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Technical Analysis

EURUSD: Buying strategy is still supportedThe EUR/USD pair experienced a modest increase, reaching around 1.0860 in the early Asian trading session on Tuesday. The decline in the US Dollar (USD) has provided some support for this currency pair, with growing optimism fueled by various technical indicators. The upward momentum is being observed and strengthened as a new level of support forms, aligning with the EMA 34 and 89. As long as buyers maintain this support level, the scenario of price increase remains entirely reasonable.
Long
by RKarina
NZDUSD grinds higher past 0.6000 ahead of RBNZ, US InflationNZDUSD remains positive around 0.6035-40 early Tuesday, despite lacking upside momentum of late. In doing so, the Kiwi pair defends the previous week’s rebound from the lowest level since November 2023 while portraying the trader’s anxiety ahead of Wednesday’s monetary policy announcements from the Reserve Bank of New Zealand (RBNZ) and the US inflation data, namely the Consumer Price Index (CPI). It should be noted that the recovery in price takes the support of the upbeat RSI (14) conditions and the bullish MACD signals, which in turn suggests brighter chances of the quote’s further advances. However, the 200-SMA and a five-month-old previous support line, respectively near 0.6070 and 0.6115, appear tough nuts to crack for the bulls. In a case where the buyers manage to keep the reins past 0.6115, the odds of witnessing a gradual run-up toward a four-month-old horizontal resistance area surrounding 0.6220 can’t be ruled out. Meanwhile, the 61.8% Fibonacci retracement of the quote’s October-November upside, close to the 0.6000 psychological magnet, restricts the immediate downside of the NZDUSD pair. Following that, the aforementioned horizontal area comprising lows marked since mid-November 2023, near 0.5940, will be the key challenge for the Kiwi pair sellers to pass before retaking control. Should the pair remain bearish past 0.5940, the November 14 low of around 0.5860 will act as the final defense of the buyers before driving prices down to the previous yearly bottom of 0.5773. Overall, the NZDUSD pair is likely to extend the latest rebound ahead of the RBNZ and the US CPI, unless the output of the data/events suggests otherwise.
by MTradingGlobal
EURUSD: The movement trend is not clear!EUR/USD appears to have made a breakthrough above 1.0800 at the beginning of Monday, breaking free from a three-week downtrend. However, the short-term technical outlook paints a picture of indecisiveness in this currency pair. On one hand, strong NFP data from the US continues to bolster the US Dollar, while optimistic industrial production figures from Germany and investor confidence from EU Sentix have not had a significant impact on the Euro. If this pair surpasses the level of 1.0870, it could establish a strong foundation for a bullish recovery in EUR/USD. Conversely, the EMA 34 and 89 indicators currently lean towards a slight downtrend, indicating a lack of momentum for any significant price movements in either direction. Therefore, the support level at 1.0800 is still being monitored for potential retesting.
by RKarina
Where will gold prices go this week?Hello everyone, following last week's upward trend, gold has once again started the second trading session with strong price increases. In the early trading hours, gold briefly reached $2354 but quickly retreated and is currently at $2337, marking a 0.31% increase for the day. In light of escalating tensions, gold's traditional headwinds have failed to impede its upward momentum in the past week. The precious metal has shown steady growth, ending the week with a 5% increase. Looking at gold's recent fluctuations, it is no longer heavily reliant on the direction of the US dollar. Gold is now establishing itself as a global currency and overshadowing traditional pressures, pushing it to new record levels.
OANDA:XAUUSDLong
by RKarina
EURUSD bullish outlook?Hello everyone! After a long period of decline, EURUSD ended the week with gains and is currently trading at 1.0836. It can be observed across most time frames that the EU has achieved significant milestones, indicating a very positive price outlook. With EU continuing to trade steadily at these high levels, there is a possibility that the price level of 1.082 will be retested in the near future, forming a trend line and using it as a strong support for further price increase. The expected price levels are currently 1.087 and then 1.093
Long
by RKarina
USDJPY bulls eye multi-day-old resistance line and US InflationUSDJPY picks up bids within a fortnight-old trading range while defending the previous day’s rebound from a 150.80-90 support confluence, comprising the 21-day Exponential Moving Average (EMA) and multiple levels marked in the last two months. The Yen pair’s recovery also justifies the upbeat RSI (14) line and inspires buyers to poke an upward-sloping resistance line stretched from late October 2023, close to 152.00 by the press time. However, the impending bear cross on the MACD challenges the quote’s further upside. In a case where the pair remains firmer past 152.00, the 61.8% Fibonacci Extension (FE) of its moves between December 2023 and March 2024, near 153.10, will be on the bull’s radar ahead of the 78.6% FE level surrounding 154.85. Meanwhile, the USDJPY pair’s daily closing beneath the 150.80 support confluence will need validation from the 38.2% FE level of 150.55 and the 150.00 threshold. Following that, January’s peak surrounding 148.80 and the previous monthly low near 146.50 could lure the Yen pair sellers. It’s worth noting that February’s bottom of 145.90 acts as the final defense of the pair buyers, a break of which will make the quote vulnerable to drop toward the 140.00 psychological magnet. Overall, the USDJPY is likely to remain firmer but the buyers appear running out of steam and hence this week’s US inflation data, namely the Consumer Price Index (CPI) for March, will be crucial to watch for clear directions.
