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Technical Analysis: NZDUSD slumps on RBNZ, 200-DMA and 0.6130 reNZDUSD fails to justify the RBNZ’s 0.25% rate hike as it drops the most in a week after the Interest Rate Decision. The reason could be linked to the New Zealand central bank’s keeping of top rate level and the Governor’s inability to defend the hawkish move. With this, the Kiwi pair drops towards the 200-DMA support of around 0.6150. However, an upward-sloping support line from early March, close to 0.6130 by the press time, may challenge the pair sellers afterward. In a case where the NZDUSD remains bearish past 0.6130,s the yearly low marked in March around 0.6105 and the 0.6100 may act as the last force to stop the sellers. On the contrary, a two-week-old descending resistance line near 0.6305 restricts the immediate upside of the NZDUSD pair during any recovery. Following that, the monthly high of around 0.6385 and the 0.6400 round figure may prod the Kiwi pair buyers before directing them to the yearly high of around 0.6540, printed in February. Overall, NZDUSD is likely to decline further but the room towards the south appears limited.
by MTradingGlobal
Nifty View for 24-05-2023In Nifty Upper side 18415-18440is Important Level and Lower Side 18050 is important level. Previous day Nifty has closed @ 18314. I have small changes in levels as per today movement of Nifty Check Previous Day Level Performance and comment. For any Feedback and Suggestion, please free feel to message us. Disclaimer: Content shared on or through our digital media channels are for information and education purposes only and should not be treated as investment or trading advice. Please do your own analysis or take independent professional financial advice before making any investments based on your own personal circumstances. Investment in securities are subject to market risks, please carry out your due diligence before investing. And last but not the least, past performance is not indicative of future returns.
NSE:NIFTY
by easi2invest
Bank Nifty Levels for 24-05-2023In Bank Nifty Upper side 44075-44150 is Important Level and Lower Side 43750 is important level. Previous day Bank Nifty has closed @ 43885. Check Previous Day Level Performance and comment. For any Feedback and Suggestion, please free feel to message us. Disclaimer: Content shared on or through our digital media channels are for information and education purposes only and should not be treated as investment or trading advice. Please do your own analysis or take independent professional financial advice before making any investments based on your own personal circumstances. Investment in securities are subject to market risks, please carry out your due diligence before investing. And last but not the least, past performance is not indicative of future returns.
NSE:BANKNIFTY
by easi2invest
AUDUSD sellers need to break 0.6600 support to retake controlAfter repeated failures to cross the 100-DMA, the AUDUSD pair again attacks an 11-week-long ascending support line, around 0.6610 at the latest. That said, bearish MACD signals and a mostly steady RSI (14) line keep the Aussie pair sellers hopeful of breaking the stated key support. Even so, a confirmation from the 0.6600 round figure, becomes necessary for the bears to battle with the 61.8% Fibonacci retracement level of October 2022 to February 2023 upside, close to 0.6545. In a case where the quote remains bearish past 0.6545, the odds of witnessing a gradual fall towards 0.6380 and then to the yearly low of around 0.6170 can’t be ignored. On the contrary, AUDUSD recovery remains unimpressive below the 100-DMA hurdle surrounding 0.6785. Adding strength to the stated resistance is the 38.2% Fibonacci retracement level. That said, the 0.6710 can guard the immediate recovery of the Aussie pair. It should be noted, however, that the quote’s successful break of 0.6785 resistance confluence can propel the pair towards 0.6850 and a late 2022 peak of near 0.6895, quickly followed by the 0.6900 round figure. Overall, AUDUSD is likely to turn bearish after closely missing the negative weekly mark in the last.
