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GBPUSD defends week-start recovery as UK employment data loomsGBPUSD stays defensive above 1.2700 as traders await the UK’s monthly employment data early Tuesday. In doing so, the Pound Sterling keeps the previous day’s recovery from a seven-week-old rising support line and the 21-day Exponential Moving Average (EMA). Monday’s rebound also justifies an uptick in the RSI (14) line but fails to gather momentum amid bearish MACD signals. As a result, the Cable pair is likely to mark another attempt to cross a descending resistance line from July 2023, close to the 1.2800 threshold at the latest. However, any further upside appears lacking acceptance, which if takes place could challenge the yearly high marked in March around 1.2895 and the 1.2900 round figure. Should the buyers keep the reins past 1.2900, the 1.3000 psychological magnet and late 2023 peak of 1.3142 will be in the spotlight. On the contrary, the 21-day EMA level of 1.2710 and the aforementioned rising support line, close to the 1.2700 mark, restrict the short-term downside of the GBPUSD pair. It’s worth noting, however, that the Pound Sterling’s sustained weakness beneath 1.2700 will direct sellers toward the early May swing high of nearly 1.2635 and then to the 50% Fibonacci ratio of the pair’s July-October 2023 fall, near 1.2590. Following that, the 38.2% Fibonacci retracement level of around 1.2455 and an upward-sloping trend line from October 2023, near 1.2400, will act as the final defense of the bulls. Overall, the GBPUSD pair is likely to extend the latest recovery ahead of the UK employment data but the upside room appears limited, which in turn suggests the need for strongly positive statistics to defend the buyers.
by MTradingGlobal
Update gold prices every day of the weekFundamentally, gold is under dual pressure from both the US and China, which are noted as two very important fundamental impacts on gold prices. On the one hand, gold prices are under pressure because US macro data boosts market sentiment in favor of the possibility that the Fed will have to keep interest rates high for a longer period of time, which is beneficial for the USD and metals. unattractive quarter. On the other hand, China stopped buying gold after 18 consecutive months of buying, also making the market worried about profit-taking time. It is also possible that this will help the gold price adjust down so that the Central Bank of China can continue to buy at a better price, because they just stopped and did not sell. However, we (short-term traders) will be affected by this because it creates surprises in the market. There is nothing new in the geopolitical situation, so for the time being, we basically need to pay attention to US data and China's gold buying activities to quickly orient to changes without facing many uncertainties. doubt. Plan to trade on June 10 👨‍💻 XAUUSD SELL zone 2335 - 2337 🔹SL 2340 🔹TP 2330 - 2320 - 2310 In addition, Buy Scalping bets will be updated continuously, so please follow the group to earn the best profits ❤️❤️ Wishing you Full City
OANDA:XAUUSDShort
by HamedMarkets
2
USDJPY approaches key upside hurdle as Fed, BoJ week beginsUSDJPY extends Friday’s recovery from the 50-SMA while rising toward a six-week-old descending resistance ahead as the week comprising monetary policy announcements from the US Federal Reserve (Fed) and the Bank of Japan (BoJ) begins with mixed sentiment. It’s worth noting that the Yen pair’s sustained trading above the 50-SMA joins the upbeat RSI (14) and an impending bull cross on the MACD to underpin upside bias. However, a clear break of the aforementioned resistance line close to 157.55 by the press time, becomes necessary to convince buyers. Following that, 158.00, 158.40 and the 160.00 round figure will test the buyers. In a case where the bulls keep the reins past 160.00, the year 1990’s peak of 160.40 will be the final defense of the bears. Meanwhile, the 23.6% Fibonacci ratio of the USDJPY pair’s December 2023 to April 2024 upside, near 155.50, will precede the 50-SMA support of 155.10 and the 155.00 round figure to limit the short-term downside. Should the quote remain bearish past 155.50, an upward-sloping support line from late March, around 153.25 at the latest, will be the key support to watch. It should be observed that a daily close beneath 153.25, as well as a sustained trading beneath the 153.00 threshold, will make the Yen pair vulnerable enough to slump toward the multiple tops marked during late March and early April, near the sub-152.00 region. Overall, the USDJPY remains in the bullish mode as the key week begins.
by MTradingGlobal
Bajaj Auto positional trading ideaBreakout done with an average volume. If the next candle crosses above the breakout candle, it may go upside further. the trend is strong bullish. Disclaimer : All information provided here is for educational purposes and not a recommendation, advice, research report, or stock tip of any nature. Analysis Posted here is just our view/personal study method on the stocks, commodities or other instruments and assets. Do your own analysis or consult your financial advisor before making any investment decision.