by MTradingGlobal
SWING IDEA - YES BANKYes Bank stock presents a compelling opportunity for a swing trade, supported by strong technical indicators: Reasons are listed below : Multiple tests at the 21 levels culminated in a decisive breakout. A significant marubozu candle on the weekly timeframe signals bullish momentum. The breakout was accompanied by a notable increase in trading volumes. Ongoing formation of higher highs indicates a sustained upward trend. Positive positioning, as the price is trading above both the 50 and 200-day Exponential Moving Averages (EMA), reflecting momentum strength. Target - 30 // 49 StopLoss - weekly close below 20.85 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:YESBANKLong
by Visionary_Growth_Insights
2
GBP/USD Analysis: Heading for a CorrectionCurrent Context GBP/USD ended its four-day winning streak, posting a decline following a correction on Thursday. Currently, the pair is steady on the downside, trading at around 1,262. Of note is the formation of a short-term top on the one-hour chart, representing a downtrend according to the Elliott Wave Principle. Technical Analysis Monitoring technical and selling trends is considered the priority option in the short term. Both technical indicators and wave analysis signal that investors should be bearish. The defensive target and stop loss are set at 1,257, marking a key support level that, if broken, could lead to an increase in selling pressure. Short-Term Trends and Impact In the short term, GBP/USD appears to be correcting after a bullish period. This decline can be considered a necessary technical correction before determining the next trend. If the 1.257 level holds, GBP/USD could find stability and start a new rally. However, if this support is broken, further declines are likely. Conclude Overall, GBP/USD is in a short-term correction phase with a selling bias favored. Investors need to closely monitor the 1,257 support level to assess the potential for further downside. Any news that affects USD or GBP needs to be closely observed to capture suitable trading opportunities, especially in a volatile market context.
Short
by RKarina
EURUSD: The downtrend line has not been broken yetRecent Summary: EUR/USD showed resilience on Thursday but soon encountered strong resistance at the descending trendline, leading to a fresh downward correction. The important support level at 1,076 is currently a solid fulcrum for this currency's recovery hopes. Market Assessment: The support level at 1,076 is showing significant resistance, laying the groundwork for EUR/USD's potential upside, as long as this level is not broken. The important event at the end of the day, related to USD, may be a turning point, affecting the current dynamics of this currency pair. Recovery Potential: If the end-of-day news tilts in USD's favor, EUR/USD may have to look for upside opportunities from alternative factors. However, if USD fails to receive support from the news, EUR/USD has a solid chance to recover and even rally from current support levels. Conclude: With an important event coming up and strong support at 1,076, EUR/USD is in a state of balance between recovery and downside risks.
Short
by RKarina
XAUUSDThe departure from the upward trend channel has led this product into a significant price decline. It is currently trading below the resistance levels of 2285 and 2290. A strong downward trend was established after taking profits at the $2305 mark, with stable trading activity observed on the 1-hour chart. Given these observations, it wouldn't be surprising to anticipate further price drops after testing the aforementioned resistance levels (as illustrated on the 2-hour chart), with an expected decrease to $2.248. If you find this post insightful and valuable, don't forget to leave a like and share your thoughts. It would make me extremely happy.
OANDA:XAUUSDShort
by RKarina
XAUUSD: Setting new highs!Today's gold price gently adjusted, from $2,300 to $2,272, reflecting volatility but not eclipsing the long-term growth trend. In the face of inflationary pressure and positive economic data, the Fed may continue its strict monetary policy. However, policy flexibility is still the driving force behind gold prices, along with pressure from the national debt, creating a solid foundation for price increases. Gold, therefore, is still an attractive investment channel, resistant to inflation and instability. From a technical perspective: price is still well supported by EMA 34.89. It is expected that the price will recover after the correction and retest the EMA 34.89.