by MTradingGlobal
NZDUSD bulls struggle to retake control as RBNZ week beginsNZDUSD managed to ignore the US Dollar strength in the last week amid hawkish expectations from the RBNZ. The kiwi pair also bounced off a one-month-old ascending support line, as well as stayed beyond the 200-SMA, to keep the buyers hopeful. However, an expected last rate hike from the New Zealand central bank might pour cold water on the face of the Kiwi pair bulls. Even so, the stated key SMA and immediate support line, respectively near 0.6240 and 0.6210, can challenge the bears before giving them control. Following that, multiple lows marked around 0.6170-60 may rest the downside momentum ahead of highlighting a challenge for the April and May month bottoms, close to 0.6110 and 0.6085 in that order. Alternatively, a surprise hawkish move and the RBNZ’s restrain from pausing the rate hikes may fuel the NZDUSD price. In that case, a five-week-old horizontal support zone near 0.6315 may prod the Kiwi pair buyers. In a case where the pair remains firmer past 0.6315, the monthly high of around 0.6385 may prod the bulls ahead of highlighting the rush towards the yearly high marked in February around 0.6540. Overall, NZDUSD is likely to remain firmer unless any dovish surprise from RBNZ erupts.
by MTradingGlobal
Fin Nifty Levels for 22-05-2023In Fin Nifty Upper side 19460-19485 is Important Level and Lower Side 19200 is important level. Previous day nifty has closed @ 19420 @ Near downward Trendline. Disclaimer: Content shared on or through our digital media channels are for information and education purposes only and should not be treated as investment or trading advice. Please do your own analysis or take independent professional financial advice before making any investments based on your own personal circumstances. Investment in securities are subject to market risks, please carry out your due diligence before investing. And last but not the least, past performance is not indicative of future returns.
NSE:CNXFINANCE
by easi2invest
Nifty View for 22-05-2023In Nifty Upper side 18360-18380 is Important Level and Lower Side 18050 is important level. Previous day nifty has closed @ 108203 between supply zone 18195-18220. As per my view Nifty may be open Downside and test levels of 18080. Disclaimer: Content shared on or through our digital media channels are for information and education purposes only and should not be treated as investment or trading advice. Please do your own analysis or take independent professional financial advice before making any investments based on your own personal circumstances. Investment in securities are subject to market risks, please carry out your due diligence before investing. And last but not the least, past performance is not indicative of future returns.
NSE:NIFTY
by easi2invest
Gold remains vulnerable to further downside, $1,935 in focusA clear downside break of the nearly two-month-old ascending trend line and 200-EMA keeps the Gold price on the bear’s radar. However, the RSI (14) is drilling the grounds as it becomes oversold, suggesting little room towards the south. As a result, swings marked during March constitute a short-term key support of around $1,935. Should the XAUUSD drops below $1,935, the 61.8% Fibonacci retracement level of its March-May upside, near $1,905, quickly followed by the $1,900 round figure, can act as the last defense of the buyers before handing over the ball to the bears. On the contrary, a convergence of the 200-EMA and the 200-EMA, around $1,994, precedes the $2,000 round figure to limit the short-term upside of the Gold price. Following that, a 23.6% Fibonacci retracement level near $2,005 may become an extra check for the buyers. It’s worth noting that a five-week-old horizontal resistance around $2,050 acts as an important hurdle for the bulls to cross before eyeing a fresh all-time high, currently around $2,080. Overall, the Gold price is well set for further downside even if the room toward the south appears limited.
OANDA:XAUUSD
by MTradingGlobal
Fibonacci levels plot levels to watch out for around the $300 The $315 and $300 levels of resistance and support respectively have been important on the lower timeframes. Over the past 48 hours, BNB has declined from the local highs at $316.3 to trade at $308.5, at the time of writing. On the 6-hour chart, the RSI was unable to climb above neutral 50, showing the persistence of the bears. Over the past week, the trading volume was low as well. This came at a time when BNB retested the $300 level. With Bitcoin facing rejection from beneath the $27.8k resistance on Monday as well, it appeared likely that more losses were in store for the crypto market this week. If Binance Coin were to slip beneath the $295-$300 area, the Fibonacci extension levels highlighted some key areas to watch out for. The 50% and 61.8% extension levels would likely be tested upon a move beneath $295, with the 23.6% level at $289 also expected to serve as minor support. Meanwhile, a move above $316.3 would signify a break in the bearish market structure. Thereafter, buyers could begin to exert their will, but this was the less likely scenario.
