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Supportandresistancezones

GBPUSD eyes further downside ahead of crucial US/UK data GBPUSD holds a confirmed place in the bear’s radar after breaking an important support line from mid-November, as well as the 200-DMA, as traders await the UK data dump and the US jobs report. That said, a daily closing below the 50% Fibonacci retracement level of the Cable pair’s upside from November 2022 to January 2023, near 1.1795, becomes necessary to witness the quote’s further declines amid the nearly oversold RSI and downbeat MACD signals. In that case, the late October 2022 swing high and the 61.8% Fibonacci retracement level, around 1.1645-40, may lure the pair sellers. Should the quote remains bearish past 1.1640, the 78.6% Fibonacci retracement level of 1.1422 and the November 09 bottom of around 1.1330 might act as intermediate halts before directing it to the late 2022 low of 1.1144. On the contrary, GBPUSD recovery may initially aim for the 200-DMA level of around 1.1910 ahead of challenging the 1.1950 support-turned-resistance comprising the previous support line from November 17 and 38.2% Fibonacci retracement level. Following that, the 1.2000 psychological magnet and a downward-sloping resistance line from late January, near 1.2090, will be in focus. It’s worth observing that the Cable pair’s successful trading beyond 1.2090, as well as crossing the 1.2100 threshold, could help the bulls to retake control. Overall, GBPUSD is likely to decline further unless crossing the 1.2100 hurdle.
by MTradingGlobal
BANKNIFTY LEVELS 08/03/2023 BANKNIFTY ANALYSIS WITH LOGIC : 1. if there's is gap up in price. It should retest the recent candle high after that we can set our 1st target upto 41665 level. 2. If the price crosses with strong bullish candle at 41665 level we can set our second target upto 41995 level. 3. If there's flat opening we can expect range bound market between this levels 41665 - 41200. 4. If there's is gapdown and retests 41240 or 41200 level we can take long positions from 41240 - 41665 level. 5. Or if price closes below 41200 level we can short our positions upto 40950 level. Further details i will update in market hours. Have a safe and profitable trading.
NSE:BANKNIFTYLong
by ramsaisujan
EURUSD stays bullish unless breaking 1.0540 support confluenceAfter stalling a four-month winning streak in February, EURUSD prints mild gains so far in March. That said, the major currency pair’s latest recovery takes place from the 1.0540 support confluence comprising the 200-day Exponential Moving Average (EMA) and a three-month-old ascending support line. The upside momentum also takes clues from the upward-sloping RSI (14) line and upbeat MACD signals. As a result, the quote is well-set to challenge the last December’s peak surrounding 1.0740. Should the quote manage to remain firmer past 1.0740, which is more likely, the prices could aim for the mid-February top of around 1.0800. However, multiple hurdles could challenge the Euro bulls afterward, if not then the pair’s north-run toward the previous monthly high of near 1.1035 can’t be ruled out. Meanwhile, a daily closing below the 1.0540 support confluence could quickly fetch the EURUSD price to January’s bottom of 1.0481 before highlighting the December 07 low near 1.0445. In a case where the pair sellers keep the reins past 1.0445, the 50% and 61.8% Fibonacci retracements of its run-up from November 2022 to February 2023, respectively near 1.0380 and 1.0230, could flash on their radar. It’s worth observing that the late October 2022 high near 1.0095 and the 1.000 level are crucial for the Euro bears to watch past 1.0230. Overall, EURUSD remains on the bull’s radar as it stays firmer beyond the key support ahead of Fed Chair Jerome Powell’s semi-annual Testimony.
by MTradingGlobal
BANKNIFTY LEVELS 06/03/2023BANKNIFTY ANALYSIS WITH LOGIC : 1. Considering the levels if there is small gap price should retest 41240 level should form bullish candle above that level. Then only we will take long position upto 41995 level. 2. If it opens on a flat now price shuld cross 41333 with strong candle after that we can set our targets upto 41995 level 3. if price opens below 41840 level we can short upto recent low 40950 level by maintaing trailing stoploss sudden spikes may occur during short side HAVE A SAFE AND PROFITABLE DAY
NSE:BANKNIFTY
by ramsaisujan
Reliance Double Bottom & RSI DivergenceReliance has formed double bottom pattern on daily chart. While the RSI is making higher low which is clear sign of RSI Bullish Divergence. Entry We can go long on open of next candle. Target Target 1: We can keep our 1st target at the nearest resistance which will also the neckline of the W pattern as marked on chart. Target 2: Once the 1st target is achieved & price gives breakout above the neckline of the W pattern 2nd target will be the next resistance as marked on chart. Stoploss We can keep stoploss below the support zone. Please like & Follow me.
