intensifying. Specifically, the MACD is strengthening above zero and its red signal line, while the RSI is advancing steadily above its 50-neutral mark. [..]

Technical Analysis – EURUSD falls below 200-day SMA, fresh lows in sight

Posted on September 4, 2023 at 7:56 am GMT

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. Besides that, the pair has dived beneath its 200-day simple moving average (SMA), which is further deteriorating the technical outlook. The momentum indicators currently suggest that the bearish forces are in control. Specifically, the RSI is hovering well below its 50-neutral threshold, while the stochastics are descending close to their 20-oversold mark. Should the [..]

Technical Analysis – NZDUSD trapped below key average

Posted on September 1, 2023 at 8:23 am GMT

NZDUSD staged a nice rebound up to 0.6000 at the start of the week, but the 20-day simple moving average (SMA) proved a heavy obstacle ahead of the US jobs data, limiting gains around 0.5967. The upside reversal in the momentum indicators is feeding optimism the bulls may stay in play in the coming sessions. Yet, traders may wisely wait for a close above the 0.6000 round level, which overlaps with the 23.6% Fibonacci retracement of the latest downleg, before driving the price [..]

Technical Analysis – USDCAD pulls back from 3-month peak

Posted on September 1, 2023 at 8:15 am GMT

USDCAD had been stuck in a steep uptrend after finding its feet at the 11-month low of 1.3091 in mid-July. However, the pair has been undergoing a downside correction since its rejection at a fresh three-month peak of 1.3638 on Tuesday. The momentum indicators currently suggest that the bullish forces are fading. Specifically, the MACD is softening below its red signal line in the positive zone, while the stochastics are descending sharply near the 20-oversold mark. Should the bears attempt to [..]

Technical Analysis – US 100 index throws doubt on the latest bear attack

Posted on August 31, 2023 at 2:43 pm GMT

The US 100 stock index (cash) will be closely watched throughout the day as the bulls re-examine the tentative short-term descending trendline drawn from July’s 1½-year high at 15,480. A decisive step above that bar at 15,480 would call into question the downfall from recent highs, likely motivating an ascent towards the 15,800-15,930 ceiling. A victory at this point could produce another upleg to the 16,280 constraining zone, while higher, the focus will immediately fall on the resistance line that rejected the price [..]

Technical Analysis – BTCUSD rebounds strongly but 200-SMA caps upside

Posted on August 31, 2023 at 12:13 pm GMT

BTCUSD (Bitcoin) broke aggressively above its rangebound pattern on Tuesday, temporarily jumping above the 28,000 mark. However, the bulls lost the battle around the 200-day simple moving average (SMA), with the price slipping before entering a tight range in the last couple of sessions. The momentum indicators currently suggest that near-term risks remain tilted to the upside. Specifically, the MACD is strengthening above both zero and its red signal line. If buying interest intensifies, the king of cryptos could initially test [..]

Technical Analysis – WTI oil points to August’s high, but will the bulls show up?

Posted on August 31, 2023 at 8:16 am GMT

WTI oil futures (October delivery) snapped the 81.00 barricade and crawled moderately back above the 20-day simple moving average (SMA), which has been capping upside movements over the past two weeks. While the latest bullish action has turned the attention higher to the former constraining zone of 83.00 and August’s high of 84.15, a durable increase cannot be warranted. The RSI has encouragingly distanced itself above its 50 neutral mark, but the stochastic oscillator has already crossed above its 80 overbought level, signaling [..]

Technical Analysis – AUDUSD bounces back after hitting 9-month low

Posted on August 31, 2023 at 8:15 am GMT

AUDUSD had been in an aggressive decline after its bullish breakout from the rectangle encountered resistance at 0.6898, validating a double top pattern. However, the pair appears to be attempting a recovery since it managed to halt its retreat at the nine-month bottom of 0.6363 in mid August. The momentum indicators currently suggest that the bearish forces are waning but have not surrendered yet. Specifically, the MACD is strengthening above its red signal line in the negative zone, while the stochastics [..]

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