Technical Analysis / Page 98

Technical Analysis – USDJPY posts 9-month high increasing odds of intervention

Posted on August 30, 2023 at 7:32 am GMT

USDJPY has been in a steady uptrend since the beginning of the year, posting a fresh nine-month high of 147.36 on Tuesday before paring some gains. Undoubtedly, the probability of an impending pullback appears to be heightening as the pair has surpassed the level around where the first round of intervention by the Japanese authorities took place. The momentum indicators currently suggest that the bullish forces are fading. Specifically, the MACD is hovering below its red signal line in the [..]

Technical Analysis – Has the USDCHF bull wave peaked?

Posted on August 30, 2023 at 7:28 am GMT

USDCHF reversed on Tuesday after six weeks of gains, as the bulls became tired near the resistance trendline at 0.8840 from March. The 20- and 50-day simple moving averages (SMAs) came immediately to defend the upleg that started from the eight-year low of 0.8515 in mid-July. Traders might also keep a close eye on the 23.6% Fibonacci mark of the March-July downfall, slightly lower at 0.8760. If that base cracks, they may press the price towards the 0.8700 constraining area. Then, [..]

Technical Analysis – AUDUSD hovers around moving averages as 0.64 support holds

Posted on August 29, 2023 at 3:07 pm GMT

AUDUSD has been trading sideways since the middle of August as its month-long slide came to a halt, while since late August, price action has been centred around the flatlining 20- and 50-period simple moving averages (SMA). During this period, a support base has been established between 0.6380 and 0.6400, while to the upside, the Ichimoku cloud has stood in the bulls’ way. The momentum indicators point to a mixed bias in the near term. The fast stochastic (%K) has [..]

Technical Analysis – Disney stock seeks a pivot after new lows

Posted on August 29, 2023 at 12:22 pm GMT

Walt Disney’ stock tumbled to the lowest level since the pandemic crash last Friday before forming a green doji candlestick on Monday around the 82.37 trough. The stock is hovering at a low level that is considered attractive, and indicators like the RSI and Stochastic oscillator confirm that it may be oversold. On the other hand, the price is still trading below its 20- and 50-day exponential moving averages (EMAs), while two potential resistance lines could still reject any increases at 85.40 and 89.50 [..]

Technical Analysis – GBPUSD attempts rebound from 2-month low

Posted on August 29, 2023 at 8:03 am GMT

GBPUSD had been in a prolonged uptrend since October 2022, storming to a fresh 15-month high of 1.3141 on July 14. However, since then, the pair has been experiencing a prolonged downside correction, with the price falling to a fresh two-month low of 1.2547 last Friday before recouping some losses. The short-term oscillators currently suggest that near-term risks are tilted to the downside. Specifically, the RSI is positively charged but remains well within the negative zone, while the MACD is found below [..]

Technical Analysis – EURJPY eyes recent peak, but will the uptrend resume?

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

EURJPY climbed back above its 20-day simple moving average (SMA), aiming to push its 2023 uptrend above last week’s high of 159.47. The upward-sloping SMAs promote the positive trend in the market, but the technical oscillators can’t warrant stronger bullish momentum in the coming sessions. The RSI is maintaining a negative trajectory above its 50 neutral mark despite pivoting higher recently, while the MACD keeps hovering below its red signal line, indicating some skepticism in the market. Nevertheless, if the bulls [..]

Weekly Technical Outlook – USDJPY, EURUSD, AUDUSD

Posted on August 28, 2023 at 3:05 pm GMT

The Fed and the ECB reiterated that inflation remains undefeated and interest rates may remain elevated during the Jackson Hole Symposium last week, but again they refrained from providing any clear signals about what the next rate decision will be. That throws a brighter spotlight on upcoming economic data. Specifically, the US nonfarm payrolls report, eurozone’s CPI inflation and China’s PMI figures will be important to watch as USD/JPY, EUR/USD and AUD/USD trade near a make-or-break point. US Nonfarm [..]

Technical Analysis – US 500 gets rejected by 50-day SMA

Posted on August 28, 2023 at 2:30 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. Even though the price managed to rebound at 4,342, which is the 23.6% Fibonacci retracement of the 3,486-4,606 upleg, its upside got capped by the 50-day simple moving average (SMA). The short-term oscillators currently suggest that bullish forces are strengthening but have not taken control yet. Specifically, the MACD is gaining ground but remains below zero and its [..]

Technical Analysis – Gold reclaims 200-day SMA after bouncing off 5-month low

Posted on August 28, 2023 at 7:58 am GMT

Gold had been experiencing a strong pullback following its recent peak at 1,987, with the price falling to a fresh five-month low of 1,884. However, bullion managed to find its footing and recoup some losses, jumping back above the crucial 200-day simple moving average (SMA). The momentum indicators currently suggest that bearish forces are fading but remain in control. Specifically, the RSI gained significant ground but failed to pierce through its 50-neutral threshold, while the MACD is strengthening above its red signal [..]

Technical Analysis – USDCAD in a sustained rally, eyeing April highs

Posted on August 25, 2023 at 7:22 am GMT

USDCAD had been stuck in a steep uptrend after finding its feet at the 10-month low of 1.3091 in mid-July. Moreover, the pair has sliced through important technical zones such as both the 50- and 200-day simple moving averages (SMAs), while posting consecutive fresh two-month highs in the last few daily sessions. The momentum indicators currently suggest that the recent rally could be overstretched. Specifically, the MACD is strengthening above zero and its red signal line at its highest level since March, [..]

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