NSE:RELIANCELong
by vt_trader
6
BANKNIFTY LEVELS 03/03/2023 BANKNIFTY ANALYSIS WITH LOGIC : 1. If there's small gap or opens on a flat note price should retest the 40390 level. There after we can short our positions upto 40150 level. 2. If those trend continues and form strong bearish candle below 40150 level we will continue to short our positions till 39875 level 3. Or if the price sustains at support 40150 level forms bullish candle we can expect reversal upto 40390 level. 4. If there's huge gap up above 40390 level we can expect heavy volatile or range bound market in between 40645 - 40390 levels. 5. Try to maintain trailing stoploss as of now banknifty is slightly strong when compared to nifty. ONLY FOR EDUCATION PURPOSE ONLY HAVE A SAFE AND PROFITABLE DAY :)
NSE:BANKNIFTYShort
by ramsaisujan
3
Gold grinds between 50-EMA and 200-EMA ahead of crucial weekGold braces for the first weekly gain in five but stays within the key moving average envelope as traders eye Fed Chair Jerome Powell’s testimony and the US NFP data, up for release in the next week. It’s worth noting, however, that the bears appear to run out of steam, per the RSI and MACD conditions. As a result, a clear upside break of the 50-Exponential Moving Average (EMA), around $1,845 by the press time, could convince the buyers to retake control. Though, multiple hurdles around $1,865 and $1,890 might challenge the XAUUSD run-up before the metal can regain $1,900. Meanwhile, a surprise downturn remains unimpressive beyond the 200-EMA level surrounding $1,803. Also acting as an extra filter to the south is the $1,800 threshold. In a case where the Gold price remains bearish past $1,800, the 61.8% Fibonacci retracement level of the quote’s run-up from last November to February 2023, around $1,747, will gain the market’s attention. It should be noted that the late November low of $1,727 may act as the last resort for the buyers before totally giving up control during the metal’s weakness past $1,747. Overall, the Gold price remains sidelined but the downside momentum gains less acceptance ahead of an important week.
OANDA:XAUUSD
by MTradingGlobal
BANKNIFTY LEVELS 02/03/2023 BANKNIFTY ANALYSIS WITH LOGIC : 1. Considering the levels if there is flat opening and forms 15m long bullish candle we can set our target upto 40950 level. 2. If there is gap up price should retest recent high then only we will take buy side positions upto 40950 level 3.If banknifty forms bearish candle below 40645 level we can short sell upto 40560 level and if the trend continues below that level we will set our targets upto 40390 level. 4. Maintain trailing stoploss while trading on buy side because banknifty will be so dynamic due to option expiry. HAVE A SAFE AND PROFITABLE DAY.
NSE:BANKNIFTY
by ramsaisujan
EURUSD stays on the bear’s radar despite recent reboundEURUSD began the month of March on a positive note by crossing a one-month-old descending trend line, as well as poking the 1.0690 resistance confluence including the 200-EMA and 61.8% Fibonacci retracement of the January-February upside. The recovery also justified bullish MACD signals. However, the RSI (14) retreated from the overbought territory and triggered the quote’s pullback from the key upside hurdle. Even if the pair crosses the 1.0690 immediate resistance, a horizontal area comprising multiple levels marked since January-end, around 1.0788-805, appears a tough nut to crack for the bulls. It’s worth noting that the quote’s successful run-up beyond 1.0805 won’t hesitate to challenge January’s high of near 1.0930. Meanwhile, pullback moves could aim for the previous resistance line from early February, close to 1.0585. Following that, lows marked during the previous month and January, near 1.0530 and 1.0480 in that order, could lure the EURUSD bears. Should the pair remains bearish past 1.0480, bottoms marked in late November around 1.0290 and 1.0220 may act as the last stops for the sellers before highlighting the parity level of 1.0000. Overall, EURUSD is likely to grind higher for the short term but the medium-term bearish trend remains intact.