NSE:BAJAJ_AUTOLong
by sudeeptalayek
“Golden Cross” directs Gold buyers toward $2,400 as US NFP loomsGold braces for the first weekly gain in three even as it seesaws at the highest level in a fortnight early Friday. That said, the precious metal’s latest inaction could be linked to the cautious mood ahead of the US monthly employment data including the headline Nonfarm Payrolls (NFP). Even so, the quote’s capacity to reverse from a month-old rising support line, backed by the bullish MACD signals and upbeat RSI (14) line, keeps the buyers hopeful. Apart from that, the 50-SMA also crosses the 200-SMA from below and portrays a bullish moving average crossover known as the “Golden Cross”, which in turn also suggests the XAUUSD’s upside. With this, the bullion is almost certain to hit an 11-week-old previous support line, now immediate resistance near the $2,400 threshold. However, a horizontal area comprising tops marked since early April, around $2,431-33, quickly followed by the all-time high of $2,450 flashed in May, will challenge the bulls afterward. On the contrary, a strong US jobs report and a firmer US Dollar could drag the Gold price back toward the aforementioned SMAs, close to $2,346-45 by the press time. Following that, a one-month-old ascending support line near $2,320 and the $2,300 round figure will lure the XAUUSD bears. It’s worth noting that May’s low of nearly $2,277 acts as the final defense of the buyers, a break of which will give control to the bullion sellers targeting late March swing high surrounding $2,222. Overall, the Gold price is likely to extend the previous run-up but the upside room is limited.
OANDA:XAUUSD
by MTradingGlobal
HAVELLS- Medium Term Investment pickNifty 500 stock - HAVELLS 1. Trendline Resistance BO with strong master bullish candle 2. Volume spike (almost nearby all time high volume) 3. Clean multiple touches on the Trendline Resistance 4. Looking good with Weekly time frame chart 5. Waiting period : Minimum 3-6 months 6. Best buying zone : 1510-1490 7. Target1 : 1990-2010 8. SL : Below 1300 on weekly closing basis Note: This is not a buying recommendation but tried to explain the chart through price action for better learning and understanding.
NSE:HAVELLSLong
by bullmanacademy
3
EURUSD bulls need validation from 1.0920 and ECBEURUSD prints the first daily gains in three while approaching the top line of a two-month-old rising wedge bearish chart formation. Apart from the 1.0920 upside hurdle comprising the stated resistance line, the European Central Bank’s (ECB) widely expected rate cut also poses a challenge to the major currency pair’s further upside. Additionally, the sluggish MACD signals and unimpressive RSI line also raise bars for the buyers. Hence, the quote is likely to witness a pullback toward the weekly support line of around 1.0860 unless the ECB surprises the market, either with no rate cut or by providing hints of no more actions in the near term. In a case where the bears dominate past 1.0860, the 200-bar Exponential Moving Average (EMA) support of near 1.0815 could gain the spotlight. It’s worth mentioning that the Euro sellers will gain conviction if the pair confirms the rising wedge pattern by falling beneath the 1.0765 support, which in turn opens the door for a theoretical fall toward 1.0450. Meanwhile, the ECB’s ability to convince the buyers, despite announcing the 0.25% cut to its benchmark rates, could help the EURUSD pair to cross the 1.0920 resistance. In that case, the quote’s run-up toward March’s peak surrounding 1.0980 and then to the 1.1000 threshold can’t be ruled out. However, the yearly high of near 1.1040 and the late 2023 top around 1.1140 will challenge the Euro pair’s upside past 1.1000. To sum up, EURUSD braces for a post-ECB pullback while rising towards a short-term key resistance ahead of the event. However, the ECB’s hawkish halt might convince the buyers to return, which in turn requires traders to remain cautious before the outcome.
