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Torrent PharmaAll important points are marked. 𝐃𝐢𝐬𝐜𝐥𝐚𝐢𝐦𝐞𝐫: 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐢𝐧 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐦𝐚𝐫𝐤𝐞𝐭 𝐚𝐫𝐞 𝐬𝐮𝐛𝐣𝐞𝐜𝐭 𝐭𝐨 𝐦𝐚𝐫𝐤𝐞𝐭 𝐫𝐢𝐬𝐤𝐬, 𝐫𝐞𝐚𝐝 𝐚𝐥𝐥 𝐭𝐡𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐝𝐨𝐜𝐮𝐦𝐞𝐧𝐭𝐬 𝐜𝐚𝐫𝐞𝐟𝐮𝐥𝐥𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐢𝐧𝐯𝐞𝐬𝐭𝐢𝐧𝐠. 𝐒𝐭𝐨𝐜𝐤𝐬 𝐬𝐮𝐠𝐠𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐠𝐫𝐨𝐮𝐩 𝐚𝐫𝐞 𝐟𝐨𝐫 𝐞𝐝𝐮𝐜𝐚𝐭𝐢𝐨𝐧 𝐩𝐮𝐫𝐩𝐨𝐬𝐞. 𝐖𝐞 𝐝𝐨𝐧𝐭 𝐦𝐚𝐤𝐞 𝐚𝐧𝐲 𝐩𝐫𝐨𝐟𝐢𝐭𝐬 𝐟𝐫𝐨𝐦 𝐭𝐡𝐢𝐬 𝐫𝐞𝐜𝐨𝐦𝐦𝐞𝐧𝐝𝐚𝐭𝐢𝐨𝐧𝐬 𝐞𝐯𝐞𝐫𝐲𝐭𝐡𝐢𝐧𝐠 𝐬𝐡𝐚𝐫𝐞𝐝 𝐡𝐞𝐫𝐞 𝐚𝐫𝐞 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐥𝐲 𝐨𝐟 𝐟𝐫𝐞𝐞 𝐨𝐟 𝐜𝐨𝐬𝐭.
NSE:TORNTPHARMLong
by sreekumars
GRANULES INDIA LTDBuy above 595 All important points are marked. 𝐃𝐢𝐬𝐜𝐥𝐚𝐢𝐦𝐞𝐫: 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐢𝐧 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐦𝐚𝐫𝐤𝐞𝐭 𝐚𝐫𝐞 𝐬𝐮𝐛𝐣𝐞𝐜𝐭 𝐭𝐨 𝐦𝐚𝐫𝐤𝐞𝐭 𝐫𝐢𝐬𝐤𝐬, 𝐫𝐞𝐚𝐝 𝐚𝐥𝐥 𝐭𝐡𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐝𝐨𝐜𝐮𝐦𝐞𝐧𝐭𝐬 𝐜𝐚𝐫𝐞𝐟𝐮𝐥𝐥𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐢𝐧𝐯𝐞𝐬𝐭𝐢𝐧𝐠. 𝐒𝐭𝐨𝐜𝐤𝐬 𝐬𝐮𝐠𝐠𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐠𝐫𝐨𝐮𝐩 𝐚𝐫𝐞 𝐟𝐨𝐫 𝐞𝐝𝐮𝐜𝐚𝐭𝐢𝐨𝐧 𝐩𝐮𝐫𝐩𝐨𝐬𝐞. 𝐖𝐞 𝐝𝐨𝐧𝐭 𝐦𝐚𝐤𝐞 𝐚𝐧𝐲 𝐩𝐫𝐨𝐟𝐢𝐭𝐬 𝐟𝐫𝐨𝐦 𝐭𝐡𝐢𝐬 𝐫𝐞𝐜𝐨𝐦𝐦𝐞𝐧𝐝𝐚𝐭𝐢𝐨𝐧𝐬 𝐞𝐯𝐞𝐫𝐲𝐭𝐡𝐢𝐧𝐠 𝐬𝐡𝐚𝐫𝐞𝐝 𝐡𝐞𝐫𝐞 𝐚𝐫𝐞 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐥𝐲 𝐨𝐟 𝐟𝐫𝐞𝐞 𝐨𝐟 𝐜𝐨𝐬𝐭.
