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Supportandresistancezones

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
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