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USDJPY bears brace for 136.00A clear downside break of the 100-DMA, as well as a daily closing below July’s peak, keeps USDJPY sellers hopeful. However, a convergence of the 61.8% Fibonacci retracement level of the May-October upside and an upward-sloping support line from May 24, around 136.00, appears a tough nut to crack for the bears. Following that, a slump toward the 200-DMA support of 132.70 can’t be ruled out. However, an area comprising multiple levels marked since late April, around 131.25-50, could challenge the pair’s further downside. Alternatively, recovery moves need to stay beyond the 100-DMA support level surrounding 140.75-80 to trigger short-term corrective buying. Even so, 38.2% and 23.6% Fibonacci retracements, close to 142.20 and 145.90 in that order, could challenge the USDJPY buyers. In a case where the pair remains firmer past the 146.00 round figure, the odds of witnessing a run-up targeting the fresh 24-year high, currently around 152.00, can’t be ruled out. Overall, USDJPY sellers hold control but the downside room appears limited.
by MTradingGlobal
USDCAD bears are far from taking control USDCAD posted the biggest daily slump in six years on Friday and pushed back the bulls. The bears, however, have a long way to cover before taking control as a 15-month-old rising trend line, around 1.3330 by the press time, defends the upside expectations. Even if the quote breaks the said key support, the 61.8% Fibonacci retracement of August-October upside, near 1.3200, appears the last defense of the buyers before finally welcoming the sellers. Alternatively, recovery moves need successful trading beyond 1.3500 to convince the USDCAD buyers. Even so, the 23.6% Fibonacci retracement level and the monthly high, respectively around 1.3680 and 1.3810, could challenge the upside momentum. Following that, multiple hurdles near 1.3840-50 will precede the yearly top surrounding 1.3980 to probe the bulls. If the pair rises past 1.3980, the 1.4000 psychological magnet and the 61.8% Fibonacci Expansion (FE) of September-October moves, close to 1.4135, should be in the spotlight. Overall, USDCAD may witness a bit of corrective due to the 50-DMA break but the downtrend is far from here.
by MTradingGlobal
AUDUSD braces for recovery near YTD low, 0.6365 is crucialAUDUSD rebounds inside a three-week-old falling wedge bullish chart formation and it becomes more important for the short-term buyer’s return as the quote is around the 2.5-year low. It should, however, be noted that only an upside break of 0.6290 hurdle won’t be enough to convince bulls as a horizontal area surrounding 0.6345-65 appears a tough nut to crack for them before retaking control. Also asking as the upside filter is another horizontal zone from September 26, close to 0.6540, as well as the 200-SMA near 0.6580. Meanwhile, pullback moves remain elusive beyond the stated wedge’s support, near 0.6180 by the press time, breaking which the yearly low near 0.6170 could act as the validation point for the AUDUSD pair’s further weakness. During the pair’s weakness past 0.6170, the 0.6000 psychological magnet will be on the bear’s radar ahead of April 2020 low near 0.5980. Overall, AUDUSD bears are running out of steam and can trigger a short-term rebound. It’s worth noting, however, that the bulls have a long and bumpy way to ride.
by MTradingGlobal
AUDUSD bears again aim for sub-0.6400 areaAUDUSD fails to extend the previous day’s corrective bounce off the two-year low as a 12-day-old resistance line joins the 61.8% Fibonacci Expansion (FE) of April-August moves, around 0.6530, to recall the bears. The nearly oversold RSI conditions, however, challenge the pullback moves, which in turn suggest limited downside and highlight the 78.6% FE level near 0.6365. In a case where the pair declines below 0.6365, the 0.6300 and the 0.6200 thresholds may please the bears before directing them to the 100% FE level near 0.6150. Alternatively, recovery moves must stay successfully beyond the 0.6530 resistance confluence to aim for the 2.5-month-old hurdle, around 0.6680-85. Following that, the monthly high near 0.6915 and a downward sloping resistance line from early June, close to 0.7020, will be in focus. Overall, AUDUSD is up for further downside but the room to the south appears limited.