by MTradingGlobal
Softer Australia GDP growth, rising wedge lure AUDUSD bearsAUDUSD picks up bids to consolidate the biggest daily loss in a fortnight early Wednesday even as Australia’s Q1 GDP growth softens to 0.1% QoQ and 1.1% YoY respectively versus 0.3% and 1.6% priors in that order. The Aussie growth numbers also slide beneath market forecasts of 0.2% QoQ and 1.2% YoY. However, prices recover from the 100-bar Exponential Moving Average (EMA), close to 0.6635 at the latest, while posting mild gains within a two-month-old rising wedge bearish chart formation, currently between 0.6620 and 0.6750. It should be noted that mostly steady RSI conditions and the downbeat MACD signals join the softer Aussie growth to keep sellers hopeful. That said, the bears need validation from the 200-EMA support of 0.6610, in addition to the rising wedge’s bottom line of 0.6620, to retake control. Following that, the pair will be vulnerable to revisit the previous yearly low of 0.6270 while witnessing 0.6460 and the 2024 bottom surrounding 0.6360 as intermediate halts during the run-down to chase a theoretical target of the rising wedge confirmation. Alternatively, the 0.6700 threshold guards the immediate upside of the AUDUSD pair in case of the quote’s further recovery. Should the bulls keep the reins past 0.6700, the yearly high of near 0.6715 and the aforementioned rising wedge’s top line surrounding 0.6750 will challenge the Aussie bulls. In a case where the pair remains firmer past 0.6750, the late 2023 peak around 0.6870 and the 0.7000 psychological magnet will be in the spotlight. Overall, the AUDUSD pair’s latest recovery could be considered a selling opportunity until the quote stays beneath 0.6750.
by MTradingGlobal
1
SWING IDEA - WELSPUN LIVINGWelspun Living , a company engaged in the home textiles and furnishings sector, presents a potential swing buying opportunity based on several technical factors. Reasons are listed below : The repeated testing of the 155-165 zone suggests the establishment of a robust support/resistance level. A potential breakout from this range could signify a notable market movement. Head and shoulders patterns are often seen as trend reversal patterns. In this case, if there's a head and shoulders pattern forming, and if it's confirmed with a breakout, it could indicate a reversal from a downward trend to an upward trend. An engulfing candle formed in weekly timeframe followed by a doji candle typically indicates a potential continuation in the prevailing market trend. Breakouts from long-term consolidation zones can lead to significant price movements, as they indicate a shift in market sentiment and a breakout from a period of indecision. Consistently forming higher highs is a characteristic of an uptrend and suggests that buyers are in control of the market. Increased trading volume can confirm the strength of a price movement. If volumes are increasing as the price moves higher, it suggests strong buying interest. Target - 185 // 215 // 255 Stoploss - weekly close below 137 DISCLAIMER - Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services. @visionary.growth.insights
NSE:WELSPUNLIVLong
by Visionary_Growth_Insights
3
Take a look: low risk; 15% ROI in 2-3 daysFundamentally good stock, Good for 2-3 days holding. For short term investment in cash market'. . . Entry: 576 target: 588 - 601- 644 sl: 560 major stoploss / support: 545 . Enter only after breaking & close above " Yellow box" mentioned. Or else wait for some time. ' ' Don't make complicated trade set-up.📈📉 Keep it " simple, focus on consistency💹 Refer our old ideas for accuracy rate🧑‍💻 Valuable comments are welcomed-✌️ . refer old ideas attached below
NSE:ABSLAMCLong
by TheNuraTrading
GBPUSD crosses key resistance to refresh 11-week highGBPUSD rises to the highest level since mid-March by crossing an 11-month-old descending resistance line, now immediate support near 1.2800. The bullish MACD signals and the Pound Sterling’s ability to trade successfully beyond the 100-SMA also underpin the upside bias. It’s worth noting, however, that the nearly overbought RSI (14) line challenges the quote’s further advances, highlighting the yearly peak marked in March around 1.2895, quickly followed by the 1.2900 threshold, as the key upside hurdles. In a case where the Cable remains firmer past 1.2900, the 1.3000 psychological magnet will be the last defense of the bears before directing buyers toward the late 2023 peak of surrounding 1.3145. Conversely, a daily closing beneath 1.2800 will defy the GBPUSD pair’s latest resistance break. The same could direct the sellers toward a 61.8% Fibonacci retracement of the July-October 2023 downturn, near 1.2720. Even so, the Pound Sterling bears need to wait for a clear downside break of the six-week-old rising support line, close to 1.2655, as well as the 100-SMA level of 1.2635, to retake control. Should the Cable drop beneath 1.2635, it becomes vulnerable to drop toward February’s low marked around 1.2520. Overall, GBPUSD gains the buyer’s attention as it clears the key upside hurdle. However, the room toward the north appears limited.
