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Gold buyers approach $1,990 resistance amid overbought RSIGold Price rises to the highest level in three months on early Friday, rising for the fourth consecutive day, amid a softer US Dollar and mixed sentiment. That said, the Greenback dropped heavily on Thursday after Fed Chair Jerome Powell signaled no rate change in the short term. It’s worth noting that the XAUUSD’s successful break of the 200-day SMA and previous resistance line stretched from May added strength to the bullion’s run-up earlier in the week. With this, the precious metal is all set to poke a three-month-old horizontal resistance region surrounding $1,990. However, the quote’s upside past $1,990 appears difficult as the RSI (14) line hovers within the overbought region, suggesting a pullback in the prices. Even if the bulls manage to cross the $1,990 hurdle, the $2,000 psychological magnet will act as an additional upside filter before giving control to the Gold buyers. Alternatively, the 200-day SMA and the multi-month-old resistance-turned-support line, respectively near $1,930 and $1,905, appear as short-term key supports to watch for Gold sellers during the price reversal. Following that, the $1,900 round figure and August month’s low of around $1,885 will act as the final defense of the XAUUSD buyers ahead of directing the commodity prices to the 61.8% Fibonacci retracement of November 2022 to May 2023 upside, close to $1,842. In a case where the bears keep the reins past $1,842, the monthly low of near $1,810 and the $1,800 threshold will be on their radar. To sum up, Gold price is likely to remain sturdy unless it breaks $1,905. However, the metal’s pullback appears overdue.
OANDA:XAUUSD
by MTradingGlobal
AUDUSD bears again approach 0.6285 key supportAUDUSD extends the previous day’s retreat from the weekly top towards the bottom line of a three-week-old descending triangle surrounding 0.6285, tested twice in October. It’s worth noting, however, that the RSI (14) line is nearly oversold and hence challenges the Aussie bears around the key support. The same highlights the probability of witnessing a bounce from 0.6285 support but the recovery remains elusive unless the quote confirms the aforementioned bullish triangle, by crossing the 0.6390 upside hurdle. Even so, the 200-SMA and a downward-sloping resistance line stretched from early August, close to 0.6400 and 0.6440 respectively at the latest, will test the Aussie bulls before giving them control. Meanwhile, a downside break of the stated 0.6285 key support will need validation from the November 2022 low of around 0.6270 to keep the AUDUSD bears on the table. In that case, the 0.6200 round figure and the previous yearly low of around 0.6170 could lure the pair sellers. In a case where the pair remains weak past 0.6170, it becomes vulnerable to drop toward the April 2020 bottom of around 0.5980. That said, softer Australia Employment Change and Participation Rate join the broad US Dollar recovery to weigh on the AUDUSD pair. However, the downside room appears limited.
by MTradingGlobal
Brent Oil buyers need validation from $92.50Brent oil buyers take a breather after posting the biggest daily jump in six months as the overbought RSI (14) line prods the energy bulls below a three-week-old horizontal resistance surrounding $92.50. However, a clear upside break of the 200-SMA and bullish MACD signals suggest further upside of the black gold price. Hence, the quote is likely to cross the immediate hurdle surrounding $92.50, which in turn will allow bulls to challenge the monthly high of around $94.30. In that case, September’s peak of near $96.50 and the $100.00 psychological magnet will be in the spotlight. On the contrary, Brent Oil’s pullback remains elusive beyond the 200-SMA support of $90.80, quickly followed by the $90.00 threshold. Following that, a broad horizontal area comprising multiple levels marked since early September, close to $89.00-50, will challenge the energy sellers. Should the Oil bears manage to conquer the $89.00 support, its fall to the previous weekly low of $85.76 becomes imminent. However, the monthly low of $84.17 and the previous monthly trough surrounding $82.00 will test the south-run afterward. Overall, Brent Oil price stays on the way to refreshing the monthly high unless it breaks the $89.00 support.
