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Technical Analysis

Gold remains vulnerable to further downside, $2,306 eyedGold slides beneath a four-week-old rising support line while extending the previous day’s fall amid a firmer US Dollar early Thursday. That said, the bullion marked the biggest daily loss in a week and snapped a three-day winning streak on Wednesday. It should be noted that the quote’s latest support break joins the bearish MACD signals and steady RSI to keep sellers hopeful. As a result, a convergence of an eight-week-old rising support line and the 50-day Exponential Moving Average (EMA), close to $2,306, gains the market’s attention. If at all the precious metal remains weak past $2,306, the monthly bottom of $2,277 and the early April swing low surrounding $2,265 will act as the last defense of the buyers. On the contrary, the XAUUSD’s corrective bounce needs to provide a daily closing beyond the support-turned-resistance line, near $2,340 by the press time, to convince the buyers. Even so, a slew of resistances around $2,360 and $2,390 will challenge the Gold price upside before highlighting a seven-week-old horizontal resistance area surrounding $2,433. Following that, the recent high of near $2,450 and the $2,500 threshold should lure the bulls. To sum up, the Gold price signals further downside but a clear break of $2,306 becomes necessary to defeat the bulls at least for the short term.
OANDA:XAUUSD
by MTradingGlobal
AUDUSD seesaws within rising wedge despite upbeat Australia CPIAUDUSD makes rounds to mid-0.6600s early Wednesday despite witnessing better-than-forecast Monthly Consumer Price Index (CPI) data from Australia. In doing so, the Aussie pair flirts with a horizontal support zone comprising multiple levels marked since early January, close to 0.6645-40. The pair’s latest weakness could be linked to the bearish MACD signals and a steady RSI (14) line. However, the sellers need validation from a nine-week-old rising wedge bearish chart formation between 0.6610 and 0.6720 to retake control. Even so, a convergence of the 100-SMA and the 50-SMA, near 0.6560, will be a tough nut to crack for the bears. Meanwhile, the AUDUSD pair’s rebound from the aforementioned support zone surrounding 0.6645-40 could quickly reclaim the 0.6700 round figure ahead of challenging the bearish chart pattern by poking the 0.6720 upside hurdle. If the quote remains firmer past 0.6720, it will also portray a bullish crossover among the moving averages and suggest further advances. That said, the 0.6800 round figure might test the Aussie pair’s upside past 0.6720 before directing it to the late 2023 peak around 0.6870. Overall, a lack of conviction in the upbeat Aussie inflation signals and downbeat oscillators keep AUDUSD sellers hopeful within a bearish chart pattern. However, the road toward the south appears long and bumpy.
by MTradingGlobal
Overbought RSI, 1.2810 hurdle will test GBPUSD bullsGBPUSD rises for the third consecutive day while refreshing the two-month high. In doing so, the Cable pair cheers a pullback in the US Dollar, as well as the recent hawkish commentary from the Bank of England (BoE) officials. However, the overbought RSI (14) conditions will join a downward-sloping resistance line from July 2023, close to 1.2810 by the press time, to test the buyers. In a case where the quote remains firmer past 1.2810, the yearly high marked in March around 1.2895, quickly followed by the 1.2900 threshold, will precede the 1.3000 psychological magnet to attract the bids. Alternatively, the 61.8% Fibonacci retracement of the GBPUSD pair’s July-October downside, near 1.2720, acts as immediate support to watch during a fresh pullback. Following that, April’s high near 1.2710 and the 100-SMA level surrounding 1.2630 should lure the Pound Sterling bears. It’s worth noting, however, that the Cable pair’s bearish trend remains elusive unless witnessing a daily closing beneath a convergence of the 50-SMA and a five-week-old rising support line, close to 1.2580 as we write. Overall, the GBPUSD pair marches toward the key upside hurdle as most traders return to their desks after a long weekend in the US and the UK.
by MTradingGlobal
USDJPY retreats within rising wedge on US holidayUSDJPY snaps a three-day winning streak early Monday even as markets lack momentum amid holidays in the US and the UK. In doing so, the Yen pair pares the previous weekly gains as mixed concerns about the Bank of Japan’s (BoJ) next move join a cautious mood ahead of this week’s key inflation clues from Japan and the US. It should be observed that the USDJPY pair’s latest pullback takes place from the resistance line of a three-week-old rising wedge bearish chart pattern. The retreat also gained support from the RSI (14) line’s fall from the overbought territory and the bearish MACD signals, which in turn suggests a continuation of the quote’s latest declines toward the 156.00 threshold. However, a convergence of the stated wedge’s bottom line and the 200-SMA, near the 155.25-15 region, closely followed by the 155.00 round figure, will be strong support for the bears to conquer before taking control. Should the pair remain weak past 155.00, a five-week-old rising support line near 152.6 and the monthly low of near 151.85 will be in the spotlight. Meanwhile, the USDJPY pair’s fresh recovery needs a clear rejection of the rising wedge bearish chart pattern by crossing the 157.30 immediate hurdle. Even so, the monthly high near 158.00, the 160.00 threshold, and the recent peak of near 160.20, as well as the year 1990 top surrounding 160.40, will offer intermediate halts during the quote’s further run-up. Overall, USDJPY is likely to witness a pullback in prices but the downside remains elusive beyond 155.00.
