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Gold teases bears as Fed Chair Powell braces for Jackson HoleGold fades the bounce off 61.8% Fibonacci retracement of July-August moves as traders await Fed Chair Jerome Powell’s appearance at the annual Jackson Hole Symposium. In doing so, the yellow metal not only takes a U-turn from the 200-EMA but also portrays a bearish flag formation in the four-hour play. However, the quote’s further downside hinges on its sustained trading below $1,750. Following that, the south-run towards the key Fibonacci retracement support at $1,728, also known as the golden ratio, appears imminent during the theoretical slump targeting the fresh monthly low near $1,670. That said, multiple lows marked during late July near $1,712-10, precede July’s monthly bottom of $1,684 to offer an intermediate halt during fall. Meanwhile, the 200-EMA and upper line of the flag, respectively around $1,766 and $1,770, guard the short-term recovery of the gold prices. Also acting as the short-term upside hurdle is the area comprising multiple lows marked during August 09-11, close to $1,785, as well as the August 04 peak near $1,795 and the $1,800 threshold. In a case where XAUUSD remains firmer past $1,800, the bulls can aim for the monthly top surrounding $1,808, as well as the mid-June swing high near $1,860. Overall, gold bears have an upper hand ahead of the key event. Should Powell upends the market’s hopes of speaking dovish, the bullion prices are likely to witness a notable downside.
OANDA:XAUUSD
by MTradingGlobal
IGL 1:3 Trade. Time Frame: 1 yearThis has run up in last 1 week very quickly. Yet this is just a starting. Keep tracking, any retrace around 400 can give a better entry point. Fundamental Trigger: - Gas price has increase substantially, Govt is diverting Industrial Gas to IGL & MGL to cool off the price of LPG. - Hence, Their input cost will collapse dramatically & Margin can revert back sharply. - Next 2 quarter will be epic for both IGL & MGL Technical : - Risk rewards is great for MGL then IGL, Gujarat gas is a laggard. - Price may correct for 1-2 week maybe. But the long term trend is positive. Disc. : Invested in both IGL & MGL. P.S. : like & let me know if these inputs help you. Little appreciation would be great..! :)
NSE:IGLLong
by IIMA_Brat
USDCAD bears aim for 100-DMA inside 10-month-old rising channelUSDCAD extends the week-start pullback from a three-week high inside an upward sloping trend channel established since late October 2021. Given the downbeat RSI and the bearish MACD signals, the Loonie pair is likely to remain pressured inside the bullish chart formation. However, the 100-DMA support near 1.2785 could challenge the bears. Also acting as a downside filter are the 50% and 61.8% Fibonacci retracements of October 2021 to July 2022 upside, respectively near 1.2755 and 1.2640. In a case where the pair drops below 1.2640 support, the bears could well challenge the bullish pattern while poking the 1.2570 key support. Alternatively, recovery moves could aim for the latest swing high near 1.2985 and the 1.3000 psychological magnet. Following that, multiple tops marked near 1.3075-80 could challenge the USDCAD bulls. However, the aforementioned channel’s resistance line, close to 1.3150 will be a tough nut to crack for the buyers afterward. Even if the pair rises past 1.3150, the latest swing high surrounding 1.3230 will be in focus. Overall, USDCAD remains on the bull’s radar but intermediate pullbacks can’t be ruled out.
by MTradingGlobal
Possible Zone Breakout in Jubilant IngreviaObserved possible zone breakout in Jubilant Ingrevia. Where stock was trading in a range for the past few months. Now we can see the price moving towards the upper range with significant volume support. Also, it has already broken the previous trend line with good volume. considering these price is expected to move upwards. Trade set-up 1) Can enter trade if price closes above 541 in daily chart. 2) Stop-loss can be at 464. 3) Possible targets are 609 & 648 This is not a recommendation. Do your analysis before investing. Please let me know your view on this trade in the comment
NSE:JUBLINGREALong
by SWING2TRADER
2
USDJPY breaks key support before Fed’s preferred inflation gaugeUSDJPY broke a five-week-old support line, as well as a horizontal area around 134.25 that comprises the levels marked since June 17, to refresh the monthly low near 133.75. It’s worth noting, however, that oversold RSI conditions challenge the bears ahead of the US PCE Price Index for July, the Fed’s preferred inflation data. However, the corrective pullback needs validation from the immediate horizontal support-turned-resistance around 134.20, as well as the ascending trend line from June 23, near 135.75, to recall the buyers. Even so, the 200-SMA near 136.20 will test the upside momentum. On the contrary, the pair’s further downside aims at the 78.6% Fibonacci retracement of the June-July upside, around 133.15. Following that, the 131.50-25 area comprising mid-June lows and highs marked in April, as well as in May, will be a tough nut to crack for the pair bears. It’s worth noting that the pair’s sustained declines past 131.25 could make it vulnerable to revisiting May’s low around 126.35. Overall, USDJPY recently broke the crucial support but the odds favoring further downside are fewer.
by MTradingGlobal
Possible Zone Breakout in Ganesh BenzoplastGanesh Benzoplast is ready for zone breakout. If we narrow down the time frame, we can observe price is constantly taking support at 50MA which is healthy price action. Breakout will be confirmed if the price closes above 142. Trade set-up 1) Enter trade only if price closes above 142 in daily time frame. 2) Possible targets for the trade153,170,187. 3) Stop loss at 120. Note:- This is not a recommendation. Do your own analysis. Pls feel free to share your thoughts on this trade. thanks.
