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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
NZDUSD recovery remains unimpressive below 200-SMAAfter defying a three-week losing streak, the NZDUSD pair grinds higher as traders brace for Wednesday’s New Zealand quarterly employment numbers. The quote currently pokes the 100-SMA barrier surrounding 0.6190 while also eyeing a one-month-old downward-sloping resistance line, close to 0.6205 by the press time. Given the bullish MACD signals, the Kiwi pair is likely to overcome the nearby hurdle. However, the RSI is close to the overbought territory and hence suggests limited upside room for the pair before hitting a roadblock, which in turn highlights the 200-SMA as the key resistance, close to 0.6220 by the press time. In a case where the Kiwi pair buyers manage to keep the reins past 0.6220, the odds of witnessing a run-up toward the mid-April high of around 0.6315 can’t be ruled out. Though, any further advances could challenge the yearly high marked in April around 0.6380. Meanwhile, pullback moves could gain attention on a downside break of the 0.6190-85 support zone comprising 100-SMA and the April 25 high. Following that, the NZDUSD pair can witness multiple supports near 0.6120 and 0.6100 round figure ahead of targeting the YTD bottom marked in March around 0.6085. It’s worth mentioning, however, that the quote’s weakness past 0.6085 can make the pair vulnerable to dropping toward the 0.6000 psychological magnet. Overall, NZDUSD is in a bearish consolidation mode ahead of crucial New Zealand data.
by MTradingGlobal
AUDUSD eyes corrective bounce as RBA week beginsAUDUSD marked negative closings in the last two consecutive weeks ahead of the Reserve Bank of Australia’s (RBA) monetary policy decision. That said, the previous weekly fall could be linked to a downside break of a seven-week-old ascending support line. However, the Aussie pair recently confirmed a short-term falling wedge bullish chart formation. The same joins the gradually ascending RSI line to suggest further consolidation of the latest losses. However, the quote needs to stay beyond the 0.6630 hurdle. Even so, an upward-sloping support-turned-resistance line from early March and 61.8% Fibonacci retracement of the pair’s March-April upside, close to 0.6660, can challenge the pair buyers. Following that, the 200-SMA level of 0.6685 acts as the last defense of the bears. On the contrary, a seven-week-old horizontal support zone near 0.6575-70 appears a tough nut to crack for the AUDUSD bears to retake control. In that case, the yearly low marked in March around 0.6560 may act as an extra challenge for the sellers before retaking the driver’s seat. Following that, the Aussie pair will be all set for the previous yearly low surrounding 0.6165. Though, the round figures may offer intermediate halts during the anticipated downturn. Overall, AUDUSD bears are likely to take a breather but won’t leave the table unless RBA offers a positive surprise and Fed disappoints, both of which are hardly expected.
by MTradingGlobal
Gold sellers eye consecutive third weekly loss, $1,935 in focusRepeated attempts to mark a downside break of the HKEX:1 ,980-79 support confluence comprising a fortnight-old symmetrical triangle, as well as the 200-SMA, keep Gold bears hopeful of posting a third weekly loss in a row. However, a six-week-long horizontal support zone around HKEX:1 ,935 appears a tough nut to crack for the XAUUSD sellers, especially amid the downbeat RSI (14) line. Should the metal prices remain weak past HKEX:1 ,935, the HKEX:1 ,900 round figure and the mid-March swing low of around HKEX:1 ,885 will be in the spotlight. Meanwhile, a corrective bounce in the bullion price needs to stay beyond the 100-SMA and top line of the stated triangle, respectively near HKEX:2 ,003 and HKEX:2 ,010, may gold the Gold buyers. It’s worth noting that the quote’s successful trading past HKEX:2 ,010 enables it to challenge the YTD peak of near HKEX:2 ,050 whereas any further advances could aim for the HKEX:2 ,070 key hurdle comprising the previous yearly top and the 61.8% Fibonacci Expansion (FE) of the metal’s March 15 to April 19 moves. Overall, Gold stays on the bear’s table after an initial attempt to lure the bulls. However, the next week’s Federal Reserve (Fed) monetary policy meeting outcome will be crucial to watch for clear directions.
