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Supportandresistancezones

GBPUSD stays on bull’s list despite pre-BoE retreatGBPUSD dropped in the last three consecutive days and is on the way to posting the first weekly loss in four as the Cable traders prepare for the Bank of England (BoE) Interest Rate Decision, despite the latest rebound. Even so, the Pound Sterling remains beyond the 50-SMA and a three-week-old rising support line, respectively near 1.2690 and 1.2655 at the latest. Even if the quote breaks these immediate supports, the monthly swing high of near 1.2540 and the 200-SMA surrounding 1.2520 can act as the last defenses. It should be noted that the RSI is below 50.0 and suggest bottom-picking while the strong UK inflation also increases the hawkish hopes from the BoE. In that case, the weekly resistance line of near 1.2770 and the latest multi-month high marked the last week around 1.2850 will be in the spotlight. However, an upward-sloping trend line from mid-April, close to 1.2870 at the latest, will challenge the GBPUSD bulls afterward. In a case where the Cable pair remains firmer past 1.2870, multiple hurdles near 1.2970 and the 1.3000 threshold may test the upside momentum before directing the Pound Sterling prices toward the April 2022 peak of near 1.3150. Overall, GBPUSD is likely to grind higher unless the BoE disappoints markets.
by MTradingGlobal
EURUSD bulls are still in the game despite retreatEURUSD pares the biggest weekly gain since early January ever since it reversed from the monthly high on Friday. In doing so, the Euro pair prints the first weekly loss in three as Fed Chair Powell’s testimony looms. However, a golden cross on the moving average, that is a condition where 50-SMA pierces the 200-SMA from below, joins the quote’s sustained trading beyond a fortnight-old rising support line to keep the buyers hopeful. Hence, the immediate trend line support, close to 1.0875 at the latest, precedes the 50-SMA of near 1.0840 and the 200-SMA surrounding 1.0820 to act as the final defense of the Euro buyers. Also acting as the downside filter is the early-month peak of around 1.0775, a break of which can quickly drag the pair to the previous monthly low of 1.0635. Meanwhile, the EURUSD recovery needs to remain successfully high past the two-month-old horizontal support zone surrounding 1.0900-910. In that case, the weekly high of 1.0970 and the 1.1000 psychological magnet can challenge the bulls. Following that, the double tops marked in late April and early May, just below the 1.1100 round figure, will be crucial for the buyers to cross to confirm their ruling. Overall, the EURUSD appears slipping off the bull’s radar but the bears need validation from technicals, as well as from Fed’s Powell, to retake control.
by MTradingGlobal
1
NTPC Strong Breakout & Retest SetupNTPC has given a strong breakout above a resistance zone that was tested multiple times and is now approaching a retest of this zone, which is expected to act as a support zone. Based on this setup, a swing trade opportunity may be considered. Entry: A long position can be initiated after the close of a strong bullish candle near the flip zone. Stop Loss: A stop loss order can be placed below the flip zone to limit potential losses. Targets: Target 1: Take profit can be set near the next resistance zone as marked on the chart. Target 2: Once target 1 is achieved, a second profit target can be set near the next resistance zone 2 as marked on the chart. What is Flip Zone? A flip zone is a term used to describe a price zone that has flipped from acting as a resistance to acting as a support level or vice versa. It occurs when the price breaks through a key level, then retests it, causing the level to switch from acting as resistance to support or vice versa. Please Like & Follow me.
NSE:NTPCLong
by vt_trader
2
AUDUSD teases sellers on breaking short-term bullish channelAUDUSD prods three-week uptrend after RBA Minutes and PBOC rate cut impresses bearish ahead of Fed Chair Powell’s Testimony. Also favoring the odds of a pullback in the Aussie pair is the nearly overbought RSI and concerns about hearing hawkish words from Fed Chair Powell. However, a clear downside break of a three-week-long rising trend channel becomes necessary to convince the pair bears. In doing so, a daily close below the stated channel’s bottom line, near 0.6850, becomes necessary to convince sellers. Even so, the 200-day Exponential Moving Average (EMA) level of around 0.6760 acts as the last defense of the bulls. Meanwhile, the AUDUSD upside needs to refresh the latest monthly peak of around 0.0.6900 to convince short-term buyers. However, the stated channel’s top line, close to 0.6940, will precede the 0.7000 psychological magnet to challenge the pair’s further upside. In a case where the Aussie pair remains firmer past 0.7000, the mid-February around of around 0.7030 and the yearly high of 0.7157 will be in the spotlight. Overall, AUDUSD bulls appear running out of steam but the bears have a long way to retake control.
