Get started

Trading!

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
PSP Projects AnalysisHey Guys, Here is the analysis of PSP Projects. An undervalued firm, it's a small-mid cap stock however, as per the analysis conducted by my team and I, we've picked this stock. We've got a view from Short term to Long term for this one. Here are the details-CMP- 632.45 Targets: Short Term (upto 2 months)- 701 Medium Term (6 Months to 1 year)- 742 Long Term (more than 1 year)- 805 It would be ideal to have a Trailing Stoploss of 557. (Trailing refers to changing your stoploss as targets are achieved). Let me know what you think about this one.
NSE:PSPPROJECTLong
by ArjitGarg
ICICIPRULI | Swing Trade📊 DETAILS Sector: Life & Health Insurance Mkt Cap: 83,579 cr ICICI Prudential Life Insurance Company Ltd carries on business of providing life insurance, pensions and health insurance products to individuals and groups. The business is conducted in participating, non-participating and unit linked lines of business. These products are distributed through individual agents, corporate agents, banks, brokers, sales force and company's website. TTM PE : 91.67 (Average PE) Sector PE : 23.38 Beta : 0.83 📚 INSIGHTS Mid range performer Stock with medium financial performance with average price momentum and valuation. These stocks may be affordable and are showing some investors interest. 7.77% away from 52 week high Outperformer - ICICI Prudential Life Insurance Company up by 11.57% v/s NIFTY 50 down by -0.2% in last 1 month 📈 FINANCIALS Piotroski Score of 4/9 indicates Weak Financials Disclaimer: This analysis is for educational purposes only, and I'm not a SEBI registered analyst. If you found this analysis helpful, I encourage you to like and share it. Your observations and comments are also welcomed below. Your support, likes, follows, and comments motivate me to consistently share valuable insights with you. 🔍 More Analysis & Trade Setups 🔍 For more technical analysis and trade setups, make sure to follow me on TradingView: www.tradingview.com
NSE:ICICIPRULILong
by Munish_Jain
EUR/USD: Stronger discounts continue!Hello dear friends! What do you think about the current trend of EURUSD? Today, EURUSD continues to decline, seemingly trying to gather strength to bounce back as the US dollar strengthens for the third consecutive day. Currently trading near the 1.0849 level, a quick look at the technical analysis chart shows that the downward momentum is still leading. As a result, breaking below the support level of 1.0871 has solidified the case for implementing a selling strategy. I am watching the 1.0800 level as the next stop, especially if the support level of 1.085 continues to crumble. What about you? What is your prediction for this currency pair?
Short
by RKarina
EURUSD flirts with 1.0880-75 key support as Fed week beginsEURUSD remains pressured around 1.0890 early Monday, after posting the first weekly loss in four. In doing so, the Euro pair grinds near the 1.0880-75 support confluence comprising the 100-SMA and a five-week-old rising trend line amid the initial hours of the week comprising the key Federal Open Market Committee (FOMC) monetary policy meeting. It’s worth noting that an impending bull cross on the MACD and a below 30 level of RSI (14) suggest the pre-FOMC consolidation of the quote. However, the corrective bounce appears elusive unless buyers manage to cross a downward-sloping trend line from the monthly high, close to 1.0945 at the latest. Even so, the monthly top surrounding 1.0980 and the 1.1000 threshold will act as the final defense of the sellers. Meanwhile, a downside break of the 1.0880-75 key support will allow the EURUSD bears to attack the 200-SMA level of 1.0830. Following that, the 1.0790-85 and the 1.0730 levels could test the sellers before directing the prices toward the yearly low marked in February near 1.0695. In a case where the Euro remains bearish past 1.0695, the May 2023 low of 1.0635 and March 2023 bottom surrounding 1.0515 will provide intermediate halts during a likely south-run targeting the previous yearly low of 1.0448. Overall, the EURUSD pair stays on the bear’s radar even if the oscillators suggest consolidation ahead of the key FOMC.
by MTradingGlobal
#StopLoss : The Safety Net You Need#StopLoss : The Safety Net You Need Ever danced with volatility? Without a stop loss, it's like tightrope walking without a net. Here's why it's a MUST: ✅ Protect Your Fund: Keep that hard-earned Money safe ✅ Sleep Tight: Close your eyes without the market nightmares ✅ Plan Your Exit: Know when to bow out gracefully. Remember, it's not just about making money; it's about keeping it too. Like/Share if you also Agree with my Post.
Education
by CryptoPatel
1
AUDUSD sellers attack 200-SMA to revisit 0.6525 key supportAUDUSD appears well-set for biggest weekly loss in seven while extending the previous week’s U-turn from a 3.5-month-old horizontal resistance area surrounding 0.6675-80. The Aussie pair currently pokes the 200-SMA support near 0.6565 amid an impending bear cross on the MACD and a retreat in the RSI (14) line, which in turn suggests slower grind toward the south. Hence, the quote is likely to break the adjacent SMA support of 0.6565 and aim for an upward-sloping support line from mid-February, close to 0.6525 at the latest. In a case where the bears keep the reins past 0.6525, the monthly bottom of 0.6477 and the yearly trough surrounding 0.6442 will be in the spotlight. Meanwhile, AUDUSD rebound needs validation from late February swing high of 0.6595, as well as the 0.6600 round figure. Following that, multiple swing highs marked so far during 2024 near 0.6625-30 could test the buyers. It’s worth noting, however, that the Aussie pair’s further advances remain elusive unless the quote offer a daily closing beyond the aforementioned multi-month-old horizontal resistance zone near 0.6675-80. Should the bulls manage to keep the reins past 0.6680, the 0.6700 and 0.6750 might entertain them before highlighting the late 2023 swing high of 0.6871. Overall, the AUDUSD pair is likely to decline further and can challenge the key support line as traders await a few more US consumer-centric data ahead of the next week’s FOMC monetary policy meeting.
by MTradingGlobal
Gold stays range-bound ahead of US Retail Sales Gold fades the previous day’s corrective bounce off the weekly low as market players await the US Retail Sales for February. In doing so, the spot Gold price, namely the XAUUSD, seesaws within a $48 trading range comprising an ascending resistance line stretched from May 2023 and the previous yearly top. It’s worth noting that the sluggish oscillators and the pre-data anxiety suggest a continuation of the sideways range. However, the bulls appear to have run out of fuel hence sellers are likely to benefit more on a downside break of $2,148 support. In that case, a quick fall toward the $2,100 round figure will be imminent but a 3.5-month-old horizontal support zone surrounding $2,090 could challenge the XAUUSD sellers afterward. Alternatively, an upside clearance of the aforementioned multi-month-old rising resistance line, close to $2,186 could recall the Gold buyers. However, the $2,200 threshold and 78.6% Fibonacci Extension (FE) of the quote’s October-December 2023 moves, near $2,240, will challenge the XAUUSD’s upside momentum afterward. Following that, the 100% FE level of $2,313 and the $2,500 psychological magnet will be in the spotlight. Overall, Gold stays within a long-term bullish trend but the short-term view appears to favor a pullback in prices should the scheduled data allow the US Dollar to defend the first weekly gain in four.
OANDA:XAUUSD
by MTradingGlobal