EURUSD recovery looks to ECB with bumpy road aheadDespite breaking the two-week-old falling trend line the previous day, EURUSD wavers in a choppy range above 1.1900 as the pair traders await ECB's decision. Also important for the day is US President Joe Biden’s speech to praise policymakers after his $1.9 covid stimulus package crossed the Senate before a few hours. While neither ECB nor Biden seems to offer any challenges to the EURUSD recovery, a three-week-long resistance line near 1.1960, previous support, guards the quote’s corrective pullback. Even if the EURUSD bulls manage to cross the 1.1960 hurdle, the 1.2000 psychological magnet and 200-bar SMA level of 1.2070 should be watched carefully as resistances.
Meanwhile, the downside break of the recently breached resistance line, now support, around 1.1900, will recall the EURUSD sellers targeting 200-day SMA level on the daily chart near 1.1820. It should, however, be noted that the fears of reflation, if mentioned, could exert additional downside pressure on the pair towards the November 2020 low near 1.1600.
Chart patterns
Gold fades bounce off key support line with eyes on US stimulusGold prints mild losses while taking a U-turn from 10-day SMA during early Wednesday. With that, the bullion fizzles the previous day’s corrective pullback from the seven-month-old support line, mainly due to hopes of US fiscal stimulus. As a result, gold sellers are once against eyeing the key support trend line, at $1,675 now, an immediate target. It should, however, be noted that the bears will need to below lows marked in May and June 2020, near $1,670, before firming the controls.
Meanwhile, an upside break of a 10-day SMA level of $1,720 will propel the quote towards the November 2020 lows near $1,765. Also acting as an upside barrier is a falling resistance line from January, currently around $1,775. It should be noted that the yellow metal needs a clear break of the late January 2021 tops surrounding $1,875 to reject the current downtrend.
Bullish Peanut Breakout! a pennant is a type of continuation pattern formed when there is a large movement in a security, known as the flagpole, followed by a consolidation period with converging trend lines—the pennant—followed by a breakout movement in the same direction as the initial large movement, which represents. Buy with stop loss close below 29.50.
GSPL: Ascending Channel Breakout (TF-1W)GSPL- Ascending Channel Breakout
Chart time frame -1 week
Trade type -short term
Duration - 3 months
Entry - 278
Target 1 - 330
Target 2 - 380+
Stoploss - 260
Risk:Reward - 1:3
Disclaimer: All charts are purely for educational and information purpose only. Invest or trade at your own risk.
AUDUSD remains vulnerable despite corrective pullback above 0.76AUDUSD wavers around 11-week-old support during early Tuesday, recently bouncing off the monthly low. However, the pair’s sustained trading below an ascending trend line from November 02 and 50-day SMA keeps sellers hopeful. While fresh selling should begin following a daily closing below the immediate support line, at 0.7650 now, the yearly bottom around 0.7560 and the 100-day SMA level near 0.7530 will test the bears afterward.
Meanwhile, an upside break of 50-day SMA and the support-turned-resistance line, respectively around 0.7735 and 0.7775, will have to refresh the monthly top near 0.7840 to recall the AUDUSD bulls. Following that, the 0.7900 round-figure may offer an intermediate halt during the rally targeting to refresh February’s peak close to the 0.8000 psychological magnet.
Brent oil bulls confront key hurdle around $72.00Having failed to conquer $72.00 during early 2020, Brent bulls again confront the key hurdle comprising 78.6% Fibonacci retracement level of October 2018 to April 2020 south-run. Although fundamentals are favoring the black-gold buyers, overbought RSI and the strong upside resistance challenge the commodity’s further upside around $72.20. If at all, the bulls conquer the same, April 2019 peak surrounding $75.50-60 can validate the run-up to the late-2018 top near $87.00.
Meanwhile, the $70.00 psychological magnet can offer immediate support to the energy benchmark before recalling the mid-February lows close to $62.00. It should, however, be noted that the oil bulls should remain hopeful unless the quote drops below 61.8% Fibonacci retracement and 200-week SMA area near $60-59.00. Following that, the bottoms marked during January 18 and 22, 2021, close to $54.50, will be in the spotlight.
PNB Housing: Descending Channel Breakout (TF-1W)PNB Housing- Descending Channel Breakout
Chart time frame -1 week
Trade type -short term
Duration - 3 months
Entry - 432
Target 1 - 574
Target 2 - 698+
Stoploss - 393
Risk:Reward - 1:3
Disclaimer: All charts are purely for educational and information purpose only. Invest or trade at your own risk.
#drreddy Dip is a buy opportunityScrip Name - Dr reddy Labs
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Techincal Analysis:
1. Formed double bottom at the important support.
2. Decisive breakout from the trend line resistance.
3. My small understanding towards market structure and price action.
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How to trade:
1. Buy at dips if risk reward is favorable with Stop loss 4390.
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2. If dips and sustains above recent high above 4590 then go long with SL recent low.
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3. If dips and forms a bullish structure in lower TF i.e. in 15 min, then buy with the SL of the low of the structure.