by MTradingGlobal
Crude Oil bears attack key support despite upbeat OPEC+ verdictWTI Crude Oil prints a four-day losing streak while falling to over a week’s low early Monday. In doing so, the black gold fails to justify the OPEC+ decision to extend the supply cut agreement toward the end of 2024 and gradually withdraw it in 2025. It’s worth noting, however, that a four-month-old horizontal support zone surrounding $76.20-75.80 will join the nearly oversold RSI (14) line to challenge the energy bears afterward. Should the commodity drop beneath the stated key support region, the $74.20 might act as an intermediate halt during a southward trajectory targeting February’s bottom of near $71.40-35. Meanwhile, the Crude Oil recovery remains elusive unless the quote jumps back beyond the 61.8% Fibonacci retracement of February-April upside, near $77.60. Even so, a convergence of the 200-SMA and a two-month-old descending trend line, close to the $80.00 threshold, will be a tough nut to crack for buyers before taking control. In a case where the commodity prices remain firmer past $80.00, the odds of witnessing a gradual run-up toward the late April swing high, around $84.45, and then to the yearly peak of near $87.63, can’t be ruled out. Overall, Crude Oil ignores the latest bullish catalyst to approach an important support as energy traders now focus on US PMIs and NFP data.
FX:USOIL
by MTradingGlobal
Linear Vs Logarithmic Chart. Which one to use ?NSE:ADANIENT Hello, Traders! 👋 I hope you’re all having a fantastic weekend! 🌟 Whether you’re sipping coffee, analyzing charts, or just enjoying some downtime, let’s make it even more productive. 📈💡 In today’s educational post, we’ll explore a concept that might have slipped under your radar or left you slightly puzzled. No worries—I’m here to shed light on it! Understanding Linear vs. Logarithmic Charts 🔹When it comes to visualizing data, two chart types stand out: linear charts and logarithmic charts. These seemingly simple charts can reveal powerful insights about trends, growth rates, and relative changes. Buckle up—we’re about to explore their differences and use cases! 📊🚀 What is a Linear chart? 🔹The Price plotted on a graph which we call charts, the price on the Y-axis shown will be consistent and uniformly scaled, which shows more significance to recent price action over old price action. 🔹Linear charts are great for showing absolute changes when each price has similar increments. 🔹Linear charts are easy to understand and you are already using them. What is Logarithmic Chart (Log Scale): 🔹A logarithmic chart, or log scale, depicts percentage changes, giving a more accurate view of relative movements. 🔹Logarithmic charts are especially useful when analyzing Long-term price data. They can show proportional relationships and percentage changes more effectively. 🔹As time goes by, the difference between linear and logarithmic charts becomes more pronounced. Log scales are often preferred for their accuracy. On this difference table, you can easily understand the uses and benefits of logarthmic charts. How to switch to a logarithmic chart? Just right right-click on the Price scale on the Tradingview chart and you will find log chart. or you can just hover your cursor at the bottom of the price scale you will see A and L (A - means arithmetic and L- Logarithmic). Note:- On short-term or recent price action these charts will not make any big difference but surely they impact longer-term data. Feel free to explore both chart types and choose the one that suits your analysis best! 📊🔍 If you’d like more examples or have other questions, just ask—I’m here to help! 😊🚀 Keep Learning, Happy Trading.
NSE:ADANIENTEducation
by SANJAYPATIDAR_
16
EURUSD fades bounce off 200-SMA as EU/US inflation clues loomEURUSD marked the biggest daily gain in a week the previous day while bouncing off the 200-SMA as the Eurozone data came in overall positive while the US statistics mostly disappointed. Also allowing the Euro pair to rebound from the key SMA level is the consolidation ahead of today’s first readings of the EU inflation data and the US Core Personal Consumption Expenditure (PCE) Price Index, also known as the Federal Reserve’s (Fed) favorite inflation gauge. That said, the quote’s inability to defend the previous day’s rebound joins the bearish MACD signals and unimpressive RSI conditions to lure the bears. However, a daily closing beneath the 200-SMA support of 1.0787 becomes necessary for the seller’s return. It’s worth noting that a five-month-old resistance-turned-support line near 1.0790 and an upward-sloping trend line stretched from mid-April, close to 1.0750, act as additional downside filters. Should the pair sellers keep control past 1.0750, February’s low of 1.0694 and the yearly bottom marked in April around 1.0600 will be in the spotlight. Alternatively, the EURUSD pair’s recovery remains elusive beneath a downward-sloping resistance line from early January, close to 1.0885 at the latest. That said, the 1.0900 threshold also stands tall to test the Euro bulls before directing them toward March’s peak of near 1.0980 and the 1.1000 psychological magnet. Furthermore, the quote’s successful trading beyond the 1.1000 mark allows the bulls to challenge the late 2023 top surrounding 1.1140, as well as the previous yearly peak of 1.1275. To sum up, the EURUSD pair remains weak within a short-term trading range ahead of the key EU/US data.
by MTradingGlobal