VELOCITY:BRENT
by MTradingGlobal
Gold eyes the first weekly gain in three, focus on $1,885Gold Price reverses the post-US inflation retreat from a two-week high as market players await more consumer-centric details on early Friday. In doing so, the XAUUSD bounces off 100-SMA and justifies the firmer RSI (14) line. However, bearish MACD signals will join a two-month-old horizontal resistance area surrounding $1,880-85 to provide a tough fight to the metal buyers. Following that, a convergence of the 200-SMA and 61.8% Fibonacci retracement of the September-October downside, near the $1,900 round figure, will be the final defense of the bears before giving control to the bulls. Meanwhile, stronger US data may drag the Gold price beneath the 100-SMA support of around $1,869, which in turn highlights the $1,860 and $1,855 as the following barriers for the XAUUSD bears. In a case where the bullion prices remain weak past $1,855, the $1,830 and the latest bottom of around $1,810 could test the commodity sellers ahead of the $1,800 psychological magnet. It’s worth mentioning that the metal’s sustained decline below the $1,800 threshold will make it vulnerable to test the late December 2022 swing low of around $1,770. Overall, the Gold price slips off the bear’s radar and braces for the first weekly gain in three but the buyers need to remain cautious unless the metal stays beneath the $1,900 resistance.
OANDA:XAUUSD
by MTradingGlobal
EURUSD recovery fades below key resistance surrounding 1.0630EURUSD bulls struggle at a weekly high while waiting for inflation clues from Germany and the US, as well as the Fed Minutes, on Wednesday. That said, an upside break of the 21-day SMA and bullish oscillators keep Euro buyers hopeful. However, a three-month-old falling resistance line and a horizontal region comprising multiple levels marked since late May, around 1.0620-35, appears a tough nut to crack for the bulls. Should the upcoming data fail to inspire the US Dollar bulls and allow the quote to cross the 1.0635 hurdle on a daily closing basis, a run-up toward the mid-September swing high of near 1.0770 can’t be ruled out. Following that, the 200-day SMA surrounding 1.0825 will be the last defense of the bears. On the contrary, the EURUSD pullback needs validation from the 21-day SMA level of 1.0600 and the scheduled data/events. Should the Euro sellers return, a fortnight-long horizontal support zone of around 1.0500 can test the bears before directing them to the yearly low of near 1.0450. In a case where the quote remains weak past 1.0450, the August 2022 peak of near 1.0370 and the late November 2022 low of near 1.0220 can lure the sellers. Overall, the EURUSD pair is likely to consolidate the previous monthly losses but the road towards the north is long and bumpy.
by MTradingGlobal
USDJPY retreats within two-month-old rising wedgeUSDJPY began the trading week on a back foot within a two-month-old rising wedge bearish chart formation. That said, the Yen pair snapped a four-week uptrend in the last but failed to confirm the rising wedge, neither it could break the 200-SMA support. However, the RSI conditions and the MACD conditions join the quote’s failure to cross the 50-SMA immediate resistance to keep the sellers hopeful. With this, the bears await a clear downside break of the aforementioned wedge’s bottom line, close to 148.30 by the press time, as well as a break of the 200-SMA support surrounding 147.70, to tighten the grip. It’s worth noting that the monthly low of around 147.30 could act as the final defense of the pair buyers before signaling the theoretical target of the rising wedge breakdown, around the 140.00 threshold. On the contrary, the USDJPY pair buyers need to cross the 50-SMA upside hurdle, near 149.20 at the latest, to retake control. Even so, the 150.00 psychological magnet can test the Yen pair bulls. Following that, the latest peak of around 150.20 and the wedge’s top line of near 150.80 will challenge the upside momentum ahead of directing the buyers toward the previous yearly high of around 152.00. Overall, the USDJPY pair teases the sellers but a downside break of the 147.30 becomes necessary for the bearish confirmation.
by MTradingGlobal
Gold price recovery remains elusive below $1,880Gold recovers from a seven-month-old amid an oversold RSI (14) and failure to break the weekly horizontal support surrounding $1,815. However, the 21-SMA upside hurdle surrounding $1,830 and the one-week-long descending resistance line of around $1,840 restrict the short-term upside of the Gold price. It’s worth noting that the XAUUSD remains on the bear’s radar unless it breaks a downward-sloping support-turned-resistance line from late June, close to $1,880 by the press time. Following that, a quick run-up to the $1,900 round figure can’t be ruled out. Meanwhile, a downside break of the weekly support of around $1,815 will have to confront a slew of technical supports and oversold RSI (14) before allowing the Gold bears to visit the $1,800 round figure. Should the XAUUSD remain bearish past $1,800, a one-week-old descending support line of near $1,782 and the late November 2022 low of around $1,730 will be in the spotlight. Overall, Gold bears take a breather after the previous day’s disappointing US data, as well as consolidate the latest losses ahead of Friday’s key US jobs report. However, the XAUUSD is not out of the woods yet, at least below $1,880. Hence, the latest bounce can be considered as a selling opportunity.
