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Technical Analysis

USDJPYToday, USDJPY continues its trading around the level of 147.83 and is in the process of forming a triple top pattern. As a result, the Japanese Yen benefits from the hawkish stance of the Bank of Japan on Tuesday, despite the lack of further action. Political tensions and uncertain global economic prospects are not a solid foundation for the safe-haven status of the JPY, which limits the upside potential of the USDJPY currency pair. Regarding the outlook: If the triple top pattern is confirmed, the price is likely to decline further after breaking out of the range and move swiftly towards at least 146.97.
Short
by RKarina
XAUUSDThe price of gold today continues to trade quietly with little volatility, mainly moving sideways around the $2025 level and being confined within a narrow price range. As a result, this precious metal is facing pressure as investors continue to lower their expectations of the Fed's first interest rate cut in March 2024. This factor has driven up US bond yields and the value of the USD, exerting downward pressure on the price of gold. The current focus of the market is awaiting the release of the US Gross Domestic Product (GDP) data for the fourth quarter of 2023 on January 25th, followed by the Personal Consumption Expenditures (PCE) index on January 26th. These two pieces of information are expected to help shape the Federal Reserve's monetary policy more clearly in the near future, which will have a definite impact on the trend of the global gold price.
OANDA:XAUUSDShort
by RKarina
XAUUSDIn the European trading session on Wednesday, the price of gold (XAU/USD) continued its downward trend, despite a lack of strong selling pressure. The trading range has been maintained for several days, with traders exercising caution and waiting for further signals from the Federal Reserve regarding interest rate cuts. The market's focus is currently on key economic data from the United States this week, starting with the flash PMI index today, followed by Q4 GDP figures and Core PCE Price Index on Thursday and Friday. Given the risks associated with this important data, expectations for the first interest rate cut by the Fed have now been pushed back from March to May, negatively impacting the price of gold. This is reflected in the slight decline in US Treasury bond yields, strengthening the US Dollar (USD) and limiting the recovery potential of XAUUSD. It is expected that the long-term downward trend in gold prices will continue in the near future.
OANDA:XAUUSDShort
by RKarina
Hindalco Here, we have attached the Technical analysis chart for Hindalco, Hindalco is in the range which have drawn in the chart and once it tried to break but unfortunately it couldn't and many SL got hit and so that we have noticed huge sell off then, and the price moving between range continued again .... In the chart we have mentioned support and many important levels which will definately help you ... If you love our anlaysis please follow and boost the post for more analysis like this ....
NSE:HINDALCO
by Influitive_Capital
btcusdtThe downward trend of BTCUSDT continued on Wednesday, surpassing the psychological support level of $40,000 and trading around $39,600. The strong support for further decline is evident as it trades below both EMA lines and shows clear reversal signals from the EMA 34. Based on chart analysis and the use of Fibonacci, there is a potential for a DOW (Dead Cat Bounce) after the corrective phase. The low point below the 1.618 level (around $35,100) would be the first profit-taking opportunity for sellers at the current time and in the scenario mentioned above.
Short
by RKarina
EURUSD: DowntrendThe EURUSD continues to show no change in its bearish trend from yesterday until now, further damaging the European currency and pushing EUR/USD to new lows in weeks around the 1.0820 level. The continued strong buying interest in the greenback has reduced risk appetite and pushed the US Dollar Index (DXY) to new yearly highs around 103.80, supported by higher US bond yields, particularly at the long end of the maturity spectrum. This serves as a strong psychological arrow to traders, prompting them to sell EURUSD massively and pushing this currency pair down to near the support level at 1.0777.
