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EURUSD stays pressured toward 1.0600 amid risk-aversionEURUSD extends the previous day’s pullback from a four-month-old support-turned-resistance as sour sentiment underpins the US Dollar demand early Friday. In doing so, the Euro pair takes clues from the bearish MACD signals while paying little attention to the RSI (14) line suggesting a weak support for the current momentum. With this, the quote appears well set to revisit the latest trough surrounding the 1.0600. However, the 78.6% Fibonacci retracement of the pair’s October-December upside, near 1.0595, will join the downbeat RSI conditions to challenge the bears afterward. Should the sellers keep the reins past 1.0595, 1.0520 and 1.0495 may act as intermediate halts before directing the prices toward the previous yearly bottom surrounding 1.0450. Meanwhile, the aforementioned previous support line from December 2023, close to 1.0675, guards the immediate recovery of the EURUSD pair ahead of the 10-day Exponential Moving Average (EMA) level near 1.0690. In a case where the Euro pair rises past 1.0690, and also crosses the 1.0700 threshold, the early-month bottom around 1.0725 and 50% Fibonacci retracement level near 1.0800 will challenge the upside moves. Above all, the bull’s dominance needs validation from a convergence of the four-month-old resistance line and 38.2% Fibonacci retracement level, around 1.0880. To sum up, the EURUSD pair is likely to remain weak but the room toward the south appears limited.
by MTradingGlobal
16 Apr - BankNifty takes support, 47465 crucial for trend conti.BankNifty Analysis - Stance Bearish⬇️ BN managed to hold on to 47465 levels quite decently. All intraday straddlers would have had a decent day as there were no swings or whipsaws. We opened below the 47465 level but managed to close above it giving some hope to the Bulls. If we close above 47465 levels on the 18th, I might change my stance from bearish to neutral. For bearish continuation, we need strong downside momentum - agreed that we lost 288pts ~ 0.6% today, but not breaking the support level is considered a negation of the trend. In the higher time frame, this is more obvious. See the closing 63mts candle, it is strong green with the lower part of the body right at the 47465 level. The next move would be more based on news than technical analysis, so it would even make sense to keep a close eye on macros like Iran-Israel conflict. --- BN algos ended the day with a profit of 26757, again exited prematurely in the opening 30mts itself as the time condition of the profits were met.
NSE:BANKNIFTYShort
by viswaram
EURUSD beginning a bullish channel since November 2019Good macros from European countries make the EURUSD follow a book bullish trend at the same time that Fed is trying to keep up its repo balance sheet and dollar is weakening against major currencies (refer to DXY where it has broken second support). The fact that Iran looks like is going to retaliate any moment from now does not give a positive scenario to markets and even though it was the US who issued the order to kill General Qasem Soleimani, a hard response from Iran (until now it has only withdrawn from the nuclear agreement) would mean an appreciation of the dollar currency as it is considered as the safe heaven. Other currencies, despite their good macros would tumble. As this is the worst case scenario, EURUSD contemplates this possibility and does not react as expected towards good macros from European countries. Besides, today's US's ISM Non-Manufacturing PMI and Factory Orders (MoM) were better than expected which gives wings to the greenback. My position would be: Start a bullish position in EURUSD at 1.1118, bearing the risk it can go further below at 1.1101 maximum and close at 1.1245, bearing the possible missed opportunity at 1.1260.
Long
by alexinve