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A-trend

Monthly rising channel favors Brent oil buyers despite inactionBrent oil prices grind higher around late March tops, staying above 10-DMA inside a monthly bullish channel formation. Given the firmer RSI backing the black gold’s gradual north-run, the quote is likely to overcome the immediate hurdle, namely the late March swing high around $124.40. However, the stated channel’s upper line near $127.50, which if ignored could propel the energy benchmark towards the yearly high marked in March at around $140.50. During the run-up, then likely overbought RSI may interrupt the upside momentum around $130.00 and the $135.00 intermediate halts. Meanwhile, pullback moves may remain elusive until staying beyond the 10-DMA level surrounding $119.60. Following that, the support line of the bullish channel, close to $117.00 by the press time, will be crucial to watch. In a case where Brent oil sellers manage to conquer the $117.00 support and reject the bullish formation, there are multiple supports around $115.50 and $115.000 before directing the quote towards May’s low near $101.90. Overall, oil prices remain firmer inside a bullish chart pattern and are likely to rise further. However, the upside momentum will be shaky and hence needs the trader’s discretion.
VELOCITY:BRENT
by MTradingGlobal
Blue dart for swing Trading Hello Traders, Talking about the share of Blue Dart, an ascending triangle is seen in it. So if we talk about the market, then 7497 was its first high. After touching the highs, there is a continuous decline in the market. After the fall, its support level was 5441 . After touching that level, the market seems to be going up continuously. When the market broke the resistance it again reached a new high of 7824. The market is likely to move towards the 7300 level due to selling in the market. Target : 7381 - 7300 and more. Thank you! money_dictator Disclaimer: This is not investment advice. Invest your capital at your own risk.
NSE:BLUEDART
by Money_Dictators
AUDUSD teases bears ahead of RBA’s rate hikeAfter failing to cross the 200-day EMA, AUDUSD broke a three-week-old support line and the 50-day EMA as traders await the Reserve Bank of Australia’s (RBA) second rate hike of 2022. Given the steady RSI and recently bullish MACD signals, the quote is likely to rebound towards the 200-day EMA hurdle surrounding 0.7270. However, a clear run-up beyond the previous support line, near 0.7240 by the press time, becomes necessary to recall the pair buyers. The follow-on advances past 0.7270 could aim for a 61.8% Fibonacci retracement of April-May, around 0.7345. Should the pair manage to stay firmer past 0.7345, the odds of witnessing a rally towards late April swing high near 0.7460 can’t be ruled out. Alternatively, a clear downside break of the 50-day EMA level surrounding 0.7170 won’t hesitate to break the 0.7100 threshold while seeking a retest of the 23.6% Fibonacci retracement level of 0.7025. Following that, 0.6945 could act as the last defense for buyers before directing the sellers towards the yearly low near 0.6830. Overall, AUDUSD bulls appear to run out of steam as traders await the RBA’s rate increase. Given the widely priced-in move, bears could search for any hints of no more rate lifts to retake control.
by MTradingGlobal
GBPUSD rebound remains doubtful unless crossing 1.2780GBPUSD refreshed it's monthly high the previous day but the bulls don’t have smooth sailing due to the weekly closing below the 1.2630-40 horizontal hurdle. That said, RSI and MACD have been supportive of the recovery moves and hint at the further upside. However, a convergence of the descending trend line from February and the 50-DMA, around 1.2775-80, appears a tough nut to crack for the buyers. It’s worth noting, though, that a clear run-up beyond 1.2780 could propel the prices towards a 50% Fibonacci retracement of February-May downside, near 1.2950. Meanwhile, pullback moves may initially dribble around the 23.6% Fibonacci retracement level of 1.2530 before the GBPUSD bears approach a one-month-old horizontal support area surrounding 1.2400. Should the quote fail to bounce off 1.2400, the 1.2260-55 region can act as the last defense for the sellers. During the cable’s weakness past 1.2250, the recent multi-month low around mid-1.2100s and the May 2020 bottom of 1.2075 will gain the market’s attention. Overall, GBPUSD approaches the short-term key hurdles which hold the keys to a trend change.
by MTradingGlobal
EURUSD stays bullish above 1.0640 support, US PCE Inflation eyedEURUSD remains firmer inside a fortnight old bullish channel ahead of the Fed’s preferred gauge of inflation, also staying beyond the key SMAs. Currently, the channel’s upper line surrounding 1.0800 lures the pair buyers, a break of which will direct them towards the 78.6% Fibonacci retracement (Fibo.) of April 21 to May 13 fall, near 1.0820. It’s worth noting that the RSI is speedily approaching the overbought territory and hence the run-up beyond 1.0820 appears difficult. However, a successful rise past 1.0820 won’t hesitate to challenge the latest peak close to 1.0935 with eyes on the 1.1000 psychological magnet. Meanwhile, pullback moves remain elusive unless breaking the 1.0640 support confluence, including 200-SMA and support line of the stated channel, also comprising the early May swing high. In a case where EURUSD drops below 1.0640, the 100-SMA level near 1.0550 will test the pair sellers, a break of which will allow them to revisit the monthly low of 1.0348. To sum up, EURUSD remains on the bull’s radar ahead of the key inflation data but the upside room is limited and hence buyers need strong numbers to dominate further.
by MTradingGlobal