NSE:GRANULESLong
by sreekumars
AJANTA PHARMA LTDBuy Ajanta above: 3351 only. All important points are marked. 𝐃𝐢𝐬𝐜𝐥𝐚𝐢𝐦𝐞𝐫: 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐢𝐧 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐦𝐚𝐫𝐤𝐞𝐭 𝐚𝐫𝐞 𝐬𝐮𝐛𝐣𝐞𝐜𝐭 𝐭𝐨 𝐦𝐚𝐫𝐤𝐞𝐭 𝐫𝐢𝐬𝐤𝐬, 𝐫𝐞𝐚𝐝 𝐚𝐥𝐥 𝐭𝐡𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐝𝐨𝐜𝐮𝐦𝐞𝐧𝐭𝐬 𝐜𝐚𝐫𝐞𝐟𝐮𝐥𝐥𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐢𝐧𝐯𝐞𝐬𝐭𝐢𝐧𝐠. 𝐒𝐭𝐨𝐜𝐤𝐬 𝐬𝐮𝐠𝐠𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐠𝐫𝐨𝐮𝐩 𝐚𝐫𝐞 𝐟𝐨𝐫 𝐞𝐝𝐮𝐜𝐚𝐭𝐢𝐨𝐧 𝐩𝐮𝐫𝐩𝐨𝐬𝐞. 𝐖𝐞 𝐝𝐨𝐧𝐭 𝐦𝐚𝐤𝐞 𝐚𝐧𝐲 𝐩𝐫𝐨𝐟𝐢𝐭𝐬 𝐟𝐫𝐨𝐦 𝐭𝐡𝐢𝐬 𝐫𝐞𝐜𝐨𝐦𝐦𝐞𝐧𝐝𝐚𝐭𝐢𝐨𝐧𝐬 𝐞𝐯𝐞𝐫𝐲𝐭𝐡𝐢𝐧𝐠 𝐬𝐡𝐚𝐫𝐞𝐝 𝐡𝐞𝐫𝐞 𝐚𝐫𝐞 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐥𝐲 𝐨𝐟 𝐟𝐫𝐞𝐞 𝐨𝐟 𝐜𝐨𝐬𝐭.
NSE:AJANTPHARMLong
by sreekumars
Chambal Fertilizers & Chemicals LimitedBuy above 550 All important points are marked. 𝐃𝐢𝐬𝐜𝐥𝐚𝐢𝐦𝐞𝐫: 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐢𝐧 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐦𝐚𝐫𝐤𝐞𝐭 𝐚𝐫𝐞 𝐬𝐮𝐛𝐣𝐞𝐜𝐭 𝐭𝐨 𝐦𝐚𝐫𝐤𝐞𝐭 𝐫𝐢𝐬𝐤𝐬, 𝐫𝐞𝐚𝐝 𝐚𝐥𝐥 𝐭𝐡𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐝𝐨𝐜𝐮𝐦𝐞𝐧𝐭𝐬 𝐜𝐚𝐫𝐞𝐟𝐮𝐥𝐥𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐢𝐧𝐯𝐞𝐬𝐭𝐢𝐧𝐠. 𝐒𝐭𝐨𝐜𝐤𝐬 𝐬𝐮𝐠𝐠𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐠𝐫𝐨𝐮𝐩 𝐚𝐫𝐞 𝐟𝐨𝐫 𝐞𝐝𝐮𝐜𝐚𝐭𝐢𝐨𝐧 𝐩𝐮𝐫𝐩𝐨𝐬𝐞. 𝐖𝐞 𝐝𝐨𝐧𝐭 𝐦𝐚𝐤𝐞 𝐚𝐧𝐲 𝐩𝐫𝐨𝐟𝐢𝐭𝐬 𝐟𝐫𝐨𝐦 𝐭𝐡𝐢𝐬 𝐫𝐞𝐜𝐨𝐦𝐦𝐞𝐧𝐝𝐚𝐭𝐢𝐨𝐧𝐬 𝐞𝐯𝐞𝐫𝐲𝐭𝐡𝐢𝐧𝐠 𝐬𝐡𝐚𝐫𝐞𝐝 𝐡𝐞𝐫𝐞 𝐚𝐫𝐞 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐥𝐲 𝐨𝐟 𝐟𝐫𝐞𝐞 𝐨𝐟 𝐜𝐨𝐬𝐭.
