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Supportandresistancezones

GBPUSD is still not for the bearsDespite posting the first weekly loss in four, the GBPUSD pair stays beyond the key supports. Not only that but the RSI (14) also retreats from overbought conditions and hence the fears of a pullback are off the table. That said, the MACD signals are bullish, which in turn backs the buyers to renew the upside momentum. That said, the latest peak, also the 61.8% Fibonacci Expansion (FE) of March-May moves, near 1.2850, appears the immediate target for Cable buyers. Following that, the lows marked during March 2022 join the 78.6% FE to highlight the 1.3000 as a strong resistance to watch. In a case where the pair remains firmer past 1.3000, the late 2021 bottom of around 1.3160 will be in the spotlight. Meanwhile, the previous monthly high of near 1.2680 acts as immediate support for the intraday sellers of the GBPUSD pair to watch. Following that, an ascending support line from early March, close to 1.2510, immediately followed by the 1.2500 round figure, will be important hurdles for the bears to conquer to retain control. It’s worth observing that the 100-DMA level of around 1.2350 and the previous monthly low surrounding 1.2300 act as the last battle points for the Cable buyers before relinquishing control.
by MTradingGlobal
BankNifty RSI Bearish DivergenceObserving the BankNifty price chart, we can see that the price is making higher highs while the RSI is making lower highs, indicating a clear sign of RSI bearish divergence. Entry: To capitalise on this bearish signal, we can consider going short once the close of a strong bearish candle is below the weak support level marked on the chart. Stoploss: To manage our risk, we can place a stoploss above the weak support level. Target: Our profit target can be set near the next strong support zone marked on the chart. If you find this analysis helpful, please consider liking and following me for more insights and trading ideas. Thank you.
NSE:BANKNIFTYLong
by vt_trader
2
UPL Double Bottom & RSI DivergenceAccording to the daily chart, UPL has formed a double bottom pattern near a significant support zone. Notably, while the price made a double bottom near the same level, the Relative Strength Index (RSI) recorded a higher low, indicating a bullish divergence in the RSI. Entry:
 We can go long after the close of a strong bullish candle near the support zone. Stoploss: 
We can keep the stop loss below the support zone with some buffer. Target:
 We can keep the target near the next resistance zone as marked on the chart. Please Like & Follow me.
NSE:UPLLong
by vt_trader
4
Market at near all time high! What should we do now???Only simple answer:- Wait for breakout or rejection from top, the the price decide. But according to trading rule price has to consolidate first before breakout, otherwise if price will break directly might be it can form a fake breakout. I will prefer to wait for price action, then i will plan accordingly. Now no trading zone according to me. I think one rejection we can see from this all time high area, and price can fall till 18400 somewhere and then it will prepare for breakout. And that breakout will be healthy breakout. Anyway i am just waiting for price action. Hit the like button if you like my content. And follow for more updates like this. Thankyou Note:- only for educational purpose. Regards Rahul Pal
NSE:NIFTY
by TraderRahulPal
Gold Price gradually declines towards $1,900Gold Price breaks a month-old bearish channel towards the south and suggests further downside past the latest three-month low surrounding $1,920. However, the oversold RSI conditions keep offering intermediate bounces as the bullion drops towards the 61.8% Fibonacci Expansion (FE) of May 15 to June 16 moves, near $1,907. Following that, the $1,900 round figure may test the XAUUSD bears before highlighting the 78.6% FE level of around $1,890. In a case where the precious metal remains weak past $1,890, the June 2022 peak of near $1,880 and early March 2023 high close to $1,858 will act as the last stops for the bulls to leave the throne and give control to the bears. On the contrary, the bottom line of the stated bearish channel, close to $1,925 at the latest, can escalate the corrective bounce toward the $1,940 hurdle. However, a convergence of the 200-EMA and a three-week-old descending trend line, near $1,960, appears a tough nut to crack for the Gold buyers afterward. Even if they manage to cross the $1,960 resistance, the top line of the aforementioned falling trend channel, close to $1,970, will be the final battle before welcoming the bulls. Overall, the Gold price is likely to decline further but the downside appears slow and steady.
OANDA:XAUUSD
by MTradingGlobal
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