Short
by RKarina
GBPUSD rebounds within bullish triangle as UK, US PMIs loomGBPUSD floats above the 200-bar Exponential Moving Average (EMA) as traders brace for the monthly activity data from the UK and the US early Wednesday. In doing so, the Cable pair reverses the previous day’s losses while staying firmer within a one-month-old descending triangle formation, also known as the bullish triangle. Apart from the pair’s recovery from the key EMA and bullish chart pattern, the upbeat RSI (14) line also favors the continuation of the Pound Sterling’s gradual rebound. However, a clear upside beak of the stated triangle, currently between 1.2600 and 1.2750, becomes necessary to convince the buyers. Following that, the quote’s run-up to the previous monthly high surrounding 1.2830 becomes imminent. However, the bull’s dominance past 1.2830 will enable the pair to aim for the 1.3000 threshold. On the contrary, the 200-EMA level surrounding 1.2660 restricts the immediate downside of the GBPUSD pair ahead of the aforementioned triangle’s bottom line, close to 1.2600. In a case where the Pound Sterling drops below 1.2600, the odds of witnessing a quick fall toward December’s low of around 1.2500 can’t be ruled out. Should the Cable bears keep the reins past 1.2500, the lows marked on November 22 and 17, respectively near 1.2445 and 1.2375, will test the downside momentum. To sum up, the GBPUSD pair buyers flex muscles ahead of the key Purchasing Managers Index (PMI) data for January from the UK and the US.
by MTradingGlobal
USDJPY fades bounce off 100-SMA on BoJ status quoUSDJPY refreshed its intraday high to 148.55, before retreating to 148.00, as the Bank of Japan (BoJ) matches market expectations of keeping the monetary policy unchanged. In doing so, the Yen pair struggles to keep the late Monday’s recovery from the 100-SMA amid the inactive hours of Tuesday’s trading. It’s worth noting that the hawkish expectations from BoJ Governor Kazuo Ueda’s speech and the US Dollar’s consolidation join the nearly overbought RSI conditions to challenge the pair buyers. However, a convergence of the 100-SMA and bottom line of a one-month-old bullish trend channel, around 147.55-45, appears a tough nut to crack for the bears. Should the quote drop below 147.45, it becomes vulnerable to test 38.2% Fibonacci retracement of the pair’s July-November upside, near 146.40, ahead of revisiting the mid-December peak of around 145.00. Meanwhile, the USDJPY pair’s recovery needs to surpass Friday’s peak of around 148.80 to activate fresh buying. Following that, the 150.00 round figure and the top line of the aforementioned bullish channel, close to 150.50 at the latest, will test the Yen pair buyers. In a case where the quote remains firmer past 150.50, the previous yearly high marked in November at around 151.90 will be in the spotlight. To sum up, the BoJ inaction failed to keep the Yen pair buyers on the board as policymakers in Japan appear fed up with the ultra-easy monetary policy.
by MTradingGlobal
XAUUSD: Up or down?Hello everyone!! The price of gold today is mainly flat with not much fluctuation around the $2021 mark. With a visible resistance level at $2035 and positioned below the EMA 34 and 89 lines, the downward trend is still continuing despite signs of cooling down. Regarding news that affects the price of gold, investors are anticipating important economic reports from the US this week, including the PMI report, Q4 GDP data, and personal spending. This information will provide new indications about the Fed's interest rate policy. According to the CME FedWatch Tool, the likelihood of a Fed rate cut in March has decreased from over 70% to 43.5%, weakening the potential for a sharp increase in gold prices. RKarina predicts that the price of gold may continue to decline but still remain within the defensive range from $2005 to $2008. Gold still has a chance to reverse its direction if it holds above this support level. What are your expectations for the price of gold in the near
OANDA:XAUUSD
by RKarina
XAUUSD: Buy or Sell?Dear friends, currently the price of gold has dropped by about 6 USD after reaching a high of 2031 USD, following a clear downward trend on the chart. This is due to the strengthening of the US dollar, as the Federal Reserve is unlikely to cut interest rates in March. As a result, investing in gold becomes more expensive due to higher interest rates. In addition, the core personal consumption expenditure index of the US, an important measure of inflation, also affects the Federal Reserve's decision on monetary policy easing. However, macroeconomic data from the US may not have a significant impact if the price of gold remains below 2,000 USD/ounce. James Stanley, a senior strategist at Forex, predicts that the price of gold will stabilize around the 2,000 USD/ounce mark. He emphasizes that any price below this level would be a buying opportunity for investors.
