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AUDUSD bulls need validation from 0.6720 to keep the reinsAUDUSD bulls struggle to keep command at the highest level since January as a jump in the Aussie Unemployment Rate supersedes upbeat Employment Change data from the Pacific major and challenges the previous day’s run-up. That said, the risk-barometer pair marked the biggest daily rise in six months on Thursday after softer US inflation and Retail Sales numbers drowned the US Dollar. The Aussie pair’s upside also took clues from hopes about more stimulus from China. Technically, the upbeat RSI (14) and the bullish MACD signals join the AUDUSD pair’s upside break of a four-month-old horizontal resistance, now immediate support near 0.6645-40, to keep the buyers hopeful. However, a downward-sloping resistance line from early February 2023, near 0.6720 by the press time, challenges the quote’s immediate upside. Following that, the pair’s quick run-up toward the yearly high of 0.6839 and then to the late 2023 peak surrounding 0.6870 can’t be ruled out. Meanwhile, the March 2024 peak of near 0.6665 acts as immediate support for the pair traders to watch ahead of the aforementioned resistance-turned-support near 0.6645-40. It’s worth noting that a one-month-old rising support line of around 0.6610, quickly followed by the 0.6600 threshold, will act as the final defense of the AUDUSD buyers before giving control to the sellers. Overall, the AUDUSD pair remains on the bull’s radar but the pair’s further upside hinges on a daily closing beyond 0.6720.
by MTradingGlobal
USDJPY hovers around multi-year high as bulls run out of steamUSDJPY edges higher past 154.00 while making rounds to the 34-year top marked the previous day, mildly bid within a four-month-old rising trend channel early Tuesday. In doing so, Yen pair buyers take a breather at the multi-year high as the overbought RSI (14) line joins sluggish market conditions. It’s worth noting, however, that the bullish MACD signals and the quote’s sustained trading beyond a 6.5-month-old ascending resistance line, now support around 151.85, keep the bulls in the driver's seat. That said, the 61.8% Fibonacci Extension (FE) of the pair’s December-March moves and the 21-day Exponential Moving Average (EMA), respectively near 153.05 and 152.00, restrict the quote’s immediate downside. Following that, a two-month-old horizontal support zone near 150.90-80 and the aforementioned bullish channel’s support line, close to 149.60 at the latest, will act as the final defense of the pair buyers, a successful break of which could give control to the bears. Meanwhile, the 78.6% FE level surrounding 154.85 guards the immediate upside of the USDJPY pair ahead of the multi-month-old rising trend channel’s top line, near 155.20 as we write. It’s worth mentioning that the Yen pair’s sustained run-up beyond 155.20 will need validation from the June 1990 peak of 155.80 to keep the bulls in control. Following that, the pair’s gradual advances toward the 100% FE level of 157.15 can’t be ruled out. That said, the 156.00 and the 157.00 round figures will act as intermediate halts during the rise. Overall, the USDJPY pair buyers appear exhausted, suggesting a pullback in the prices, but the broadly bullish trend is likely to remain intact unless the quote breaks the 149.60 key support.
by MTradingGlobal
HINDCOPPER AnalysisAfter today's massive bloodbath, we've got HINDCOPPER on our radar for next 2-3 weeks. So the view after the bloodbath today, i.e. on 13th March 2024, the view is clear that we're looking for fundamentally strong companies that are available at cheaper valuations. We need to buy companies that are trading at a PE that is lower than the industry PE, that are running close to their Book Value, are not overvalued, both fundamentally and technically, and ofcourse we need to stay cautious in Small-Mid Cap segment. So here, we have HINDCOPPER. CMP- 234.90 Target- 275. (Ideally a zone, between 270-280) Stoploss- A little below our buy zone, at 225. Duration- 2-3 Weeks. Risk-Reward is a massive 1:4! It's really difficult to get such good trades in a crashing market like this. Let's pray for this to work Let me know what you think.