OANDA:XAUUSD
by MTradingGlobal
BANKNIFTY LEVELS 27/04/2023 BANKNIFTY ANALYSIS WITH LOGIC: 1.If there's flat opening and price closes in between 42920 - 42787 levels with first 15 min candle we will not take any kind of trades. 2.If price crosses 42920 level with strong 15m candle we will take long position up to 43295 level, 3.If price crosses 42787 level with 15m candle it should retest those level. then only we will plan for sell side up to 42500 level. 4.May have volatile trading session due to weekly expiry. Have a safe and profitable day :)
NSE:BANKNIFTY
by ramsaisujan
BANKNIFTY LEVELS 26/04/2023 BANKNIFTY ANALYSIS WITH LOGIC: 1. If there's gap up and therefore price gets rejected from 42787 level, we can expect sharp fall up to 42500 level. 2. If it gets reversal from that level, we can short up to 42500 level by maintaining trailing stoploss. 3. Or if price sustains above 42787 level from that point and form 15m bullish candle, price should retest that level then only we will plan for buy side positions. 4. Directional trade can be seen during today intraday session. 5. If there's gap down no trades shall be taken. Have a safe and profitable day :)
NSE:BANKNIFTYShort
by ramsaisujan
BANKNIFTY LEVELS 25/04/2023BANKNIFTY ANALYSIS WITH LOGIC: 1. If there's gap up and forms 15m bullish candle above 42787 level and should retest level, then only we will take long position up to 43600 level 2, Maximum range boundness can be seen during today intraday session 3. May have movement during second half so buyers be careful while placing trades. 4. Strictly maintain trailing stoploss while placing trades 5. If Price opens on a gap down no trades shall be taken. Have a safe and profitable trading :)
NSE:BANKNIFTY
by ramsaisujan
GBPUSD portrays bullish consolidation above 1.2400GBPUSD buyers appear running out of steam as it wavers inside a three-week-old trading range. Even so, the Cable pair’s successful trading above the 11-month-old descending trend line close to 1.2320 at the latest, as well as beyond an upward-sloping trend line since the last September, keeps the buyers hopeful. Adding strength to the shorter ascending trend line support is the 50-DMA level surrounding 1.2210. Even if the quote breaks the 1.2210 support confluence, the 1.2200 round figure and the 1.2000 psychological magnet can challenge the pair sellers ahead of highlighting the 200-DMA support of around 1.1970. Meanwhile, the latest multi-month high of near 1.2550, marked earlier in April, stays on the GBPUSD buyer’s radar unless dropping below the 1.2320 support line mentioned above. Should the Cable pair remains firmer past 1.2550, the 1.2600 round figure may act as an intermediate halt before directing the quote toward the May 2022 peak of around 1.2665. In a case where the pair crosses the 1.2665 hurdle, the lows marked during early April 2022 near 1.2970-80 can test the bulls before directing them to the March 2022 bottom surrounding the 1.3000 round figure. Overall, the GBPUSD pair remains firmer despite the latest consolidation.
by MTradingGlobal
BANKNIFTY LEVELS 24/04/2023BANKNIFTY ANALYSIS WITH LOGIC: 1. Considering new levels if there's flat opening or gap up price should retest at multiple rejection areas. 2. Then only we will take long position upto 42385 as our first target by maintaining trailing stoploss. 3.If there's flat opening price should retest and form bullish candle at 40015 level, then only we will plan for buy entry levels. 4.Bank nifty is stronger when compared to nifty on today intraday session. 5.42385 can be considered as strong resistance level, price may get rejection from that point. Have a safe and profitable day :)
NSE:BANKNIFTY
by ramsaisujan
Market Internals still Under Pressure!CNX500 Relative Strength Attached: Nifty 500/ Nifty 50 Daily Chart as of 21st April 2023 This Ratio Chart is NOT supportive of a Bull/ Risk On phase for the Broad Market. The 500 stocks are likely to Underperform while the 50 stocks are likely to Outperform. What does this mean you ask? In simple Layman terms, it means Index Nifty 50 will be MANAGED (propped up) by Heavyweights that make up approx. 50-60% of Nifty 50's Weightage while Under the Hood Selling in Rest of the Market will continue as the ones which are in Down Trends are unlikely to see a Trend Reversal Nifty 50 will Deceive you into thinking it is a Bull Market while the Market Internals suggest otherwise! (Note: This is an update to an Old Related Idea titled: 'Market Internals suggest WEAKNESS' but for some reason Trading View platform is not allowing me to update that Idea with this updated Chart I have prepared. Hence, I have created this as a Separate Post)
NSE:CNX500Short
by T_Harth
MUTHOOTFIN Down to see 800 level ??!!!Chart patterns insist me the above titled opinion. Reasons 1. Muthoot finance has been travelling in a expanding triangle pattern from 2015. 2. Till now, its respecting the pattern by taking support and resistance at perfect levels. 3. Currently it is in downswing inside the pattern. 4. It may take take support at the Major support (GRENN LINE 800 LEVEL ) soon . In Weekly timeframe, there is BEARISH PENNANT formation , yet to give BREAKDOWN. 5. only if the Bearish Pennant gives BREAKDOWN , we can confirm the down move . I will update(Target and SL) once it gives Breakdown!!! We need to wait, as the breakdown can occur this week or 2 month later or never. Let's wait for the Market's decision!!! As of now, (on seeing the chart) its not easy for bulls to charge up. Note : Just sharing my view....not a tip nor advice!!!
NSE:MUTHOOTFIN
by mmjimm
7
BANKNIFTY LEVELS 21/04/2023BANKNIFTY ANALYSIS WITH LOGIC: 1. If there's gap up price should form bullish candle above 42470 level then only, we will take long position up to 42820 level. 2. If there's flat opening on today's session price should reach 42238 level. If there's any rejection candle forms above this level, we can take long position up to 42365 level by maintaining trailing stoploss. 3. Or if the price gets rejection from below 42470 level, we can short up to 42238 level. 4. Maintain proper stoploss while placing trades. Have a profitable day :)
NSE:BANKNIFTY
by ramsaisujan