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Supportandresistancezones

EURUSD bounces off 10-month-old support but remains bearishEURUSD pares weekly losses ahead of the key inflation data from the Eurozone and the US. In doing so, the Euro pair rebounds from horizontal support comprising lows marked since November 2022, around 1.0485-80, as the RSI (14) takes a U-turn from the oversold territory. The same joins the looming bull cross on the MACD to direct the pair towards the nine-month-old previous support line, close to 1.0650 at the latest. However, the mid-September highs of around 1.0765-70 and the convergence of the 50-SMA and the 200-SMA, surrounding 1.0830, will act as tough nuts to crack for the buyers before retaking control. On the contrary, the EURUSD pullback remains elusive beyond the immediate horizontal support line surrounding 1.0480. Following that, the 50% Fibonacci retracement of September 2022 to July 2023 upside of near 1.0400 will precede the late November 2022 bottom of around 1.0220 to test the Euro bears. In a case where the major currency pair remains bearish past 1.0220, the 61.8% Fibonacci ratio of around 1.0200 will act as the final defense of the pair buyers. Overall, EURUSD remains bearish below 1.0830 but the corrective bounce may recall 1.0650 for a while on the chart.
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
USDCAD sellers need validation from 1.3430 and Canada inflationUSDCAD stays pressured at the lowest level in a month after breaking a six-week-old horizontal support. Adding strength to the downside bias is the Loonie pair’s sustained trading below the 200-SMA. However, the nearly oversold RSI (14) line and sluggish MACD signals prod the bears, which in turn highlights a two-month-old ascending support line, close to 1.3430 at the latest. It should be noted, however, that a downside break of the 1.3430 support will make the quote vulnerable to drop towards the 50% Fibonacci retracement of July-September upside, near 1.3390, and to the 61.8% Fibonacci ratio of 1.3320 ahead of directing the bears toward multiple tops marked in July and August around 1.3230. Meanwhile, a horizontal area comprising multiple levels marked since early August, between 1.3490 and 1.3500, guards the immediate recovery of the USDCAD pair. Also acting as the nearby upside hurdles for the Loonie pair is a one-week-old descending trend line and 200-SMA, respectively near 1.3510 and 1.3530. It should be noted that the quote’s run-up beyond 1.3530 will aim for the 1.3600 and the double tops marked in late August around 1.3635-40. In a case where the bulls manage to keep the reins past 1.3640, the monthly high surrounding 1.3700 will be in the spotlight. Overall, the USDCAD pair is likely to decline further but the downside room appears limited.
by MTradingGlobal
HDFC BANK institutional buying zone HDFC bank has been in this range since about 300 days and has always bounced back from this institutional buying zone where big players accumulate. It has approached this range again giving a beautiful risk to reward ratio of 1:3 and more. As seen in the past, on the break of this minor downward trend, the market rallies to the resistance zone hence we should follow the past. Position Sizing is recommended... What is position sizing? It is when you first add half your position to check If the market is saying you are right or wrong, if the market moves in your direction, you will add your second half and tighten your stop loss. This way you add two positions but one only when the market shows you that you are correct. Example: Suppose your risk is 100 per trade, You first buy enough Qt to risk only 50 ( Typically with a larger stop) and if the market forms a green candle or another bullish sign, you add another Qt to risk 50 more ( Total risk 100) and your second stop loss becomes tighter ( most probably at the breakeven of the first position) this way you minimise your loss but ur reward is the same and even more. If your first stop gets hit, you accept your mistake and move on. Hence, if one does go long, I personally am buying as close to the zone as possible and then will be adding more as the trendline breaks. Volume isn't a key indicator here since it has been high in the past as the market approached this zone and still rallied upwards. Targets marked on the chart. Keep It Simple
NSE:HDFCBANKLong
by Krish_Kohal
12
EURUSD pares US inflation-induced losses ahead of ECBEURUSD braces for the first weekly gain in nine as markets await the key European Central Bank (ECB) Interest Rate announcement. In doing so, the Euro pair extends the previous week’s rebound from the 78.6% Fibonacci retracement of March-July upside, near 1.0680 by the press time. The corrective bounce also gains support from a looming bull cross on the MACD indicator, as well as the gradually rising RSI (14) line from the oversold territory. It’s worth noting, however, that the 1.0800 appears a tough nut to crack for the pair buyers as it comprises the six-month-old previous support line, the 200-day Exponential Moving Average (EMA) and the 61.8% Fibonacci ratio. Following that, a downward-sloping resistance line from late July and the 100-EMA, respectively near 1.0855 and 1.0865, will act as the final defenses of the pair sellers. On the contrary, the EURUSD pair’s fresh downside could aim for the latest swing low of around 1.0700 before poking the 78.6% Fibonacci retracement level of around 1.0680. In a case where the Euro pair remains bearish past 1.0680, May’s bottom of 1.0635 may act as a buffer during the quote’s slump targeting March’s low of 1.0516. It’s worth observing that the yearly low marked in January around 1.0480 could test the pair sellers past 1.0516 before giving them control. Overall, EURUSD builds upside momentum but the recovery moves need validation from the hawkish ECB signals, especially after the previous day’s US inflation numbers challenged the pair buyers.