NSE:HINDCOPPERLong
by ArjitGarg
FASP levels for Nifty 13/03/2024The FASP for Nifty is listed for 13-03-2024. You can add this levels to your trade setup for better results. This should not be the only indicator but an additional tool to increase your winning possibilities. What is Fibolysis Anchor SupRes Points(FASP)? It is a unique level arrived by using Fibonacci Retracement , Fibonacci Extension , Standard Pivot levels under various Timeframes. It is an extensively analyzed level to draw the support and resistance levels for the next day. You can use these levels along with your trade setup to increase your winning odds. Validity of the levels: 1 Day How to use these levels? The three levels on both sides are usually easily achievable. The Targets above are bit difficult to achieve in a single trading session. I use this fact to write intraday positions and to buy options. Color Coding: Green is regular support and buying area, Red is strong exit area Disclaimer: This is shared in the interest of educational purpose and for knowledge enhancement. Kindly refer it in the same light. I am not responsible for any profits or loss incurred based on this information.
NSE:NIFTY
by SathishChandrasekaran
FASP levels for Bank Nifty 13/03/2024The FASP for BankNifty is listed for 13-03-2024. You can add this levels to your trade setup for better results. This should not be the only indicator but an additional tool to increase your winning possibilities. What is Fibolysis Anchor SupRes Points(FASP)? It is a unique level arrived by using Fibonacci Retracement , Fibonacci Extension , Standard Pivot levels under various Timeframes. It is an extensively analyzed level to draw the support and resistance levels for the next day. You can use these levels along with your trade setup to increase your winning odds. Validity of the levels: 1 Day How to use these levels? The three levels on both sides are usually easily achievable. The Targets above are bit difficult to achieve in a single trading session. I use this fact to write intraday positions and to buy options. Color Coding: Green is regular support and buying area, Red is strong exit area Disclaimer: This is shared in the interest of educational purpose and for knowledge enhancement. Kindly refer it in the same light. I am not responsible for any profits or loss incurred based on this information.
NSE:BANKNIFTY
by SathishChandrasekaran
GBPUSD bulls keep the reins despite latest inactionGBPUSD stays defensive above 200-SMA after posting the first weekly gain in four, making rounds to 1.2680 early Tuesday. In doing so, the Cable pair defends last week’s upside break of the key SMA support, around 1.2660 by the press time, while also edging higher past a one-week-old rising support line, close to 1.2645 at the latest. Not only the pair’s ability to stay beyond the key SMA and an immediate support line, but an absence of the trend-negative oscillators also keeps the Pound Sterling buyers hopeful. It’s worth noting, however, that the quote’s sustained trading beneath 1.2645 will defy the bullish bias and make it vulnerable to aim for the monthly low surrounding 1.2520. On the other hand, the 1.2700 round figure guards the immediate upside of the GBPUSD pair amid a lack of major data/events, as well as due to the cautious mood ahead of today’s US Durable Goods Orders. That said, the Cable buyers target a downward-sloping resistance line from late December 2023, near 1.2740 as we write. In a case where the Pound Sterling manages to stay firmer past 1.2740, the yearly high of near 1.2785 and the late 2023 peak of 1.2830 will test the upside momentum targeting the 1.3000 psychological magnet. To sum up, the GBPUSD pair’s latest performance appears less important for the bears as far as the price stays beyond the key SMA and the short-term support line.
by MTradingGlobal
AVTNPL: Monthly Breakout StockAVTNPL is a good company, and its fundamentals are good. A stock from Small cap, which can show a good upmove for next few months. One understand the chart properly to take your trades. Monthly Trendline Support Double Bottom Base creation Daily Timeframe Consolidation Breakout Now watch this ratio chart of AVTNPL and NIFTY 500. Three Major points to consider 1. Fibo 0.618 Support 2. Trendline Support 3. Double Bottom Creation How am i trading in this stock? I will start my trade by adding AVTNPL. My quantities will be less at start. My Stoploss will be 88 and Target will be 136. With Increasing strength, and stock moving upside i will keep adding with trailing SL. Trendline break and sustain will give me confidence to add more. I will keep updating to this chart. So do follow!
