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Stimulus

AUDUSD drops back below 20-DMA on RBA dayAlthough the Reserve Bank of Australia (RBA) matched wide forecasts of inaction on early Tuesday, the Aussie central bank’s concerns over economic growth, due to the pandemic-led local lockdowns, weigh on the AUD/USD prices. Also challenging the quote buyers are the headlines from China and concerning the US stimulus, as well as debt ceiling extension. That said, the pullback from 20-DMA offers a selling opportunity with the 0.7220 acting as an immediate target ahead of six-week-old horizontal support near 0.7165-55. However, any further downside will be challenged by RSI conditions, which if ignored could refresh the yearly bottom that currency stands near the 0.7100 mark. Meanwhile, an upside clearance of 20-DMA level of 0.7281 isn’t a green pass for the bull’s entry as a horizontal line from late July adds to the upside filters around 0.7320. It should be noted, however, that a clear run-up beyond 0.7320 enables the buyers to aim for a 61.8% Fibonacci retracement level near 0.7410 before highlighting the September month’s peak around 0.7480. Overall, AUD/USD remains in the bearish trajectory unless crossing the 0.7480 hurdle.
Short
by MTradingGlobal
EURUSD recovery looks to ECB with bumpy road aheadDespite breaking the two-week-old falling trend line the previous day, EURUSD wavers in a choppy range above 1.1900 as the pair traders await ECB's decision. Also important for the day is US President Joe Biden’s speech to praise policymakers after his $1.9 covid stimulus package crossed the Senate before a few hours. While neither ECB nor Biden seems to offer any challenges to the EURUSD recovery, a three-week-long resistance line near 1.1960, previous support, guards the quote’s corrective pullback. Even if the EURUSD bulls manage to cross the 1.1960 hurdle, the 1.2000 psychological magnet and 200-bar SMA level of 1.2070 should be watched carefully as resistances. Meanwhile, the downside break of the recently breached resistance line, now support, around 1.1900, will recall the EURUSD sellers targeting 200-day SMA level on the daily chart near 1.1820. It should, however, be noted that the fears of reflation, if mentioned, could exert additional downside pressure on the pair towards the November 2020 low near 1.1600.
Long
by MTradingGlobal
1
Inc in weekly jobless claims supported Gold, eye on retail salesGold prices continued to move sideways on the back of multiple events and updates floating in the market, although if the metal could not keep up pace it will be on the track for its first weekly decline in three weeks for the metal. On the bright side for the metal yesterday, President Trump announced that he is willing to raise his offer of $1.8tln for a Covid relief bill, although this idea was shot down by his fellow Republican itself, putting cold water on this little ray of hope. Europe and few states in U.S. are battling surges in COVID-19 cases, with new infections and hospitalizations rising to record levels, increasing worries and keeping the floor strong for gold. Increase in the weekly jobless claims to it's two week high in the yesterday's session also supported gold on the lower levels. Market participants will keep an eye on the Retail sales and Industrial production data from the US; in case of any decline could further support the metal. With the trend on gold higher since 2016, and the weekly timeframe demonstrating active support at $1,882, buyers still likely have a strong hand in this fight. Traders may interpret chart structure as a cue to begin pursuing bullish themes off the current H4 trend line support, while conservative buyers might prefer to wait and see if the unit conquers H4 resistance at $1,916 before taking action. Suggestion: BUY GOLD FROM 1906-07 SL BELOW 1894 TGT 1915/1920 ELSE SELL BELOW 1894 TGT 1885/1880 SL ABV 1905
OANDA:XAUUSDLong
by OfficialYaMarkets
Bank Nifty Outlook for Wednesday, 29th July | 50x InvestmentsBank Nifty - Technical Analysis: Bank Nifty started off the day with a gap-up opening but soon corrected over 1.7% within an hour. The bears then started booking their profits due to which Bank Nifty retraced upward before settling near the day's high. On the hourly chart, Bank Nifty gave a failed breakout above the EMA20 line and formed a red candle after it. This implies that there is some bearish strength remaining before the market corrects upwards. Market - Driving Factors: Ultratech Cement closed in the green by over 7% on the back of better than expected Q1FY21 results. These results also rubbed off on other realty firms with Prestige Estates ending over 12% up. Nestle India reported a 11% increase in net profit on a YoY basis which was less than the street estimates due to which the stock ended in the red by over 1.4%. Hopes of a fresh stimulus to be issued by the US Government kept the bulls optimistic and the Indian indices in the green. Bank Nifty - Outlook for Wednesday, 29th July: Bank Nifty might continue its upward retracement due to further profit booking by the bears given the hopes of a second stimulus by the US Government. 22216 (38.2% retracement level) will act as a strong resistance level for Bank Nifty tomorrow. Airtel, Parle, Maruti and TVS Motors are scheduled to announce their results tomorrow. These results might affect the market sentiment in general and thus have a bearing on Bank Nifty as well.
NSE:BANKNIFTY
by Algokart
1
Tata Steel - WaveTalks - Can Tata "Steal" The Shine !!! 250-300+Disclaimer ----------------------------- All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, or individual’s trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs. ---------------------------------------------------------------------------------------------------------------------------- Trading Strategy Tata Steel Tata Steel is a portfolio stock -If I am correct & it holds above 250 (strictly) or later below 250 - we look for buying opportunity close 180-200 zone which another important support for Targets 300 / 520 / Above 520 for 650 & crossing 750 - Wonder Waves (Wave 3)- Waves to behold as written in books. ---------------------------------------------------------------------------------------------------------------------------- Auropharma Last Video Idea - Is it Ready for Explosive Journey !!! ------------------------------------------------------------------------------------------------------------------------ ITC Bullish Bat from 157-158 Zone for 162/165/170/176 ------------------------------------------------------------------------------------------------------------------------------- Nifty Index Selling The Channel Top With Harmonic Pattern at 9850 -------------------------- Wonder Waves Part 1 - Picking The Bottoms at 7700 -------------------------- Wonder Waves Part 2- Can Patterns Repeat at 8055 ------------------------- Wonder Waves Part 3 - Traditional Patterns Target -9600 ------------------------------------------------------------------------------------------------------------------------------- Thanks for watching the video & your precious time.
NSE:TATASTEELLong
by WaveTalks
51