by MTradingGlobal
USDCHF stays bearish as SNB week beginsUSDCHF eyes another visit to the yearly low, after a two-week downtrend, as it braces for the Swiss National Bank (SNB) Interest Rate Decision, expected 1.75% versus 1.50% prior. In doing so, the Swiss Franc (CHF) pair fades Friday’s bounce off the lowest levels in five weeks by retreating from the 61.8% Fibonacci retracement of its May 04-31 upside. Given the below 50.0 levels of the RSI (14) line, it is likely to witness a bumpy road towards the south, suggesting a bounce off the 78.6% Fibonacci retracement level of 0.8890. In a case where the quote fails to recover from 0.8890, the yearly low of around 0.8820 marked in the last month will be in the spotlight. It’s worth noting that the pair’s weakness past 0.8820 highlights the yearly 2021 bottom surrounding 0.8757 as the last defense of the buyers. On the contrary, USDCHF recovery may initially aim for the 50% Fibonacci retracement level of 0.8980. Following that, a convergence of the 200-SMA and a one-week-old descending resistance line of around 0.9000 will be in focus. Should the quote manage to remain firmer past 0.9000, the bulls can aim for 0.9030 ahead of confronting multiple hurdles around 0.9110. It’s worth noting that the previous monthly high of around 0.9150 is the last stand for the bears, a break of which could allow the buyers to aim for the yearly high of 0.9440 marked in February.
by MTradingGlobal
EURUSD appears bullish on ECB DayEURUSD defends recovery from 200-EMA, as well as stays above the 50-EMA hurdle, as markets prepare for the ECB. In doing so, the Euro pair lures buyers amid hawkish expectations from the European Central Bank (ECB). That said, the 23.6% Fibonacci retracement level of the pair’s upside from late November 2022 to May 2023, near 1.0900, appears immediate resistance for the bulls to watch before targeting the 1.1000 threshold. It’s worth noting, however, that the nearly overbought RSI may restrict the major currency pair’s advances past 1.1000, highlighting February’s peak of around 1.1035, as well as the yearly top marked in May around 1.1100. On the flip side, a dovish hike from the ECB and a daily close below the 50-DMA support of 1.0810 becomes necessary to please intraday sellers of the EURUSD pair. Even so, the 200-EMA of around 1.0690 will challenge the bears. Should the pair drops below the key EMA support, the previous monthly low of around 1.0635 can act as the final defense of the Euro bulls. Following that, a southward trajectory toward the lows marked in March and January, respectively around 1.0515 and 1.0480, will be in the spotlight. To sum up, EURUSD is likely to approach the yearly high unless the ECB disappoints.
by MTradingGlobal
Gold hovers above $1,940 critical support on Fed dayGold again bounces off the 100-DMA after five consecutive attempts to break an important moving average that has been pushing back bears since late May. Adding strength to the said DMA support is the 50% Fibonacci retracement of its late February to May upside, near $1,940. It’s worth noting, however, that the oscillators portray a grim picture for the XAUUSD buyers and the Fed also can surprise markets, amid dovish hopes and softer US inflation. As a result, the probabilities favoring the metal’s fall to $1,914 and the $1,900 round figures are high, a break of which could recall the early March swing high of around $1,858 and the latest February lows of near $1,804 that act as the last defense of the buyers. On the flip side, another recovery by the Gold price remains elusive unless it breaks the lower-high pattern established since late May. To do so, the bullion needs a daily close beyond the $1,984 mark. Even so, the 50-DMA hurdle of around $1,990 and the $2,000 threshold could play their roles to challenge the XAUUSD bulls. Following that, multiple levels around $2,020 and $2,050 can challenge the metal’s upside momentum before crossing the latest peak of around $2,080. Overall, Gold buyers appear to run out of steam as the Federal Reserve Interest Rate Decision looms.
OANDA:XAUUSD
by MTradingGlobal
CDSL taking support at previous resistance zone?1. Buy or Sell at your own risk 2. Don't risk more than 1%-2% of your capital as stop loss 3. Position Size formula: - Stop Loss Amount/(Buy Price - Initial Stop Loss Price) 4. Sell on initial Stop Loss hit or RSI close below 40 5. Some other ways to sell stocks can be a. 25% or 50% up in three weeks or less b. Weekly tailing tops with high volume c. Exhaustion gaps d. Heavy daily volume without further upside e. Largest one day price drop After falling since Sep'22, NSE:CDSL started a slow rise in Apr'23. Currently, it is trying to take support at a previous resistance zone at ₹1025. One can buy if it crosses ₹1057 (aggressive traders) or ₹1094 (conservative traders) with a stop at ₹1020. Disclaimer: I am not SEBI Registered. Do trade or invest at your own risk, I am not responsible for any losses and won't claim anything from your profits either. Take financial advice from your advisors before jumping in.
NSE:CDSLLong
by akashbothra