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Technical Analysis

EURUSD Awaits Rate Signals, Risk of Bullish ReversalInvestors are waiting for rate signals from the Fed as U.S. inflation remains high, while the ECB faces pressure to adjust rates due to the Eurozone's sluggish economy. The short-term downtrend in EURUSD is prevailing, confirmed by the EMA 34 crossing below the EMA 89, indicating growing selling pressure. The chart shows strong support around the 1.10630 level, where prices have bounced multiple times, creating a solid support zone. The resistance zone is around 1.11450, which is a potential target area if prices rebound from the support level. The RSI (14) is currently hovering around 36-38, suggesting the market is in an oversold state. This indicates a potential reversal or a short-term pullback. If the price holds the support at 1.10630 and shows a rebound signal, there is a possibility that EURUSD will retest the resistance at 1.11450.
Long
by Romio_pro
1
USDJPY Adjusts, Forms New Resistance, Awaiting Signals from BOJCurrently, USDJPY is adjusting after breaking out of a downward channel, creating a new resistance zone at 145.000 and showing signs of a potential reversal. The EMA 34 and EMA 89 lines are currently above the price, acting as dynamic resistance levels and applying downward pressure. The key support zone lies around 143.500. If the price drops to this level and strong buying pressure emerges, we can expect a potential rebound from here. Traders should closely monitor price action at key support and resistance levels. Entering buy or sell positions should be based on clear price action or technical signals. On the news front: The Japanese yen stabilized on Thursday after a strong rise earlier in the week, driven by bets that the Bank of Japan will further hike interest rates this year following a series of tightening signals from BOJ officials.
by Romio_pro
1
USDJPY: Off 13-month-old support during short-term downtrendUSDJPY has bounced back from a key support level that’s been in place for 13 months but remains in a short-term downtrend. The pair faces resistance from this old support line, now turned resistance, and the 21-day moving average (SMA). USDJPY recovery appears unreal… Although USDJPY is recovering from significant trendline support of around 143.70, indicators like the RSI and MACD suggest a strong bullish trend may not be likely. Additionally, market uncertainty before upcoming Japanese economic data and the US Core PCE Price Index (a key inflation measure) adds to the uncertainty. Key technical levels to watch… USDJPY pair’s recovery appears less convincing unless it crosses the 200-SMA hurdle of 151.20. That said, the 21-SMA and the multi-month-old previous support line, respectively near 146.40 and 149.80, quickly followed by the 150.00 threshold, will challenge the buyers before giving them control. On the contrary, a daily closing beneath the 143.70 trend line support will direct the USDJPY bears toward the late 2023 bottom surrounding 140.45 and the 140.00 psychological magnet. In a case where the prices remain bearish past 140.00, an area comprising levels marked since March 2023, close to 137.90-70, will be the last defense of the buyers. What next? USDJPY is at a critical support level. A short-term bounce is possible, but the chance of further declines is higher unless the pair breaks through the 151.20 resistance.
by MTradingGlobal
GBPJPY bulls need validation from 192.00 and Japan dataThe GBPJPY currency pair is making gains as it moves within a two-week upward trend, showing renewed optimism early on Tuesday. This rise supports the bullish trend that started in early August and counters the previous indecision seen last week. Currently, GBPJPY is trading above the 100-day moving average and has broken through a six-week-old downward resistance line, which now acts as support. The steady RSI also adds to the positive outlook. For the bullish trend to continue, GBPJPY needs to break above the upper boundary of the ongoing triangle pattern, near 192.00. If this happens, the next significant hurdle will be the 200-day moving average at 194.55. A break above this could push prices toward the late July high of around 199.50 and possibly even the 200.00 mark. On the downside, key support levels are around 189.80, 188.65 (100-day moving average), and 186.50 (previous resistance line). If GBPJPY falls below 186.50, it could drop to the monthly low of 180.10. Besides technical factors, GBPJPY buyers should also watch for upcoming data releases on Tokyo inflation, Japan's industrial production, unemployment rate, and retail trade this Thursday.
by MTradingGlobal
Gold bounces off resistance-turned-support, Jackson Hole eyedGold prices have ended a two-day drop as traders look ahead to the key Jackson Hole Symposium in Wyoming, where a speech by Federal Reserve Chairman Jerome Powell is highly anticipated. Gold has bounced back from its recent low, rebounding off the 10-day Exponential Moving Average (EMA) and a key previous resistance line. Positive signals from the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) suggest that gold could push past the $2,520 mark comprising the 50% Fibonacci Extension (FE) of its February-June move. Following that, the buyers can aim for $2,575 and potentially $2,600. On the downside, gold is supported by the 10-day EMA around $2,482 and a former resistance level now acting as support near $2,474. If gold drops below these levels, it could test the $2,465 mark and the 50-day EMA at $2,415. A further decline past $2,415 would need to break through a support line of around $2,410 and the $2,400 level to shift control to sellers. In summary, gold is on a positive path, but there are hurdles ahead before it can make significant gains.
