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EURUSD portrays bullish trend-widening formationEURUSD grinds higher around the seven-month top inside a rising megaphone chart pattern on the daily formation. In addition to the bullish chart pattern, the upbeat RSI and bullish MACD signals also keep buyers hopeful. That said, May 2022’s peak surrounding 1.0786 and 1.0800 are likely immediate targets for the bulls. However, the 78.6% Fibonacci retracement level of the pair’s March-September downside, near 1.0835, could challenge the upside momentum afterward. In a case where the quote remains firmer past 1.0835, the stated megaphone’s top line, close to 1.0960, should lure the optimists. On the contrary, the one-month-old descending previous resistance line around 1.0700 restricts the short-term downside of the EURUSD pair. Following that, a pullback towards the aforementioned bullish pattern’s support line, adjacent to 1.0550, will be important to watch for sellers. Should the quote drops below 1.0550, a downward trajectory towards the 50-DMA and the 200-DMA, respectively near 1.0460 and 1.0300, can’t be ruled out. It’s worth noting that the quote’s weakness past 1.0300 could welcome bears with open hands. To sum up, EURUSD is likely to remain firmer but the road to the north is bumpy and long.
by MTradingGlobal
NIFTY --TREND ANALYSIS -JAN 2023 NIFTY --DAILY CHART SETUP --TREND ANALYSIS --11 JAN -- 31 JAN 2023 1. AS seen on daily chart nifty was trading at upper channel and hit all time high 18900 sub level on Dec 2022 2. Since then nifty seen fall around 1000 point from overbought level and breakdown of upper channel seen at 18250 sub level . 3. nifty trading current level around 17900 sub level today and 17800 level double bottom formation seen. 4. 17750-17800 will be strong support now. if this support hold few days then nifty will hit target 18300-18400 upside 5.. if 17750-17800 level breaks then nifty will be hit downside target 17400-17500. 6. for upside confirmation nifty should close above 18000 level on daily candle formation above 44, 100 HMA . THIS IDEA IS FOR EDUCATIONAL PURPOSE ... trade at own risk, HAPPY TRADING !! HAPPY NEW YEAR. !!
NSE:NIFTY
by champtrade111
Gold buyers need $1,880 breakout for confirmationGold buyers struggle with an 11-month-old horizontal resistance, despite crossing an upward-sloping resistance line stretched from early October 2022. The upside momentum also finds hindrances from the nearly overbought RSI line. However, a looming golden cross, a condition when 50-DMA pierces the 200-DMA from above, joins the metal’s sustained trading above the previous key hurdles to keep XAUUSD bulls hopeful of crossing the $1,880 hurdle. Following that, the May 2022 peak of $1,910 and the late April high surrounding $1,920 could challenge the quote’s upside before directing March 26, 2022 top close to $1,967. In a case where the prices remain firmer past $1,967, highs marked during April and March of the last year, near $1,999 and $2,070 respectively, should lure the bullion buyers. Alternatively, pullback moves remain less harmful to the upward trajectory unless staying beyond the previous resistance line from October, close to $1,865. On breaking the $1,865 support, Gold sellers could aim for the 50% Fibonacci retracement level of the March-September 2022 downturn, around $1,842, which will precede the March 2022 top of $1,808 to limit the short-term downside of the metal. It’s worth noting, however, that the convergence of the 50-DMA and the 200-DMA around the $1,775-70 zone appears a tough nut to crack for the bears afterward before retaking control. Overall, Gold buyers appear to run out of steam but the bears have a long way to go before acquiring the driver’s seat.
OANDA:XAUUSD
by MTradingGlobal
USDCAD bears brace for mid-1.3200s with eyes on BOC’s MacklemUSDCAD remains depressed at the lowest levels in six weeks after breaking the 100-DMA as broad US Dollar weakness joins firmer oil prices. Even so, the bears are waiting for the Bank of Canada (BOC) Governor Tiff Macklem’s speech for further directions. That said, the 50% Fibonacci retracement level of June-October upside, near 1.3250, appears the immediate support ahead of an upward-sloping support line from June 2022, close to the 1.3200 round figure. Should the Loonie pair drops below 1.3200, the 200-DMA support level of 1.3150 could act as the last defense of the pair buyers. On the contrary, the 100-DMA hurdle surrounding 1.3480 challenges the short-term recovery moves of the USDCAD pair. Following that, a run-up towards the previous monthly peak of around 1.3700 can’t be ruled out. It’s worth noting, however, that multiple resistances around 1.3800 and 1.3850 could challenge the pair buyers past 1.3700, a break of which could propel prices towards the year 2022 top of 1.3977. Overall, USDCAD is well-set on the bear’s radar despite the latest hesitance in refreshing the multi-day low.