NSE:AVTNPLLong
by NikunjBangad
Gold again retreats from 200-SMA but bears need validationGold price fades bounce off a two-month-old rising support line, failing to cheer the US Dollar’s weakness, as the 200-SMA hurdle again challenges the metal buyers ahead of the second-tier employment clues from the US. Not only the 200-SMA resistance surrounding $2,040 and the pre-data anxiety, steady RSI and sluggish MACD signals also challenge the XAUUSD buyers. Even if the quote manages to cross the $2,040 upside hurdle, a five-week-long horizontal resistance zone of around $2,065 will be a tough nut to crack for the bullion buyers before retaking control. Following that, a run-up toward the late December 2023 peak of near $2,088 will be quick to witness on the chart. Meanwhile, an ascending support line from early December, close to $2,020 by the press time restricts the short-term downside of the Gold price. In a case where the XAUUSD remains bearish past $2,020, the mid-January swing low of near the $2,000 threshold will return to the charts. It’s worth noting, however, that the quote’s weakness past $2,000 makes it vulnerable to slump toward the two-month low of nearly $1,973 before challenging the November 2023 trough surrounding $1,930. Overall, Gold Price remains pressured on a short-term basis but the sellers need validation from technical and fundamental perspectives.
OANDA:XAUUSD
by MTradingGlobal
USDJPY stays pressured toward 141.00 on last trading day of 2023USDJPY fades the previous day’s corrective bounce off a five-month low amid sluggish markets on the final trading day of 2023. In doing so, the Yen pair extends the mid-week pullback from 200-SMA even as the oversold RSI (14) and the sluggish MACD signals challenge bears. Also putting a floor under the risk-barometer pair is a 50% Fibonacci retracement of the March-November upside, as well as May’s peak, surrounding 140.80. It’s worth noting, however, that the quote’s sustained trading below 140.80 makes it vulnerable to drop toward a broad horizontal support zone comprising levels marked since early March, between 137.90-70. Meanwhile, a corrective bounce could aim for the 200-SMA level of 143.00 whereas a seven-week-old descending trend line, close to 143.40 at the latest, will test the USDJPY buyers afterwards. Should the Yen pair manage to defend the recovery moves past 143.40, June’s peak of around 145.10 will be on the bull’s radar. Following that, a gradual run-up toward 148.00 and the 150.00 psychological magnet can’t be ruled out. Overall, the USDJPY pair appears bearish even if a corrective bounce appears imminent.
by MTradingGlobal
AUDUSD stays bullish beyond 0.6650 resistance-turned-supportAUDUSD edges higher past 0.6700 after posting the biggest weekly gains since the mid-November. In doing so, the Aussie pair defends Wednesday’s upside break of descending trend line stretched from early February, now immediate support near 0.6650. The resistance break joins upbeat RSI (14) to keep the buyers hopeful. However, the MACD signals appear less bullish and RSI line also nears the overbought conditions. The same suggests limited upside room for the buyers to cheer, which in turn highlights May’s high of around 0.6820 as an immediate upside hurdle to trace. Following that, a 10-month-old horizontal resistance area surrounding 0.6900-6920 will be a tough nut to crack for the bulls. Meanwhile, a downside break of the previous resistance line near 0.6650, now immediate support, could quickly drag the AUDUSD prices to the 200-SMA support surrounding 0.6575. It’s worth noting, however, that tops marked in late August and early September, as well as comprising December’s bottom, will challenge the Aussie pair’s downside past 0.6575 near 0.6525-20. Additionally, a seven-week-old rising support line near 0.6480-75 will act as the final defense for the buyers before giving control to the bears. Overall, AUDUSD is likely to revisit the mid-2023 peaks during the year-end trading. The pullback moves, which are less likely, remain unimportant beyond 0.6475.
by MTradingGlobal
200-SMA prods USDJPY’s bounce off 4.5-month lowUSDJPY prints mild gains around 142.00 to snap a three-day losing streak at the lowest level since late July. In doing so, the Yen pair portrays a corrective bounce amid oversold RSI (14) conditions. However, the bearish MACD signals and the 200-SMA hurdle, at 142.50 by the press time, challenge the quote’s recovery. Even if the pair manages to cross the 142.50 hurdle, a 5.5-month-long horizontal resistance line and a falling trend line from mid-November will test the buyers around 144.00 and 145.85 in that order. It’s worth noting that the previous support line stretched from March 24, surrounding 147.60, acts as the final defense of the Yen pair sellers. Meanwhile, the 50% Fibonacci retracement of the March-November upside, near 140.85, acts as an immediate downside support for the USDJPY pair. Following that, the 140.00 round figure will precede the 61.8% Fibonacci ratio of around 138.20 to prod the Yen pair sellers. In a case where the quote remains bearish past 138.20, July’s bottom of 137.23 appears the final battleground for the bulls before surrendering their weapons to the sellers. Overall, the USDJPY pair is likely to remain bearish even if the road toward the south appears long and bumpy.
