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Supportandresistancezones

Gold prints bearish triangle as the dull week approaches its endDespite bracing for the second consecutive weekly gain, the Gold buyers appear running out of steam as the metal stays within a three-week-old bearish triangle, recently bouncing off the chart pattern’s bottom line. The latest recovery may initially gain momentum on breaking the weekly resistance line, around $1,965 by the press time, which in turn can challenge the 200-EMA surrounding $1,973. However, the XAUUSD buyers remain off the table unless witnessing a clear upside break of the stated triangle’s top line, close to $1,982 by the press time. Meanwhile, Gold sellers can retake control on witnessing a clear downside break of the stated triangle’s bottom line, around $1,942 at the latest. Following that, the yearly low of near $1,932 may act as an extra check towards the south before dragging the quote towards the theoretical target of the triangle break, which is $1,888. However, multiple supports near $1,910 and the $1,900 threshold could challenge the bullion bears on their ruling. Overall, Gold portrays bearish consolidation by the end of the unimpressive week. Though the next one is all-important as it comprises monetary policy meetings of the Fed and ECB.
OANDA:XAUUSD
by MTradingGlobal
USDJPY retreat appears doubtful beyond 137.30USDJPY remains on the way to posting the second consecutive weekly loss after reversing from the yearly top in the last week. In doing so, the Yen pair justifies the overbought RSI (14) line. However, a six-month-old horizontal support zone near 137.90-85 and the 200-DMA level surrounding 137.30 appear tough nuts to crack for the sellers to retake control. Following that, a gradual south-run toward the 61.8% Fibonacci retracement of its May-October 2022 upside, near 136.10 and then to the previous monthly low of around 133.50 can’t be ruled out. On the contrary, USDJPY recovery needs validation from the yearly latest peak of 140.95, as well as the 141.00 round figure, to convince buyers. It’s worth noting that the 140.00 psychological magnet caps the immediate upside of the Yen pair whereas a convergence of the one-month-old upward-sloping resistance line and 38.2% Fibonacci retracement, near 142.15-20, can challenge the quote’s run-up beyond 141.00. In a case where the risk-barometer pair rises past 142.20, the late October 2022 low close to 145.10 will be in the spotlight. Overall, USDJPY is likely to witness short-term selling pressure but the trend remains bullish until the quote stays beyond 137.30.
by MTradingGlobal
USDCAD portrays bearish consolidation on BoC DayUSDCAD remains unimpressive after breaking a seven-week-old horizontal support zone the previous day. That said, the RSI (14) rebounds from oversold territory and hence lures the buyers. However, a clear upside break of the support-turned-resistance area surrounding 1.3410, backed by the Bank of Canada’s (BoC) hawkish tone, becomes necessary to convince buyers. Even so, the 200-SMA hurdle of near 1.3520 and a three-week-old resistance area surrounding 1.3565-70 can check the upside momentum before directing it to the previous monthly peak of around 1.3655 and then to April’s top near 1.3670. On the flip side, BoC is expected to keep the benchmark rates unchanged and hence a dovish tone or a signal to cut rates in futures would be enough to convince USDCAD bears. In that case, an upward-sloping support line from mid-April, close to 1.3350 by the press time, appears the key support for the pair sellers to watch during the quote’s further weakness. Should the Loonie pair sellers manage to keep the reins past 1.3350, the odds of witnessing a downward trajectory towards the yearly low marked in January around 1.3260 can’t be ruled out. To sum up, USDCAD is likely to recover but the upside hinges on how well the BoC can defend hawks despite keeping the monetary policy unchanged.
by MTradingGlobal
AUDUSD bulls can keep control beyond 0.6560 on RBA DayAUDUSD struggles to defend the previous weekly rebound from the yearly low as traders await the Reserve Bank of Australia’s (RBA) monetary policy decision. Although the Aussie central bank is likely to keep the benchmark rates unchanged after a surprise 0.25% rate hike in the last, it can follow the RBNZ’s hawkish action amid recently firmer Australian data and keep the pair buyers happy. Alternatively, an unimpressive RBA verdict needs validation from 0.6565-60 support confluence comprising a three-month-old horizontal support zone and a previous resistance line from mid-May. Following that, a quick fall toward the 0.6500 round figure can’t be ruled out. However, the yearly bottom marked the last week, around 0.6455, might challenge the pair sellers afterward. Meanwhile, the 200-EMA hurdle of around 0.6650 restricts the short-term upside of the RBA even if the Australian central bank offers a positive surprise. Following that, the mid-May peak of around 0.6710 can lure the AUDUSD bulls. It’s worth noting, however, that the Aussie pair’s upside past 0.6710 will witness multiple hurdles around 0.6750, 0.6800 and 0.6820. In a case where the AUDUSD manages to remain firmer past 0.6820, the odds of witnessing a run-up toward the 0.7000 threshold and then to the yearly high of around 0.7160 are high. Overall, AUDUSD is likely to remain on the front foot despite the RBA’s status quo unless it breaks the 0.6560 key support.