by MTradingGlobal
Gold braces for biggest weekly loss of 2024, focus on $2,270Gold licks its wounds at the lowest level in a fortnight after falling in the last three consecutive days. With this, the precious metal becomes vulnerable to post the biggest weekly fall since late September 2023. The downside bias takes clues from a clear break of a nine-week-old support line, now immediate resistance near $2,340, as well as the bearish MACD signals and steady RSI. With this, the spot Gold price (XAUUSD) is likely to drop toward the 50-SMA support of $2,309. However, an ascending trend line from early April, close to $2,294 at the latest, will challenge the bullion bears afterward. It’s worth noting that a 3.5-month-old rising support line near $2,270 acts as the final defense of the buyers, a break of which will not hesitate to welcome the bears targeting the $2,200 threshold. On the contrary, the Gold buyers need validation from the $2,340 support-turned-resistance to retake control. Even so, the 10-SMA hurdle of $2,375 and the $2,400 psychological magent will challenge the XAUUSD bulls afterward. In a case where the precious metal remains firmer past $2,400, the $2,430 and the $2,450 should allow the bulls to take a breather before pushing them toward the $2,500 round figure. Overall, the Gold price is likely to witness a short-term downside but remains in the bullish trend unless declining below $2,270.
OANDA:XAUUSD
by MTradingGlobal
EURUSD bounces off 1.0810 support confluence ahead of key PMIsEURUSD portrays a corrective bounce from the lowest level in a week, snapping a three-day losing streak, as traders await the first readings of the Eurozone and the US PMIs for May early Thursday. In doing so, the Euro pair also takes a U-turn from a convergence of the 100-SMA and previous resistance line stretched from late December 2023, close to 1.0810. The recovery also takes clues from the upbeat RSI (14) line and the bullish MACD signals, allowing buyers to remain hopeful. With this, the quote is likely to extend the latest rebound toward the 50% Fibonacci retracement of the December 2023 to April 2024 downturn, near 1.0870. However, a 4.5-month-old descending resistance line surrounding 1.0890 and the 61.8% Fibonacci ratio near 1.0940 could test the pair’s further upside. It’s worth noting that the highs marked in March and mid-January, respectively near 1.0980 and 1.1000, act as the final defense of the bears. Alternatively, the EURUSD bears need validation from the EU/US PMIs, the 1.0810 support confluence, and the 1.0800 threshold to keep the reins. Following that, the Euro pair’s gradual decline toward the 23.6% Fibonacci retracement level of 1.0730 and then to February’s bottom of around 1.0695 can’t be ruled out. In a case where the sellers dominate past 1.0695, the prices become vulnerable to slump toward the yearly low marked in April around 1.0600. To sum up, EURUSD is likely to witness recovery but the upside move hinges on a successful break of 1.0890 and the scheduled data points.
by MTradingGlobal
Day 36: Day Trading JournalDay 36 : Today, I put a halt on algo trading as well as day trading. After algo day trading for @14 days, I realised that I was not making profit, whatever profit had accrued was taken away by market. So I went back to my algo backtesting and stress tested it for worst case conditions and that actually came very close to my real time trading. Then I realised that day trading is not gonna make money. So I have decided to stop day trading and figure out a way to trade swing, now to see whether to follow the hourly chart or the daily chart and if any rule can be applied to it. For the next few days I will focus on trying to find that, meanwhile any trade I do manually will be a swing (holding overnight) to see how it goes.