OANDA:XAUUSD
by MTradingGlobal
AUDUSD stays pressured around yearly low on RBA status quoAUDUSD holds lower grounds near 0.6335, close to the yearly low marked last week, after the Reserve Bank of Australia (RBA) left its cash rate unchanged as expected. It’s worth noting that the RBA Rate Statement appeared a bit dovish and hence allowed the Aussie bears to keep the reins, especially amid a broadly firmer US Dollar. Additionally, the bearish MACD signals and an absence of the oversold RSI line also keep the pair sellers hopeful. With this, the quote is likely to revisit a seven-month-old downward-sloping support line surrounding 0.6310, quickly followed by the 0.6300 round figure. Following that, the November 2022 bottom of near 0.6270 may act as the final defense of the buyers before directing the pair toward the previous yearly low close to 0.6170. Meanwhile, a corrective bounce can aim for the 78.6% Fibonacci retracement of October 2022 to February 2023 upside, near 0.6380 by the press time, ahead of directing the AUDUSD buyers toward the 50-day SMA level of around 0.6470. In a case where the Aussie bulls manage to keep the reins past 0.6470, a five-week-long descending resistance line near 0.6505 will be the last hurdle for the upside targeting June’s low of near 0.6600. It’s worth noting that the Aussie pair’s successful run-up beyond 0.6600 enables the quote to reverse the 2.5-month-old downtrend by aiming for July’s peak surrounding 0.6900. Overall, AUDUSD remains in the bearish trend even as the multi-month-old descending resistance line challenges the sellers.
by MTradingGlobal
USDJPY renews one-year high near 150.00USDJPY extends Friday’s rebound from the nine-week-old rising support line while printing the fresh high of the year 2023. It’s worth noting, however, that the overbought RSI (14) line and lackluster MACD signals suggest hardships for the pair buyers moving forward. Also challenging the upside is the 150.00 psychological magnet and a seven-month-old ascending trend channel’s top line, surrounding 151.00. In a case where the Yen pair stays firmer past 151.00, the previous yearly high of around 151.95 and the 152.00 round figure could lure the bulls. Following that, a gradual run-up towards the 127.2% Fibonacci retracement of October 2022 to January 2023 downside, close to 158.80, is highly expected. Meanwhile, the aforementioned immediate support line joins the late October 2022 swing high to challenge the short-term USDJPY bears around the 148.90-85 zone. However, the quote’s weakness past 148.85 will make it vulnerable to dropping toward the 50% Fibonacci retracement level of around 146.70. Should the Yen pair sellers keep the reins past 146.70, June’s high of around 145.00 might become their favorite. Above all, a convergence of the stated bullish channel’s top line and 61.8% Fibonacci ratio, close to 142.60, becomes the key to witnessing a reversal of the seven-month-long bullish trend. Overall, USDJPY’s pullback appears overdue but the bulls are more likely to keep the reins.
by MTradingGlobal
Gold bears cheer death cross, trend line break to target $1,860Gold licks its wounds at the lowest level in more than six months after falling the most since late July the previous day. Although the oversold RSI prods the XAUUSD sellers, the bearish MACD signals, a clear downside break of the previous key support line stretched from February and a death cross on the daily chart together suggest further downside of the previous metal. That said, the death cross is a bearish moving average crossover wherein a short-term SMA pierces the longer one from above. With this, the bullion appears well set to decline towards the 78.6% Fibonacci retracement of February–May upside and then to the early March swing high, respectively near $1,860 and $1,858. In a case where the precious metal remains bearish past $1,858, March’s low of $1,809 and February’s bottom of $1,804, quickly followed by the $1,800 threshold, will lure the commodity sellers. On the flip side, the previous monthly low of around $1,885 and the $1,900 round figure guards the immediate upside of the Gold Price. Following that, the support-turned-resistance line stretched from February will join the 61.8% Fibonacci retracement level, also known as the Golden Fibonacci Ratio, to challenge the XAUUSD buyers around $1,905. In a case where the quote remains firmer past $1,905, the 50-SMA and the 200-SMA will restrict the asset’s further upside to around $1,923 and $1,928 in that order. Overall, the Gold Price is likely to decline further towards the yearly low.
OANDA:XAUUSD
by MTradingGlobal
AUDUSD eyes yearly low despite upbeat Australia inflationAUDUSD breaks a three-week-old rising support line even as Australia’s Monthly Consumer Price Index (CPI) matches upbeat market forecasts for August with 5.2% YoY figures. The trend line breakdown joins bearish MACD signals to keep the Aussie pair sellers hopeful. However, the RSI (14) line is approaching the oversold territory and hence suggests a limited room towards the south. The same highlights the yearly low marked earlier in September around 0.6360. In a case where the pair bears ignore the oversold RSI and refresh the yearly low, the 0.6300 round figure and November 2022 bottom of around 0.6270 will be on their radars ahead of the year 2022 low of 0.6170. On the contrary, the support-turned-resistance line of around 0.6415 guards the immediate recovery of the AUDUSD pair. Following that, a convergence of the 200-SMA and the 50-SMA, around 0.6440 by the press time, will challenge the Aussie bulls. Should the quote remain firmer past the key SMA confluence, the 0.6500 round figure and a six-week-long horizontal resistance around 0.6530 will be crucial to watch for clear directions as a sustained break of them will welcome the buyers with open hands. Overall, AUDUSD remains in the bearish trend despite upbeat Australian inflation data.
by MTradingGlobal
LONGSETUP BATA INDIAA Bullish Flag and Pole Chart Pattern Breakout happened on the weekly Time frame of BSE:BATA1! Price Action is well supported by the volume. The stock is currently in uptrend making higher highs and higher lows. One can add this stock into their stocks to buy list. Initiate the long trade only according to the levels mentioned. Stop loss will be on weekly closing basis. Trend Analysis :- UP Trend Chart Pattern :- Bullish Flag and Pole Technical Indicator :- Positive MACD Crossover
NSE:BATAINDIALong
by raigvivek
2
USDJPY bulls struggle within rising wedge, focus on 147.30USDJPY stays defensive at an 11-month high, losing upside momentum after a three-week winning streak, as market players await this week’s key Japan inflation data, as well as the US Durable Goods Orders. Also, sluggish RSI (14) line and MACD signals add restrictions to moves and challenge the Yen pair buyers. Furthermore, a rising wedge bearish chart formation comprising levels marked since early August also keeps the pair sellers hopeful. However, a convergence of the 100-SMA and the stated wedge’s bottom line, close to 147.30 at the latest, becomes necessary for the sellers to retake control. Even so, the 200-SMA and the monthly low, respectively around 146.40 and 144.45, may test the buyers ahead of highlighting the rising wedge’s theoretical target of 140.30 and 140.00. On the contrary, the latest high of around 148.50 guards the immediate upside of the USDJPY pair ahead of the stated wedge’s top line of around 149.00. In a case where the Yen pair remains firmer past 149.00, the 150.00 round figure and the previous yearly high of around 152.00 could lure the pair buyers. Following that, the June 1990 peak of around 155.80 will act as the last defense of the bears. Overall, USDJPY bears appear tiring but the buyers seem determined to give a tough tight before leaving the throne.
by MTradingGlobal
Gold price consolidates within symmetrical triangle above $1,900Gold price bounces off a one-week-old rising support line, as well as the 200-SMA, within a symmetrical triangle comprising levels marked since late July. Given the near-50.0 levels of the RSI and the impending bull cross on the MACD, the XAUUSD is likely to extend the latest rebound. The same highlights the 50% Fibonacci retracement of its July-August downside, near $1,937, ahead of shifting the market’s attention to the stated triangle’s top line, close to $1,947 at the latest. In a case where the bullion price remains firmer past $1,947, the monthly high of around $1,953 will act as the final defense of the bears. On the flip side, the 200-SMA and an ascending support line from the previous week limit the immediate downside of the Gold price near $1,918 and $1,916 respectively. Following that, the triangle’s lower line surrounding $1,906 and the $1,900 will be crucial to watch for the XAUUSD bears. In a case where the metal remains bearish past $1,900, the odds of witnessing a slump toward July’s low of $1,885 can’t be ruled out. Overall, the Gold Price is likely to remain sidelined within the aforementioned triangle but advocates more volatility ahead.
OANDA:XAUUSD
by MTradingGlobal
EURUSD remains on the back foot within bearish channelEURUSD braces for the eighth consecutive weekly loss despite the latest hesitance of the bears surrounding the bottom line of the 1.5-month-old descending trend channel. It’s worth noting that the nearly oversold RSI line and sluggish MACD signals suggest a corrective bounce of the Euro pair, which in turn highlights the previous support line stretched from late June, close to 1.0750 by the press time. In a case where the quote remains firmer past 1.0750, September’s peak of around 1.0885 and the aforementioned channel’s top line surrounding 1.0900 will lure the pair buyers. It should be observed, however, that the bullish bias remains elusive unless the quote stays below the 200-SMA hurdle of 1.0925, a break of which could challenge July’s peak of 1.1275 gradually. Meanwhile, the EURUSD pair’s weakness might dwindle around the stated bearish channel’s bottom line, close to 1.0695 by the press time. Following that, the lows marked in May and March, respectively near 1.0635 and 1.0515 could lure the Euro sellers. Should the pair bears remain in control past 1.0515, the yearly bottom of around 1.0480 will act as the final battle point for the buyers before giving the throne to the sellers. Overall, EURUSD is likely to remain bearish but a corrective bounce can’t be ruled out.