by MTradingGlobal
Gold buyers look set to recapture $2,000 on US NFP dayGold price extends rebound from an 11-week-old horizontal support zone, as well as the 100-DMA, as it approaches the 50-DMA hurdle surrounding $1,992. Adding strength to the bullish bias is the metal’s upside break of a one-month-old descending resistance line, now support staying within the aforementioned horizontal region surrounding $1,932-40. Furthermore, the looming bull cross on the MACD and gradually rising RSI (14) line also keep the XAUUSD buyers hopeful to extend the run-up towards the immediate DMA hurdle. It’s worth observing that the $2,000 round figure acts as an extra filter towards the north. However, a clear upside break of the same could quickly propel the metal toward the $2,050 resistance area before challenging the all-time high of nearly $2,080. On the contrary, the Gold price downside needs validation from the previously stated support zone near $1,940-32, including the 100-DMA, the previous resistance line stretched from early May and multiple levels marked since mid-March. Following that, the 38.2% Fibonacci retracement of the September 2022 to May 2023 upside, near $1,896, could be the next stop for the metal sellers. In a case where the XAUUSD remains bearish past $1,896, the 5% Fibonacci retracement and the yearly low marked in February, respectively near $1,845 and $1,804, quickly followed by the $1,800 round figure, will be in the spotlight. Overall, Gold price is likely to recover but the road towards the north isn’t smooth and hinges on the US Nonfarm Payrolls (NFP) data.
OANDA:XAUUSD
by MTradingGlobal
BankNifty Future Analysis for Today 1st June 2023BankNifty Future Analysis for Today 1st June 2023 As per our #analysis for #BankNiftyFuture, we are expecting these Intraday levels today, kindly check the charts on 15 min time frame and act accordingly. #IntradayLevels Disclaimer : All the provided levels are for #educational purpose only, please do your own analysis before doing any trade in the live market or consult your #financial advisor before act. Follow Us For More #Updates in Future
NSE:BANKNIFTY1!
by MarkitVUE
USDCHF teases bears on Swiss GDP day, rising wedge in focusUSDCHF fades upside momentum, after witnessing a three-week uptrend. With this, the Swiss currency pair portrays a rising wedge bearish chart formation on the four-hour chart. That said, RSI (14) line appears steady near the 50.0 level, suggesting no harm to the latest consolidation in prices. However, the bearish MACD signals suggest that the bears are gradually sneaking in. As a result, the pair bears may seek entry on breaking the stated rising wedge’s bottom line, close to the 0.9000 round figure. Following that, the 200-SMA of around 0.8950 and the yearly bottom of 0.8820 may act as extra filters towards the south before directing the pair to the theoretical target of the rising wedge around 0.8750. On the flip side, USDCHF recovery needs validation from the 61.8% Fibonacci retracement of its late March to early May downturn, close to 0.9070. However, the April 10 peak of 0.9120 may limit the short-term upside of the quote afterward. Should the bulls cross the 0.9120 hurdle, the bearish chart formation gets off the table and can allow the buyers to challenge March’s high of near 0.9440, which is also the yearly high. Overall, USDCHF is likely to witness further downside but the bears need to conquer the 0.9000 mark to tighten the grips.
by MTradingGlobal
Good buy above 44100Hello traders, Told you yesterday for good buy above 43750 and after that our level of 43900 and 44000 are achieved. We can see a good consolidation in 44000 level which is good signal for more up move we can wait for good buy above 44100 if it crosses that level and sustain for some time. Wait for good move don't jump right away, keep in mind we have to wait for perfect setup and then jump for trade. Now 44100 if crossed then we can see 44200 and 44300 level for upside move For downside we can short below 43950 but with small quantity. Don't forget we are near all time high. If you like my analysis please like share, comment and don't forget to follow me for more levels. Thanks
NSE:BANKNIFTY
by Green_Red_Blood
EURUSD portrays rising wedge bearish chart formationA gradual shrinking of EURUSD upside moves prints a six-month-old rising wedge bearish chart pattern, currently between 1.1120 and 1.0690. Recently luring the Euro bears is the downside break of the 100-DMA, around 1.0810 by the press time. With this, the pair is likely to challenge the stated wedge’s bottom line, around 1.0690, a break of which will confirm the bearish chart pattern suggesting a theoretical target of 0.9840. That said, the 200-SMA level of around 1.0465 can act as an intermediate halt during the likely fall. Alternatively, a daily close beyond the 100-DMA level of around 1.0810 becomes necessary for the EURUSD buyers to return to the table. Even so, the 1.0000 psychological magnet and February’s high of around 1.1035 could prod the Euro bulls. It’s worth noting that the stated wedge’s top line, currently near 1.1120, acts as the last defense of the EURUSD bears. Overall, EURUSD is likely to witness further downside wherein 1.0690 is the key support.
by MTradingGlobal