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Technical Analysis

Technical Analysis – USDCAD pauses four-day slide

Posted on March 29, 2024 at 9:00 am GMT

USDCAD pauses bearish correction near support area Technical signals are weak amid holiday-thinned liquidity conditions All eyes turn to the US core PCE inflation due at 12:30 GMT   USDCAD was trading with soft positive momentum around 1.3547 during Friday’s early European trading hours as investors headed into the Easter holiday. Technically, the pair found support around its 20-day simple moving average (SMA) after a four-day decline. Notably, the SMA lines played a key role as pivot points during the [..]

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Technical Analysis – GBPJPY weakens near 191.00

Posted on March 29, 2024 at 7:59 am GMT

GBPJPY remains above the rising trend line But technical oscillators are losing steam as well GBPJPY has been posting some flat days over the last four sessions, holding near the short-term uptrend line. The market is developing near the 191.00 round number with the technical oscillators confirming the weakening momentum. The RSI is moving horizontally above the neutral threshold of 50, while the MACD is holding beneath its trigger line above zero level. If the market rebounds off the diagonal line, the [..]

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Technical Analysis – BTCUSD advances towards all-time highs

Posted on March 28, 2024 at 1:36 pm GMT

BTCUSD pauses pullback and rotates higher Conquers 70,000 but encounters strong resistance Momentum indicators are tilted to the upside BTCUSD (Bitcoin) had been undergoing a strong pullback from its all-time highs, dropping to as low as 60,760 last week. However, the price quickly recovered significant ground, surpassing the 70,000 psychological mark and to trade within breathing distance from its all-time highs. If bullish pressures persist, the recent resistance region of 71,750 could repel initial upside attempts. A break above that region could [..]

Technical Analysis – AUDUSD gets bearish vibes

Posted on March 28, 2024 at 9:05 am GMT

AUDUSD violates key support zone Bearish pressures could persist in short-term   AUDUSD’s short-term upward pattern is under threat as it faces the risk of closing below the October support trendline at 0.6500, following another rejection near its exponential moving averages (EMAs). Technical indicators suggest the bears are in control as the RSI is decelerating below its 50 neutral mark and the MACD is weakening within the negative region. If the price stays below 0.6500, there is a possibility of it retesting [..]

Technical Analysis – WTI oil futures in fierce battle with 50.0% Fibo

Posted on March 28, 2024 at 8:43 am GMT

WTI futures post an almost 5-month peak But fail to advance further and hover around 50.0% Fibo Oscillators suggest that the bulls retain the upper hand WTI oil futures (May delivery) have been in a steady recovery from their December bottom of 67.97, posting an almost five-month peak of 83.10 last week. However, the advance seems to be on hold for now as the price has reversed lower and formed a symmetrical triangle around the 50.0% Fibonacci retracement of the 95.02-67.97 downleg. Given that both the RSI and MACD [..]

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Technical Analysis – GER 40 index marks highs after highs

Posted on March 27, 2024 at 4:46 pm GMT

German 40 index hits all-time high Uptrend shows ongoing strength, but a pause is likely   The German 40 index has been having an exceptional performance so far in 2024, gaining more than 10% to unlock an all-time high of 18,510 on Wednesday. The ongoing positive trend has yet to show any cracks, but with the price marking its 10th consecutive green week near the upper Bollinger band and the momentum indicators pointing to overbought conditions, the bears could be around the [..]

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Technical Analysis – Gold battles with previous highs

Posted on March 27, 2024 at 10:24 am GMT

Gold remains above SMAs and close to 2,200 MACD strengthens its momentum Gold prices continue to rise above the short-term simple moving averages (SMAs), stretching the upward pattern towards the record high of 2,222.68. According to the MACD, positive momentum could push for further gains in the short-term as the indicator picks up steam above its red signal line. The RSI is also advancing above the 50 level. Moving higher, immediate resistance could be faced near the 2,200 round number, ahead of [..]

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Technical Analysis – NZDUSD returns to bearish trend

Posted on March 27, 2024 at 9:19 am GMT

NZDUSD extends bearish trend to a four-month low Resistance near 0.6000; support seen at 0.5980   Following two weeks of losses, NZDUSD is now aiming to find a firm footing around 0.6000, having dropped to a four-month low of 0.5984. The latest bearish wave has re-activated the downtrend from December’s peak of 0.6368. Overcoming the 61.8% Fibonacci retracement of the October-December upleg at 0.6000 may prove difficult, leading to a decline below the support trendline at 0.5980 and a subsequent search for support around the 0.5900 [..]

Technical Analysis – Are USDJPY bulls ready for a new record high?

Posted on March 27, 2024 at 8:16 am GMT

USDJPY trades higher again, testing the October 21, 2022 high Last week’s events have renewed the bullish pressure as intervention risk increases Momentum indicators support the bullish move; all eyes are on the stochastic oscillator USDJPY is continuing its journey north and it is now testing the October 21, 2022 high at 151.94 as last week’s events have probably invigorated the bulls. With the USDJPY firmly above the 150 threshold, the intervention risk is rising although the Japanese authorities appear somewhat relaxed at this [..]

Technical Analysis – Will EURJPY re-test the 16-year high soon?

Posted on March 27, 2024 at 8:15 am GMT

EURJPY rebounds off 163.30, holding above rising trend line Bullish bias in longer-term timeframes But MACD and RSI loses momentum in near term EURJPY found support at the 163.30 barrier and is moving again towards the 16-year high of 165.36 that was recorded on March 20. The pair has been remaining in an upward tendency since December 7, but the technical oscillators are indicating weakening bias. The RSI is flattening above the neutral threshold of 50, while the MACD is [..]

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