NSE:CHAMBLFERTLong
by sreekumars
Exide IndustriesBuy above 515. All important points are marked. 𝐃𝐢𝐬𝐜𝐥𝐚𝐢𝐦𝐞𝐫: 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐢𝐧 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐦𝐚𝐫𝐤𝐞𝐭 𝐚𝐫𝐞 𝐬𝐮𝐛𝐣𝐞𝐜𝐭 𝐭𝐨 𝐦𝐚𝐫𝐤𝐞𝐭 𝐫𝐢𝐬𝐤𝐬, 𝐫𝐞𝐚𝐝 𝐚𝐥𝐥 𝐭𝐡𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐝𝐨𝐜𝐮𝐦𝐞𝐧𝐭𝐬 𝐜𝐚𝐫𝐞𝐟𝐮𝐥𝐥𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐢𝐧𝐯𝐞𝐬𝐭𝐢𝐧𝐠. 𝐒𝐭𝐨𝐜𝐤𝐬 𝐬𝐮𝐠𝐠𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐠𝐫𝐨𝐮𝐩 𝐚𝐫𝐞 𝐟𝐨𝐫 𝐞𝐝𝐮𝐜𝐚𝐭𝐢𝐨𝐧 𝐩𝐮𝐫𝐩𝐨𝐬𝐞. 𝐖𝐞 𝐝𝐨𝐧𝐭 𝐦𝐚𝐤𝐞 𝐚𝐧𝐲 𝐩𝐫𝐨𝐟𝐢𝐭𝐬 𝐟𝐫𝐨𝐦 𝐭𝐡𝐢𝐬 𝐫𝐞𝐜𝐨𝐦𝐦𝐞𝐧𝐝𝐚𝐭𝐢𝐨𝐧𝐬 𝐞𝐯𝐞𝐫𝐲𝐭𝐡𝐢𝐧𝐠 𝐬𝐡𝐚𝐫𝐞𝐝 𝐡𝐞𝐫𝐞 𝐚𝐫𝐞 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐥𝐲 𝐨𝐟 𝐟𝐫𝐞𝐞 𝐨𝐟 𝐜𝐨𝐬𝐭.
NSE:EXIDEINDLong
by sreekumars
HCL TechnologiesBreakout at 1830 will create new highs. Positive candle closing above 1830 will be a buy Target will be 1899. All important points are marked. 𝐃𝐢𝐬𝐜𝐥𝐚𝐢𝐦𝐞𝐫: 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐢𝐧 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐦𝐚𝐫𝐤𝐞𝐭 𝐚𝐫𝐞 𝐬𝐮𝐛𝐣𝐞𝐜𝐭 𝐭𝐨 𝐦𝐚𝐫𝐤𝐞𝐭 𝐫𝐢𝐬𝐤𝐬, 𝐫𝐞𝐚𝐝 𝐚𝐥𝐥 𝐭𝐡𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐝𝐨𝐜𝐮𝐦𝐞𝐧𝐭𝐬 𝐜𝐚𝐫𝐞𝐟𝐮𝐥𝐥𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐢𝐧𝐯𝐞𝐬𝐭𝐢𝐧𝐠. 𝐒𝐭𝐨𝐜𝐤𝐬 𝐬𝐮𝐠𝐠𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐠𝐫𝐨𝐮𝐩 𝐚𝐫𝐞 𝐟𝐨𝐫 𝐞𝐝𝐮𝐜𝐚𝐭𝐢𝐨𝐧 𝐩𝐮𝐫𝐩𝐨𝐬𝐞. 𝐖𝐞 𝐝𝐨𝐧𝐭 𝐦𝐚𝐤𝐞 𝐚𝐧𝐲 𝐩𝐫𝐨𝐟𝐢𝐭𝐬 𝐟𝐫𝐨𝐦 𝐭𝐡𝐢𝐬 𝐫𝐞𝐜𝐨𝐦𝐦𝐞𝐧𝐝𝐚𝐭𝐢𝐨𝐧𝐬 𝐞𝐯𝐞𝐫𝐲𝐭𝐡𝐢𝐧𝐠 𝐬𝐡𝐚𝐫𝐞𝐝 𝐡𝐞𝐫𝐞 𝐚𝐫𝐞 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐥𝐲 𝐨𝐟 𝐟𝐫𝐞𝐞 𝐨𝐟 𝐜𝐨𝐬𝐭.
