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Supportandresistancezones

Rising wedge on the top lures GBPUSD bearsWith its heavy fall on Friday, GBPUSD ended the last week on a negative note, after four consecutive weekly gains. Adding strength to the bearish bias is the rising wedge chart formation. Furthermore, the RSI and MACD conditions also keep sellers on the lookout for opportunities. As a result, a clear downside break of the stated wedge’s support line, around 1.2415 by the press time, quickly followed by the 100-SMA support of 1.2385, becomes necessary for the bears to retake control. Following that, the 200-SMA support of around 1.2230 can act as an intermediate halt during the theoretical target of the wedge, close to 1.2050. Alternatively, the GBPUSD pair’s recovery may initially aim for regaining the 1.2500 round figure before challenging the stated bearish formation’s upper line, near the latest peak of around 1.2550. In a case where the Cable pair remain firmer past 1.2550, the 1.2600 threshold and May 2022 high of around 1.2665 will be in focus. Overall, GBPUSD buyers ran out of steam but the bears need confirmation from the 1.2385 to retake control.
by MTradingGlobal
lets understand support and resistance in detail support and resistance they play a truly crucial role in trading If you want to trade like a pro, there's something you should know: Support and resistance, they're the stars of the show! this can be understood from the below:- Support is like a floor, it holds prices up high, Resistance is a ceiling, prices can't seem to fly. When prices hit support, they tend to bounce back, And when they reach resistance, they often lose track. These levels are key, they're a trader's best friend, They help you to enter, exit, and defend. So pay attention to support and resistance, my friend, They'll help you make profits and trade till the end! volume confirmation along with breakouts are beautiful
NSE:ANURASEducation
by pratik2358
Gold buyers run out of steam before final dose of US dataGold price seesaws near the highest levels since March 2022 inside a one-month-old bullish channel. The bullion recently makes rounds to the upper line of the stated bullish formation amid overbought RSI (14), which in turn suggests that the buyers are running out of steam and a pullback is in the offing. The same highlights the 61.8% Fibonacci Expansion (FE) level of the metal’s moves between March 22 and April 10, around HKEX:2 ,041, as the immediate support. Following that, the previous weekly top surrounding HKEX:2 ,031 and the HKEX:2 ,000 round figure could lure the XAUUSD bears. It’s worth noting, however, that a convergence of the 100-EMA and the aforementioned channel’s lower line, close to HKEX:1 ,980-78, as the key support to watch during the quote’s further downside. Above all, the metal’s bearish trend remains elusive unless it trades beyond the 200-EMA level surrounding HKEX:1 ,947. On the contrary, a successful upside break of the HKEX:2 ,050 defies the expectations of witnessing a pullback in the Gold price. Even so, the 78.6% FE level of around HKEX:2 ,057 can test the bulls before directing them to the previous yearly high of near HKEX:2 ,070. In a case where the bullion remains firmer past HKEX:2 ,070, the record high of HKEX:2 ,075, marked in 2020, will precede the 100% FE level of HKEX:2 ,078 to act as the final defense of the short-term sellers prior to propelling the quote towards the HKEX:2 ,100 round figure. Overall, Gold price appears to have had enough of a run-up in the week and may witness a retreat. In doing so, the lower high on RSI and higher high of prices, known as bearish divergence, may play its role, if not the US Dollar.
OANDA:XAUUSD
by MTradingGlobal
Two-month-old resistance line challenges EURUSD bullsEURUSD bulls struggle at an 11-week-high as an upward-sloping trend line resistance challenges the major currency pair’s further upside around the 1.1000 psychological magnet. Adding strength to the stated resistance is the overbought RSI conditions. Even if the quote manages to cross the 1.1000 hurdle, the YTD high marked in February around 1.1035 could act as an additional upside filter for the bulls to tackle before approaching the late March 2022 peak around 1.1185. Following that, the previous yearly high of 1.1495 will be in focus. Alternatively, the EURUSD pullback could initially aim for the 1.0930 resistance-turned-support area comprising multiple levels marked in the last two months, a break of which will highlight the 100-SMA level of 1.0860 as the key support. It’s worth noting, however, that a clear downside break of 1.0860 won’t hesitate to drag the Euro pair toward the monthly low of near 1.0785. Though, the 200-SMA level of 1.0745 could restrict the quote’s south run afterward. To sum up, EURUSD bulls appear running out of steam and hence a pullback in prices can be expected. However, the bearish trend is still far from sight.
by MTradingGlobal
BANKNIFTY LEVELS 13/04/2023 BANKNIFTY ANALYSIS WITH LOGIC: 1. Considering those levels bank nifty is weak when compared to nifty, 2. Maximum range boundness can be seen during first half session in between 41600- 41412 levels. 3. If there's slight gap up price should get reversal from 41660 level with strong 15m bearish candle therefore we can short up to 41412 level by maintaining trailing stoploss. 4. Option buyers be careful during today intraday session as we can expect heavy decay. Have a safe and profitable day :)
NSE:BANKNIFTY
by ramsaisujan
USDCAD stays on bear’s radar as US inflation, BoC loomsBe it a clear downside break of the 10-week-old ascending trend line or sustained trading below the 200-SMA, not to forget the latest fall below one-week-long rising trend line, USDCAD has it all to keep its place on the bear’s radar. The quote’s further downside, however, hinges on the Bank of Canada (BoC) monetary policy decision and the US Consumer Price Index data, as well as the FOMC Meeting Minutes. That said, the monthly low of around 1.3400 and multiple levels marked near the 78.6% Fibonacci retracement of the pair’s February-March upside, close to 1.3390, could test the Loonie pair sellers. In a case where the bears keep the reins past 1.3390, February’s low of around 1.3260 will be in focus. Meanwhile, USDCAD recovery initially needs to cross the weekly support-turned-resistance of around 1.3500 before poking the 50% Fibonacci retracement hurdle, around 1.3560, to convince intraday buyers. Even so, the previous support line from early February, close to 1.3615-20, could challenge the upside momentum. If at all the Loonie pair manages to cross the 1.3620 hurdle, a convergence of the 200-SMA and 38.2% Fibonacci retracement will act as the final defense for bears near 1.3630. Should the quote remains firmer past 1.3630, backed by price-positive fundamentals, a run-up towards 1.3740 and 1.3800 can’t be ruled out. To sum up, USDCAD is well-set for further downside on a key day for the pair traders.
