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Recession

EURUSD widened doors for bears ahead of FOMC MinutesEURUSD dropped to the lowest levels since late 2020 on breaking the two-month-old horizontal support area near 1.0360-50, before the latest dribbling around 20-year low. The downside also conquered the 61.8% FE of March-May moves while extending the south-run inside a four-month-long bearish channel. With this, the sellers keep reins ahead of the Fed Minutes and the US ISM Services PMI for June, both of which are likely to exert downside pressure on the quote. Hence, the major currency pair is likely to extend the fall toward testing the 78.6% Fibonacci Expansion (FE) level near 1.0140. In a case where the oversold RSI fails to trigger a rebound around 1.0140, the odds of witnessing the 1.0000 psychological magnet back to the chart can’t be ruled out. The 1.0000 figures also coincide with the aforementioned channel’s support line. Meanwhile, corrective pullback needs to stay beyond 1.0360 support-turned-resistance to gain the market’s confidence. Even so, the 1.0480 and upper line of the stated channel, close to 1.0540, will be crucial hurdles for the EURUSD bulls to cross before taking back control. During the quote’s run-up beyond 1.0540, late June’s swing high near 1.0615 and the previous monthly top surrounding 1.0785 could gain the market’s attention. To sum up, EURUSD stays on the bear’s radar ahead of important data/events. Even if the scheduled catalysts disappoint sellers, the recovery moves are likely to have a bumpy road ahead.
by MTradingGlobal
EURUSD opened the door for sellers ahead of ECB ForumNot only a sustained trading below the 200-EMA but a clear downside break of the short-term ascending triangle also keeps EURUSD bears hopeful as traders await major central bankers’ debate at the ECB Forum. That said, 1.0460 appears the immediate support for the pair sellers to aim for ahead of looking at the yearly low surrounding 1.0350. During the fall, the 1.0400 round figure may offer an intermediate halt. Meanwhile, a fortnight-old triangle’s support line, now resistance around 1.0560, restricts the short-term rebound of the EURUSD pair. Following that, the 200-EMA surrounding 1.0600 and the triangle’s upper line near 1.0620 could challenge the buyers before giving them control. Should the quote manage to remain firm past 1.0620, the upside momentum could then target the 1.0700 psychological magnet before the monthly peak of 1.0773. Overall, EURUSD has already flashed bearish signals ahead of the week’s key event, which in turn makes it comfortable for sellers. However, the recession may probe policymakers from the ECB, BOE and the Fed, making it important to be cautious before taking big positions ahead of the event.
by MTradingGlobal
Gold sellers brace for big data, central bankers above $1,800Gold remains inside a two-week-old symmetrical triangle but the bulls seem running out of steam of late. That said, the stated triangle’s bottom line and an upward sloping trend line support from May, respectively around $1,822 and $1,812, could challenge the metal’s short-term downside. Also acting as a downside filter is the 78.6% Fibonacci retracement of the May-June upside, close to $1,805. In a case where the gold prices drop below $1,805, the odds of witnessing a south-run towards the yearly low near $1,786 can’t be ruled out. On the contrary, the resistance line of the triangle, near $1,840, guards the short-term recovery of the precious metal. Should the bulls manage to cross the $1,840 hurdle, the 23.6% Fibonacci retracement level near $1,858 could test the upside momentum before highlighting the monthly high, around $1,880. It’s worth noting that the late 2021 peak also increases the strength of the $1,880 hurdle. Overall, gold prices are likely to witness a gradual downside unless crossing the $1,880 key resistance. However, multiple important statistics and central bankers’ speeches could offer a surprise. Hence, gold bear’s discretion is required during the week.
OANDA:XAUUSD
by MTradingGlobal
EURUSD stays on the way to sub-1.0300 regionEURUSD again bounces off the monthly low as sellers flirt with a horizontal area surrounding multiple levels marked since April. That being said, RSI and MACD back the major currency pair’s mid-week retreat, which in turn hints at the break of the immediate support zone near 1.0490-80. The following downturn could aim for the yearly low close to 1.0350 before allowing a chance for the bears to breathe. In a case where the quote fails to rebound from 1.0350, the odds of witnessing an extended south-run towards the 61.8% Fibonacci Expansion (FE) of late March-May move, around 1.0265, will be in focus. On the contrary, a 21-DMA and 50-DMA confluence of 1.0610 appears to be a tough nut to crack for the bulls. Even if the EURUSD rises past 1.0610, a downward sloping resistance line from March, close to 1.0620, could act as an extra filter to the north before giving control to the bulls. Following that, a run-up towards the monthly high of 1.0773 can’t be ruled out. However, May’s peak near 1.0785 could challenge the pair’s upside moves afterward. Overall, EURUSD has more downside scope than the otherwise but the US dollar’s dormancy probes bears.
