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Technical Analysis

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Weekly Technical Outlook – EURUSD, GBPUSD, USDCHF

Posted on March 19, 2024 at 9:58 am GMT

Major central bank meetings in the calendar this week Will the Fed meeting affect EURUSD? BoE decision will hold rates unchanged; GBPUSD retreats further SNB policy meeting may help USDCHF to rise Fed policy meeting –> EURUSD The focal point of this week appears to be the upcoming decision by the Federal Reserve on Wednesday, since the anticipation of a more accommodative monetary policy in the world’s largest economy has been driving the remarkable surge in the stock market recently. Rate reduction expectations have fluctuated significantly this [..]

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Technical Analysis – Will GBPJPY enter territories last seen in 2015?

Posted on March 19, 2024 at 9:49 am GMT

GBPJPY trades higher and hits resistance near 191.30 Remains in uptrend despite BoJ decision MACD and RSI detect positive momentum For the outlook to change, a dip below 187.95 may be needed GBPJPY traded higher yesterday, but hit resistance near the 191.30 barrier today, marked by the high of February 26, and pulled back somewhat. Even after the BoJ took interest rates out of negative territory and abandoned yield curve control, the pair remains in an uptrend as denoted by [..]

Technical Analysis – GBPUSD retreats towards 50-day SMA

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

GBPUSD generates fresh 2024 peak But declines sharply towards the 50-day SMA Momentum indicators weaken significantly GBPUSD has been stuck in a rangebound pattern since mid-November, unable to adopt a clear directional impetus. Although the pair exploded higher and posted a fresh seven-month high after conquering the 50-day simple moving average (SMA), it quickly reversed back within its neutral structure. Should bearish pressures persist, the pair could violate the 50-day SMA and challenge the March support of 1.2598, which lies very close [..]

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Technical Analysis – US 500 cash index looks forward to the Fed meeting

Posted on March 19, 2024 at 8:51 am GMT

US 500 index continues to trade a tad below its all-time high Bulls could be taking a breather as the October 27, 2023 trendline acts as support Momentum indicators mostly support the prevailing bullish appetite The US 500 cash index is trading sideways today, a tad below its all-time high of 5,189 recorded on March 14. The market is most likely in anticipation mode for this week’s key events and particularly Wednesday’s Fed meeting. Having said that, the pace of the [..]

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Technical Analysis – Gold retreats from all-time high

Posted on March 18, 2024 at 11:03 am GMT

Gold pulls back from its recent record peak Momentum indicators exit overbought conditions Gold experienced a massive surge following its profound break above the 50-day simple moving average (SMA), posting a fresh all-time high of 2,195 on March 8. However, bullion has been undergoing a minor downside correction since then as it had approached extremely overbought conditions. Should the pullback extend, the November peak of 2,142, which coincides with the 123.6% Fibonacci extension of the 2,079-1,810 downleg, could act as the first [..]

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Technical Analysis – EURUSD trades sideways after sharp drop

Posted on March 18, 2024 at 9:05 am GMT

EURUSD rotates lower after its advance gets rejected Trades flat in past few sessions within the Ichimoku cloud Momentum indicators weaken but remain positive   EURUSD had been in a steady recovery from its 2024 bottom of 1.0693, advancing to as high as 1.0980 on March 8. However, the pair’s rebound was rejected after a temporary jump above the Ichimoku cloud, with the short-term oscillators deteriorating significantly but holding above their neutral zones. Should the recent weakness persist, the price could [..]

Technical Analysis – Is USDCAD poised for another bullish round?

Posted on March 15, 2024 at 8:37 am GMT

USDCAD brings key resistance in focus after rebound Technical signals are encouraging, but a bullish outlook expected above 1.3600   USDCAD made a strong comeback on Thursday, surpassing its simple moving averages (SMAs) and breaching the 1.3500 level after encountering fresh buying around the familiar long-term line from November 2022. The 50% Fibonacci retracement of the November-December 2023 downleg is currently challenging the bulls around 1.3535. The chances of the bulls winning the game there are high because the RSI has crossed the neutral [..]

Technical Analysis – GBPJPY ticks up from rising trend line

Posted on March 15, 2024 at 8:29 am GMT

GBPJPY recoups some of the losses RSI and MACD still show some weakness GBPJPY is recovering somewhat from the bearish movement that started from 191.30 and is following the direction of the ascending trend line. The market is also developing within the 20- and the 50-day simple moving averages (SMAs) with the technical oscillators showing some weakness in price. The RSI is flattening near the neutral threshold of 50, while the MACD is holding beneath its trigger line and above [..]

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Technical Analysis – ETHUSD trades flat in Dencun upgrade aftermath

Posted on March 14, 2024 at 2:33 pm GMT

ETHUSD trades sideways in the past few sessions Fails to capitalise on completion of Dencun upgrade on Wednesday Momentum indicators ease but do not exit overbought zones ETHUSD (Ethereum) has been in a steep uptrend in 2024, surging to consecutive multi-month highs. However, the leading altcoin seems to be consolidating in the past few sessions despite the successful completion of the Dencun upgrade as it has been repeatedly repelled a tad below the 4,100 mark. Should bullish pressures fade, the price [..]

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Technical Analysis – Silver bulls return with a bang

Posted on March 14, 2024 at 12:43 pm GMT

Silver marks new higher highs in the year to date Some caution required as former resistance area is nearby   Silver bulls roared back during Wednesday’s late European trading hours, with the metal soaring to a more-than-three month high of 25.14 before closing marginally below the 25.00 round level. The completion of a double bottom pattern around the 21.91 floor led to a bullish explosion, as the price advanced above the neckline of 23.51. While the bullish market structure in the short-term [..]

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