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Technical Analysis

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Technical Analysis – Apple stock rebounds from 4-month low

Posted on March 12, 2024 at 1:36 pm GMT

Apple shares slide to the lowest since October 31 But find their feet and recoup minor losses Momentum indicators exit oversold territories   Apple’s stock has been very volatile in the past few months, opening frequently with significant price gaps. In the short term, the stock has been in a steep decline, falling to a fresh four-month bottom of 168.30 last week before paring some losses. Should the rebound falter, the bears might try to push the price back below the [..]

Technical Analysis – EURUSD in the middle of 2020-2022 downtrend

Posted on March 12, 2024 at 9:16 am GMT

EURUSD trades neutral as US CPI inflation data loom Short-term upleg intact but risks remain below 1.0968   EURUSD has been capped below the 50% Fibonacci retracement of the 2020-2022 downtrend at 1.0945 since Friday’s flash spike halted near the 1.0980 level and around the resistance trendline from May 2021 on Friday. The US CPI inflation data could generate fresh volatility today at 12:30 GMT, and the protective 50% Fibonacci retracement of the latest downleg is currently feeding optimism that [..]

Technical Analysis – EURJPY drops below ascending channel

Posted on March 12, 2024 at 8:22 am GMT

EURJPY descends below ascending channel But 50-day SMA prevents further retreats Momentum indicators are tilted to the downside EURJPY has been in a steady advance since December 2023, peaking at the 2024 high of 163.70 on February 27. Since then, the pair has been undergoing a minor correction breaking below the lower end of its upward sloping channel before finding strong support at the 50-day simple moving average (SMA). Should the 50-day SMA fail to hold its ground, the pair could decline [..]

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Technical Analysis – EURCHF retraces back towards 38.2% Fibonacci

Posted on March 11, 2024 at 2:13 pm GMT

EURCHF hits a fresh 3-month high last week But reverses back towards 38.2% Fibonacci Momentum indicators ease from overbought levels   EURCHF has been in a long-term downtrend since the beginning of 2023, dropping to an all-time low of 0.9252 on December 29. However, the pair has been staging a recovery in 2024, violating the downward sloping trendline that connects its lower highs in the past year and posting a fresh three-month peak last week. Should bullish pressures persist, the pair could revisit [..]

Weekly Technical Outlook – USDJPY, GBPUSD, Nvidia

Posted on March 11, 2024 at 1:30 pm GMT

USD/JPY eyes 200-day SMA after dramatic downfall; US CPI next on the calendar GBP/USD resumes bullish outlook as UK jobs data loom Nvidia stock sinks the most in a while. Where next for the AI king?   US CPI inflation –> USD/JPY February saw a jobs growth of 275k in the US, surpassing analysts’ expectations. However, a downward revision in previous readings and a rise in the unemployment rate, along with slowing wages, fueled rate cut projections and led to more selling [..]

Technical Analysis – Gold marches to consecutive all-time highs

Posted on March 11, 2024 at 9:03 am GMT

Gold advances sharply after claiming 50-day SMA Generates consecutive record highs in recent sessions Momentum indicators flag overbought conditions Gold has been in a steep uptrend following its profound break above the 50-day simple moving average (SMA), posting a barrage of fresh all-time highs in the past few sessions. However, traders should not rule out a pullback as the momentum indicators have been in their overbought zones for more than a week. Should bullish pressures persist, bullion could initially claim 2,181, which [..]

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Technical Analysis – US 500 cash index in the red again

Posted on March 11, 2024 at 8:39 am GMT

US 500 index trades lower after recording a new all-time high The pace of the rally remains aggressive but euphoria dominates Bears continue to closely monitor the stochastic oscillator’s movements The US 500 cash index is edging lower again today after recording a new all-time high of 5,189 last week. Friday’s mixed US labour market data do not appear to have dented the market’s bullish appetite but some profit taking has clearly taken place. Having said that, the pace of the rally since the [..]

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Technical Analysis – EURJPY has one more chance before bears take the lead

Posted on March 8, 2024 at 12:24 pm GMT

EURJPY flips backwards to retest familiar support zone Trend signals lean to the negative side More sellers might show up below 160.70   EURJPY could not sustain its recent recovery attempt above the 162.00 round level, drifting lower to seek shelter near the important support trendline, which came to the rescue on Thursday. The pair eased back below its 200-day simple moving average (SMA) and the technical indicators are not in the oversold area at the moment, increasing the possibility of additional [..]

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Technical Analysis – USDCHF puts 2024 uptrend in test

Posted on March 8, 2024 at 9:41 am GMT

USDCHF consolidates its 2024 uptrend Short-term bias weakens, but a rebound is still possible     USDCHF topped twice around February’s high of 0.8884 and the 200-day exponential moving average (EMA), increasing fears that the 2024 upleg might have peaked, especially after the tick below the nearby 0.8780 support region on Thursday. However, the ascending trendline from December’s low is still intact and is currently being examined at 0.8765, with the possibility that January’s high at 0.8727 could also mitigate pressures. [..]

Technical Analysis – USDCAD loses 1% after pullback from 1.3600

Posted on March 8, 2024 at 8:03 am GMT

USDCAD tumbles below 200-day SMA But remains within ascending channel Stochastics and MACD lose steam USDCAD is plunging after the pullback near the 1.3600 psychological level, remaining within the medium-term upward sloping channel. However, this dive drove the market beneath the 200-day simple moving average (SMA) and the technical oscillators are also losing momentum, indicating more losses. The MACD is standing beneath its trigger line, while the stochastic is slipping into the oversold territory. If the bears continue to sell [..]

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