by MTradingGlobal
Nifty reversal zones 6-1-2023Note: Always try to find a good price action patterns or any candle stick patterns in marked zones in smaller timeframe to take entry with small stop loss. Or can take entry based on one 5 min candle close below or above the zone with SL previous candles high or low (*try to avoid big candles). (Color code for Support & Resistance zones: Red - Sell, Green - Buy, Price once cross above resistance it is obvious it will work as support, vis versa price cross below support zone). If any doubt for take entry in price action patterns, please ask in comment box, i will try to help. Disclaimer: Im not tip provider and this chart is not indented to take trade in my levels, It is shared here for learning purpose. Trading in this pattern is all your own risk.
NSE:NIFTY
by Elango-ragavan
BANK NIFTY TRADE PLAN FOR 05-01-2023Bank Nifty is at Crucial Support of 43000 Zone. In my view, Bank Nifty is more Bullish than Nifty in the Long term. 1. Bank Nifty Closed below 43000, But is still in the Support Zone. We can plan Buying based on Price action today and we can achieve a Good RR Ratio of more than 1:2 and 1:3. 2. If Bank Nifty sustains below 43000 and breaks the support trendline, I will plan to sell on Proper Retest. 42500 Zone will be Big Support in my view because Bank nifty is forming inside candle patterns in Daily TF and the Low of Mother Candle is 42500. ps: Budget Session is ahead - Trade with Proper Risk Management.
NSE:BANKNIFTY
by nellurimahesh
ONGC analysisIn this chart I've shown The white lines as support and resistance. once there is a breakout on either side The red and green lines are the targets on each side. But the MACD has both EMA lines going upwards so The trend is probably going to be in bullish side. Analysis Dated on 30/12/2022 So, the BULLISH trade would be: Buy: 151 (if clear breakout) Target-1: 157 Target-2: 167 the Bearish trade would be: Sell: 139 (if clear breakout) Target-1: 132 Target-2: 125 Correct me if I'm wrong on my analysis technique cause I'm still a beginner with technical analysis and open to corrections, new ideas, suggestions, etc..
NSE:ONGC
by hajariparth28
1
Gold braces for bullish end of 2022Gold portrays the second consecutive monthly gain as it flirts with the $1,800 threshold in the last few days. Although the 50-week and 100-week moving averages have clutched the bulls of late, the price-positive signals from RSI and MACD join the mid-November’s clear breakout of the previous key resistance line from early March to suggest the metal’s further upside. Also adding strength to the bullish bias could be the quote’s rebound from the 50% Fibonacci retracement of the 2018-20 upside move. That said, an ascending trend line from early October, close to $1,850 by the press time, appears the key hurdle for the metal to cross to bolster the upside hopes. Following that, the mid-2022 peak surrounding $1,880 and the $1,900 round figure will be in focus. In a case where the bullion prices remain firmer past $1,900, the $2,000 psychological magnet and the yearly high near $2,075 should lure the buyers. Meanwhile, pullback moves may initially aim for the 38.2% Fibonacci retracement level of $1,727 before ruling out the bullish bias by poking the yearly low marked in November, around $1,614. It’s worth noting that the resistance-turned-support line from March, close to $1,570, acts as the last defense of the bulls before giving control to the Gold sellers who could recall the year 2020 bottom surrounding $1,450 on the chart. Overall, Gold is likely to end 2022 on a firmer footing that can offer a positive 2023 after two consecutive yearly losses, namely in 2021 and 2022.
OANDA:XAUUSD
by MTradingGlobal
INDUSD still looks bearish20th oct 2021- 18598 has been the all time high for past 1 year now. since then price is in range bound till 15191. so from this low market seems to be bullish following impulse rules, until now 3 waves has been in line. for now I'm considering 4th wave is in making since the B wave cut pass wave 3 high and fell to 16646. which is a sign of bullish momentum and its also 0.618 of 3rd wave. but if we look close, though the trend seems bullish from 16646 still we can find only 3 wave structures. even if we consider it as a 3-3-3-3-3 structure. it doesn't look like a leading diagonal in any TF. so I would look for shorting from 18000 range. yet the price should not surpass 16646 to hold bullish momentum.
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by mdrameezkhan24
1