by MTradingGlobal
Gold bears prepare for another stunt as US inflation loomsGold Price again prods the 200-day Exponential Moving Average (EMA) support, after failing to break the same during late August, within a 2.5-month-old falling wedge bullish chart formation. The sluggish MACD signals and a downward-sloping RSI (14), not oversold, also favor the XAUUSD bears in breaking the 200-EMA support of around $1,910, which in turn will allow the precious metal to test the $1,900 threshold. However, the stated wedge’s bottom line of around $1,880 could challenge the commodity sellers afterward. In a case where the quote remains bearish past $1,880, the 78.6% Fibonacci retracement of its February-Mary upside, close to $1,860, will act as the final defense of the buyers before directing the prices toward the early 2023 low of around $1,805. On the contrary, the Gold Price recovery will aim for the 100-EMA hurdle of surrounding $1,930. Following that, the aforementioned bullish chart pattern’s top line, close to $1,945, and the monthly high of near $1,953 could challenge the XAUUSD buyers. In a case where the bullion remains firmer past the $1,953 hurdle, the odds of witnessing a rally towards July’s peak of $1,987 and then to the theoretical target of the wedge formation, close to $2,045, can’t be ruled out. It’s worth noting that the $2,000 psychological magnet acts as an extra filter toward the north. Overall, the Gold Price appears to decline further but the downside room seems limited unless the US CPI offers an extremely strong figure for August month.
OANDA:XAUUSD
by MTradingGlobal
HDFC Life - Keep on RadarThe stock has come down to the support area as shown on the charts. May reverse from here itself or may come down to even 600 levels. Keep tracking for a comfortable entry so that your stop-loss should be humble. We should learn to hunt like a tiger. Show extreme patience. Take time to identify the trade to make a perfect entry. So that our target may not miss. Only for learning and sharing purposes, not a piece of trading advice in any form. All the best for your trading journeys.
NSE:HDFCLIFELong
by anandlive
3
Rising wedge lures USDJPY sellers amid hawkish BoJ concernsUSDJPY begins the week on a negative note while extending a downside gap during the early hours of Monday. Adding strength to the bearish bias about the Yen pair are the concerns about the Bank of Japan’s (BoJ) exit from the ultra-loose monetary policy easing and a five-week-old rising wedge bearish chart pattern. It should be noted, however, that multiple supports stand tall to test the pair sellers on their way to the theoretical target of the rising wedge confirmation, around 139.20. That said, the stated wedge’s bottom line of around 145.60 acts as an immediate challenge for the bears to retake control. Following that, the 200-SMA and an ascending trend line from mid-July, close to 144.70 and 143.40 in that order, will precede the 140.00 round figure to also check the pair’s downside momentum ahead of highlighting the 139.20 mark. On the contrary, another rejection from the BoJ policymakers to the hawkish bias and strong US Consumer Price Index (CPI), scheduled for Wednesday, could renew the upside bias about the USDJPY pair. In that case, the tops marked since last Tuesday around 147.90 will provide headwinds to the Yen pair’s recovery. It should be noted that the stated wedge’s top line, around 148.10 by the press time, holds the key to the buyer’s entry. In that case, the north run will aim for the 150.00 psychological magnet ahead of targeting the previous yearly high surrounding 151.95, as well as the 152.00 threshold. To sum up, USDJPY bulls appear to run out of steam but the bears need validation from 145.60, BoJ officials and the US inflation to retake control.
by MTradingGlobal
Nifty 50 Levels For 11th September Previous Day Market Close at Spot 19819 For tomorrow Fast #Resistant is 19850 If the Market Open Gap-up and gets support from 19850 then We Can see an upside move up to #Level 20,000 As Per OI Data Market Has #Resistance at 19900 and big #resistance at 20000 And Downside Big Support is19700 and 19600 As per OI Data For tomorrow If Nifty again Breaks 19800 Levels Then the Market Can Fall up to 19733 If the Market Open a Gap-up and Trade below19819 then We Find A Downside Entry. NOTE- Only for Education Purposes. Please Give A Like If You Like
NSE:NIFTYLong
by santubittu