NSE:HCLTECHLong
by sreekumars
SHREE RENUKA SUGARAll important points are marked. 𝐃𝐢𝐬𝐜𝐥𝐚𝐢𝐦𝐞𝐫: 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐢𝐧 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐦𝐚𝐫𝐤𝐞𝐭 𝐚𝐫𝐞 𝐬𝐮𝐛𝐣𝐞𝐜𝐭 𝐭𝐨 𝐦𝐚𝐫𝐤𝐞𝐭 𝐫𝐢𝐬𝐤𝐬, 𝐫𝐞𝐚𝐝 𝐚𝐥𝐥 𝐭𝐡𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐝𝐨𝐜𝐮𝐦𝐞𝐧𝐭𝐬 𝐜𝐚𝐫𝐞𝐟𝐮𝐥𝐥𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐢𝐧𝐯𝐞𝐬𝐭𝐢𝐧𝐠. 𝐒𝐭𝐨𝐜𝐤𝐬 𝐬𝐮𝐠𝐠𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐠𝐫𝐨𝐮𝐩 𝐚𝐫𝐞 𝐟𝐨𝐫 𝐞𝐝𝐮𝐜𝐚𝐭𝐢𝐨𝐧 𝐩𝐮𝐫𝐩𝐨𝐬𝐞. 𝐖𝐞 𝐝𝐨𝐧𝐭 𝐦𝐚𝐤𝐞 𝐚𝐧𝐲 𝐩𝐫𝐨𝐟𝐢𝐭𝐬 𝐟𝐫𝐨𝐦 𝐭𝐡𝐢𝐬 𝐫𝐞𝐜𝐨𝐦𝐦𝐞𝐧𝐝𝐚𝐭𝐢𝐨𝐧𝐬 𝐞𝐯𝐞𝐫𝐲𝐭𝐡𝐢𝐧𝐠 𝐬𝐡𝐚𝐫𝐞𝐝 𝐡𝐞𝐫𝐞 𝐚𝐫𝐞 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐥𝐲 𝐨𝐟 𝐟𝐫𝐞𝐞 𝐨𝐟 𝐜𝐨𝐬𝐭.
NSE:RENUKALong
by sreekumars
5
EURUSD fades bounce off 200-SMA as EU/US inflation clues loomEURUSD marked the biggest daily gain in a week the previous day while bouncing off the 200-SMA as the Eurozone data came in overall positive while the US statistics mostly disappointed. Also allowing the Euro pair to rebound from the key SMA level is the consolidation ahead of today’s first readings of the EU inflation data and the US Core Personal Consumption Expenditure (PCE) Price Index, also known as the Federal Reserve’s (Fed) favorite inflation gauge. That said, the quote’s inability to defend the previous day’s rebound joins the bearish MACD signals and unimpressive RSI conditions to lure the bears. However, a daily closing beneath the 200-SMA support of 1.0787 becomes necessary for the seller’s return. It’s worth noting that a five-month-old resistance-turned-support line near 1.0790 and an upward-sloping trend line stretched from mid-April, close to 1.0750, act as additional downside filters. Should the pair sellers keep control past 1.0750, February’s low of 1.0694 and the yearly bottom marked in April around 1.0600 will be in the spotlight. Alternatively, the EURUSD pair’s recovery remains elusive beneath a downward-sloping resistance line from early January, close to 1.0885 at the latest. That said, the 1.0900 threshold also stands tall to test the Euro bulls before directing them toward March’s peak of near 1.0980 and the 1.1000 psychological magnet. Furthermore, the quote’s successful trading beyond the 1.1000 mark allows the bulls to challenge the late 2023 top surrounding 1.1140, as well as the previous yearly peak of 1.1275. To sum up, the EURUSD pair remains weak within a short-term trading range ahead of the key EU/US data.