by MTradingGlobal
AUDUSD rebound remains unreal below 0.6780Despite falling heavily after the US inflation, the AUDUSD bounced off a two-month-old support line as nearly oversold RSI pushed back the bears. The recovery, however, remains below a two-week-old horizontal hurdle surrounding 0.6770-80, which in turn joins bearish MACD signals to challenge the optimists. If the Aussie pair crosses the 0.6780 hurdle, it can quickly run up towards the 61.8% Fibonacci retracement level of July-August upside, around 0.6855. Following that, a convergence of the 200-SMA and a downward sloping resistance line from mid-August, close to 0.6910, appears a tough nut to crack for the bulls. Meanwhile, a clear downside below the aforementioned two-month-long support line, at 0.6700 by the press time, won’t hesitate to challenge the yearly low marked in July at around 0.6680. During the AUDUSD pair’s weakness past 0.6680, the RSI might have turned oversold and could challenge the bears. Also acting as a downside filter is the 61.8% Fibonacci Expansion (FE) of the August 11 to September 13 moves, close to 0.6645. In a case where the quote drops below 0.6645, the odds of witnessing the 0.6600 threshold on the chart can’t be ruled out. Overall, AUDUSD is likely to remain on the bear’s radar but the downside room is limited, which suggests further grinding of the pair ahead of next week’s FOMC.
by MTradingGlobal
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USDJPY renews 24-year high with eyes on 141.60USDJPY prints a three-week run-up as it pierces the previous multi-day top to print the highest levels since 1998. Considering the RSI (14) uptrend, not overbought, as well as the bullish MACD signals, the quote is likely to approach the 140.00 threshold. It should be noted that the RSI could turn overbought at that level, given the minor space available, which in turn might trigger a short-term pullback before further advances. In a case where the prices keep rallying past 140.00, the 61.8% Fibonacci Expansion (FE) of the pair’s late March to early August moves, near 141.60, could gain the market’s attention. On the contrary, a three-week-long ascending support line near 137.75 restricts the pullback of the USDJPY pair, a break of which could highlight the 50-DMA support level surrounding 135.90. If at all the pair drops below the 135.90 DMA support, an upward sloping support line from late May, near 132.10, will be the last defense of the bears before directing them to the 130.00 psychological magnet. Overall, USDJPY buyers have some spare capacity to renew the yearly peak. However, the upside room is limited considering the RSI conditions.
by MTradingGlobal
AUDUSD bears keep reins with eyes on 0.6800AUDUSD broke a one-month-old bullish channel after witnessing a downbeat Aussie Wage Price Index. The south-run also gained support from the softer jobs report for July. Even so, a convergence of the 200-SMA and 50% Fibonacci retracement of the July-August upside, near 0.6900, restricts the immediate downside of the pair. It’s worth noting, however, that the RSI (14) is near the oversold territory and suggests limited declines before the bounce. Should the quote breaks the 0.6900 round figure, the monthly bottom surrounding 0.6870 and the 61.8% Fibonacci retracement level near 0.6850 could entertain the bears before directing them to the mid-July swing high close to 0.6800. Meanwhile, corrective pullback needs to cross the stated channel’s support line, around 0.6970 by the press time, to convince the buyers. Following that, the weekly resistance line near the 0.7000 threshold could try stopping the upside moves. In a case where AUDUSD bulls cross the 0.7000 hurdle, the month-start peak around 0.7050 might become the last defense of bears before directing the prices towards the monthly high of 0.7136. Overall, AUDUSD has signaled a bearish trajectory after the downbeat employment numbers and is ready to reverse the bounce off the yearly low marked during July.
by MTradingGlobal
Gold buyers brace for $1,840 ahead of US CPIGold remains firmer around one-month high, staying successfully above the $1,787-88 confluence comprising the 50-DMA and a five-month-old descending trend line. The same joined firmer RSI and bullish MACD signals to keep buyers hopeful of further upside. However, the $1,800 threshold could challenge the upside momentum before directing the bulls towards the convergence of the 100-DMA and the 200-DMA near $1,840. Following that, a north-run towards the 50% Fibonacci retracement of the March-July downturn, near $1,877, can’t be ruled out. Alternatively, pullback moves remain elusive until the quote stays beyond $1,787, a break of which could direct the gold prices towards the previous weekly low near $1,754. In a case where gold bears keep reins past $1,754, the odds of witnessing a south-run towards $1,740 and $1,710 can’t be ruled out. If at all the bullion fails to improve from $1,710, the $1,700 round figure could act as the last defense of gold buyers ahead of highlighting the yearly low of $1,680 to the traders. Overall, gold signaled further upside ahead of the key US Consumer Price Index (CPI) data for July. However, the outcome of the inflation report is awaited for clear directions.
