You are here: Home > articles > Forex > Technical Analysis – Palladium futures looking more neutral after downside correction
Technical Analysis – Palladium futures looking more neutral after downside correction
April 3, 2019 3:26 pmVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 19-22, 2024: sell below $2,395 (+2/8 Murray – overbought) April 19, 2024
- USD/JPY: Simple Trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- EUR/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: trading plan for the US session on April 19th (analysis of morning deals). The pound is trying to regain its advantage April 19, 2024
- EUR/USD: trading plan for the US session on April 19th (analysis of morning deals). The euro compensated for the losses April 19, 2024
- Storm in a teacup: EUR/USD analysis April 19, 2024
- Video market update for April 19, 2024 April 19, 2024
- Eurozone PMIs eyed as euro’s focus turns to rate cuts beyond June – Preview April 19, 2024
- Technical Analysis – NZDUSD falls to fresh 5-month low April 19, 2024
- EUR/USD. April 19th. Bostic, Fed: the rate cut will happen at the end of the year April 19, 2024
- Forecast for GBP/USD pair on April 19, 2024 April 19, 2024
- Weekly Forex Outlook: 14/04/2024 – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Market Comment – Safe havens jump as Israel retaliates against Iran April 19, 2024
- Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone April 19, 2024
- USD/JPY: trading tips for beginners for European session on April 19 April 19, 2024
- GBP/USD: trading tips for beginners for European session on April 19 April 19, 2024
- EUR/USD: trading tips for beginners for European session on April 19 April 19, 2024
- Supercharged US dollar turns to GDP growth data – Preview April 19, 2024
- Technical Analysis – USDCHF remains in bullish structure April 19, 2024
Palladium futures have met resistance at the top of the Ichimoku cloud, having bounced off the bottom of the cloud only three sessions ago. Prices plunged to an 8-week low of 1301.04 last week before recovering to around the 23.6% Fibonacci retracement of the August 2018-March 2019 upleg from 812.65 to 1574.14.
Looking at the technical indicators, an extension of the recovery is possible as the stochastics are still rising. However, the RSI is pointing to a weakening momentum as its trending slightly lower below the 50 neutral level.
Should prices manage to overcome resistance at the top of the cloud, which is also near the 50-day moving average, forming a strong barrier in the 1420-1430 region, there’s likely to be additional resistance at the 1500 psychological level. Clearing these hurdles would enable the bulls to re-challenge the all-time high of 1574.14 recorded on March 21.
Setting fresh highs would reinforce the medium-term bullish outlook, which, at the moment, is at risk of turning neutral following the downward slide that drove price action inside the Ichimoku cloud.
However, if prices are unable to break above the cloud, immediate support is likely to come at the bottom of the cloud, currently at 1335. Dropping below the cloud would shift the short-term bias to bearish and open the way for the 38.2% Fibonacci at 1283. Deeper losses would turn the focus on the 50% Fibonacci at 1193.
Related Posts: