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AUDUSD remains vulnerable to refresh yearly low past 0.6400A daily closing beneath a nine-month-old rising support line, now resistance around 0.6480, keeps the AUDUSD bears hopeful of witnessing further downside even as the oversold RSI conditions prod the immediate declines. That said, the 78.6% Fibonacci retracement of October 2022 to February 2023 upside, near 0.6380, checks the bears while the last November’s bottom of around 0.6270 can challenge the Aussie pair’s downside afterward. In a case where the quote remains weak past 0.6270, the previously yearly low marked in October around 0.6170 will be in the spotlight. On the contrary, AUDUSD recovery needs validation from the multi-day-old previous support line, close to 0.6480. Even so, the 10-DMA level surrounding 0.6515 can challenge the buyers before directing them to the lows marked in late June and early July around 0.6600. It’s worth noting that the Aussie pair’s successful trading beyond 0.6600 enables it to aim for the 50% Fibonacci retracement level of near 0.6670 ahead of targeting May’s peak of near 0.6820. Above all, AUDUSD stays on the bear’s radar unless crossing the double tops marked in July close to 0.6900. Overall, AUDUSD is less likely to return to the buyer’s radar any time soon.
by MTradingGlobal
Falling wedge, oversold RSI tease NZDUSD buyers on RBNZ dayNZDUSD bears appear running out of steam after a four-week downtrend as the Kiwi pair portrays a one-month-old falling wedge bullish chart formation at the yearly low amid the oversold RSI (14) line. That said, the 10-DMA surrounding 0.6045 guards immediate recovery of the quote ahead of the key 0.6060 resistance comprising the top line of the stated wedge. In a case where the bulls manage to keep control after crossing the 0.6060 hurdle, June’s high of around 0.6250 and a six-month-long horizontal area near 0.6380-90 can test the upside momentum before the falling wedge’s theoretical target of 0.6535. It’s worth noting that the said 0.6535 level coincides with the yearly peak marked in February and hence becomes the key hurdle for the buyers to watch afterward. On the contrary, the aforementioned wedge’s lower line restricts the immediate downside of the NZDUSD pair around 0.5920, a break of which will defy the bullish chart pattern. However, the 0.5900 round figure and a downward-sloping support line from early March, close to 0.5880, could challenge the bears afterward. In a case where the Kiwi sellers refrain from stepping back past 0.5880, the 78.6% Fibonacci retracement of October 2022 to February 2023 upside, around 0.5730, will act as the last defense of the buyers before directing the quote to the previous yearly low of near 0.5515. Overall, NZDUSD is likely to witness recovery as the RBNZ managed to lure Kiwi buyers without doing much. However, Fed Minutes will be crucial to watch for clear directions.
by MTradingGlobal
AUDUSD downside hinges on 0.6470 breakdown and Aussie/US dataA clear downside break of the 10-month-old rising support line teases the AUDUSD bears as China releases mixed inflation data from July. Even so, an ascending trend line from early November 2022, close to 0.6470, could join the nearly oversold RSI to challenge the Aussie bears. Following that, a 78.6% Fibonacci retracement of October 2022 to February 2023 upside, near 0.6375, may act as the final defense of the bulls before the late 2022 low of 0.6170 gains attention. Meanwhile, AUDUSD needs to provide a daily closing beyond the support-turned-resistance line, near 0.6540 at the latest, to recall buyers. Following that, a three-week-old falling resistance line, around 0.6650, could check the upside momentum ahead of targeting May’s peak of around 0.6820. It’s worth noting, however, that the double tops surrounding 0.6900 become the key hurdle to the north for the pair buyers to crack for conviction. Overall, AUDUSD slips into the bear’s radar but the road towards the south is long. That said, Thursday’s Australia Consumer Inflation Expectations for August and the all-important US Consumer Price Index (CPI) will be crucial for the pair traders to watch for clear directions.
by MTradingGlobal
AUDUSD has a long way to go before convincing bullsAUDUSD fades bounce off a three-week low while poking a two-month-old rising support line, now immediate resistance around 0.6730, on the Reserve Bank of Australia (RBA) Interest Rate Decision Day. Adding strength to the upside barrier is the 200-DMA hurdle surrounding the said 0.6730 level. Following that, a run-up towards the 50% Fibonacci retracement of February-May downside, near 0.6810, will be quick. However, the double tops around the 0.6900 round figure, close to the 61.8% Fibonacci retracement of 0.6890, can challenge the buyers before giving them control. On the contrary, the AUDUSD pullback appears elusive beyond the latest swing low surrounding 0.6620. Even if the Aussie pair drops below 0.6620, a horizontal support zone comprising levels marked since early March, near 0.6560-55, will act as the last defense of the bulls ahead of challenging the yearly bottom of 0.6458. It should be noted that the Aussie pair’s weakness past 0.6458 won’t hesitate to challenge November 2022 trough and the previous yearly low, respectively near 0.6270 and 0.6170. Overall, AUDUSD remains on the bear’s radar despite the week-start rebound and remains a good candidate for “sell the bounce”.
by MTradingGlobal
USDJPY breaks immediate support despite BoJ inactionUSDJPY appears well-set to reverse the previous weekly gains as it reverses from a three-week-old descending resistance line surrounding 141.00. Also adding strength to the downside bias could be the pair’s break of a fortnight-old support line’s break, as well as bearish MACD signals. However, the below 50.0 levels of the RSI challenges the Yen pair as US Dollar bulls flex muscles ahead of the Fed’s favorite inflation clue, namely the Core PCE Price Index. It’s worth noting, however, that the quote’s recovery remains elusive below 141.00 while the 200-SMA and multiple technical levels marked since June 19 and a 61.8% Fibonacci retracement of the June-July downside together constitute the 142.00-10 area as a tough nut to crack for the bulls. On the contrary, USDJPY sellers need validation from the 23.6% Fibonacci retracement near 139.00 to rule further. Should the Yen pair remains bearish past 139.00, tops marked in March and May around 137.70 and the monthly low near 137.25 will act as the final defenses of the major currency pair. If at all the quote drops beneath 137.25, May’s bottom of near 133.50 and the 130.00 threshold will lure the sellers. Overall, USDJPY is likely to add to the weekly gains but US data appears crucial to watch for clear directions.
by MTradingGlobal
AUDUSD portrays bearish triangle on Australia inflation, Fed decAUDUSD fades bounce off 200-EMA, reversing from a one-week-old falling resistance line, as Australian inflation and the Federal Reserve (Fed) Interest Rate Decision decorate the calendar. Given the downbeat oscillators, as well as the Aussie pair’s placement within a two-month-old bearish triangle, the quote stays on the seller’s radar. However, a clear downside break of the stated triangle’s bottom line, close to 0.6690, becomes necessary to convince bears, not to forget the need for a sustained close beneath the 200-EMA level of 0.6730. Following that, the late June low surrounding 0.6595 and the previous monthly bottom of near 0.6485 will gain the market’s attention. In a case where the Aussie pair remains bearish past 0.6485, the theoretical target of the bearish triangle confirmation, near 0.6240, should be logical to expect as the target for the short positions. On the contrary, an upside break of the seven-day-old resistance line, around 0.6790 at the latest, will precede the 0.6800 round figure and the last weekly high of near 0.6850 could test the AUDUSD buyers. However, major attention will be given to the triangle’s top surrounding 0.6900, a break of which won’t hesitate to propel the Aussie pair toward the 0.7000 psychological magnet. Should the quote stays firmer past 0.7000, the mid-February peak of around 0.7030 may check the upside momentum ahead of directing the bulls to the yearly top close to 0.7160. Overall, AUDUSD appears slipping off the bull’s radar but the sellers need validation from the triangle breakdown and the fundamentals.
by MTradingGlobal
AUDUSD reverses before 0.6680 support on impressive Aussie dataAUDUSD remains on the front foot while printing the first daily gains in five after strong Australian employment data. The pair’s latest upside also justifies the upward-sloping RSI line, not oversold, as well as the bullish bias of the MACD signals. With this, the quote is likely to extend the north run toward May’s peak of around 0.6820 ahead of targeting the 0.6895-6900 resistance area comprising the tops marked in July and June, as well as the 61.8% Fibonacci retracement of February-May downside. In a case where the Aussie pair remains firmer past 0.6900, the odds of witnessing a rally past the 0.7000 psychological magnet can’t be ruled out. In that scenario, the 78.6% Fibonacci retracement level and the yearly peak, respectively near 0.7010 and 0.7160 can’t be ruled out. Alternatively, the 0.6685-80 support confluence comprising the 50-DMA, 100-DMA and an upward-sloping trend line from late May appears the key challenge for the bears to conquer before retaking control. That said, the 38.2% Fibonacci retracement of around 0.6730 and the 0.6700 round figure is likely immediate supports to watch during the pair’s further fall. It’s worth noting that the bear’s dominance past 0.6680 won’t hesitate to challenge the monthly low of around 0.6590, a break of which will direct the sellers toward the year 2023 bottom, so far, marked around 0.6460 in May. Overall, AUDUSD bears are in the driver’s seat but the trip towards the south needs an entry-pass from 0.6680.
by MTradingGlobal
Gold price pullback remains unimpressive beyond $1,900Gold price reverses the previous week’s retreat from an eight-week-old descending resistance line, grinding higher past the 100-bar Exponential Moving Average (EMA). However, the nearly overbought RSI (14) suggests another pullback from the aforementioned immediate resistance line, near $1,962 at the latest. With this, the XAUUSD is likely to break the immediate support surrounding $1,935, comprising the 100-EMA. However, the 200-EMA, close to $1,900 at the latest, appears a tough nut to crack for the metal bears to break before retaking control. In a case where the price remains bearish below the $1,900 mark, the odds of witnessing a quick slump toward the early March high of around $1,858 can’t be ruled out. On the contrary, a daily closing beyond the aforementioned descending resistance line, close to $1,962, could renew the Gold Price upside towards challenging the previous monthly high of around $1,983. Following that, the $2,000 round figure and April’s peak of around $2,048 will be in the spotlight before directing the XAUUSD bulls toward the yearly high of near $2,067. Overall, multiple hurdles toward the north and the latest retreat from the key resistance line teases the Gold sellers but crucial EMAs stand tall to challenge the commodity bears.
OANDA:XAUUSD
by MTradingGlobal
Indigo can paint your portfolio green!Indigo paints had a bumper listing during its IPO with 100% premium over issue price. However, since its listing, it has been in a downtrend and has corrected to an attractive valuation. The stock has already broken the downtrend and is now looking strong for a new upmove. The targets and SL are given in the chart. One can enter at CMP if his/her outlook is of a longer horizon. Please note that idea is shared just for educational purposes!
NSE:INDIGOPNTSLong
by chartistamey
1
USDJPY rebound appears overdueUSDJPY dropped in the last two consecutive weeks but ended Friday on a positive note as it bounced off a convergence of the 100-DMA and the 200-DMA. Adding strength to the hopes of recovery is the oversold RSI and the pair’s closing beyond a seven-month-old horizontal support zone, around 137.90-138.20. That said, the 140.00 round figure appears immediate hurdle to cross for the Yen pair buyers to retake control, a break of which needs validation from the 61.8% Fibonacci retracement level of October 2022 to January 2023 downside, near 142.50, to confirm a bullish trend. In that case, the previous monthly high of 145.00 and 78.6% Fibonacci retracement level of near 146.70 hold the key for the run-up targeting the 150.00 psychological magnet and then toward the last yearly high of near 152.00. Meanwhile, the aforementioned DMA convergence, surrounding 137.00, appears a tough nut to crack for the USDJPY bears. Following that, an ascending support line stretched from mid-January 2023, near 135.30, will act as the last defense of the Yen pair buyers. Should the risk-barometer pair remains bearish past 135.30, the 23.6% Fibonacci retracement and March’s low, respectively near 133.00 and 129.65, will be in the spotlight. Overall, USDJPY bears seem running out of steam but the road toward the north appears long and bumpy.
by MTradingGlobal
this chart has somethin.........................................Hi, What is your view on this chart. I found the chart very interesting as the trading zone of the current cosolidation followed in the past also. Disclaimer: Content shared is for information and education purposes only and should not be treated as investment or trading advice. Please do your own analysis or take independent professional financial advice before making any investments based on your own personal circumstances. Investment in securities are subject to market risks, please carry out your due diligence before investing. And last but not the least, past performance is not indicative of future returns.