OANDA:XAUUSD
by MTradingGlobal
AUDUSD keeps door open for bears targeting 0.6800Despite the recent rebound, AUDUSD holds onto the downside break of fortnight-old support amid an absence of oversold RSI, which in turn hints at the pair’s likely to rush towards refreshing yearly low. However, the latest bottoms surrounding 0.6850 and 0.6830 may act as intermediate halts during the fall. That said, the 61.8% Fibonacci Expansion (FE) of June 03-16, at 0.6800, will be in the spotlight. In a case where the quote remains bearish past 0.6800, the late 2018 lows near 0.6745 could become a buffer before directing the bears towards the 2019 trough close to 0.6670. Meanwhile, the corrective pullback may poke the support-turned-resistance line from mid-June, at 0.6900 by the press time, a break of which could escalate the recovery towards the weekly resistance line close to 0.6955. It should be noted, however, that the 100-SMA and the 200-SMA, respectively near 0.6990 and 0.7035, could challenge the AUDUSD bulls afterward. Should the prices rally beyond 0.7035, the June 16 peak of 0.7069 might act as the last defense for bears. To sum up, AUDUSD has already flashed a bearish signal to refresh yearly lows, mainly due to its risk-barometer status.
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
AUDUSD funnels down to a weekly triangle breakout AUDUSD gyrates inside the one-week-old symmetrical triangle after the RBA Minutes and Governor Philip Lowe’s speech. Given the RBA’s hawkish bias and recently firmer RSI, the Aussie pair is likely to cross the stated triangle to the upside, which in turn highlights 0.7015 as immediate resistance. However, the 200-SMA level surrounding 0.7065, as well as the early June swing low near 0.7140, will act as important hurdles afterward. Should the quote manage to stay firmer past 0.7140, an upside towards the 0.7200 threshold and then to the 0.7230 resistance level can’t be ruled out. Meanwhile, AUDUSD bears await a clear downside break of the aforementioned triangle’s lower line, around 0.6920 by the press time. Following that, the monthly low near 0.6850 and May’s bottom of 0.6828 could gain the seller’s attention. In a case where the quote drops below 0.6828, the downside momentum may aim for late 2019 lows close to 0.6680-75. Overall, the AUDUSD eyes to consolidate the previous two-week downtrend but a clear break of the 0.7015 support is necessary for the pair’s advances.
by MTradingGlobal
EURUSD stays on the way to mid-1.3000sEURUSD holds onto its bearish bias, despite bouncing off an immediate support line. That said, a sustained trading below the 200-SMA and previous support line from late May keeps bears hopeful of breaking the nearby trend line support, around 1.0450. Following that, multiple levels surrounding 1.0400 could test the downside momentum before directing the quote towards the previous monthly low near 1.0350, also the lowest level since 2017. In a case where the pair refreshes its yearly bottom, the year 2017’s trough close to 1.0340 could act as the last defense of the bulls. On the upside, further recovery may eye 50% Fibonacci retracement (Fibo.) of May 13-30 upside, near 1.0570. However, a convergence of the 200-SMA and the descending trend line from May 25 around 1.0600 appears a tough nut to crack for the EURUSD buyers. Even if the quote successfully crosses the 1.0600 hurdle, the June-start low around 1.0630 will be a crucial challenge for the bulls before retaking the control. Overall, EURUSD stays on the bear’s radar even after teasing a double-bottom bullish chart pattern.