by MTradingGlobal
USDJPY sellers attack 147.00 to justify corrective pullbackUSDJPY struggles to defend the three-week losing streak as the bottom line of a bullish trend channel, stretched from late March, joins the 100-day Exponential Moving Average (EMA) to restrict the quote’s immediate downside near the 147.00 threshold. Even if the quote breaks the 147.00 support, a convergence of the five-month-old previous resistance and the 200-day EMA, around 143.80 by the press time, will be a tough nut to crack for the bears. Following that, the Yen pair’s fall toward the August monthly low near 141.50 and then to the 140.00 round figure, can’t be ruled out. On the contrary, the receding bearish power of the MACD and the nearly oversold RSI (14) line join the 147.00 support to challenge the USDJPY bears. That said, the pair’s recovery, however, needs validation from the 50-EMA level of around 148.60. Should the quote manage to remain firmer, the 150.00 psychological magnet will precede the previous monthly high of 151.90 to act as the final test for the pair buyers. It’s worth noting that the Yen pair’s successful trading above 151.90 enables the bulls to aim for the top-line of the previously-stated channel’s top line, surrounding 154.00. Overall, the USDJPY pair portrays bearish consolidation and may witness a bounce in prices unless the quote stays beyond the 147.00 key support.
by MTradingGlobal
USDJPY drops to three-week low on breaking 150.00 key supportUSDJPY prints a three-day losing streak as it slides to the lowest level in three weeks amid early Monday. In doing so, the Yen pair justifies the previous day’s downside break of the 150.00 support confluence comprising the 200-SMA and a 2.5-month-old bullish channel’s lower line. Adding strength to the downside bias are bearish MACD signals. However, the oversold RSI (14) line appears to challenge the south-run of late. With this, the 50% and 61.8% Fibonacci retracements of September-November upside, near 148.20 and 147.30 respectively, act as strong challenges for the sellers. Following that, the quote becomes vulnerable to plunge towards the 78.6% Fibonacci ratio of 145.90 and then to September’s low of 144.43. On the flip side, the USDJPY pair’s recovery needs validation from the 150.00 support-turned-resistance confluence. In a case where the Yen buyers manage to keep the reins past 150.00, the last swing high surrounding 151.45 and the monthly peak of 151.90, as well as the previous yearly top of near 151.95, will test the bulls before allowing them to prod the 152.00 psychological magnet. It should, however, be noted that the pair’s successful trading above 152.00 will enable it to challenge the June 1990 top surrounding 155.80. To sum up, USDJPY is likely to witness further downside but the fall appears slow beyond 147.30.
by MTradingGlobal
Analysis: Nasdaq 100 Bullish Flag Breakout TradeAnalysis: Nasdaq 100 Bullish Flag Breakout Trade Based on the bullish flag pattern breakout in Nasdaq 100 and your expectation of more buyers entering the market, i have identified a trade opportunity. With a buy entry at 15129.7, a stop loss at 14626.0, and a take profit at 16694.7, i have defined your risk and reward targets. Here is a breakdown of the analysis for this trade setup: Index: Nasdaq 100 (Ustec100) Entry Price: 15129.7 Stop Loss (SL): 14626.0 Take Profit (TP): 16694.7 Bullish Flag Pattern Breakout: i have observed a bullish flag pattern in the Nasdaq 100 index, which is a continuation pattern indicating a potential upward move following a brief consolidation phase. The breakout from the flag pattern suggests that the bullish momentum is likely to continue, attracting more buyers into the market. Entry Point (15129.7): My chosen entry point is at 15129.7. This entry point should be determined based on my analysis of key support and resistance levels, trend lines, or other technical indicators that confirm the breakout and indicate a favorable entry for the anticipated upward move. Stop Loss (14626.0): To manage risk, i have set a stop loss at 14626.0. This level is placed below a significant support level or a point that, if breached, would invalidate the bullish scenario. The stop loss acts as a safeguard, helping to limit potential losses in case the trade moves against your expectations. Take Profit (16694.7): My take profit level is set at 16694.7. This level represents my target for closing the trade and taking profits. It should be determined based on resistance levels, Fibonacci extensions, or other technical indicators that suggest potential areas where the price might encounter selling pressure or reach a significant target. It's important to note that market conditions can change rapidly, and it's crucial to monitor price action and adjust your trade management accordingly. Additionally, consider fundamental factors, economic data, and news events that may impact the Nasdaq 100 index, as they can influence market sentiment and price movement. Please conduct your own comprehensive analysis and use risk management strategies to protect your trading capital. Following a well-defined trading plan and staying disciplined are vital for successful trading in the financial markets.