OANDA:XAUUSDLong
by RKarina
EURUSD: Suddenly back!In the context of the first rays of dawn in Asia, EUR/USD suddenly exploded, reaching the symbolic level of 1.0850. This recovery was fueled by tension from the USD index, after the shock from the US ISM Services PMI did not meet expectations in March. Then, profit-taking comments from the Fed Chairman Powell added even more "water to the cup", sparking a big move on the trading floor. The weakening of the US Dollar is not only a golden basis for those holding the Euro but also opens a new page for this currency pair. Is this evidence of a new era of the Euro value system or just a fleeting passing color? What will happen next on the electronic boards of global financial markets, as the big picture gradually emerges?
by RKarina
Gold price extends pullback from record high ahead of US NFPAfter rising for seven consecutive days, the spot Gold price (XAUUSD) witnessed a pullback from an all-time high and closed in the red. That said, the precious metal’s retreat remains intact early Friday as the US Dollar pares weekly losses ahead of the key US employment data, mainly the Nonfarm Payrolls (NFP). Technically, the XAUUSD justified overbought RSI conditions and sluggish MACD signals to ease from the record high. This suggests brighter chances of the bullion’s further pullback toward a one-month-old previous resistance line, close to $2,258 by the press time. However, the quote’s downside past $2,258 appears difficult as an ascending trend line from late February challenges the bears around $2,220. Even if the commodity price manages to break the $2,220 support line, the $2,200 threshold and a four-month-old horizontal region surrounding $2,141-50 will be tough nuts to crack for the bears before taking control. On the flip side, the Gold price rebound needs validation from the $2,300 threshold and downbeat prints from the US employment data. Following that, an upward-sloping resistance line from March 21, close to $2,313, will restrict further advances of the XAUUSD. It should be noted that the quote’s sustained run-up beyond $2,313 enables it to aim for the 78.6% and the 100% Fibonacci Extension (FE) levels of its February-March moves, near $2,345 and $2,398 respectively. Following that, the $2,400 will act as the final defense of the sellers. Overall, the Gold price remains bullish beyond $2,141 but a short-term pullback can’t be ruled out unless today’s US jobs report disappoints the US Dollar bulls.
OANDA:XAUUSD
by MTradingGlobal
GOLD - ready NEW MAXIMUM?!We had a volatile day yesterday, with gold prices skyrocketing from 2275 to a new peak of 2305. Today continues to be an important day with news that could trigger a price correction. While gold is not typically a top choice for technical analysis, it is currently approaching the top of the price channel. However, we also know that gold is always a sought-after asset for investment and storage, continuing to drive prices up. So I set my next target for gold at the new price level - 2320. Please share your thoughts or opinions, I always look forward to hearing from you.
OANDA:XAUUSDLong
by RKarina
Wondering where the Dollar is headed next? He're is a hint. Analysis A five wave decline from 107.34, the high on Oct 03, 2023 to 100.62, the low on Dec 28, 2023. In Elliott terms, this impulse structure tells us that the movement at the next larger degree of trend is also downwards. Within this impulsive structure, wave (i) is a Leading Diagonal, wave (ii) is a Flat which neatly predicts a Zigzag wave (iv) by guideline of Alternation. Both waves (iii) and (v) are extensions. The impulsive decline holds well within the parallel trend channel as is often expected. A five wave move is always followed by a three wave corrective pullback or variation thereof, irregardless of degree; in this case, a rally wave ((ii)). To where? The Elliott wave guideline on the depth of corrective waves suggests that price action should ideally end within the span of travel of the previous fourth wave of one lesser degree. Second, the ensuing correction, wave (ii) is unfolding as a sharp Double Zigzag correction labelled (w)-(x)-(y) with waves (w) and (x) completed, wave (y) in progress. In ratio relationships, sharp corrections tend more frequently to retrace 61.8% of the previous wave particularly when they occur as wave (ii) of an Impulse or wave (b) in a larger Zigzag. Also, the actionary waves in a Double Zigzag correction namely waves (w) and (y) are often related by equality or Fibonacci (0.618) in time or amplitude. wave (y) = 0.618 X (w) at 104.87; this level falls neatly within the previous guidelines. Thus, the cluster of evidence suggest the rally is nearing its end and a reversal is onset; a third wave. Trade Plan 1) Conservative Approach Entry: Short at 104.879; the 0.618 retracement. Protective Stop: 107.34; in an Impulse wave (ii) CAN NEVER retrace more than 100% of wave (i). Target: 10.87 decline; in an impulse the third wave commonly travels 1.618 times the loss of the first, as in: wave ((i)) = -6.72 (100.62-107.34), wave ((iii))= 1.618 X (-6.72) equals (-10.87) Risk-Reward: 1:3 2) Aggressive Approach Requires price action to break below a recent swing low; wave b of a Zigzag, that will virtually suggest the rally has ended and a reversal was underway. Entry: Break below 103.89 Protective Stop: Recent swing high Targets: Below 100.62 Risk-Reward: Greater than 1:3 NOTE: Stay tuned to get follow-up adjustments to stops as we monitor the move through completion.