by MTradingGlobal
AUDUSD signals fresh 2023 low despite recent reboundBe it a clear rejection of a one-month-old bullish channel or sustained trading below the key SMAs, not to forget dovish RBA, AUDUSD has it all to convince bears. That said, the Aussie pair currently recovers towards the stated channel’s top line around 0.6685. Even if the quote crosses the stated upside hurdle, a convergence of the 100-SMA and 200-SMA, close to 0.6700, appears a tough nut to crack for the counter-trend traders. Should the Aussie pair remains firmer past 0.6700, the previous monthly high of near 0.6785 and the aforementioned channel’s top line, close to 0.6820, can act as the last defense of the bears before giving control to the bulls. On the contrary, the 0.6600 round figure lures AUD/USD bears, a break of which could challenge the YTD low surrounding 0.6560. It’s worth noting that the RSI is near the oversold territory and hence suggests limited downside room before portraying the pair’s corrective bounce. However, the quote’s weakness past 0.6560 won’t hesitate to aim for the 61.8% Fibonacci Expansion (FE) level of its mid-February to early April moves, near the 0.6500 round figure. Overall, AUDUSD is well-set on the bear’s radar for marking further downside unless any fundamental surprises.
by MTradingGlobal
BANKNIFTY LEVELS 10/04/2023BANKNIFTY ANALYSIS WITH LOGIC: 1. Considering the new levels if there's flat opening and gets reversal from 41100 level with strong bearish candle. We can short up to 40820 level. 2. If there's gap up opening price may create range boundness in between 41270 - 41100 levels. 3. Maintain proper stoploss while placing trades in options. 4. Remaining will update during live market. 5. Range boundness can be seen during today's intraday session. Have a safe and profitable day.
NSE:BANKNIFTYShort
by ramsaisujan
Gold buyers run out of fuel ahead of US NFPBe it the Doji candlestick just beneath the 10-week-old ascending resistance line or the overbought RSI (14), Gold Price flashes clear signs of bullish exhaustion. The bears, however, need validation from the monthly support line, close to $1,981, as well as the US Nonfarm Payrolls (NFP). Also acting as the downside filter is February’s high of around $1,960 and the late March swing low of around $1,938. Following that, the metal’s south run towards the 100-DMA and the 200-DMA, respectively near $1,861 and $1,787, can’t be ruled out. Meanwhile, Gold price recovery needs a successful break of the aforementioned multi-day-old resistance line, close to $2,035. In a case where the bullion manages to cross the $2,035 hurdle and gains support from downbeat US employment numbers, its run-up towards the previous yearly high surrounding $2,070 can’t be ruled out. Should the quote remains strong past $2,070, the record high marked in 2020 around $2,075 appears the last defense of the bears. Overall, Gold losses bullish momentum ahead of the key event, suggesting a notable pullback in prices should the scheduled US employment numbers trigger the US Dollar run-up.
OANDA:XAUUSD
by MTradingGlobal
EURUSD eases on the way to refresh 2023 highEURUSD extends the previous day’s pullback from a seven-week-old ascending resistance line as it pares the weekly gains, the third consecutive one. While the overbought RSI joined the stated resistance line to recall sellers, bullish MACD signals and a two-week-old ascending trend line, around 1.0820, challenge the Euro bears. Following that, the 100-SMA and 200-SMA, respectively around 1.0785 and 1.0700 could lure the pair sellers. On the contrary, the aforementioned resistance line near 1.0980 acts as an immediate upside hurdle before directing EURUSD buyers toward the current Year-To-Date high, near 1.1035. In a case where the Euro bulls keep the reins past 1.1035, the January 2022 bottom surrounding 1.1120 will be in focus. During the quote’s advances past 1.1120, tops marked during the late March of the last year can probe the buyers near 1.1185 and 1.1235. Overall, EURUSD is well-set for a fresh yearly top even if the bulls are hesitant of late.
by MTradingGlobal
BANKNIFTY LEVELS 06/04/2023BANKNIFTY ANALYSIS WITH LOGIC: 1. If there's flat opening or gap up price will get reversal either 41135 level or 41260 level, if it gets reversal from these levels, we can short up to 40690 level. 2. If those price breaks 41260 level with strong bullish candle, then only will take long position. 3. Maintain trailing stoploss during trade due to options weekly expiry. 4. I will update further information during trading session. 5. Those analysis is only for today intraday session not for long term. Have a safe and profitable day.
NSE:BANKNIFTY
by ramsaisujan