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Supportandresistancezones

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
AUDUSD buyers flex muscles for further ruling, 0.6820 is crucialAUDUSD marked the biggest weekly gain since early November 2022, not to forget mentioning the second in a row, backed by RBA’s hawkish surprise. The Aussie pair, however, currently jostles with the key upside hurdle as the key week comprising the US inflation and Federal Reserve (Fed) monetary policy decision looms. That said, a four-month-old descending resistance line and the 200-EMA, challenge the bulls near 0.6750. Following that, the previous monthly high surrounding 0.6820 is the last stand for bears to leave before giving control to the bulls. In a case where the quote remains firmer past 0.6820, the 0.6850 and the late 2022 peak of around 0.6900 will be in the spotlight. Meanwhile, pullback moves may initially aim for the 50% Fibonacci retracement level of the AUDUSD pair’s run-up from October 2022 to February 2023, close to 0.6660. In a case where sellers dominate past 0.6660, lows marked in April and March, respectively near 0.6570 and 0.6560, will be on their radars. It should be noted that the yearly low marked in May around 0.6455 appears the final fight for the bulls to win, if not then the pair’s southward trajectory towards a 78.6% Fibonacci retracement level of near 0.6375 can’t be ruled out.
by MTradingGlobal
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