NSE:GANESHBELong
by SWING2TRADER
2
USDJPY refreshes 24-year high but bulls have a bumpy road aheadUSDJPY begins the week on a positive note by rising for six consecutive days to refresh the multi-year high. The yen pair, however, has limited upside room before hitting the key hurdles. The nearness to resistance joins almost oversold RSI to also challenge the buyers. That said, the upper line of the three-week-old bullish channel, near 137.35, appears the immediate hurdle to probing the upside moves. Following that, the 61.8% Fibonacci Expansion (FE) of June 6-23 moves, near 137.50, could also restrict the quote’s advances. At last, the September 1998 top around 138.30 could act as the last defense for the pair sellers before recalling the 140.00 threshold back to the chart. Meanwhile, the early July swing high near 136.35 and the 100-SMA level surrounding 135.50 might challenge the short-term sellers. In a case where the USDJPY prices drop below 135.50, the support line of the stated channel, close to 135.10, will be crucial to watch as a clear downside break of the same could direct the quote to direct bears towards the late June swing low near 134.25. It’s worth noting that a successful break of 134.25 won’t hesitate to recall the mid-June bottom surrounding 131.50. Overall, USDJPY bulls have a bumpy road ahead and hence a pullback can’t be ruled out.
by MTradingGlobal
AUDUSD rebound appears overdue on RBA rate hike dayAUDUSD holds onto its bounce off a downward sloping support line from late January, as well as the 61.8% Fibonacci Expansion (FE) of April-June moves as traders await the Reserve Bank of Australia’s (RBA) third rate hike. Nearly oversold RSI also hints at the quote’s further recovery, in addition to the hawkish hopes from the Aussie central bank. The upside momentum, however, remains elusive unless crossing the late January swing low surrounding 0.6965-70. Also likely to challenge the pair buyers is the 50-day EMA level of 0.7050 and the 200-day EMA close to 0.7210. In a case where the quote rallied beyond 0.7210, the odds of its run-up beyond June’s top of 0.7282 can’t be ruled out. On the contrary, the 61.8% FE level, near 0.6770, precedes the aforementioned support line from January, around 0.6750, to limit the short-term downside of the AUDUSD pair. Should the pair stays on the back foot below 0.6750, the March 2020 high near 0.6680 will act as the last defense for the pair buyers, a break of which won’t hesitate to drag the prices towards the April 2020 peak of 0.6569. Overall, AUDUSD is likely to witness a corrective pullback and the RBA’s rate hike could serve the purpose. However, the Fed Minutes and US NFP may keep sellers hopeful and hence the pair buyers need to remain cautious.
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
Gold stays below 200-DMA, signals more downsideGold prices hold lower grounds below the 200-DMA so far during the week, backed by downbeat MACD and RSI (14). The recovery moves, if any, also need to cross a downward sloping trend line from April around $1,845, in addition to remaining beyond the 200-DMA level surrounding $1,837, to be appealing to the bulls. Following that, an upward trajectory towards the November 2021 peak surrounding $1,877 and the 50% Fibonacci retracement level of September 2021 to March 2022 upside, close to $1,895, can’t be ruled out. Meanwhile, the 78.6% Fibonacci retracement level of $1,795 offers immediate support to the quote before the yearly horizontal support zone near $1,782. It’s worth noting that the nearly oversold RSI conditions may restrict the metal’s downside past $1,782, if not then the December 2021 low near $1,751 and September 2021 bottom of $1,721 could lure the bears. Overall, gold remains on the bear’s table with a limited downside gap on hand.
OANDA:XAUUSDShort
by MTradingGlobal
USDJPY activates awaited fall, 127.00 appears nearby supportUSDJPY remains pressured around a two-week low, despite the latest rebound from 127.50, after the yen pair slipped beneath an upward sloping support line from March-end. The south-run recently broke 100-SMA and is well on the way to the 127.00-126.90 zone comprising 200-SMA and multiple levels marked in a month. It’s worth noting that the pair’s downside past 126.90 may wait for the RSI to turn normal, currently oversold, if not then the 61.8% Fibonacci retracement (Fibo.) of late March to early May run-up, near 125.00 should return to the charts. Meanwhile, recovery moves need validation from the 129.40 level comprising the 100-SMA and April 20 swing high. Following that, the previous support line and the monthly peak, respectively around 130.50 and 131.35, could lure USDJPY bulls. In a case where the yen pair successfully rises past 131.35, buyers are entitled to challenge the year 2002 high surrounding 135.20. Overall, USDJPY bulls have been tired of late and the latest breakdown triggers the required bearish signal.
Short
by MTradingGlobal
AUDUSD rebound remains elusive below 0.7500AUDUSD keeps the bounce off 200-SMA despite mixed jobs report as market sentiment improves during early Thursday in Asia. However, a convergence of the 100-SMA and one-week-old horizontal resistance, around 0.7500, appears a tough nut to crack for the pair buyers. In a case where the pair rises past the 0.7500 hurdle, 0.7540 and 0.7580 may act as intermediate challenges for the buyers before fueling the quote towards the monthly high of 0.7660. On the contrary, a clear downside break of the 200-SMA, near 0.7400 by the press time, will allow AUDUSD sellers to aim for an upward sloping support line from February, near the 0.7300 round figure. During the fall, the early March swing high near 0.7365 may act as a buffer. That said, the pair’s sustained declines past 0.7300 won’t hesitate to challenge the previous monthly low near 0.7165. It’s worth noting that a clear bounce off the key moving average joins firmer RSI and bullish MACD signals to keep short-term buyers hopeful.
by MTradingGlobal
1