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Targets
TP1 - 4700
TP2 - 4850
TP3 (POSITIONAL) - 5440
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If you do like my ideas then give a like, comment and follow me to keep me motivated.
Cheers and happy trading!
Regards,
Sharma Yogesh
Emamiltd: Support on Ascending Channel pattern (Time frame-1Day)Emamiltd - Ascending Channel Pattern.
Chart time frame: 1 Day
Trade type: Short term
Duration: 1-2 months
Entry - 450
Target 1 - 500
Target 2 - 520+
Stoploss - 437
Risk:Reward - 1:4
Disclaimer: All charts are purely for educational and information purpose only. Invest or trade at your own risk.
Gold teases key support-zone amid global bond routWith the fears of reflation propelling global Treasury yields and the US dollar, gold remains depressed near the three-month-old horizontal support. With the bond rout less likely to fade soon, coupled with the US dollar’s expected run-up on recently welcome fundamentals, gold is up for extra south-run. However, a clear downside break of $1,760 becomes necessary for the yellow metal to eye the mid-2020 lows near $1,670. However, the $1,745-40 has multiple supports to challenge the downside move.
Meanwhile, the corrective pullback may eye to regain the $1,800 threshold. Though, bulls will have less confidence until witnessing a break of the yearly resistance line, at $1,805 now. It should, however, be noted a confluence of 100-day and 200-day SMA offers a tough nut to crack for the gold buyers, currently around $1,860, before they retake controls.
Gold wavers between key SMAs, bears stay hopefulGold sellers eye 50-SMA re-test, currently around $1,800, during the latest weakness below 100-SMA. However, any further downtrend needs to break February 18 low near $1,788 to refresh the monthly low, also the lowest since June 2020, around $1,760. The bearish sentiment takes clues from a monthly resistance line as well as a downward-sloping RSI line. Though, bears have a bumpy road before they break $1,760 support.
On the contrary, an upside break of 100-SMA, at $1,816 now, will have to cross the stated resistance line near $1,830 to recall the short-term gold buyers. However, highs marked during February 10 and late January, respectively close to $1,856 and $1,875, will offer tough nuts to crack for the commodity buyers. During the bullion’s sustained rise past-$1,875, the $1,900 threshold will be the key as it holds the gate for further run-up towards the yearly top of $1,959.41. Overall, gold remains on the back-foot but sellers are cautious ahead of US stimulus voting and Fed Chair Powell’s second session of the testimony.
Cadilahc: Support on Ascending Channel pattern (Time frame-1Day)Cadilahc - Ascending Channel Pattern.
Chart time frame: 1 Day
Trade type: Short term
Duration: 1-2 months
Entry: 450
Target: 500
Stoploss: 428
Risk:Reward - 1:2
GBPUSD refreshes multi-day top inside immediate bullish channelDespite recently easing to 1.4015, GBPUSD keeps the early-day run-up to the fresh top since April 2018. The cable’s latest pullback could be traced from its failures to defy an ascending channel formation since February 02. However, the bears aren’t likely to return until witnessing a clear downside break of the stated channel’s support as well as 200-SMA. That said, the upper line of the channel, at 1.4060 now, offers an intermediate halt during the run-up that ultimately targets the April 2018 peak surrounding 1.4375.
On the contrary, the 1.4000 psychological magnet and one-week-old horizontal support around 1.3950 seem to lure short-term GBPUSD sellers ahead of the stated channel’s support line near 1. 3880. Even if the quote defies the bullish chart pattern, January’s top near 1.3760 and 200-SMA level near 1.3715 will test the bears. Furthermore, an upward sloping trend line from January 11 around 1.3630 will add to the downside filters for the sterling traders to watch.
💡 Don't miss the great buy opportunity in DOT/USDTrading suggestion:
. There is a possibility of temporary retracement to the suggested support line (31.8). If so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. DOT/USD is in an uptrend, and the continuation of the uptrend is expected.
. The price is above the 21-Day WEMA, which acts as a dynamic support.
. The RSI is at 66.30.
Take Profits:
TP1= @ 35
TP2= @ 39
TP3= @ 42
TP4= @ 45.20
SL= Break below S2
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Gold bears need a clear break of $1,764 to keep the reinsFollowing its failure to break the November 2020 bottom, gold prices finally slipped to the lowest since July during early Friday. However, the metal bounced off quickly from the $1,760.55 low and remains sluggish off-late. This suggests the bulls’ inability to cheer the oversold RSI conditions while bears also await confirmation. As a result, a clear break below $1,764 becomes necessary for gold sellers to eye April 2020 peak surrounding $1,748. However, any further weakness will end-up meeting June’s low of $1,670 wherein the $1,70 can play the role of a buffer.
Meanwhile, corrective pullback needs to cross the February 04 low near $1,785 before challenging the $1,800 threshold. Though, any further upside will have to cross a six-week-old resistance line, at $1,825 now, before trying to conquer the 200-day SMA level of $1,857. Overall, gold bears are likely to remain dominant for a while but not without corrections.