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Technical Analysis

EURUSD: Buy now?Hello everyone, let's find out what's happening with EURUSD today! Last Friday, EURUSD ended the week with a downward trend. But today, it has found some support at the 1.080 level, causing a slight comeback with the current price hovering around 1.082 as it aims for a recovery towards the Fibonacci target of 0.5 - 0.618. If it can maintain the 1.080 support level, EURUSD still has a chance to rise. However, we should closely monitor the Fibonacci zone of 0.5 - 0.618 as sellers may push this currency pair down once again within this range. What do you think? Do you see EURUSD shifting towards an upward trend?
Long
by RKarina
USDJPY: Sell now?Hello dear friends, are you curious about the direction of USDJPY today? At the beginning of Friday, the USDJPY pair showed a slight decline, pausing its strong upward momentum when encountering resistance near the record high level. The Japanese Yen strengthened after the release of Japan's consumer inflation data. Uncertainty about the future policy steps of the Bank of Japan could hinder further price increases. The modest decline of the US Dollar is causing some pressure, although weaknesses are somewhat contained. Looking ahead: Technical analysis charts indicate the formation of a double top pattern. In this scenario, the SELL strategy will be prioritized, targeting 150.70 and then 149.21 respectively.
Short
by RKarina
1
Gold Price Driven by Modest USD StrengthHello everyone! Let's delve into the sparkle of gold prices today! In the News: Today, gold (XAU/USD) is struggling to capitalize on its recent rise from the Simple Moving Average 100-hour support level around $2166-$2165. Instead, we are witnessing a decline in Asian trading session this Friday. Despite the Federal Reserve's policy update on Wednesday, investor focus is gradually diminishing as the US dollar strengthens, thanks to optimism about US economic growth. This resurgence, coupled with increasing US Treasury yields and prevalent risk appetite, is putting downward pressure on this traditional safe haven asset. Personal observation: After reaching a peak at $2222, gold prices plummeted, retreating to the $2170 range. Economic indicators continue to reinforce the US dollar. Looking ahead: The Fed's stance on maintaining interest rates and ongoing global political tensions may boost gold's upward movement in the near future. However, we should be prepared for a continued downward trend in today's trading session. Stay tuned for a day filled with opportunities or challenges.
OANDA:XAUUSDShort
by RKarina
AUD/USD: A Third Wave "...Wonders to Behold..."Prices advanced in five waves from 0.6477 to 0.6667. This wave pattern is significant because impulse waves identify the direction of the larger trend. Thus, the five-wave advance in AUDUSD implies further buying to come that would push prices above 0.6667 as wave (iii). The subsequent decline that is developing in three waves supports this analysis. Counter trend price action typically consists of three waves, so we expect another move up. Moreover, the three-wave decline travels to 0.6550 to retrace 61.8% of the previous impulsive advance. 61.8% is a common retracement for corrective waves especially when they occur as wave 2 of an impulse or wave B of a zigzag correction. Also nearby is 0.6558, the price level at which wave c equaled wave a, which is a common Fibonacci relationship between wave C and A of zigzag correction. Also adjacent is 0.6560, the end of the fourth wave of one lesser degree. As a guideline, corrections tend to end upon reaching the end of the previous fourth wave of one lesser degree. Besides, the correction is unfolding as a Zigzag A-B-C with a triangle characteristic in the b wave position as is common. Also, the correction neatly adheres to the parallel channel with wave c hugging the lower boundary of the channel. These cluster of evidence suggests that prices are approaching an important juncture and a reversal to the upside is on the horizon. If so, then a break above 0.6629 would virtually indicate the correction ended and the next significant move is to the upside. Trading Plan Entry : Buy at market. Protective Stop : 0.6477; in an impulse wave 2 can NEVER retrace 100% of wave 1. Target : 307 pips i.e ((0.6667-0.6477) X 1.618) In an impulse, the third wave commonly travels 1.618 times the length of the first. Risk-to-Reward : 1:3
Editors' picks
Long
by Aquanet_Market_Forecast
2
GBPUSD: Price channel not broken yet!The GBP/USD has risen above the 1.2700 level, recovering from a two-week low below 1.2670 on Tuesday. Investors are cautious about taking significant positions ahead of the policy meetings of the Fed and BoE, causing this currency pair to struggle to find a clear direction. Furthermore, the widespread strength of the US dollar (USD) continues to weigh on this currency pair ahead of the policy decisions of the Federal Reserve (Fed) and the Bank of England (BoE). With the yield on the 10-year US Treasury bond holding above 4.3% after rising over 5% last week, support for the USD remains strong. As GBP/USD is still trending downwards, further price declines may be imminent!