TVC:DXYShort
by Aquanet_Market_Forecast
3
Gold continues to increase strongly!Hello, my notable friends! Today, the price of gold has seen an impressive increase, with spot gold rising by $29.9 to $2,281 per ounce. This significant surge on April 2nd, according to US time, has been driven by the relentless demand for a safe haven amidst escalating tensions in the Middle East. The gold market continues to defy the strength of the US dollar and predictions of interest rate cuts in the US, consistently setting new records. Furthermore, strong demand from retail investors and global central banks also play a crucial role in extending the upward momentum of this precious metal. Considering these factors, a target of $2,300 for gold seems not only feasible but highly likely!
OANDA:XAUUSDLong
by RKarina
4
Gold continues to discover new peaks!Today, gold continued to impress, surpassing the $2,300 mark, a significant achievement even as the US dollar and bond yields both increased pressure. The shortage of gold supply, thanks to central banks around the world actively stockpiling and strong interest from hedge funds, has pushed gold prices to new highs. From a technical perspective, gold continues to show outstanding strength, stabilizing above the EMA 34 and 89 and showing an upward trend in price over many time frames. Based on this solid support and technical analysis, gold is forecast to continue rising, with the next target being the Fibonacci level of 2460 USD. For those investing in gold, this promising adventure is just beginning.
OANDA:XAUUSDLong
by RKarina
GBPUSD: Preparing for a new trend?Hello dear friends! Overall, Wednesday saw a stunning comeback for the British Pound, as it quickly regained strength from its seven-week low at 1.2539. A combination of comments from senior officials at the Federal Reserve and data on the US services sector that missed expectations created a strong headwind for the US Dollar, pushing it went lower for two consecutive days. This is a turning point for GBPUSD, when this currency takes advantage of the opportunity to bounce high, painting a colorful recovery scenario on the financial rankings.
Long
by RKarina
EURUSD: Recovering but outlook still bearish!Hello EURUSD traders! Today, we are witnessing a modest recovery of EURUSD to the level of 1.0777, but it still exhibits characteristics of a downward trend. Chart analysis indicates that the decline continues as it breaks out of the upward trend line. Furthermore, the convergence of EMA 34 and 89 appears to favor sellers. According to the Dow Theory, this currency pair is undergoing a corrective wave in its trend and is testing for a breakout, suggesting that any price increase may not be sustained. The target for the downside and the current selling zone is aimed at the first Fibonacci retracement level of 1.618.
Short
by RKarina
XAUUSDOh my goodness, everyone! You won't believe how gold has been shining like a diamond lately! On Wednesday, for the seventh consecutive day, gold (XAU/USD) reached an all-time high of around $2,282. Isn't that incredible? With all the drama unfolding - from the heartbreaking conflict between Russia and Ukraine to the simmering tensions in the Middle East, not to mention the devastating earthquake in Taiwan - it's no surprise that gold has become a safe haven for anyone seeking refuge. Just like when the stock market feels like a roller coaster ride, gold becomes our calm in the storm. And guess what? The US dollar (USD) decided to take a little nap, which only added to the allure of gold. It seems like the speculators betting against the Fed's interest rate cuts are throwing all the drama aside, making gold even more enticing. With this fascinating backdrop, it's quite clear that the path of least resistance for gold is upwards. So, will the price decrease slightly? I say this is a fantastic buying opportunity for XAUUSD. Let's admire those golden moments together!
OANDA:XAUUSDLong
by RKarina