OANDA:XAUUSDShort
by RKarina
How does gold price change?It is great to meet you all again to discuss today's gold trading strategy! At the beginning of the new week's trading session, gold prices have slightly increased. At the time of writing, the price is trading around $2029, marking a growth of $4 compared to the previous closing. Looking at the prospects for this week, all eyes are focused on the fluctuations of the USD in the context of monetary policy decisions by major central banks. In particular, the European Central Bank (ECB) will be closely monitored. Their recent stance at the World Economic Forum in Davos could significantly impact the USD and potentially support the price of gold. What do you think? How will gold perform this week?
OANDA:XAUUSDLong
by RKarina
BTCUSDT: What will happen this week?Dear friends, as predicted earlier, BTCUSDT continues its downward trend, currently at $41,178, marking a decrease of nearly 1.08% for the day. Technical analysis indicates that BTC has been unable to surpass the crucial resistance level at $43,600. Furthermore, the convergence of EMA and the resistance zone at $42,238 further suggests the possibility of further decline. If BTCUSDT breaks below the strong support level at $40,200, we may witness a significant drop compared to the initial profit-taking point of around $37,700 for sellers, as there is no solid support to reverse the previous trend. What are your thoughts on how BTCUSDT will evolve in the near future?
Short
by RKarina
GBPUSD: Buy or Sell?Hello everyone, I am delighted to continue our discussion on GBPUSD today. At the opening of the trading session on Monday, GBPUSD continued its upward trend on the 4-hour chart, currently trading at 1.271. The appreciation of the British Pound against the US Dollar may be attributed to the current market sentiment leaning towards risk, which has fueled its recent increase. However, there are still underlying risks that could cause GBPUSD to decline further, as it remains constrained within a long-term downward trend and the Trendline has not yet been broken.
Short
by RKarina
EURUSD: stuck in a downtrendHello dear friends, let's discuss the previous week's performance of EURUSD with RKarina and talk about strategies for the upcoming week! Last week, EURUSD was trapped in a downward trend, closing below the support level of 1.090 and currently trading around 1.089. As a result, there was a slight price recovery during the correction, but it is expected to encounter resistance at the Fibonacci retracement levels of 0.5 - 0.618. The possibility of further price decline for this currency pair remains high as it is still in a long-term downtrend, with a short-term target of 1.078.
Short
by RKarina
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“Double Doji” lures big-time NZDUSD bulls as key week beginsNZDUSD edges higher past 0.6100 while defending the rebound from 200-SMA during early hours of the key week comprising New Zealand (NZ) Consumer Price Index (CPI) and the US PMIs for January. In doing so, the Kiwi pair also justifies the “Double Doji” bullish candlestick formation to consolidate the biggest weekly loss in six months. Additionally favoring the bullish bias is the RSI (14) line’s rebound from nearly oversold conditions and receding bearish bias of the MACD signals. It’s worth noting, however, that a daily closing beyond 0.6140 becomes necessary to confirm the bullish candlestick pattern. In that case, a convergence of a three-week-old falling resistance line and 23.6% Fibonacci retracement of October-December 2023 upside, near 0.6230, will gain the market’s attention ahead of the late 2023 peak surrounding 0.6370. On the flip side, the 200-SMA level of 0.6090 restricts immediate downside of the NZDUSD pair. Following that, the 50% and 61.8% Fibonacci ratios could test the Kiwi pair bears around 0.6070 and 0.6000 respectively. If at all the NZ inflation fails to inspire the pair buyers and/or the US data came in too strong and pushes back the dovish Fed concerns, the sellers won’t hesitate to target the mid-November 2023 bottom of near 0.5860 before aiming for the previous yearly low of around 0.5770. Overall, NZDUSD pair’s recovery appears overdue but the fundamentals need to back the upside and hence bulls should remain cautious.
by MTradingGlobal
How does gold price change?Hello dear friends! The price of gold in the global market has increased at the start of trading in the US due to safe-haven demand amid escalating tensions in the Middle East. The weakening US dollar is a supporting factor for the rise in gold prices. The long-term outlook for gold is positive. However, the upward momentum may be delayed as the market is trying to assess the possibility of a US interest rate cut. Lower interest rates reduce the opportunity cost of holding precious metals. Currently, according to the CME FedWatch tool, traders expect a 47% chance of a Fed rate cut in March. This percentage has decreased from 71% last week, which is significant in the short term. In the future, the upward price momentum may decrease significantly.
OANDA:XAUUSDShort
by RKarina