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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
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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
SWING TRADE - ORCHID PHARMA - R:R @ 1:3Potential Opportunity as Swing Trade in NSE:ORCHPHARMA and also predicting positive for long term investment. Technical Analysis Based on Support Line & Fibonacci Retracement SWING TRADE - RISK TO REWARD - 1:3 ENTRY - 366.50 TARGET - 400.50 STOP LOSS - 356.50 This is for Educational Purpose only, please apply your prudence & consult your adviser before any investing. #nse #swingtrade #nifty #orchidpharma #orchpharma #riskrewardratio #longtrade
NSE:ORCHPHARMALong
by indostockdash
NIFTY 50 Levels for date : 04/02/2022 This are the levels I’m sharing only for Educational Purpose only . The green area box is Resistance. The module area box in yellow is Flip Zone . The red area box is Support. Above Resistance there are two areas marked with horizontal line. Below Support there are two areas marked with horizontal line. Breakout or breakdown of above happens then you can trade but proper formation of candle stick pattern should take place and EMA 10 & 20 should be cupping and should be close to candle . STOP LOSS below the previous candle of entry .
NSE:NIFTY
by spy4sam
POTENTIAL OPPORTUNITY - UPTO 58% @ SECUREKLOUND TECHNOLOGIESPotential Opportunity as Swing Trade in NSE:SECURKLOUD Presuming formation of "W - Patten" with a retracing at strong support. If tomorrow's trade confirms with another strong green candle then Bullish rally will form. Risk : Reward - 1:3 ENTRY - 124.50 STOP LOSS - 110.00 TARGET (1) - 147.00 TARGET (2) - 163.00 TARGET (3) - 177.00 This is for Educational Purpose only, apply your prudence & consult your adviser before any investing. HAPPY TRADING..... #nse #swingtrade #nifty #securkloud #nifty50 #priceaction #trendline #retest # retracement #bullish #riskrewardratio
NSE:SECURKLOUDLong
by indostockdash