Short
by RKarina
GOLD- Continuously creating breakthroughs!Hello dear friends, Are you curious about the price movement of gold today? Yesterday, gold surprised us with a dramatic increase, jumping from 2155 to 2223 USD, a remarkable gain of 680 pips in just a moment. What could have driven such a strong surge in this precious metal? News update: The announcement from the Fed about the possibility of interest rate cuts later this year caused the US dollar to plummet. This decline triggered a rush of gold buying from investors, pushing its price up. Technical analysis: Contrary to expectations of a decrease in gold prices for the day, gold broke through the downward trend line and soared to new highs. The EMA 34 and 89 lines indicated the potential for further upward momentum. The Fibonacci retracement levels of 0.5 - 0.618 are currently important if gold undergoes a corrective phase before continuing its ascent.
OANDA:XAUUSD
by RKarina
Gold price suddenly dropped todayIn today's trading session, gold experienced a slight decline after surging past the $2200 USD/ounce ceiling. This upward momentum was further fueled by comments from Federal Reserve Chairman Jerome Powell, who stated that the central bank plans to implement three interest rate cuts in 2024. However, at present, gold has adjusted downwards by 0.3% to $2175 USD/ounce after reaching an all-time high of $2222.39 USD in the previous session. Contributing to the correction in gold prices, the US Dollar has recovered by 0.8% after hitting its lowest level in a week, making gold more expensive for international buyers. With these developments, gold may need to undergo further adjustments if it wishes to continue its upward trajectory.
OANDA:XAUUSDShort
by RKarina
USDJPY : Gentle adjustment!What are your opinions on the USDJPY currency pair? The value of USD/JPY has surged to its highest level in several years, reaching 151.000 as the Japanese yen weakens and the US dollar strengthens. This turnaround at such levels is believed to be a result of possible intervention by the Bank of Japan (BoJ). According to MUFG analysts, a yen weaker than 150.000 becomes uncomfortably weak for the BoJ, which could prompt intervention by using its foreign currency reserves to purchase yen. There is still potential for USDJPY to continue rising, with the possibility of "breaking through the peak of 151.75 if the support around 150.500 remains firmly defended."
Long
by RKarina
4
AUDUSD sellers should keep eyes on 0.6510 and Fed talksAUDUSD stays on the way to posting a second consecutive weekly loss while reversing the post-FOMC rally. In doing so, the Aussie pair portrays a U-turn from an 11-week-old horizontal resistance surrounding 0.6640 amid a pullback in the RSI (14) line from overbought territory and a looming bear cross on the MACD. Also keeping the pair sellers hopeful is the clear downside break of the 200-SMA, close to 0.6545 at the latest. It’s worth noting, however, that an upward-sloping support line from mid-February, near 0.6510 at the latest, appears a tough nut to crack for the bears. Following that, the yearly bottom surrounding 0.6440 and the previous yearly trough surrounding 0.6270 will lure the pair sellers. Meanwhile, AUDUSD buyers remain off the grid below 0.6640 but an intermediate recovery can’t be ruled out if the quote manages to stay beyond the 200-SMA level of 0.6545. That said, the pair’s successful trading above 0.6640 allows it to cross the 0.6700 round figure while 0.6730 and 0.6780 could challenge the bulls afterward. In a case where the buyers keep the reins past 0.6780, the late 2023 swing high of near 0.6870 seems a welcome level for them. Overall, AUDUSD is likely to witness further downside but the room toward the south appears limited.
by MTradingGlobal
EURUSD: On the reboundHello dear friends, let's discuss and plan our strategy for the new day with RKrina! EUR/USD has successfully surpassed the important barrier of 1.0900, driven by significant downward pressure on the US Dollar following the Federal Reserve's decision to maintain interest rates and indications of potential rate cuts three times this year. The 4-hour chart suggests that the current downward momentum may have exhausted. This indicates that the next upward barriers could be at 1.0921, followed by 1.0963 and 1.0998. The initial support level is at 1.0834, with further supports at 1.0830 and 1.0761.
Long
by RKarina
USDJPY: still rising strongly!Hello everyone, are you curious about the upcoming trend of USDJPY? USD/JPY hit a year-to-date high near 151.50 early Wednesday, as the Japanese yen fell to a multi-month low following the BoJ's mild interest rate hike on Tuesday. Fed hawkish expectations will strengthen the dollar and further support USD/JPY. If the pair is breached and successfully clears above the record high of 151.889, the bulls will have more opportunities to push the price to the first level of ignorance at the 1.618 mark of the Fibonacci extension in the theory of DOW theory
Long
by RKarina
GOLD- What changes this weekend, surveyToday's Gold Trading Strategy: In the current global market, the price of gold has surged to a new all-time high of $2,197 per ounce, representing a significant increase of $40 per ounce since the early morning hours. This marks a new milestone as the highest price ever recorded. The rapid ascent in gold prices is a result of the Federal Reserve's decision to maintain stable interest rates during its most recent meeting, coupled with indications of a potential 0.75% rate reduction by the end of 2024. The decrease in the US Dollar Index following the Federal Reserve's announcement has made gold even more appealing to international buyers. Additionally, the decrease in 10-year Treasury yields has lowered the opportunity cost associated with holding gold, further propelling its upward trend.
