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GBPUSD reverses from 200-SMA ahead of UK GDPGBPUSD pares the early-week recovery from 78.6% Fibonacci retracement of January 06-23 upside while taking a U-turn from the 200-SMA hurdle. The pullback also take justifies the downbeat RSI and MACD conditions, suggesting further declines towards 61.8% and 78.6% Fibonacci retracement levels, around 1.2070 and 1.1970 in that order. It’s worth noting, however, that the GBP/USD pair’s weakness below 1.1970 will make it vulnerable to drop toward the previous monthly low of near 1.1840. Alternatively, a successful break of the aforementioned key SMA hurdle surrounding 1.2190 isn’t an open invitation to the GBPUSD buyers. That said, the 1.2200 and late January swing low around 1.2265 could challenge the Cable buyers before the three-week-old resistance line of 1.2370. In a case where the quote remains firmer past 1.2370, the two-month-long horizontal area around 1.2440-50 appears a tough nut to crack for the bulls. To sum up, GBPUSD braces for the key UK Q4 GDP which is likely to disappoint.
by MTradingGlobal
NIFTY - Bullish closingSo after a hugely volatile day, nifty breaks the day's range and closes near its day high which clearly shows nifty is bullish. as you can see in 5 min time frame after the breakout of range, sellers were trapped at the 17825 level, and from that level nifty breaks it's days high (DH) and after the breakout of DH now nifty is consolidating and making pole and flag pattern. so our analysis for tomorrow will be, our view is bullish now so we will take only an upside entry. If nifty breaks its previous day's high(PDH) i.e level of 17190 we will enter into trade and our first target will be the 17970 level. So if it opens below its previous day's closing we can expect nifty can take support from the 17825 level (last swing) and can reverse from it. Our view will be bearish if only it breaks the previous day's low (PDL), level 17780.
NSE:NIFTYLong
by Garvit_Narang
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NSE:NIFTYShort
by BUCKSTRADERS
EURUSD sellers need to conquer 1.0670 to retake controlEURUSD fades bounce off the 10-week-old ascending support line as the weekly resistance line and the 200-SMA challenge buyers. Adding strength to the downside bias are the bearish MACD signals and downbeat RSI (14). As a result, the quote is likely to return to the bear’s table after a four-month absence. That said, a downside break of the stated support line, close to 1.0670, could act as a trigger for the downside targeting the previous monthly low surrounding 1.0480. It’s worth noting that the 61.8% and 78.6% Fibonacci retracement of the pair’s November late November 2022 to early February peak, respectively near 1.0570 and 1.0450, could act as extra downside filters to watch before targeting the late November swing low of 1.0290. Meanwhile, recovery moves need validation from the 200-SMA, around 1.0765 at the latest. Following that, the EURUSD pair’s run-up towards 1.0800 and then to 1.0930 can’t be ruled. In a case where the prices remain firmer past 1.0930, the 1.1000 psychological magnet and the monthly high of 1.1033 should gain the market’s attention. It should be observed that the rally beyond 1.1033 enables bulls to aim for a March 2022 peak of 1.1185. To sum up, EURUSD buyers appear running out of steam but the bears must conquer the multi-day-old support line to return to the driver’s seat.
by MTradingGlobal
Gold sellers need confirmation from $1,860 to keep controlGold bears remain unconvinced as they retreat from the key support, despite pulling back the metal from a multi-month high the last month. While the downbeat RSI conditions challenge the latest bearish momentum, MACD seems to help XAUUSD sellers as they try to break the 11-week-old support line near $1,860. It should be observed that the 50-DMA level surrounding $1,848 acts as an extra filter towards the south before directing the 38.2% Fibonacci retracement level of the bullion’s run-up from September 2022 to February 2023, near $1,827. In a case where the commodity price remains bearish past $1,827, the $1,800 round figure and the 200-DMA level near $1,776 will be in the spotlight. Alternatively, recovery moves could aim for the $1,900 threshold to convince the Gold buyers. Following that, $1,930 and $1,945 may probe the upside momentum ahead of aiming for the latest swing top near $1,960. Should the precious metal remains firmer past $1,960, March 2022 peak surrounding $1,966 may act as a validation point for the rally targeting the $2,000 psychological magnet. Overall, the Gold price is on the cusp of turning bearish but the sellers should wait for a clear downside break of $1,860.
OANDA:XAUUSD
by MTradingGlobal
AUDUSD has limited downside room on RBA dayHaving breached a one-month-old bullish channel the last Friday, AUDUSD portrays a recovery that recently crossed the 200-SMA and a horizontal support area comprising multiple levels marked since early December 2022, respectively near 0.6900 and 0.6880-70. Also adding to the downside filter is a seven-week-long ascending trend line, close to 0.6840 at the latest, a break of which won’t hesitate to drag prices toward the previous monthly low surrounding 0.6685. It should be noted that the oversold RSI (14) hints at a corrective bounce even if the MACD supports the bearish momentum. Alternatively, recovery moves may initially aim for the 0.7000 psychological magnet in case of the hawkish RBA announcements, other than the already known 0.25% rate hike. Following that, the aforementioned channel’s lower line, around 0.7080 by the press time, could probe the AUDUSD bulls. In a case where the Aussie pair buyers remain in control past 0.7080, a weekly resistance line near 0.7165 will act as the last defense of the ears bears. To sum up, AUDUSD remains on the bear’s radar on the RBA day but the downside appears limited.
by MTradingGlobal