by MTradingGlobal
This Rice stock might rise soon!KRBL is one of the leading stocks in basmati rice export(holding company of India gate brand) Recently, Indian government has put a ban on non-basmati rice exports which has led to increase in price of basmati rice in the world. However, despite of the positive news for the stock, no major price change was observed in chart. The stock is available at a PE of 12 and has a negligible debt with ROE of around 17%. Technically, the stock is near a strong round number resistance of 400. Positional traders can keep this stock in watchlist as the risk associated is low and reward is high in a longer term. Idea is shared only for educational purposes
NSE:KRBLLong
by chartistamey
AUDUSD bears flex muscles on RBA DayAUDUSD bulls struggle to hold the forte after posting the first weekly gain in seven on the Reserve Bank of Australia (RBA) Interest Rate Decision Day. That said, the Aussie pair trades within a three-week-old bearish triangle, staying below the convergence of the 100-SMA and 50-SMA surrounding 0.6450 on the key day. It’s worth noting that the steady RSI and bearish MACD signals lure the sellers to sneak in and break the stated bearish triangle’s bottom line, close to 0.6420 at the latest. In a case where the risk-barometer pair remains weak past 0.6420, it confirms the bearish chart pattern and can well refresh the yearly low, currently the August 13 bottom of around 0.6360. On the other hand, an upside clearance of the previously stated triangle’s top line, near 0.6530, could unleash the AUDUSD buyers. Following that, a downward-sloping resistance line from mid-July around 0.6600 will precede a five-week-old horizontal resistance zone surrounding 0.6625 to test the upside momentum. In a case where the Aussie pair buyers keep the reins, backed by the hawkish RBA actions or signals, the odds of witnessing a run-up toward July’s peak of around 0.6900 can’t be ruled out. Overall, AUDUSD bulls run out of steam but the bears need approval from the RBA and the triangle breakdown.
by MTradingGlobal
USDJPY bulls run out of steam around mid-146.00sUSDJPY again flirts with the 78.6% Fibonacci retracement of the October 2022 to January 2023 downturn within a five-month-long bullish channel. Though, the overbought RSI (14) and looming bear cross on the MACD signal pullback of the Yen pair. That said, the tops marked in late June and early July join the 21-DMA to highlight the 144.60-50 zone as a short-term key support. In a case where the risk-barometer pair drops below 144.50, the late July swing high around 142.00 might stop the sellers before challenging them with the 140.00 support confluence comprising 100-DMA and the bottom line of the stated channel. Meanwhile, a daily closing beyond the 78.6% Fibonacci retracement level of around 146.50 will direct the USDJPY buyers toward the November 2022 peak of around 148.85 and then to the 149.00 round figure. Following that, the 150.00 round figure might test the Yen pair’s upside before highlighting the previous yearly high of around 152.00. To sum up, the USDJPY pair’s pullback appears overdue but the downtrend appears off the table beyond 140.00.
by MTradingGlobal
GBPUSD eyes further upside, 1.2830 challenges buyersGBPUSD gained buyer’s attention after snapping a four-week downtrend the last week. Adding strength to the upside bias is the Cable pair’s confirmation of the descending triangle bullish chart pattern. However, a clear upside break of the stated triangle’s upper line, close to 1.2740 by the press time, as well as successful trading beyond the 200-SMA hurdle of 1.2830 becomes necessary for the Pound Sterling bulls to retake control. Following that, the late July swing high of around the 1.3000 psychological magnet will act as a buffer during an expected ride towards challenging the yearly top marked the last month near 1.3145. On the contrary, multiple supports around 1.2700 and 1.2650 restrict the short-term downside of the GBPUSD pair. However, the Cable’s bearish bias remains elusive unless witnessing a clear break of the previously stated triangle’s bottom line, close to 1.2625 by the press time. It’s worth noting that the Pound Sterling’s sustained weakness beneath 1.2625 may seek confirmation from the late June swing low of around 1.2590 before targeting May’s bottom of 1.2310. Overall, GBPUSD lures buyers but the upside needs validation from 1.2830.
by MTradingGlobal