Get started

Supportandresistancezones

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
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