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Supportandresistancezones

USDJPY bears appear tiring as the Fed week beginsUSDJPY marked the biggest weekly loss since early January despite trading within a one-week-long descending triangle. Apart from the bullish chart formation, sluggish MACD and nearly oversold RSI (14) also challenge the Yen pair sellers. That said, the stated triangle’s bottom line, around 131.40, acts as immediate support for the bears to watch before targeting the 78.6% Fibonacci retracement level of the February-March upside, near 130.15. In a case where the quote remains bearish past 130.15, and also breaks the 130.00 round figure, the odds of witnessing a slump towards the lows marked in February and January, respectively near 128.00 and 127.20, can’t be ruled out. Meanwhile, a sustained break of 132.60 offers a bullish chart confirmation, which in turn suggests a theoretical target of 136.50. However, the 200 and 100 SMAs, respectively around 133.80 and 135.30, could test the USDJPY buyers. Following that, the theoretical target of 136.50 and a previous support line from early February, near 137.70, could lure the pair buyers. Overall, USDJPY is likely bracing for recovery but the stated triangle’s resistance line, as well as the key SMAs could challenge the run-up.
by MTradingGlobal
BANKNIFTY LEVELS 17/03/2023BANKNIFTY ANALYSIS WITH LOGIC: 1. Considering tommorow levels if there's gap up opening and crosses 39455 and 39600 levels with strong bullish candle, we will take long position with minimum quantity up to 39990 level. 2. If there's flat opening, we can expect range boundness in between the levels. 3. Or we will wait for the price to reach until 38712 level as support level. if there's reversal, we will take long position up to 39455 level. 4. Maintain proper stoploss while placing trades. 5. Will update further updates during live trade. Have a profitable day :)
NSE:BANKNIFTY
by ramsaisujan
Profit from the Market Downturn Nifty Short OpportunityRecently, the Nifty has been rejecting from a resistance level. This means that the index has been attempting to move past the resistance level but has failed to do so, and as a result, the price has started to decline. This rejection from resistance indicates that investors are not willing to buy at these higher price levels and are instead taking profits or looking for better entry points. Traders who use technical analysis can use this rejection from resistance as a signal to potentially take a short position or sell their existing long positions. They may use additional indicators or chart patterns to confirm the rejection and potentially profit from the downside movement. It is important to note that rejection from resistance does not always lead to a significant decline in price. The price may consolidate or move sideways before making another attempt at breaking through the resistance level. Therefore, it is crucial to use other tools and indicators to confirm the rejection and make informed trading decisions.
NSE:NIFTYShort
by TRADING-NASA
Gold buyers brace for fresh 2023 highHaving successfully bounced off the 200-day EMA, the Gold buyers poke a four-month-old support-turned-resistance line as bulls await final clues for the next week’s Fed meeting. Given the overbought RSI conditions, the metal buyers appear to run out of steam and can keep struggling with the immediate hurdle surrounding $1,930. Even if the quote crosses that previous support line, the year-to-date (YTD) high of near $1,960 can act as an extra filter toward the north. It should be noted, however, that a clear run-up beyond $1,960 enables the bullion buyers to aim for the 61.8% Fibonacci Expansion of late September 2022 to February 2023 moves, near $2018. On the flip side, pullback moves could aim for the 23.6% Fibonacci retracement level of October 2022 to February 2023 upside, near $1,877. Any further downside, though, will need validation from the early March swing high near $1,858, a break which makes the Gold price vulnerable to retesting the 200-EMA support, around $1,810 at the latest. It’s worth noting that a clear break of $1,810 will need validation from November 2022 peak surrounding $1,786 to convince XAUUSD bears. Overall, the Gold price remains firmer but the bulls need a breathing gap before leaping toward the fresh YTD high.
OANDA:XAUUSD
by MTradingGlobal
EURUSD bears take a break ahead of ECBEURUSD posted the biggest daily slump in six months as Credit Suisse headlines fanned risk aversion on Wednesday. The fall, however, needs validation from the 1.0555-50 support confluence, comprising the 100-DMA and 14-week-old ascending support line, as well as the European Central Bank’s (ECB) Monetary Policy Meeting. That said, a clear break of 1.0550, accompanied by a disappointment from the ECB could quickly drag the major currency pair towards the 200-DMA support of 1.0320. However, the 38.2% Fibonacci retracement level of the pair’s September 2022 to February 2023 upside, near 1.0460, could act as an intermediate halt during the anticipated slump. On the contrary, recovery moves require hawkish commentary, as well as a rate hike decision, from the ECB to aim for the 50-DMA hurdle surrounding 1.0725. Following that, the mid-February swing high of around 1.0810 could test the EURUSD bulls ahead of directing the run-up towards the previous monthly high, as well as the 2023 peak, of near 1.1035. Overall, EURUSD is on the bear’s radar but the quote’s further downside hinges on the key fundamental events and important support zone break.
