EURUSD’s break of a six-month-old ascending support line, as well as poking of the 200-day EMA, set the tone for the major currency pair’s additional weakness as markets await the Eurozone inflation and US employment numbers. Adding strength to the downside bias are the bearish MACD signals. However, the RSI (14) is nearly oversold and hence suggests...
AUDUSD remains on the bear’s side after breaking the key support line in the last week. The nearly oversold RSI, however, allowed the quote to consolidate in the last few days while the bearish MACD signals keep sellers hopeful. Hence, the Aussie pair remains vulnerable to testing an eight-month-old horizontal support zone surrounding 0.6380 while any further...
Gold braces for the third consecutive weekly loss as it challenges a six-month-old bullish trend channel formation. That said, bearish MACD signals join a three-week-old descending resistance line to keep XAUUSD sellers hopeful, the nearly oversold RSI conditions and the key support near $1,928 stop bears from taking control. As a result, the metal’s further...
Gold price eyes the first weekly loss in three as it retreats inside a 15-week-old rising wedge. However, the 21-day EMA adds strength to the $2,008 support, a break of which will confirm the bearish chart pattern suggesting a theoretical fall toward $1,750. That said, the $2,000 psychological magnet will precede the multiple lows marked near $1,970 and February’s...
After multiple failures to cross the 1.1100 hurdle, EURUSD broke a five-week-old ascending support line as US Consumer Price Index (CPI) for April looms. The major currency pair’s bearish signal also gains support from the downbeat MACD and RSI conditions. However, the 50-DMA and 100-DMA levels, respectively near 1.0850 and 1.0785, can check the Euro bears before...
AUDUSD remains firmer inside an 11-week-old trading range, poking the 100-DMA hurdle of 0.6790 of late. Apart from the 100-DMA, the stated range’s top line, close to 0.6810, also challenges the Aussie pair buyers. It’s worth noting, however, that the RSI conditions approach the overbought territory and hence the 0.6810 hurdle appears crucial for bulls to cross to...
USDJPY marked the first negative weekly close in four despite Friday’s gains. Following that, the Yen pair remains inside an ascending triangle bearish chart formation comprising multiple levels marked since early December 2022. That said, the RSI and MACD conditions also signal a continuation of the recent rebound within the stated triangle. With this, the top...
Repeated attempts to mark a downside break of the HKEX:1 ,980-79 support confluence comprising a fortnight-old symmetrical triangle, as well as the 200-SMA, keep Gold bears hopeful of posting a third weekly loss in a row. However, a six-week-long horizontal support zone around HKEX:1 ,935 appears a tough nut to crack for the XAUUSD sellers, especially amid the...
AUDUSD stays below the key support line stretched from the last October, after multiple rejections from the 100-DMA hurdle, as traders analyze Australian inflation data on Wednesday. With a clear break of important previous support joining downbeat RSI and bearish MACD signals, the Aussie pair has a further downside to track. The same highlights the 61.8%...
Gold price grinds lower between a three-month-old ascending resistance line and an upward-sloping trend line from late March. That said, the quote recently bounced off a convergence of the 21-day EMA and an upward-sloping support line from March 22, close to HKEX:1 ,980, which in turn suggests the commodity’s further recovery towards the HKEX:2 ,020 immediate...
FIRST THE TECHNICAL VIEW Attached: Nifty IT Index Weekly Chart as of 13th April 2023 In the Chart above, I have mapped out the Potential Elliot Wave Count to play out over the coming Months: - Price has fallen in 3 Waves which is our Larger A Wave - Then Price did a Corrective bounce in an ABCDE structure making up our Larger B Wave - And now the Larger C Wave...
Gold price seesaws near the highest levels since March 2022 inside a one-month-old bullish channel. The bullion recently makes rounds to the upper line of the stated bullish formation amid overbought RSI (14), which in turn suggests that the buyers are running out of steam and a pullback is in the offing. The same highlights the 61.8% Fibonacci Expansion (FE)...
EURUSD bulls struggle at an 11-week-high as an upward-sloping trend line resistance challenges the major currency pair’s further upside around the 1.1000 psychological magnet. Adding strength to the stated resistance is the overbought RSI conditions. Even if the quote manages to cross the 1.1000 hurdle, the YTD high marked in February around 1.1035 could act as an...
Be it a clear downside break of the 10-week-old ascending trend line or sustained trading below the 200-SMA, not to forget the latest fall below one-week-long rising trend line, USDCAD has it all to keep its place on the bear’s radar. The quote’s further downside, however, hinges on the Bank of Canada (BoC) monetary policy decision and the US Consumer Price Index...
Be it a clear rejection of a one-month-old bullish channel or sustained trading below the key SMAs, not to forget dovish RBA, AUDUSD has it all to convince bears. That said, the Aussie pair currently recovers towards the stated channel’s top line around 0.6685. Even if the quote crosses the stated upside hurdle, a convergence of the 100-SMA and 200-SMA, close to...
USDJPY reverses the early-month losses by keeping the bounce off a nine-week-old ascending support line. That said, the RSI and MACD oscillators also suggest the gradual building of upside momentum. However, a downward sloping resistance line from early March, around 132.65-70, followed by the 200-SMA level of 133.80, appears short-term key hurdles to challenge...
USDJPY marked the first weekly gain in five while luring bulls to cross the 100-bar Exponential Moving Average (EMA). The upward trajectory could also be witnessed by a one-week-long ascending trend channel, as well as a successful break of a downward-sloping trend line from early March. The RSI retreat, however, challenges the Yen pair buyers of late. That said,...
EURUSD braces for the biggest weekly gains since early January even as it eases from a 2.5-month-old horizontal resistance area surrounding 1.0930 ahead of this week’s top-tier data, namely the Eurozone and US inflation clues. That said, a fortnight-long ascending support line joins firmer oscillators to keep Euro pair buyers hopeful of crossing the critical...