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A-trend

EURUSD bulls run out of steam ahead of ECBAlthough EURUSD battles a four-month-old resistance line, the lower high of prices contrasts with the higher high of the RSI (14) to portray a hidden bearish divergence and tease sellers ahead of the key European Central Bank (ECB) meeting. That said, the 21-DMA, around 1.0635 appears to be the immediate support to watch during the quote’s pullback ahead of welcoming the south-run. During the fall, the six-week-long horizontal area surrounding 1.0470-60 could act as the last defense of the buyers before directing the pair towards the yearly low marked in May around 1.0350. Meanwhile, 38.2% Fibonacci retracement of February-May downside, near 1.0785, and March’s low near 1.0805 seem the validation points for the EURUSD pair’s further upside, even if it successfully crosses the aforementioned resistance line near 1.0740. Should the major currency pair stays firmer past 1.0805, late April swing high and the 100-DMA, close to 1.0940, will lure the pair bulls. Overall, EURUSD’s latest rebound portrays the hawkish expectations from the ECB, failing to comply with the same can quickly drag the quote towards the south.
by MTradingGlobal
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