by MTradingGlobal
GBPUSD braces for a bull run, falling wedge in focusGBPUSD holds onto the Brexit deal-inspired gains inside a one-month-old bullish chart formation called a falling wedge, following a sustained rebound from a fortnight-old descending trend line. Adding strength to the upside bias are the bullish MACD signals. However, nearly overbought RSI challenges the theoretical north-run targeting 1.2600. That said, the mid-February high and the previous monthly top, respectively around 1. 2270 and 1.2450, could test the buyers. It should be noted that the 100-SMA and aforementioned wedge’s confirmation points, respectively near 1.2060 and 1.12110, could challenge the immediate upside of the quote. On the flip side, the 100-SMA and previous resistance line from February 14, close to 1.2060 and 1.2020 in that order, precede the 1.2000 psychological magnet to challenge the short-term pullback of the GBPUSD pair. It’s worth noting that the road past 1.2000 appears bumpy with multiple stops near 1.1940 and 1.1900. Also acting downside filters are the lows marked in January and during mid-November 2022, near 1.1840 and 1.1760 respectively. Overall, GBPUSD is back on the bull’s radar as traders await UK PMI and BOE Governor Andrew Bailey’s speech.
by MTradingGlobal
USDCAD bulls need to cross 1.3700 for confirmationUSDCAD bulls struggle to defend the two-week-old winning streak ahead of the Canadian GDP data. However, the Loonie pair stays beyond the fortnight-long support line, as well as the key moving averages, to keep buyers hopeful. That said, a horizontal area comprising multiple levels marked since early October 2022, around 1.3700 appears the key upside hurdle for the pair. Following that, a run-up towards the 1.3830 and the 1.3900 threshold could be quick. In a case where the quote remains firmer past 1.3900, the previous yearly top surrounding 1.3975 and the 1.4000 psychological magnet could challenge the upside momentum. It should be noted that the RSI appears overbought but the MACD remains bullish, which in turn highlights the incoming data. Meanwhile, pullback moves may initially poke the immediate support line near 1.3580 before approaching the 100-DMA support of around 1.3500. In a case where the USDCAD remains weak past 1.3500, a gradual downturn toward the 200-DMA close to 1.3260 can’t be ruled out. However, the Loonie bears need a clear downside break of the stated key DMA support to retake control. Overall, USDCAD remains on the bull’s but a pullback can’t be ruled out unless the price remains below 1.3700. That said, strong prints of Canadian GDP could trigger the much-needed retreat of the Loonie pair.
by MTradingGlobal
AUDUSD turns bearish but road to the south is long and bumpyEven if sustained trading below the 100-DMA and a three-month-old ascending trend line become necessary for the AUD/USD bears, a daily closing below the 200-DMA and an upward-sloping previous support line from October 2022 signals the pair’s further decline. Further, the bearish MACD signals and downbeat RSI adds strength to the downside bias. Hence, the sellers should wait for a clear downside move below 0.6720 to aim for the lows marked in late December and November of 2022, respectively around 0.6630 and 0.6585. Following that, the 61.8% Fibonacci retracement level of the Aussie pair’s October 2022 to February 2023 upside, near 0.6550, appears the last defense of the buyers. On the contrary, AUDUSD recovery remains elusive unless the quote stays below a convergence of the 200-DMA and four-month-old previous support, close to 0.6800. Adding to the upside filters is the December 2022 high near 0.6895 and the mid-month peak of 0.7030. In a case where the Aussie buyers keep the reins, the monthly high surrounding 0.7160 could lure the bulls. Overall, AUDUSD is ready to witness further downside but the downturn is less likely to be smooth.
by MTradingGlobal
KotakBank Double Bottom RSI DivergenceDouble bottom pattern is formed on daily chart of KotakBank. RSI is making higher lows which is sign of RSI Bullish Divergence. Entry We can go long after close of strong bullish candle near 2nd bottom. Target Target 1 - will be the next resistance as marked on chart. Target 2 - After 1st target is achieved and price breaks above neckline of W pattern then 2nd target will be next resistance zone. Stoploss We can keep stoploss below the double bottom support zone. Please like and follow
NSE:KOTAKBANKLong
by vt_trader
4