NSE:TECHMLong
by raigvivek
Gold sellers must break $1,895 to show dominance on NFP dayWith a clear U-turn from the 100-EMA, Gold price again hits the key support around $1,895 comprising the 200-EMA and an upward-sloping trend line from late November 2022. That said, bearish MACD signals and downbeat RSI join the market’s risk-off mood to offer extra incentives for the XAUUSD bears. With this, the Gold sellers are more likely to take out the $1,895 support, which in turn could direct the prices toward the early March swing high of around $1,858. However, the 50% Fibonacci retracement of November 2022 to May 2023 upside, near $1,845, will precede the yearly low marked in February around $1,805 and the $1,800 round figure to limit the metal’s further downside. On the contrary, a successful daily closing beyond the 100-EMA level of around $1,935 needs support from the downbeat US jobs report to recall the Gold buyers. In that case, February’s peak of around $1,960 and the previous monthly high surrounding $1,983 could check the XAUUSD bulls before allowing them to visit the $2,000 psychological magnet. It’s worth noting that the bullion remains on the front foot once it closes beyond the $2,000 mark, which in turn helps it challenge the tops marked in April and the multi-year high registered in May, respectively near $2,050 and $2,070. Overall, the Gold price is all set to break the key support and recall the bears but the short positions should be taken with care ahead of the Nonfarm Payrolls (NFP).
OANDA:XAUUSD
by MTradingGlobal
Trade like a casino Operator (Risk Management) Trading Like a Casino Introduction: If you want to become a successful trader, it's essential to adopt a mindset similar to that of a casino. In this tutorial, we will explore how casinos operate and extract valuable principles that we can apply to our own trading. Two key components of a casino's success are having an edge and implementing effective risk management. By understanding and replicating these principles, we can increase our profitability in the long run. How does a Casino operate? - Casinos operate with an edge, meaning they have an advantage in every transaction. - Understanding the concept of probability is crucial. Games like roulette demonstrate that the outcomes are not evenly split between options. - Casinos calculate their edge by analyzing the probabilities of each outcome, which allows them to ensure profitability. - Risk management is also a vital aspect of a casino's operation. They set maximum limits on bets to protect their downside. Trade like a Casino - As traders, we want to replicate the casino's success by incorporating the same principles into our trading. - Our goal is to have an edge in every trade we take and implement effective risk management to protect our capital. - By aligning these two components, we can create a profitable trading system. Applying the principles to trading - Trading is a probability game. Each trade has a probability of going up or down. - To gain an edge, we need to identify the probability of our trades and establish our trading style. - Having a high probability trade doesn't guarantee success, but it improves our chances. - Risk management is crucial to protect our capital. We should only risk a small percentage of our account on each trade (e.g., 2%). - Balancing our edge and risk management will help us become successful traders. Backtesting and refining strategies - Once we have identified our edge and established risk management, we need to test our strategies. - Backtesting involves analyzing historical data to see if our strategies have been consistently profitable. - By testing and refining our strategies, we can ensure they work in real market conditions. - Continuous evaluation and improvement are necessary for long-term success. Conclusion: Trading like a casino involves having an edge and implementing risk management. By understanding and applying these principles, we can increase our profitability as traders. Remember to assess the probability of each trade, establish risk management rules, and test your strategies. Just like a casino, our goal is to create a consistently profitable system that ensures long-term success in trading.
NSE:NIFTYEducation
by Abbhishekumr
AUDUSD bulls have tough time regaining control on Australia inflAUDUSD remains on the back foot at the three-week low after posting the biggest weekly loss since August 2022 on Australia inflation day, breaking convergence of the 200-SMA and 50% Fibonacci retracement of its late May to early June run-up on downbeat Aussise Monthly CPI. Having breached the stated key support, the 61.8% and 78.6% Fibonacci retracements, respectively near 0.6625 and 0.6550, act as the final defense of the bulls before directing the downside towards the year-to-date (YTD) low marked in May around 0.6460. On the contrary, the support-turned-resistance confluence around 0.6670, comprising the 200-SMA and 50% Fibonacci retracement, guards the quote’s immediate upside ahead of an eight-day-long falling resistance line surrounding 0.6715. Following that, the 100-SMA level of around 0.6750 will restrict the AUDUSD pair’s further upside. Should the Aussie pair remains firmer past 0.6750, a broad resistance area comprising multiple levels marked since May 10, near 0.6805-15, appears a tough nut to crack for the bulls.
by MTradingGlobal