by MTradingGlobal
EURUSD bounces off 1.0810 support confluence ahead of key PMIsEURUSD portrays a corrective bounce from the lowest level in a week, snapping a three-day losing streak, as traders await the first readings of the Eurozone and the US PMIs for May early Thursday. In doing so, the Euro pair also takes a U-turn from a convergence of the 100-SMA and previous resistance line stretched from late December 2023, close to 1.0810. The recovery also takes clues from the upbeat RSI (14) line and the bullish MACD signals, allowing buyers to remain hopeful. With this, the quote is likely to extend the latest rebound toward the 50% Fibonacci retracement of the December 2023 to April 2024 downturn, near 1.0870. However, a 4.5-month-old descending resistance line surrounding 1.0890 and the 61.8% Fibonacci ratio near 1.0940 could test the pair’s further upside. It’s worth noting that the highs marked in March and mid-January, respectively near 1.0980 and 1.1000, act as the final defense of the bears. Alternatively, the EURUSD bears need validation from the EU/US PMIs, the 1.0810 support confluence, and the 1.0800 threshold to keep the reins. Following that, the Euro pair’s gradual decline toward the 23.6% Fibonacci retracement level of 1.0730 and then to February’s bottom of around 1.0695 can’t be ruled out. In a case where the sellers dominate past 1.0695, the prices become vulnerable to slump toward the yearly low marked in April around 1.0600. To sum up, EURUSD is likely to witness recovery but the upside move hinges on a successful break of 1.0890 and the scheduled data points.
by MTradingGlobal
EURUSD bulls keep control ahead of ECB Minutes, US dataEURUSD pares the biggest daily gains of the week while posting mild losses early Friday. Even so, the Euro pair remains on the way to posting a four-week uptrend as traders prepare for the European Central Bank (ECB) Monetary Policy Meeting Accounts, also known as the ECB Minutes, as well as the preliminary readings of the US UoM Consumer Sentiment Index and Inflation Expectations. It should be noted that upbeat RSI and MACD conditions keep the buyers hopeful but a downward-sloping resistance line from early March, close to 1.0790 at the latest, guards the immediate upside of the pair. Apart from the oscillators like RSI and MACD, the looming “Golden Cross”, a bullish moving average crossover, also keep the buyers hopeful. However, a clear upside of the 5.5-month-old descending resistance line, near 1.0825 as we write, becomes necessary for the bulls to retake control. In that case, the gradual run-up toward March’s high of 1.0980 and then to the 1.1000 threshold can’t be ruled out. Meanwhile, a pullback move remains uninteresting beyond the 50-SMA support of 1.0735. Following that, the lows marked in April and February, respectively around 1.0725 and 1.0695, could test the EURUSD bears before directing them to the yearly low marked in April around 1.0600. It’s worth noting that the Euro pair’s sustained weakness past 1.0600 makes it vulnerable to challenge the previous yearly bottom surrounding 1.0450-45 but the same needs validation from the strong US fundamentals, as well as downbeat EU catalysts. Overall, EURUSD bulls are likely to retake control after staying off the grid for some time. However, the fundamentals need to back the pair’s bullish technical details to support the upside bias.
by MTradingGlobal
100-SMA prods GBPUSD bears on BoE Super ThursdayGBPUSD stays defensive at the lowest level in a week, snapping a two-day losing streak, as the pair traders await the Bank of England’s (BoE) Monetary Policy Announcements, as well as the quarterly monetary policy report that makes the day a “Super Thursday”. It’s worth noting that the 100-SMA puts a short-term trading floor under the prices near 1.2480, especially amid the downbeat RSI suggesting a pause in the previous fall. However, the bearish MACD signals and the quote’s sustained downside break of a two-week-old support line, now immediate resistance surrounding 1.2515, and clear trading beneath a downward-sloping trend line resistance stretched since mid-March, at 1.2585 at the latest, keeps the sellers hopeful. Even if the Pound Sterling gains support from the BoE and rises past 1.2585, the monthly high of 1.2634 will be the last defense of the bears before giving control to the bulls. Meanwhile, a downside break of the 100-SMA support of 1.2480, as well as the BoE’s inability to convince the GBPUSD bulls, will resume a south run targeting the 1.2400 threshold. In a case where the Cable bears keep the reins past 1.2400, the yearly bottom marked in April surrounding 1.2300 and the 61.8% Fibonacci Extension (FE) of the quote’s March-May moves, near 1.2265, will be in the spotlight ahead of the late 2023 bottom of near 1.2067. Overall, the GBPUSD pair remains in a bearish trend on the BoE Super Thursday despite the latest consolidation. Hence, even a surprise rebound should not be considered a bullish sign.