by tradewith_ritik
AUDUSD lures bears by poking 0.6635 supportAUDUSD remains pressured inside a two-week-old descending triangle after posting heavy losses in the last week. Also favoring the downside bias is the Aussie pair’s sustained trading below the 200-EMA, as well as bearish MACD signals. It’s worth noting, however, that the RSI (14) appears mostly oversold and hence the pair’s bottom-picking around the stated triangle’s support line, close to 0.6635 at the latest, can’t be ruled out. Should the pair sellers remain in the driver’s seat past 0.6635, a fall to the monthly low of 0.6605 becomes imminent. Following that, the previous monthly bottom and the yearly trough, respectively around 0.6572 and 0.6563, may challenge the pair’s further downside before giving control to the bears. Alternatively, AUDUSD recovery needs to defy the triangle formation by staying successfully beyond the resistance line, around 0.6650 at the latest. In that case, the 200-EMA hurdle of near 0.6700 may question the buyers before directing them to the monthly peak of near 0.6820. It should be observed that the Aussie pair’s sustained run-up beyond 0.6820 enables the bulls to aim for the 0.7000 psychological magnet, a break of which could allow buyers to target February’s highs surrounding 0.7030 and 0.7160. Overall, AUDUSD bears are holding the reins but need validation to dominate further.
by MTradingGlobal
USDCAD bears again place their eyes on six-month-old supportUSDCAD again fails to remain beyond the 200-DMA, suggesting another attempt in breaking an upward-sloping support line from November 2022, close to 1.3320 at the latest. The lower highs in the last two months and downbeat oscillators seem to put the Loonie pair bears in a better position this time. Hence, a break of the key support line appears more likely, which in turn can quickly drag the quote to the 50% Fibonacci retracement of April-October upside, near 1.3190. However, a 13-month-old ascending trend line, close to 1.3130, may challenge the bears afterward before giving them control. Meanwhile, the USDCAD pair’s recovery moves may again try to float above the 200-DMA hurdle, around 1.3460 at the latest. In doing so, staying stable above the 1.3500 threshold may become their target before eyeing the falling resistance line from March, around 1.3585. In a case where the bulls manage to remain in the driver’s seat past 1.3585, the previous monthly high surrounding 1.3670 and the late 2022 peak near 1.3705 will be on their radar prior to hitting the yearly top of 1.3860. Overall, USDCAD is likely to remain pressured and is a strong candidate to challenge the key support lines.
by MTradingGlobal
GBPUSD prints bullish consolidation ahead of UK employment dataGBPUSD portrays a bullish megaphone trend widening formation as the Cable traders await the UK employment report on Tuesday. The quote’s latest rebound from the stated pattern’s bottom line allowed it to cross the weekly resistance line. However, a clear upside break of the 100-SMA and 23.6% Fibonacci retracement of the March-May upside, near 1.2525, becomes necessary for the buyer’s conviction. Following that, a fortnight-long horizontal hurdle around 1.2585 and the 1.2600 round figure may act as extra checks for the Cable buyers before directing them to the megaphone’s top line, close to the 1.2700 round figure. It should be noted that the latest multi-month peak of near 1.2680 and likely overbought RSI conditions around then may challenge the bulls ahead of the 1.2700 hurdle. Alternatively, GBPUSD pullback remains elusive unless the quote breaks a convergence of the stated megaphone’s lower line and the previous resistance line from May 10, close to 1.2445 at the latest. Should the quote drop below the stated key support, a quick decline to the 50% Fibonacci retracement level of around 1.2340 can’t be ruled out. Additionally, the Cable pair’s weakness past 1.2340 makes it vulnerable to challenge the previous monthly low of around 1.2270. Overall, GBPUSD is likely to grind higher but a surprise disappointment from the UK jobs report, like the last week’s BoE, can drag the quote lower.
by MTradingGlobal
EURUSD bears need to break 1.0730 to regain commandA clear downside break of 200-SMA and a six-week-old ascending trend line allowed EURUSD bears to cheer the biggest weekly loss since September 2022, not to forget the snapping of the two-week uptrend. Although the Euro bears are well-set to revisit the previous monthly low of around 1.0790, an oversold RSI may help the sellers to take a breather. As a result, a horizontal area comprising multiple levels marked since mid-March around 1.0740-30, as well as the 61.8% Fibonacci retracement level of the pair’s March-April upside, becomes crucial support to watch. In a case where the quote remains bearish past 1.0730, the odds of witnessing a fresh Year-To-Date (YTD) low, currently around 1.0480, can’t be ruled out. Meanwhile, EURUSD recovery remains elusive unless the quote remains below a convergence of the 200-SMA and a one-week-long descending resistance line, close to 1.0960. Even so, the previous support line stretched from early April, near 1.1010 at the latest, may test the buyers before giving them control. Following that, the current yearly high marked in the last month around 1.1095 and the 1.1100 round figure will be in focus as a break of which could challenge the April 2022 peak of around 1.1185. Overall, EURUSD is likely to witness further downside but the bears have multiple challenges and need back-up from the key EU data/events to retake control.