by MTradingGlobal
AUDUSD bulls need validation from 0.6770AUDUSD confirmed a falling wedge bullish chart pattern during the early days and is keeping the breakout so far during Wednesday. The RSI (14) line’s gradual rebound from the oversold territory adds strength to the upside bias. However, a convergence of the 100 and 200 DMAs, around 0.6770 at the latest, appears a tough nut to crack for the Aussie buyers to keep the reins. Following that, tops marked during December 2022 and mid-February 2023, respectively around 0.6895 and 0.7030, could act as intermediate halts during the theoretical target of 0.7240. On the contrary, a downside break of the 0.6640 level, comprising the stated wedge’s top line, could negate the bullish bias. Even so, the latest swing low and the 61.8% Fibonacci retracement level of October 2022 to March 2023 upside, close to 0.6560 and 0.6545 in that order, could test the AUDUSD sellers before giving them control. Also acting as a downside filter is the lower line of the aforementioned bullish chart formation, near 0.6515 as we write. Overall, AUDUSD is likely to rise further toward the previous monthly peak. However, the key DMA convergence challenges the buyers as top-tier Aussie data looms, up for publishing on Thursday.
by MTradingGlobal
BANKNIFTY LEVELS 15/03/2023BANKNIFTY ANALYSIS WITH LOGIC : 1. If there's gapup in price. It should retrace from trendline resistance and should retest 39600 level. Then only we will plan on buy side upto 3990 level. 2. If there's is flat opening and crosses 39165 level with strong bearish candle. we can short upto 38712 level. 3. If there's huge gap down we can take 38712 level as a support if the price retraces from that level we can take long position upto 39990 level. 4. Maintain proper stoploss as per your risk reward ratio. 5. Try to capture minimum points. Have a safe and profitable day :)
NSE:BANKNIFTY
by ramsaisujan
USDJPY attracts bears but 200-SMA is the key supportUSDJPY marked a second consecutive weekly loss, as well as broke an ascending trend channel, as BoJ Governor Haruhiko Kuroda departs after the decade-long workmanship. The bearish break also gains attention as the quote slips beneath the 100-SMA for the first time in more than a month. However, the nearly oversold RSI and 200-SMA, around 133.30 at the latest, challenge the Yen pair’s further downside. Following that, the 50% Fibonacci retracement level of February-March advances, near 132.90, acts as the last defense of the buyers before directing sellers towards the 130.00 round figure, as well as the February 10 swing low surrounding 129.80. Meanwhile, USDJPY recovery remains elusive unless the quote remains below the 135.65-70 resistance confluence, including the 100-SMA and the aforementioned channel’s lower line. Should the Yen pair manage to remain firmer past 135.70, the 137.00 could test the bulls before highlighting the monthly high of 137.90, the stated channel’s top line, near 139.10, and the 140.00 psychological magnet. Overall, USDJPY is on the bear’s radar and is likely to decline further but the 200-SMA may test the further downside momentum.
by MTradingGlobal
200-EMA defends Gold buyers on US NFP dayGold stays on the bear’s radar as it reverses the previous weekly gains, the first in five, ahead of the all-important US employment report for February. It’s worth noting, however, that the 200-EMA level surrounding $1,805 puts a floor under the metal price, a break of which could set the ball rolling towards the 50% Fibonacci retracement of November 2022 to February 2023 upside, also comprising the mid-November peak surrounding $1,787. In a case where the quote remains weak past $1,787, late November’s bottom near $1,731 appears the last defense for the bulls. On the flip side, the 38.2% Fibonacci retracement level close to $1,830 holds the key to Gold’s buyer’s entry. However, a broad nine-week-old horizontal area between $1,857 and $1,865 seems a tough nut to crack for the metal bulls. Should the bullion manages to remain firmer past $1,865, a run-up toward the $1,900 threshold becomes smooth. Following that, the multi-month high marked in February at around $1,960 could gain the buyer's attention. Overall, the Gold price is likely to remain weak amid hawkish Fed expectations and downbeat MACD signals. However, the RSI line teases with the oversold territory and hence the quote’s further downside is likely having a little room towards the south.
OANDA:XAUUSD
by MTradingGlobal
BANKNIFTY LEVELS 10/03/2023BANKNIFTY ANALYSIS WITH LOGIC : 1. Maximum range bound market can be seen on today's session between 41430- 41200 levels range. 2. If there is flat opening or small gap up and crosses down 41200 level with strong candle we can short our positions upto 40950 level as our first target, 3.If the trend continues and breakdowns 40950 level with stong candle we will continue our selling upto 40150 level. 4.If there's strong gap up and crosses 41430 level with strong bullish candle, we will take long position upto 41655 level. Further details will be updated on live market. HAVE A SAFE AND PROFITABLE DAY :)
NSE:BANKNIFTYShort
by ramsaisujan
Triple bottom in LALPATHLAB on one hour chartIdentified a triple bottom formation, which is a bullish chart pattern that suggests a potential trend reversal from a downtrend to an uptrend. This formation occurs when the price of an asset creates three distinct lows at or near the same level, indicating that buyers are stepping in to support the stock at that level. There are two possible outcomes: either the stock will rebound from this support level, leading to a bullish trend reversal, or the stock may break down through this support level, indicating that bears are taking control of the market and leading to a continuation of the downtrend.
NSE:LALPATHLAB
by HSJNFinWisdom
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