Gold sellers cheer firmer US dollar and a sustained break of the three-month-old ascending trend line at the lowest levels in nine weeks ahead of the key US Q1 2022 GDP data. However, a convergence of the 100-DMA and 61.8% Fibonacci retracement (Fibo.) level of December 2021 to March 2022 upside, surrounding $1,875, appears a tough nut to crack for the metal...
Despite a refreshing two-year low, EURUSD prices remain above a five-month-old downward sloping support line. Adding strength to the recovery hope is Emmanuel Macro’s victory in French Presidential Elections and nearly oversold RSI. That being said, the 10-DMA level surrounding 1.0810 challenges the corrective pullback before directing buyers towards the monthly...
AUDUSD renews its monthly low during early Monday as mixed data from the biggest customer China joins the risk-off mood. However, a five-week-old horizontal support area surrounding 0.7365-60 tests the pair sellers. Adding to the downside filters is an upward sloping trend line from late February, around 0.7310 by the press time. It should be noted, however, that...
USDCHF posted weekly gains but eased from the short-term key horizontal area as Ukraine-Russia headlines controlled safe-haven pairs. That said, the risk-barometer currency pair retreated from a seven-week-old broad resistance zone, between 0.9275 and 0.9295, by the end of Friday. In addition to the market’s risk appetite, Swiss Q4 GDP will also make USDCHF...
GBPUSD stays ready to reverse the month-start bearish signal, initially triggered by the 50-SMA’s break below 200-SMA, as markets await the preliminary reading of the UK Q4 GDP. However, the monthly resistance line and a descending trend line from January 20, respectively around 1.3585 and 1.3610, guard the quote’s short-term upside. During the pair’s run-up...
EURUSD bears cheer a clear downside break of a two-month-old ascending trend line, as well as sustained trading below 50-DMA, to brace for 2021 bottom surrounding 1.1185. The MACD and RSI both support the bearish bias. However, the pair’s declines past 1.1185 have a bumpy road as March 2020 swing high near 1.1150 and 61.8% Fibonacci Expansion (FE) of late...
Gold extends the bounce off monthly support while picking up the bids near $1,801 during the early Thursday. In doing so, the yellow metal pokes a one-week-old descending resistance line inside a one-month-long rising channel bullish formation. Also keeping the gold buyers hopeful is the quote’s sustained trading beyond 200-SMA and firmer oscillators. Hence, the...
GBPUSD buyers await for Brexit headlines as the Cable gyrates inside a bullish flag chart pattern on the four-hour play. The European Union (EU) diplomats aren’t likely to get a warm welcome in London on their arrival for Brexit talks. The reason could be linked to the comments from UK’s Brexit policymaker David Frost, conveying his discomfort with the bloc...
AUDUSD bulls battle the key resistance, namely 200-SMA, during early Wednesday. Given the Aussie pair’s sustained rebound from the previous resistance line, not to forget successful trading above an eight-day-long rising support line, the buyers remain hopeful by the press time. However, overbought RSI conditions challenge the buyers, requiring a clear break of...
USDCAD smashes a convergence of 200-SMA and an ascending support line from July as the pair traders await Canada’s Q2 GDP details, up for publishing around 12:30 GMT. Given the RSI conditions having a meager room to the south before hitting the oversold signals, the latest fall may pause around the 1.2500 round figure, if not then a horizontal line stretched from...
The Australian dollar has reversed directions and is in negative territory on Wednesday. In the European session, AUD/USD is trading at 0.7724, down 0.36% on the day.
Australia's economy rose 1.8% (QoQ) in the first quarter of the year, down from 3.2% in Q4. This was above the consensus of 1.5%. The level of economic activity currently is 0.8% above the fourth...
USDCHF extends the early week’s bounce-off 21-day SMA while directing bulls towards the key horizontal resistance ahead of the Swiss National Bank’s (SNB) monetary policy meeting. Given the overbought RSI conditions and the SNB’s anticipated hawkish tone, despite no range expectations, the pair is likely to step back from 0.9375-80 resistance area comprising...
Fed’s dovish halt and ECB policymakers hint favoring further negative rates dragged EURUSD below 50-day SMA for the first time since early November the previous day. The bears are currently eyeing a horizontal area comprising lows marked during December and the present month, around 1.2060-50. However, the preliminary readings of the US Q4 GDP can exert additional...
BANK NIFTY ANALYSIS -
THE IMPORTANT DEMAND & SUPPLY AREAS HAS BEEN MARKET OF BANK NIFTY AS PER MARKET PROFILE & VOLUME PROFILE. PLEASE GO THROUGH ALL THE IMPORTANT LEVELS MARKED IN THE CHART.
AS PER LAST WEEK BANK NIFTY HAS BEEN MOVING SIDEWAYS BETWEEN A RANGE OF 21900-22500 LEVELS AND NOW IT NEEDS TO BREAK IT DECISIVELY ON EITHER SIDES TO GIVE A GOOD MOMENTUM...