by MTradingGlobal
AUDUSD portrays “fakeout” on RBA’s status quoOn Tuesday, the Reserve Bank of Australia (RBA) kept its monetary policy unchanged, as expected, and dragged the AUDUSD pair back from an intraday high. With this, the Aussie pair defies Friday’s breakout of a four-month-old descending resistance line, terming it the “false breakout” or “fakeout”. In addition to the fakeout, the RSI’s retreat from the overbought territory and an impending bear cross on the MACD also tease the sellers. However, a clear downside break of the aforementioned resistance-turned-support line surrounding 0.6600 and RBA Governor Michele Bullock's dovish remarks are needed for the bears to retake control. In that case, the pair’s quick fall toward 0.6570 and the 200-bar Exponential Moving Average (EMA) level near 0.6530 can’t be ruled out. It’s worth mentioning that the seller’s dominance past 0.6530 depends on the ability to break a three-week-old rising support line, close to 0.6515 at the latest. Meanwhile, an area comprising multiple levels marked since early January, near 0.6645-40, guards the immediate upside of the AUDUSD pair. Following that, March’s peak of 0.6667 and the 0.6700 threshold will challenge the buyers. If the Aussie pair remains firmer beyond the 0.6700 hurdle, 0.6730, 0.6780 and the 0.6800 round figure could test the upside momentum before directing the bulls toward the late 2023 high of 0.6871. Overall, the AUDUSD pair signals a pullback price move, but the bearish momentum will likely remain tepid unless fundamental support is gained.
by MTradingGlobal
USDJPY rebound appears elusive below 155.70USDJPY bounces off a one-month low to snap a three-day winning streak early Monday. In doing so, the Yen pair takes a U-turn from the 61.8% Fibonacci ratio of its March-April upside amid a nearly oversold RSI. Given the receding bearish strength of the MACD signals and the quote’s rebound from the key Fibonacci ratio, as well as the RSI (14) line’s recovery from the oversold territory, the latest run-up in price is likely to prevail for a bit. The same highlights the 38.2% Fibonacci retracement level of 155.00 for short-term buyers. However, a convergence of the 50-SMA, a two-month-old previous support line, and a downward-sloping resistance line from April 29, around 155.60-70, appears a tough nut to crack for the bulls. Following that, the pair’s gradual rise toward the monthly high of nearly 158.00 and then to the recent multi-year peak surrounding 160.00 can’t be ruled out. Meanwhile, the 200-SMA and 50% Fibonacci ratio put a short-term floor under the USDJPY pair at around 153.30. In a case where the sellers keep control past the 153.30 support confluence, the Yen pair bears could again jostle with the 61.8% Fibonacci ratio surrounding 151.70, also known as the Golden Fibonacci ratio. It’s worth noting, however, that the quote’s weakness past 151.70 will make it vulnerable to revisit the lows marked in March near 146.50. During the fall, the 150.00 threshold and the 78.6% Fibonacci ratio around 149.40 can act as intermediate halts. USDJPY is likely to extend the latest corrective bounce, especially amid the Japanese holiday, but the upside room appears limited.