Short
by MTradingGlobal
USDJPY has limited downside room, BOJ, Fed’s Powell in focusA clear downside break of the fortnight-old support line, favored USDJPY bears in the last few days. However, a convergence of the 100-EMA and 38.2% Fibonacci retracement of May 24 to June 14 upside, around 132.00, seemed to have triggered the latest rebound. Also acting as short-term key support is a horizontal area comprising tops marked during late April and early May, surrounding 131.25-35. As the RSI (14) bounces off oversold territory, the aforementioned supports could form the pair’s bottom as traders await Bank of Japan (BOJ) monetary policy meeting results and a speech from Fed Chairman Jerome Powell. Should the quote drop below 131.25, the 61.8% Fibo. level near 129.80 might return to the charts. Meanwhile, a confluence of the 50-EMA and 23.6% Fibonacci retracement level, close to 133.40, guards the immediate upside. Following that, the support-turned-resistance from early June and the latest peak could challenge the USDJPY buyers around 135.60. If at all the quote rises past 135.60, the late 1998swing highs near 137.30 and 138.30 could probe the bulls before directing them to the 140.00 psychological magnet. On the fundamental side, the BOJ isn’t expected to announce any major changes to its monetary policies, which in turn makes the event less important than Powell’s speech. Though, the current environment of central banks providing hawkish surprises might push the traditional dove, which in turn can entertain USDJPY traders.
by MTradingGlobal
AUDUSD teases bears ahead of RBA’s rate hikeAfter failing to cross the 200-day EMA, AUDUSD broke a three-week-old support line and the 50-day EMA as traders await the Reserve Bank of Australia’s (RBA) second rate hike of 2022. Given the steady RSI and recently bullish MACD signals, the quote is likely to rebound towards the 200-day EMA hurdle surrounding 0.7270. However, a clear run-up beyond the previous support line, near 0.7240 by the press time, becomes necessary to recall the pair buyers. The follow-on advances past 0.7270 could aim for a 61.8% Fibonacci retracement of April-May, around 0.7345. Should the pair manage to stay firmer past 0.7345, the odds of witnessing a rally towards late April swing high near 0.7460 can’t be ruled out. Alternatively, a clear downside break of the 50-day EMA level surrounding 0.7170 won’t hesitate to break the 0.7100 threshold while seeking a retest of the 23.6% Fibonacci retracement level of 0.7025. Following that, 0.6945 could act as the last defense for buyers before directing the sellers towards the yearly low near 0.6830. Overall, AUDUSD bulls appear to run out of steam as traders await the RBA’s rate increase. Given the widely priced-in move, bears could search for any hints of no more rate lifts to retake control.
by MTradingGlobal
EURUSD bulls need validation from 21-DMA to retake controlsEURUSD’s corrective pullback remains below 21-DMA, as well as a two-week-old ascending trend line, suggesting a further downside towards the lower end of the latest range between 1.1120 and 1.0900. However, the 23.6% Fibonacci retracement (Fibo.) of February-March downside acts as an intermediate halt around 1.0980. While the bearish MACD and downward sloping RSI favor the bears of late, the prices have little room on the downside before the RSI turns oversold. As a result, the 1.0900 support is likely acting as a trigger for fresh buying, if not then the quote’s south-run towards the monthly low near 1.0800 can’t be ruled out. Meanwhile, the 21-DMA level surrounding 1.1035 guards the quote’s short-term rebound ahead of the previous support line from early March, near 1.1045-50 at the latest. In a case where the EURUSD prices rally beyond 1.1050, the upper end of the aforementioned trading range, close to 1.1120, will lure the bulls. It should be noted, however, that the pair’s successful break of 1.1120 will enable the buyers to challenge the 50-DMA level surrounding 1.1200. Overall, EURUSD is likely to decline further but the south-run has a limited horizon to cover.
by MTradingGlobal
AUDUSD bulls running out of steam at five-month-old hurdleAUDUSD extends pullback from the 0.7430-40 horizontal area comprising multiple tops marked since October 2021. Given the recently steady RSI and the volatile MACD signals, not to forget Ukraine-led risk aversion and downbeat comments from RBA Governor Lowe, the upside momentum is likely to fade again. Even if the quote manages to cross the 0.7440 hurdle, the late October swing low surrounding 0.7455 will act as another hurdle to probe the buyers. It should be noted, however, that a successful rise past 0.7455 enables the quote to challenge the 2021 peak of 0.7554. Meanwhile, pullback moves may initially aim for the March 10 peak of 0.7366 before retesting the 61.8% Fibonacci retracement (Fibo.) of October 2021 to February 2022, close to 0.7325. Should the AUDUSD bears dominate past 0.7325, the 200-DMA surrounding the 0.7300 may challenge the further downside, a break of which will make the quote vulnerable to declines towards 0.7215-10 support confluence, including 100-DMA and ascending trend line from late January. To sum up, AUDUSD approaches a crucial hurdle to the north with fewer supportive catalysts.