OANDA:XAUUSDLong
by RKarina
GBPUSD: Bounces back after a series of losses?The GBP/USD pair gained momentum in the early hours of Thursday's Asian trading session. This increase was driven by the weakening of the US dollar following Federal Reserve Chairman Powell's cautious press conference. Additionally, the 1.2760 level, representing the 0.618 Fibonacci retracement of the latest uptrend, is currently seen as the initial support level reinforcing the pair's upward progress. There is a possibility of immediate breakthrough of the resistance level at 1.281, with the goal of reaching the peak at 1.289.
Long
by RKarina
GBPUSD bulls keep eyes on 1.2900 and BoEGBPUSD bulls take a breather at a weekly high, after rising the most in a fortnight the previous day, as traders await the Bank of England’s (BoE) monetary policy announcements on Thursday. Also important will be the preliminary UK S&P Global/CIPS PMIs for March. That said, the quote’s successful break of a two-week-old descending resistance line, now support, as well as the 50-SMA, joins the bullish MACD signals to keep the buyers hopeful. However, a horizontal resistance area comprising tops marked since March 08, close to 1.2820-25, will join the overbought RSI line to challenge the Pound Sterling’s further upside. In a case where the Cable pair remains firmer past 1.2825, the odds of witnessing a quick run-up toward the monthly high surrounding 1.2900 can’t be ruled out. On the flip side, the 50-SMA and the aforementioned resistance-turned-support line could restrict the short-term downside of the GBPUSD pair to around 1.2760 and 1.2740 respectively. Following that, a convergence of the 200-SMA and a five-week-old rising trend line, near 1.2670 by the press time, will be a tough nut to crack for the Cable sellers. Should the quote remain bearish past 1.2670, the monthly low of around 1.2600 and the previous monthly bottom surrounding 1.2520 will be in the spotlight. To sum up, the US Federal Reserve’s (Fed) dovish halt allowed GBPUSD to cross the short-term upside hurdle and lure the buyers ahead of the key UK PMIs and the BoE monetary policy decisions. It’s worth noting that the BoE isn’t expected to offer any change in the current monetary policy but can push back the rate cut bias toward late 2024 and help the British Pound (GBP) to defend the latest run-up.
by MTradingGlobal
USDJPY: New support support!Hello everyone, today USDJPY continues its recovery streak and is fluctuating around the 147.65 level after receiving some price-boosting momentum from yesterday evening when the USD rebounded and started to recover. The currency pair has formed a new support level around the 146.75 region. The Japanese Yen (JPY) has struggled to capitalize on modest gains during the day and has declined for the third consecutive day. Therefore, given this situation, we can still expect further price increases for USDJPY. The two main targets as well as the resistance levels that this currency pair needs to overcome in order to continue its upward movement are 148.65 and 149.35 respectively.
Long
by RKarina
EURUSD : Are there additional discounts?Hello, beloved friends! Let's together explore the heartbeat of the EURUSD market today! In this calm trading session on Wednesday, EURUSD remains at 1.086, reflecting the closing level from yesterday. The strength of the US dollar continues to challenge riskier assets, bolstering the US Dollar Index (DXY) and impacting the slight decline of EUR/USD. From a technical standpoint, the 1.080 level is crucial for sellers as it could signify a deeper correction or a point of recovery for EURUSD after its recent decline. What is your perspective? Will EURUSD rise or fall in the short term?
Short
by RKarina
Gold price should I buy or sell?Welcome, dear friends, to our exploration of the tranquil waters of the gold market yesterday, where prices gently oscillated around Friday's closing figure of approximately $2159, in a serene anticipation of significant news expected to break on Thursday. Gold remains ensconced in its downward trend, encased within an unbroken parallel channel that signals the potential for further decline upon reaching the channel's upper boundary. Amongst whispers, the persistent pressure on this precious metal continues, stemming from expectations that the Fed might maintain higher interest rates for an extended period. Should the support level at $2147 give way, we might witness gold gracefully gliding back into the $212x region.
OANDA:XAUUSDShort
by RKarina