by MTradingGlobal
GBPUSD bull’s journey to retake control appears long and bumpyGBPUSD grinds higher past 50% Fibonacci retracement of October 2023 to March 2024 upside as traders await more clues about Friday’s US employment report for April. In doing so, the Pound Sterling extends the late April rebound from a 61.8% Fibonacci ratio surrounding 1.2365, also known as the golden Fibonacci ratio. That said, the bullish MACD signals and a steady RSI (14) line also underpin the Cable pair’s recovery moves targeting the 200-SMA hurdle of 1.2550. In a case where the quote remains firmer past 1.2550, a five-month-old support-turned-resistance line around 1.2570 will test the buyers before directing them to a downward-sloping resistance line stretched from March, close to 1.2600. Following that, the 100-SMA hurdle of 1.2650 will act as the final defense of the sellers ahead of giving up control. Alternatively, the GBPUSD pair’s pullback could aim for the 50.0% and 61.8% Fibonacci ratios, respectively around 1.2465 and 1.2365. However, Pound Sterling’s fall past 1.2365 will make it vulnerable to drop toward the yearly low marked in April around 1.2300. It should be noted that the pair’s weakness past 1.2300 won’t hesitate to challenge the 78.6% Fibonacci retracement level of 1.2220 and the late 2023 low of around 1.2035. Overall, the GBPUSD pair is likely to extend the latest recovery but there are multiple resistances to challenge the bull’s confidence.
by MTradingGlobal
EURUSD drops toward key support line near 1.0600 on Fed DayEURUSD remains pressured at the lowest level in a week, extending the late April’s retreat from 20-SMA and a six-month-old support-turned-resistance, as traders await the US Federal Reserve (Fed) monetary policy announcements. The Euro pair’s weakness also takes clues from an impending bear cross on the MACD and an absence of oversold RSI conditions. With this, the quote is likely to extend the latest fall toward an ascending support line stretched from early October 2023, close to 1.0610 at the latest. Following that, the yearly low marked in April around 1.0600 and multiple lows registered during late 2023 near 1.0520 and 1.0490 will test the bears before directing them toward the previous yearly low of 1.0448. Alternatively, the US Fed’s inability to inspire the EURUSD bulls, mainly amid the high hopes, could trigger a quick recovery in the pair prices toward the 20-SMA hurdle of 1.0710. However, the quote’s further upside needs validation from the previous support line stretched from early November 2023 surrounding 1.0740. It should be noted that a convergence of the 200-SMA and 50-SMA, near the 1.0800 threshold at the latest, appears a tough nut to crack for the buyers, a clear break of which will enable them to confront the final defense of the sellers, namely a downward-sloping resistance line from December 2023, near 1.0865 as we write. To sum up, the EURUSD is on the way to testing the key support line as market players await the FOMC verdict. However, high hopes from the US central bank and a limited downside room for the pair suggest hardships for the sellers past 1.0600.
by MTradingGlobal
USDJPY reverses pullback from 34-year high on mixed Japan dataA mixed bag of Japan statistics triggered the USDJPY pair’s fresh run-up early Tuesday. In doing so, the Yen pair justifies mostly downbeat employment and activity data from the Asian major while reversing the previous day’s retreat from the highest level since 1990. Also favoring the upside bias are the bullish MACD signals and the quote’s U-turn from a seven-week-old rising support line, close to 154.70 by the press time. With this, the risk-barometer pair is likely approaching the 160.00 threshold. However, the overbought RSI conditions could challenge the buyers around the recent multi-year peak of 160.20. Even if the pair remains firmer past 160.20, the year 1990’s high of 160.40 and an upward-sloping resistance line stretched from late June 2023, around 161.60 at the latest, can prod the bulls. On the contrary, USDJPY sellers need validation from the aforementioned support line from early March surrounding 154.70, as well as FOMC and the US NFP, to retake control even for a short term. Following that, an 18-month-old previous resistance line near 151.75 and the bottom line of a 10-month-long rising wedge bearish chart pattern, around 150.80, will be in the spotlight. In a case where the Yen pair remains bearish past 150.80, the 150.00 psychological magnet and the 200-SMA level of 148.20 will act as the final defense of the buyers. Overall, the USDJPY pair remains bullish but the upside room appears limited as traders await this week’s key data/events, namely the monetary policy announcements from the Federal Open Market Committee (FOMC) and the monthly US employment report.