Short
by MTradingGlobal
EURUSD bulls are at test inside fortnight-old triangleEURUSD braces for the first positive week in six, despite recently drop back to a two-week-long symmetrical triangle during early Friday. Given the bullish MACD signals and firmer RSI, the major currency pair is up for crossing the aforementioned triangle’s resistance line, near 1.1105. Even so, the 200-SMA and a seven-week-old horizontal area, respectively around 1.1200 and 1.1265-75, become tough nuts to crack for the bulls. Alternatively, pullback moves remain elusive beyond the 1.0960 level comprising the lower line of the aforementioned triangle and 23.6% Fibonacci retracement of February-March downside. Following that, the 1.0900 and the monthly bottom surrounding 1.0800 will challenge the EURUSD bears. It’s worth noting that the pair’s downside past 1.0800 will make it vulnerable to test the 61.8% Fibonacci Expansion (FE) of January-March moves, close to 1.0700. To sum up, EURUSD prices do gain upside momentum of late but the bulls have a long road to travel before taking control.
by MTradingGlobal
#StockMarket #StockIdeas #StocktoWatch #StockToBuy #positionalEntertainment Network After much correction, stocks seem moving now Uptrend; also volumes coming now Now again Stock testing its resistance zone of 220, seems will breakout this time Setup for only Risky players with tight SL Can buy above 220-230 levels for targets of 250/260/280 levels Keep SL of 200 on a closing basis. ---- Note: Above levels are for education purposes only Do your own analysis before taking any trade
NSE:ENILLong
by Jordan_n-
Gold refreshes multi-month high above $1,900 on Russia invasion Despite reversing from an eight-month high, gold prices recently crossed the stated key resistance, also rallied beyond June 2021 peak. Additionally, favoring gold buyers is the metal’s ability to stay above the previous double-tops, as well as a three-week-old support line, amid bullish MACD signals. However, the RSI pullback from the overbought territory may test the immediate rising trend line near $1,866, a break of which will highlight the $1879-77 region as the short-term buyer’s last defense. In a case where gold prices drop below $1,877, January’s peak of $1,853 will return to the chart but a convergence of the 100 and 200-DMA near $1,810 will be a tough nut to crack for the sellers afterward. Alternatively, tops marked in January 2021 and November 2020, respectively around $1,960 and $1,965, can lure the gold buyers before directing them to the $2,000 psychological magnet. Fundamentally, concerns of an imminent war between Russia and Ukraine join inflation woes to keep supporting the gold bulls. Though, firmer US Q4 GDP, second estimate, will propel 0.50% Fed-rate-hike concerns, which in turn can trigger short-term pullback of the precious metal.
OANDA:XAUUSD
by MTradingGlobal
AUDUSD eyes further gains on upbeat sentiment, Aussie employmentAUDUSD justifies its risk-barometer status, also backed by an upbeat Aussie jobs report for January, during Thursday. The Aussie pair stays above the 50-DMA amid upbeat RSI and MACD conditions, suggesting further advances. However, the 100-DMA and a downward sloping trend line from mid-November 2021, around 0.7240-45, becomes a tough nut to crack for the pair buyers. Should the quote manage to cross the 0.7245 hurdle, January’s peak of 0.7313 will test the upside momentum before confirming the bullish trend towards the late 2021 high surrounding 0.7555. Meanwhile, the 50-DMA level of 0.7170, the 0.7100 round figure and the weekly bottom of 0.7085 restrict the short-term downside of the AUDUSD pair. Following that, 0.7050 and December 2021 low near 0.6990 will question the bears before directing them to the last month’s trough close to 0.6965. It’s worth noting that the RSI conditions may turn oversold and trigger the pair’s bounce off 0.6965, failing to do so will make the quote vulnerable to drop towards June 2020 swing low close to 0.6775.
by MTradingGlobal