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Supportandresistancezones

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.
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
BANKNIFTY LEVELS 11/05/2023 BANKNIFTY ANALYSIS WITH LOGIC: 1. If there's flat opening or gap up and gets reversal from 43465 with strong 15m bearish candle we will short up to 43070 level 2. If there's flat opening and breaks 43465 and 43600 with strong 15m bullish candle, then we will be on buy side. 3. If price breaks 43070 level with bearish candle, then we will continue to short our positions up to 43525 level by maintaining trailing stoploss. 4. Further buy side positions we be updated on live market. Have a safe and profitable day :)
NSE:BANKNIFTY
by ramsaisujan
Keep Nazara in radarNazara Technologies Ltd. It appears that the price has completed a phase of "accumulation" at the bottom of a major downtrend, and the recent breakthrough of the resistance level suggests a potential reversal to a new uptrend. To identify this pattern, traders often look for a Head and Shoulders Bottom formation, which involves three consecutive price declines following a significant downtrend. The lowest point, or the "head," is situated in the middle, flanked by two "shoulders" at around the same level but higher than the head. As the price makes the first two declines, the trading volume is usually the highest and then decreases during the formation of the right shoulder. Finally, when the price surpasses the neckline, which is drawn between the two highs, the volume typically surges, confirming the reversal of the trend. Note for everyone who came across this study: This chart is only for educational purpose. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
NSE:NAZARA
by hardeepssethi
USDJPY grinds higher inside five-month-old bearish triangleUSDJPY marked the first negative weekly close in four despite Friday’s gains. Following that, the Yen pair remains inside an ascending triangle bearish chart formation comprising multiple levels marked since early December 2022. That said, the RSI and MACD conditions also signal a continuation of the recent rebound within the stated triangle. With this, the top line of the aforementioned chart formation, close to 137.80 at the latest, gains the market’s attention, a break of which could defy the bearish pattern and can propel prices towards the 61.8% Fibonacci retracement of October 2022 to January 2023 downside, at 142.50. It should be noted that the 140.00 round figure can act as an intermediate halt during the anticipated rise whereas a successful rise past 142.50 won’t hesitate to aim for the 78.6% Fibonacci retracement level surrounding 146.70. Meanwhile, the 100-DMA joins the 23.6% Fibonacci retracement level to provide strong short-term support within the triangle around 132.80. Following that, the triangle’s lower line, close to 131.90, will be crucial to watch as a clear break of the same could confirm the theoretical fall towards 121.00. While chasing the said target, the lows marked during January 2023 and May 2022, respectively near 127.20 and 126.30, may act as intermediate halts. However, the USDJPY pair’s weakness past 121.00 could witness multiple supports around the 120.00 psychological magnet. Overall, USDJPY is likely to decline further as Fed vs. BoJ divergence eases. Though, a clear downside break of 131.90 becomes necessary to convince bears.
by MTradingGlobal
Gold price signals pullback on US NFP dayHaving refreshed a multi-month high on the Federal Reserve’s (Fed) dovish rate hike, the Gold buyers appear running out of steam as markets await the US Nonfarm Payrolls (NFP) data. That said, the quote’s repeated failure to provide a daily closing beyond an upward-sloping resistance line from late January 2023, close to $2,068 by the press time, teases the XAUUSD bears. Adding strength to the hopes of a pullback is the overbought RSI line. However, the metal price needs to provide a daily close below $2,040 to facilitate the profit-booking move. In that case, the $2,000 round figure and 23.6% Fibonacci retracement level of around $1,970 could act as immediate targets ahead of February’s top surrounding $1,960. Though, the quote is less likely to drop past $1,960 as 38.2% Fibonacci retracement and 200-EMA, respectively near $1,900 and $1,863 appear tough nuts to crack for bullion sellers. Meanwhile, the metal’s sustained trading beyond $2,040 can keep grinding its higher and mark another attempt in breaking the multi-day-old resistance line near $2,068. In that case, the highs marked in 2022 and 2020, around $2,070 and $2,075, may act as intermediate halts for the Gold buyers before directing them to the $2,100 round figures. Overall, Gold price remains bullish but a short-term pullback seems brewing as the key US data looms.
OANDA:XAUUSD
by MTradingGlobal
BANKNIFTY LEVELS 04/05/2023 BANKNIFTY ANALYSIS WITH LOGIC: 1. If there's flat opening or gap up price should retest 43295 level with 15m bullish candle, then only we will take long position up to 43450 as our 1st target. 2. If that trend continues, we will set 43600 level as our second target by maintaining trailing stoploss. 3. If there's gap down in price and closes below trend line with 15m candle we will short up to 43065 level. 4. Maximum range boundness can be seen during first half be careful. Have a safe and profitable day :)
NSE:BANKNIFTY
by ramsaisujan
EURUSD portrays bullish consolidation ahead of ECBEURUSD recently pierced a three-week-old symmetrical triangle as the European Central Bank (ECB) Interest Rate Decision looms. That said, the Fed-inspired run-up impresses the Euro bulls as the pair trades successfully beyond the 200-SMA amid a firmer RSI (14) line and bullish MACD signals. As a result, the quote is well set for rising to the fresh high since late March 2022, currently around 1.1095. The same highlights the 1.1100 round figure as a lucrative stop ahead of the 61.8% Fibonacci Expansion (FE) of the pair’s moves from April 03 to May 02, near 1.1130. Following that, the 78.6% FE and March 2022 peak of around 1.1180 and 1.1185 respectively could lure the pair buyers. Meanwhile, EURUSD sellers will need validation from the 200-SMA support of around 1.0915 to retake control. Even so, lows marked during April 10 and 03, close to 1.0830 and 1.0790 in that order, can check the bears before giving them control. In that case, the 61.8% Fibonacci retracement of the Euro pair’s March-April upside, surrounding 1.0735, may act as the last defense of the buyers before directing them to the YTD low marked in March around 1.0515. Overall, EURUSD buyers remain in the driver’s seat as they await the key central bank decision.
by MTradingGlobal
GBPUSD bears flex muscles with rising wedge at multi-day topGBPUSD pauses a two-week uptrend inside a rising wedge bearish chart formation. The descending RSI (14) line, however, suggests bottom-picking and hence highlights the need for a strong downside move that can break the wedge’s lower line, as well as the 200-SMA level, respectively near 1.2430 and 1.2385. Following that, the theoretical target of rising wedge confirmation, around 1.2130, gains the market’s attention. Though the 50% Fibonacci retracement level of March-April upside near 1.2190 can act as an intermediate halt whereas the mid-March swing low around the 1.2000 psychological magnet may lure the Cable bears past 1.2130. On the other hand, a surprise positive for the GBPUSD buyers requires successful trading beyond the latest multi-month high marked in the last week around 1.2585 to suggest the quote’s further advances. Even so, the stated wedge’s upper line near 1.2590 and the 1.2600 round figure can act as extra filters towards the north. In a case where the Cable pair remains firmer past 1.2600, the May 2022 peak of around 1.2670 and October 2020 bottom of near 1.2675 may provide the final fight to the bulls before giving them control. Overall, GBPUSD is technically expected to witness a pullback in prices but the looming Fed and the US data can play its magic to change the scenario. Hence, Cable traders should closely observe the outcomes before taking any major positions.
by MTradingGlobal