USDCAD justifies a downside break of a five-week-old ascending trend channel, as well as downbeat RSI and MACD signals, despite marching towards the 61.8% Fibonacci retracement level of October-November 2022 downside, near 1.3690 ahead of the Bank of Canada (BoC) Consumer Price Index (CPI) for February. Should the inflation gauge suggests further rate hikes from...
Despite rising in the last four consecutive days, the GBPUSD bulls take a breather ahead of the key UK jobs report and the US Consumer Price Index (CPI) data. That said, the three-week-old descending resistance-turned-support-line, around 1.2140 at the latest, restricts the immediate downside of the Cable pair. Following that, the 200-SMA level surrounding 1.2100...
EURUSD began the month of March on a positive note by crossing a one-month-old descending trend line, as well as poking the 1.0690 resistance confluence including the 200-EMA and 61.8% Fibonacci retracement of the January-February upside. The recovery also justified bullish MACD signals. However, the RSI (14) retreated from the overbought territory and triggered...
Even if sustained trading below the 100-DMA and a three-month-old ascending trend line become necessary for the AUD/USD bears, a daily closing below the 200-DMA and an upward-sloping previous support line from October 2022 signals the pair’s further decline. Further, the bearish MACD signals and downbeat RSI adds strength to the downside bias. Hence, the sellers...
Gold extends the early February fall towards two-month-old horizontal support near $1,825-23, despite posting the indecisive closing in the last week. The bearish bias also gains strength from the clear downside break of an ascending trend line from early November and the 50-DMA, as well as the bearish MACD signals. However, the nearly oversold RSI (14) hints at...
GBPUSD holds onto the recovery from an early February rebound from a three-month-old ascending support line, staying beyond the 100-day EMA to lure more bids. Adding strength to the upside bias is the upward-sloping RSI (14) line and the recently upbeat MACD signals. However, the previous support from early November, near 1.2265, acts as an immediate hurdle to...
Be it sustained trading below the 3.5-month-old ascending trend line or the bearish MACD signals and downbeat RSI (14), not oversold, the EURUSD pair has it all to lure bears as first readings of Eurozone Q4 GDP and US CPI for January loom. Even so, the pair’s latest run-up beyond the 50-DMA hurdle seems to challenge the bears. That said, the quote’s fresh selling...
EURUSD fades bounce off the 10-week-old ascending support line as the weekly resistance line and the 200-SMA challenge buyers. Adding strength to the downside bias are the bearish MACD signals and downbeat RSI (14). As a result, the quote is likely to return to the bear’s table after a four-month absence. That said, a downside break of the stated support line,...
Better-than-expected US growth numbers triggered the much-awaited pullback in the EURUSD prices from the eight-month high. The retreat, however, stays inside a two-month-long ascending trend channel, which in turn suggests less incentive for the bears. Even so, the previous weekly low surrounding 1.0765 and December’s peak of 1.0736 could lure short-term sellers....
Well for starters - yesterday's bullish call didnt go that well. NSE:BANKNIFTY ended 0.21% lower. Luckily its only down 37 odd pts because at 13.35 we were 595pts ~ 1.41% from the HOD.
If you had read by bullish call before that - you would have thought i am crazy.
From an expiry trading perspective today proved to be an ideal day for traders both bulls & bears,...
EURUSD grinds higher around the seven-month top inside a rising megaphone chart pattern on the daily formation. In addition to the bullish chart pattern, the upbeat RSI and bullish MACD signals also keep buyers hopeful. That said, May 2022’s peak surrounding 1.0786 and 1.0800 are likely immediate targets for the bulls. However, the 78.6% Fibonacci retracement...
Gold buyers struggle with an 11-month-old horizontal resistance, despite crossing an upward-sloping resistance line stretched from early October 2022. The upside momentum also finds hindrances from the nearly overbought RSI line. However, a looming golden cross, a condition when 50-DMA pierces the 200-DMA from above, joins the metal’s sustained trading above the...
Gold retreats from a weekly horizontal resistance that’s near a top-end of an upward-sloping trend channel stretched since mid-November. Not only the stated channel’s upper line but RSI pullback and looming bear cross on the MACD also suggest that the gold buyers are running out of steam. As a result, a pullback towards the stated bullish channel’s support, near...
USDCAD portrays a bearish triangle formation after multiple rejections from the 1.3700 threshold. The sellers, however, await a clear downside break of the stated formation’s support, near 1.3590 by the press time, as well as the Bank of Canada inflation data. A clear break of the stated 1.3590 support, backed by upbeat BOC CPI, could quickly drag the quote to the...
Downbeat US inflation data propelled the EURUSD pair to the highest levels since June on Tuesday. However, the upper line of the one-month-old bullish channel, currently around 1.0670, probed the pair buyers at the multi-day top. Also challenging the Euro bulls is the overbought RSI conditions suggesting a pullback in prices. As a result, an upward-sloping trend...
USDCAD grabbed the bull’s attention ever since it crossed a two-month-old descending resistance line, now support around 1.3500. The upside bias also takes clues from the firmer RSI and MACD. However, the 61.8% Fibonacci retracement level of the pair’s October-November downside, near 1.3695, appears a tough nut to crack for buyers. Also acting as an upside filter...
EURUSD is likely to end the two-week-old winning streak as traders brace for key consumer-centric data from the US. However, an ascending trend channel from November 15 portrays the short-term bullish bias of traders. That said, the monthly high surrounding 1.0600 and the stated channel’s top near 1.0620 limits the quote’s immediate advances. In a case where the...
GBPUSD posted the biggest monthly gains since mid-2020 in November. However, the latest bullish trajectory appears doubtful as the pair stays beneath a one-month-old previous support line. That said, the 50-SMA restricts the pair’s immediate downside near 1.1985. Following that, the 100-SMA level surrounding 1.1860 could act as the last defense of the pair buyers...