by MTradingGlobal
200-EMA tests AUDUSD bulls as Fed-NFP week beginsAUDUSD remains on the front foot at the highest level in nearly a fortnight, after jumping the most on a week since December 2023, during the early hours of the key week comprising the monetary policy meeting of the US Federal Reserve (Fed) and the US monthly employment report. In doing so, the risk-barometer pair justifies the upside break of the 100-day Exponential Moving Average (EMA), bullish MACD signals, and upbeat RSI (14) conditions. Given the US Dollar’s preparations for top-tier data/events, coupled with the bullish technical details, the Aussie pair is likely to overcome the immediate upside hurdle, namely the 200-EMA level surrounding 0.6570. However, a downward-sloping resistance line from early January, close to 0.6615 at the latest, will precede a 3.5-month-old horizontal resistance zone of 0.6640-50 to challenge the bulls. Meanwhile, AUDUSD sellers remain off the table unless the quote stays beyond the 100-EMA immediate support of 0.6542. Even if the quote slips beneath the nearly EMA support, the 61.8% Fibonacci retracement of October-December upside, close to 0.6500, and February’s low of 0.6442 will stop the bears from taking control. In a case where the Aussie pair remains bearish past 0.6442, the yearly low marked on April 19 around 0.6360 will be in the spotlight. Overall, the AUDUSD pair gains upside traction ahead of the key US catalysts but the bulls should remain cautious beneath 0.6650.
by MTradingGlobal
USDJPY refreshes 34-year high on BoJ’s dovish haltUSDJPY prints a three-day winning streak while rising to a fresh high since 1990 as it justifies the Bank of Japan’s (BoJ) dovish halt. That said, the BoJ kept its benchmark rates unchanged, as expected, but omitted the mention of bond buying operations which were anticipated to suggest the Japanese central bank’s hawkish turn. With this, the Yen pair pokes an upward-sloping resistance line stretched from early December, around 155.90 at the latest. Given the overbought RSI conditions and the recently easing bullish bias of the MACD, the quote is likely to witness a pullback, which in turn highlights the 155.00 threshold and the mid-month peak surrounding 154.80. However, the bottom line of a six-week-old rising wedge bearish chart formation, close to 154.20 as we write, will be the key to watch for the seller’s entry. In a case where the pair remains weak past 154.20, a six-month-old horizontal support line near 151.70 will precede an area comprising multiple levels marked since early February, around 150.90-80, to challenge the pair bears. Above all, the USDJPY pair buyers should remain hopeful unless witnessing a daily closing beneath an ascending trend line from late December 2023, near 150.30 at the latest. On the contrary, a successful upside break of the aforementioned multi-month-old resistance line surrounding 155.90 will need validation from the top line of a short-term rising wedge bearish chart formation, near 156.10. Should the USDJPY pair buyers ignore overbought RSI and keep the reins past 156.10, the odds of witnessing a gradual run-up toward the 160.00 psychological magnet and then to the year 1990 peak of 160.40 can’t be ruled out. Overall, the USDJPY pair remains bullish beyond 150.30 but a short-term pullback appears overdue.
by MTradingGlobal
Gold sellers need validation from $2,298 and US GDPGold price portrays a four-day losing streak as market players brace for the first readings of the US first quarter (Q1) 2024 Gross Domestic Product (GDP). In doing so, the XAUUSD justifies the previous day’s downside break of a $2,324 support confluence, now resistance, comprising the 21-SMA and a two-month-old upward-sloping trend line. It’s worth noting that the RSI (14) line’s retreat from the overbought territory joins the bearish MACD signals to add strength to the downside bias. However, a clear downside break of the previous resistance line stretched from early March, around $2,298 by the press time, becomes necessary for the bullion sellers to tighten the grip. Additionally, a strong print of the US Q1 GDP could also convince the precious metal bears to take action. Following that, the 38.2% and 50% Fibonacci retracement of the quote’s February-April upside, respectively near $2,262 and $2,208, will be in the spotlight ahead of the 50-SMA support of $2,198. Alternatively, downbeat prints of the US Q1 GDP could trigger the Gold Price recovery that will aim for the $2,324 support-turned-resistance confluence. In a case where the XAUUSD remains firmer past $2,324, the $2,350 and the $2,400 psychological magnets will lure the buyers. However, a fortnight-old descending resistance line surrounding $2,405 will precede the recent swing highs of near $2,418 and $2,432 to challenge the precious metal’s further advances. It’s worth noting that the commodity’s successful trading beyond $2,432 won’t hesitate to flash the $2,400 threshold. Overall, Gold price remains pressured ahead of the key data but the quote’s further downside needs validation.
OANDA:XAUUSD
by MTradingGlobal