OANDA:XAUUSD
by MTradingGlobal
EURUSD jostles with key resistance, PMI, Fed’s Powell eyedEURUSD traders are taking a break at its highest level since July 2023 as they await August PMI data for the Eurozone and the US. They are also keeping an eye on Fed Chair Jerome Powell’s speech at the Jackson Hole event on Friday. The overbought RSI indicates a potential pullback, with immediate support around the 78.6% Fibonacci retracement level from July-October 2023, near 1.1100. If the price falls, the rising support line near 1.1030 and the range of levels from late November 2023 around 1.1010-1.0980 might hold strong against further declines. For EURUSD buyers to regain confidence, they need to break the yearly high of around 1.1175. Overcoming this could lead to resistance around 1.1200-1.1210 before reaching the late 2023 high of around 1.1275. If the pair surpasses 1.1275, it might gradually rise towards the 2022 high near 1.1500. In summary, EURUSD is still in a bullish trend, though a short-term pullback is possible.
by MTradingGlobal
Polyplex - Classic double bottom chart patternClassic double bottom chart pattern formed in Polyplex. Price has corrected from top and after 2 years forming a bullish reversal chart pattern called double bottom. Double bottom is a bullish reversal pattern is forming after a strong downtrend. Price is printing lower top and lower bottom and finally price has settled at 760. Twice touch bottom at 760 formed a support and finally breakout of price swing high 960 confirm the double bottom chart pattern. Target would 1150..
NSE:POLYPLEXLong
by Arvind_Share_Academy
1
USDJPY sellers keep eyes on 144.00 and FOMC MinutesThe USDJPY pair is currently recovering from its lowest point in two weeks and breaking a three-day losing streak. The US Dollar is bouncing back from a yearly low as traders await the latest Federal Open Market Committee (FOMC) meeting minutes. Despite this bounce, the Yen pair is still trading below important Exponential Moving Averages (EMAs) and shows bearish signs from the MACD indicator, keeping sellers optimistic. If the USDJPY continues to drop, it might soon test the 144.00 support level, which has held for about 12 days. A fall below 144.00 could push the pair towards the July low of around 141.70. However, the Yen pair will need to move past the 50% Fibonacci Extension near 141.30 before targeting 140.00 and the 61.8% Fibonacci Extension around 139.40-35. On the upside, the 50 and 100 EMAs are likely to cap the USDJPY’s immediate gains, with resistance levels around 147.10 and 148.50. Beyond that, the pair might face resistance at the previous weekly high near 149.40 and the 150.00 level. If it breaks above 150.00, the final resistance points are at the 200-EMA level around 151.15 and the late July swing low near 151.95. In summary, while the USDJPY is currently recovering, the bears remain in control as traders await key news.
by MTradingGlobal
EURUSD: Confirming the bullish recovery trendEURUSD is moving around 1.1079 today and the bullish move seems to be still strong. On the analytical chart we can clearly see that EURUSD is on the rise of the uptrend with increasing confirmation highs and lows. The EMA 34, 89 are still giving good signals for the buyers and the price breached above these two EMAs so the continuation of the upward move is still preferred. Good luck to you, don't forget to leave your comments in the comment section.
Long
by Shivam_Signals
XAUUSD Analysis Today (August 20, 2024)Hello everyone, After a period of consolidation within an ascending triangle, gold has broken out and is now approaching the psychological level of $2,520. This is supported by the rising trend line and the bullish crossovers of EMA34 and EMA89, confirming the current bullish momentum. Based on the technical analysis, the uptrend of XAUUSD is likely to continue in the near term. The next target could be the strong resistance zone at $2,530. However, if there is a correction, the support zone at $2,505 will be the key price level to watch.
OANDA:XAUUSDLong
by Shivam_Signals
2
GBPUSD buyers can ignore pullback from one-month highGBPUSD snaps a three-day winning streak by easing from its highest level in a month as the US Dollar licks its wounds at the multi-month low. Despite this retreat, the Cable pair is still trading within a long-term upward trend channel and above important support levels. The positive signals from the RSI and MACD suggest that the Pound Sterling could still rise. The immediate support is a 10-day-old rising support line surrounding 1.2880, with further support at 1.2800 from the 50-SMA. If the price drops further, the next supports are at 1.2675 (200-SMA) and 1.2450 (trend channel bottom). On the upside, the GBPUSD pair’s ability to break through the yearly high and the upper trend channel near 1.3045-50 will be tested to keep buyers on the table. The 1.3000 level is also a key resistance point, with the potential to push towards 1.3100 and the mid-2023 peak of around 1.3145 later on. Overall, GBPUSD remains an appealing option for buyers, even if short-term gains slow down.
by MTradingGlobal
Barbeque NationTechnical Analysis: Over the past year, the stock has maintained stability without experiencing any significant price dips. Notably, the price has been trading close to the 21-day Exponential Moving Average (EMA), while gaining solid buyer momentum on the weekly chart. Buyer momentum on the monthly chart also appears positive, reinforcing the overall bullish sentiment. Additionally, trading volumes show a marked increase in buyer interest compared to previous years. Key Resistance Levels: Three resistance levels have been identified. A breakout and sustained movement above the first resistance level (R1) will be crucial in signaling stronger upward momentum in the years ahead. Potential Risks: The primary risk to the stock’s upward trajectory is the possibility of a broader market correction, particularly influenced by uncertainty in the index and geopolitical tensions, such as the ongoing conflict between Israel and Iran. Disclaimer: This analysis is intended for educational purposes and is not a recommendation to buy. It is important to learn how to recognize and understand patterns in stock movements.
NSE:BARBEQUELong
by sandeepbalachandran