by MTradingGlobal
Gold retreats towards $1,805 as bears await Fed’s PowellGold fades bounce off monthly horizontal support ahead of Fed Chair Jerome Powell’s key testimony. That said, gradually declining RSI (14) and bearish MACD signals add strength to the downside bias. Should the gold sellers manage to conquer the aforementioned support around $1,805, a downward trajectory towards the yearly low of $1,786 appears imminent. However, the metal’s weakness past $1,786 could make it vulnerable to testing the 61.8% Fibonacci Expansion (FE) of April-June moves, around $1,748. Meanwhile, recovery moves need a successful break of the 100-day EMA level of $1,868 to convince gold bulls. Following that, the $1,900 threshold acts as a validation point before directing the run-up towards the 61.8% Fibonacci retracement (Fibo.) of April-May fall, near $1,917. It’s worth noting that gold’s upside past $1,917 enables the buyers to aim for April’s peak surrounding the $2,000 psychological magnet. To sum up, gold is set for further downside but Fed Chair Powell need not spoil the mood by taming the hawkish hopes of the US central bank.
OANDA:XAUUSD
by MTradingGlobal
A few gaps down but looks like we have more upside to go first.I think that we have more up to go for in the coming days/weeks and to extend a bit following the Q1 earning call on 29/04 however all these gaps down could see a closing in the coming months with the Q2 numbers and the depression hitting for a second wave. Let's be realistic, printing money won't play the part for much longer, bankruptcies everywhere are incoming and we aren't going back to normal for a year or two at least. Time to get ride of all these toxic companies.
NASDAQ:TSLALong
by Nooblade
$TSLA: 3 gaps up and 2 gaps down (3rd unlikely)With great numbers published for Q1 deliveries and potential an online-only but still maintained battery day in April (20th) just before the Q1 earnings call, we could see the stock rise despite the global pandemic and impact on the market to close the 3 gaps up before going down again as Q2 numbers will be hugely impacted by the shutdown/lockdown. I dont think that Tesla will be impacted that much by the depression as people able to buy such expensive cars or their solar roof will be the least impacted by it. Also buying a Tesla and/or equiping your house with Solar is a smarter move when you look at buying a car for 5-7 years or if you want to be independent from the grid to not be impacted by blackouts that will increase everywhere in the coming years (especially in the USA with their infrastructure).
NASDAQ:TSLALong
by Nooblade
Bank Nifty Trading Strategy for 2nd Mar'2020.The first sign of reversal above 29612, the trend will change to positive above 30,208. Last line of supports:- Support:- 28,872 / 27,989 ## Monthly Resistance:- 31,467, 31650-31750 / 31905 (23.6% retracement of 32613 & 29612). ## Weekly/ Resistance / Supply Zone :- 31,113-31,183 ## Weekly/Resistance / Supply Zone :- 30946-31010 ## Weekly/ Resistance / Supply Zone :- 30521-31630 ## ** Monthly Resistance / Supply Zone 29,994-30,208 ## PIVOT:- 30,051-29,950. ## ** Monthly Resistance / Supply Zone 29,587-29,612. There are two types of trades:- Range Trading and Breakout Trade. 1. Range Trade:- Buy/SELL in above or below Pivot Zone & GREEN Zones, SL is zone lower point, T 100 to 300 points/resistance zone. 2. Breakout Trade:- Once a pivot/zone is broken, keep SL as lower / upper end of the zone for next zone as the target or target 100 -300 points.
NSE:BANKNIFTYShort
by subhagghosh
Dow Jones | DJi | negative signs | have a distanceOn the last Friday, DJI has tanked almost 2%. after the 2008 recession, this is the first time we are observing a heavy pressure. World markets are also showing negative numbers. no one will tell you to have a distance from the market, because they will short on your positions. In the market, everyone wants the profits. be aware, you will make money if you learn not to lose money. they will start pramotions about recession when they want to give panic to all and have big profits. if you are holding solid companies then not to worry. 2019 can be 'no profits' year but it will be a good opportunity to add more.
DJ:DJIEducation
by harshit777