NSE:INDUSINDBK
by Hiren1
NZDUSD jumps on RBNZ’s hawkish halt, 0.6140-45 hurdle tests bullNZDUSD prints the biggest daily jump in more than a week, as well as snaps a two-day losing streak, on the Reserve Bank of New Zealand’s (RBNZ) hawkish halt. That said, the RBNZ held the benchmark rates unchanged, as expected, but upwardly revised the forward rate guidance. The same pushed back the rate cut and signaled expectations of a rate hike during the year. As a result, the Kiwi pair rallied to the 2.5-month high after the RBNZ announcements before retreating from 0.6152, up more than half a percent intraday by the press time. In addition to the hawkish RBNZ concerns, the NZDUSD pair’s successful trading beyond the previous resistance line stretched from late December 2023, bullish MACD signals and the upbeat RSI (14) line also keeps the buyers hopeful. However, a daily closing beyond a downward-sloping resistance line from January, near 0.6140 by the press time, becomes necessary for trading conviction. Adjacent to the 0.6140 hurdle is the previous weekly high and 38.2% Fibonacci retracement of the quote’s late 2023 upside, near 0.6145. Hence, the bulls need validation from 0.6140-45 to keep the reins. Following that, the double tops marked in February and March around 0.6220 and 23.6% Fibonacci ratio near 0.6230, followed by the 0.6280-85 resistance region, will become the upside targets. On the contrary, a convergence of the 200-bar Exponential Moving Average (EMA) and a three-week-old rising trend line, around 0.6075-70 at the latest, restricts the NZDUSD pair’s short-term downside ahead of the previously stated resistance-turned-support line near 0.6060. In a case where the Kiwi pair remains bearish past 0.6060, the 61.8% Fibonacci retracement level near the 0.6000 threshold, will act as the final defense of the bears before directing the prices toward the yearly low of near 0.5850. Overall, the Kiwi pair is likely to remain firmer unless declining back beneath the 0.6060 level. However, fresh buying should wait for a clear upside break of 0.6145.
by MTradingGlobal
Day 35 of Live algo Day Trading JournalDay 35: Not much movement today. Remained negative during the day. I am increasingly getting this feeling that intraday is not worth pursuing. The time market is open is very less, the first half hour or the full hour goes just in trying to figure out where the market wants to go and by the time you think what you'd like to do, it stalls and gets into a range. By the time it ends, the market timings are over and everybody wants to pack up. Where is the time to chase any strategy, where is the time for any strategy to develop. I think I will try looking for a swing trading strategy and see if that is profitable or not. Progress/Setback : Nothing much on both counts, will have to explore more.
NSE:INDUSINDBK
by Hiren1
USDJPY confirms inverse head & shoulders during four-day uptrendUSDJPY rises to the highest level in a week while crossing a downward-sloping resistance line from late April, now immediate support near 156.10, amid a four-day winning streak early Tuesday. In doing so, the Yen pair confirms an inverse head and shoulders bullish chart pattern by extending the previous week’s rebound from the 200-SMA. It’s worth noting that the bullish MACD signals and an upward-sloping RSI (14) line, not overbought, also keep the pair buyers hopeful. With this, the quote approaches the mid-month peak surrounding 156.80 before challenging the monthly high of around 158.00. Following that, the 160.00 threshold, the yearly high of 160.20 and the year 1990 top of 160.40 can test the bulls during their run-up toward the theoretical target of the aforementioned inverse head and shoulders bullish formation, namely 162.50. Meanwhile, the USDJPY pair’s retreat remains elusive unless breaking the neckline of the stated bullish chart formation, close to 156.10. In a case where the Yen pair drops beneath the 156.10 resistance-turned-support, it will defy the inverse head and shoulders and can quickly revisit the 200-SMA support of near 154.60. It should be observed, however, that the bullish bias remains intact as far as the pair stays beyond a two-month-old ascending support line, near 152.45 as we write. Overall, the USDJPY pair braces for a fresh record high while confirming a bullish chart formation. Any pullback, backed by the downbeat US data and softer yields, remains unimportant until the pair exceeds 152.45.
by MTradingGlobal
GBPUSD bulls jostle with key upside hurdles within rising wedgeGBPUSD struggles to extend the biggest weekly gains since early March while confronting a five-week-old horizontal resistance area surrounding 1.2700-2710 early Monday. In doing so, the Pound Sterling takes clues from the overbought RSI (14) and the sluggish MACD signals while hovering near the upper end of the one-month-old rising wedge bearish chart formation. It’s worth noting that the pair’s upside clearance of 1.2710 won’t be an open invitation to the Cable buyers as the stated wedge’s top-line surrounding 1.2720 will test the upside momentum. Following that, the quote’s advances toward the late March high of near 1.2800 and then to the yearly peak of around 1.2895 can’t be ruled out. It’s worth mentioning, however, that the oscillators suggest a pullback in the GBPUSD price and hence a horizontal resistance area comprising the tops marked since early May, close to 1.2635-45, gains the market’s attention. In a case where the Cable prices drop beneath the 1.2635, the 50% Fibonacci retracement of March-April fall, surrounding the 1.2600 threshold, will lure the sellers. Above all, a convergence of the 200-bar Exponential Moving Average (EMA) and the aforementioned rising wedge’s lower line, close to 1.2565-60, appears a tough nut to crack for the pair sellers, a break of which will confirm the bearish chart pattern suggesting a theoretical fall targeting the area surrounding mid-1.2100s. In summary, the GBPUSD pair will likely witness a pullback in the prices but the bears need validation from the 1.2565-60 and the UK inflation/PMI data.