OANDA:NAS100USDLong
by Jazzy_Qmolautsi
Gold pares weekly loss below $2,000 on NFP dayGold price edges higher after bouncing off 50-EMA as markets brace for the US employment report for October. In doing so, the XAUUSD rises for the second consecutive day but remains on the way to posting the first weekly loss in four. That said, the steady RSI and sluggish MACD suggest a gradual recovery in the metal’s price. The bulls, however, need validation from a six-week-old rising resistance line surrounding $2,015. Ahead of that, the $2,000 threshold guards the immediate recovery of the bullion while a clear upside break of $2,015 will allow buyers to challenge the yearly high marked in May at around $2,067. On the contrary, the 50-EMA level of around $1,980 restricts the immediate downside of the Gold price. Following that, a two-month-old horizontal support zone around $1,953-48 will be a tough nut to crack for the XAUUSD bears. In a case where the precious metal manages to keep the reins past $1,948, the mid-September bottom of near the $1,900 psychological magnet will act as the final defense of the commodity buyers before leaving the battle zone. Overall, Gold lacks bullish momentum ahead of the US Nonfarm Payrolls (NFP) day while snapping a three-week uptrend. The bears, however, need to conquer $1,948 and gain support from a firmer US employment report for conviction.
OANDA:XAUUSD
by MTradingGlobal
USDJPY challenges rising wedge on BoJ status quoUSDJPY bounces off 200-SMA while testing the previous day’s rising wedge confirmation as Yen traders respond to the Bank of Japan’s (BoJ) inaction. With this, the risk-barometer pair not only challenges the bearish chart pattern but also teases the buyers, especially amid the looming bull cross on the MACD and a quick rebound in the RSI (14) line. However, the bullish bias remains elusive unless the quote stays beneath the aforementioned rising wedge’s upper line, close to the 151.00 round figure. Following that, the previous yearly top of near 152.00 may prod the buyers targeting the mid-1990 peak surrounding 155.80. On the contrary, the USDJPY pair’s fresh selling needs validation from the 200-SMA support, currently around 149.00. Even so, the monthly low close to 147.30 could challenge the Yen pair bears before directing them to September’s bottom of around 144.45. In a case where the sellers keep the reins past 144.45, the 140.00 round figure will be in the spotlight. Overall, the Bank of Japan’s (BoJ) dovish bias keeps USDJPY buyers hopeful. However, a clear upside break of 151.00 and downbeat comments from BoJ Governor Ueda will help the bulls to keep control.
by MTradingGlobal
AUDUSD begins eventful week on a front foot, 0.6380 eyedAUDUSD prints a three-day winning streak on upbeat Australia Retail Sales for September during the initial trading hours of an eventful week comprising the FOMC and US NFP. In doing so, the Aussie pair extends the previous week’s rebound from a monthly support line while also justifying the bullish MACD signals and the upbeat RSI (14) line. With this, the pair buyers are confident while planning the battle with the 0.6380-85 resistance confluence comprising the 200-SMA and descending trend lines stretched from late September, as well as from early October. Also acting as the upside filter is the previous weekly high of around 0.6400 and the monthly peak surrounding 0.6450, a break of which will give control to the bulls. On the contrary, the 0.6300 round figure restricts the short-term downside of the AUDUSD pair. Following that, a slightly rising support line from early October, close to 0.6290 at the latest, will act as the final defense of the Aussie pair buyers. It’s worth noting that the monthly trough near 0.6270 will also challenge the sellers before allowing them to target the previous yearly bottom close to 0.6190. Overall, the AUDUSD pair remains in the recovery mode but the upside momentum needs validation from the 0.6380-85 hurdle and the scheduled key fundamental data/events.
by MTradingGlobal