by MTradingGlobal
Nifty Analysis: May2023Let’s quickly start this analysis from June 22 lows. Weekly Chart There is a clear A-B-C type corrective pattern which tested into previous highs of Oct 2021. I was expecting some support build up near 18000 levels (for the trend to resume on the upside) in Dec 2022 but that did not happen, and the market just drifted lower and lower to previous support area around B. Currently it is again bouncing hard towards the prior swing high A. From this structure it seems market is in a mood to trap more buyers on the upside before losing strength for new lows below B (continuing a potential H&S). But is that really true? Let’s get down to the daily time frame (left chart) and find out. Daily Chart We can see a corrective LH-LL structure which is still intact as per my understanding. I won’t consider Feb 2023 lows as a lower low (because of poor thrust below Jan 2023 lows). This is why the Feb swing high (18135 or so) would remain a LH in the trend channel. Also visible in the chart is a sharp rally from Mar 2023 lows, an Inverted Head & Shoulder pattern and a break of its neckline above 17800 zone, good omen for the buyers. But remember that lower high is still intact. Looking at the price behavior of this rally, it is totally agreeable that there is a potential for shift in structure (for uptrend) with a close above 18135 this week. Now the question is that whether the higher timeframe weakness with an ABC corrective and a potential Head & Shoulder pattern would prevail over the strength on the lower timeframe chart? The answer is that its difficult to predict with 100% accuracy. But one thing that can be done confidently is to manage your trades properly. For short-term trading I would say that booking some profit (if bought near the lows) is definitely an option. Reaction from previous resistance areas is a time-tested behavior, so one can always trail and lock profits in case of doubt. For this trend to continue on the upside, any test of 17800 has to hold. A failure of this level may put this trend in jeopardy. Similar lines can be seen in Oct2021 to June2022 correction. So the conclusion is to book a little if you want and lock the rest with trail below 17800. Any new buying at this point would remain a question mark. Thanks for reading. Do hit the boost button for more ideas in future. Disclaimer: All the views above are personal only and not an investment or trading advice. So you will have to apply your due diligence.
Editors' picks
NSE:NIFTY
by Bravetotrade
20
Trade Analysis : Intraday USDJPY BUYTrade Analysis : Intraday USDJPY BUY Channel analysis on USDJPY Trend Identification: Intraday Uptrend in USDJPY. Support/Resistance Levels: Identify key levels on the chart for potential entry and exit points. Price Behavior: Bullish with market structure. Targets: T1 = 135.500, T2 - 137.750. Risk Management: Set appropriate stop-loss levels to manage risk and protect against adverse price movements. Confirmation Indicators: Support/Resistance Levels, Higher High, Higher Lows. Conclusion: Based on the chart analysis of , a potential trading opportunity has been identified. Combine this analysis with thorough research and risk management strategies to make well-informed trading decisions. Happy trading! (Note: Trading is subject to market risk. This is analysis not an trade idea for trade.)
Long
by JagadishSinghR
BANKNIFTY LEVELS 12/05/2023BANKNIFTY ANALYSIS WITH LOGIC: 1. If there's flat opening or gap down and form 15m bearish candle we can short up to 43070 by maintaining traling stoploss. 2. if price gets reversal from 43070 level with 15m bullish candle we can take lng position up to 43465 level 3. If there's gap up and crosses 43600 level with 15m strong bullish candle we can tale long position up to 43885 level by maintaing trailing stoploss. 4. Try to take ATM strike prices while placing trades. Have a safe and profitable day :)
NSE:BANKNIFTY
by ramsaisujan