Editors' picks
by MTradingGlobal
2
🚀 IRB Breakout Alert: Ready to Surge Above INR 72!Hello TradingView Community, Get ready for an exciting breakout opportunity in IRB Infrastructure Developers Ltd! With the current stock price at INR 68, IRB is on the brink of a significant breakout above INR 72. Here’s why you should keep this stock on your radar: 🔍 Technical Analysis: Current Price: INR 68 Breakout Level: INR 72 Volume: Increasing steadily, indicating growing interest and accumulation. Key Indicators: RSI (Relative Strength Index): Approaching bullish territory, suggesting momentum buildup. MACD (Moving Average Convergence Divergence): Positive crossover, signaling potential for upward movement. Support Levels: Strong support around INR 65, providing a safety net for the current price action. IRB Breakout Chart 📈 Fundamental Analysis: IRB Infrastructure Developers Ltd, a key player in the infrastructure sector, shows promising growth indicators: Revenue Growth: Consistent quarterly revenue growth, driven by robust project execution and new order wins. Profit Margins: Improved operational efficiency resulting in better profit margins. Sector Outlook: The infrastructure sector is poised for growth with increased government spending on road and highway projects. 💡 Why This Matters: Breakout Potential: A breakout above INR 72 could trigger a strong rally, providing lucrative opportunities for traders and investors. Bullish Sentiment: Technical indicators and increasing volume suggest strong bullish sentiment and potential for substantial gains. 🚀 Conclusion: IRB is on the verge of a major breakout. With the current price at INR 68 and a breakout level at INR 72, this stock offers a compelling opportunity. Keep an eye on this one! 📢 Call to Action: Watchlist: Add IRB to your watchlist to catch the breakout. Discussion: Share your thoughts and analysis in the comments below. Let’s explore this opportunity together! Disclaimer: This analysis is for informational purposes only and does not constitute investment advice. Trading stocks involves risks, and you should conduct your own research before making any investment decisions.
NSE:IRBLong
by prashantgupta7887
#Bitcoin Elliott Wave Count Analysis ( Ready for $44000 ?)#Bitcoin Elliott Wave Count Analysis Intermediate Degree: ▪️We are observing a potential wave (3) down of a descending impulse on the 1-day chart. ▪️Target: $48,000 - $44,000. Primary Degree: ▪️The 1-day chart suggests wave C down of a zigzag pattern is in progress. ▪️Target: $58,000 - $61,000. Cycle Degree: ▪️At the cycle degree, wave ((ii)) down of an ascending diagonal appears to be forming. ▪️Target: $52,000 - $58,000. Disclaimer: This analysis is based on current market conditions and the Elliott Wave Theory. Always conduct your own research before making trading decisions. Stay tuned for more updates and detailed insights. Please Like/RT & Appreciate
Short
by CryptoPatel
1
Day 34 of Live Algo Day Trading JournalDay 34: What a bad day it has turned out to be. Market gyrations has given me losses for all the trades taken. The algo was correct, the logic captured the direction of the market, however the intraday pullback of the market was beyond its normal limits (or as per the set calculated limits over a certain time) and kept hitting SL everytime. Took four trades, all wrong. Setback: today's market has made me thinking if I should incoporate something else in the logic to figure out the major direction and take trades only in that direction? This will keep me occupied for the weekend.
NSE:INDUSINDBK
by Hiren1
Gold stays bullish despite recent pullback, focus on $2,400 Gold price lacks clear directions after retreating from the highest level in a month while snapping a two-day winning streak. In doing so, the XAUUSD eased from a one-month-old horizontal resistance zone surrounding the $2,400 threshold. The pullback also gained strength from the US Dollar’s rebound. However, the bullion still carries an early-week breakout of a descending resistance line from April 12, now immediate support around $2,365. Additionally, keeping the buyers hopeful are the bullish MACD signals and the upbeat RSI (14) line. With this, the quote is likely to prevail on the bull’s radar and can gain more upside strength on crossing the $2,400 hurdle. In that case, the $2,418 and $2,431 will lure the bulls before directing them towards refreshing the all-time high by targeting the $2,500 threshold. It’s worth noting that the Gold price weakness past the resistance-turned-support line of $2,365 won’t open the doors for the sellers as the 21-SMA and an upward-sloping trend line from mid-March, respectively near $2,336 and $2,318, will challenge the commodity’s south-run. Should the precious metal remain bearish past $2,318, the $2,300 round figure and the monthly low of nearly $2,277 will be the final defense of the buyers. Following that, the XAUUSD’s fall toward the late March swing high of $2,222 can’t be ruled out.
OANDA:XAUUSD
by MTradingGlobal