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Trendfollowing

USDCAD stays directed towards 1.2480 key resistanceDespite failing to cross a convergence of the 200-SMA and a 50% Fibonacci retracement of June-August upside, the USDCAD pair remains above four-month-old horizontal support. Given the firmer RSI conditions, not overbought, the bullish momentum is likely to prevail for a while, which in turn can allow the pair buyers to cross the 1.2480 resistance confluence and challenge September’s low near 1.2495. Should the quote manage to cross the 1.2495 hurdle, also the 1.2500 threshold, the run-up to the 1.2600 round –figure can’t be ruled out. Alternatively, pullback moves may aim for the stated multi-day-old horizontal support near 1.2420, a break of which will direct the sellers towards a 61.8% Fibonacci retracement level of 1.2365. In a case where the USDCAD bears keep reins past 1.2365, October’s bottom surrounding 1.2285 will question further downside. To sump, the pair’s rebound has the momentum support and hence is capable of breaking the immediate barrier to the north.
Long
by MTradingGlobal
GBPUSD redraws monthly bottom, drops towards 1.3550GBPUSD takes offers around 1.3620, refreshing one-month low after UK Retail Sales for July disappointed the cable traders during early Friday. Also weighing on the quote could be the US dollar’s safe-haven demand, backed by the covid and taper tantrums. It’s worth noting that the quote’s sustained trading below 200-DMA and bearish MACD adds to the downside signals. Hence, GBPUSD prices are likely to remain weak, at least for now, but a descending trend line from April 12, near 1.3550, could restrict the quote’s further weakness. Additionally challenging Sterling’s weakness around 1.3550 is the RSI conditions, which if ignored could portray a 100-pip slump to 50% Fibonacci retracement. On the contrary, the corrective pullback may aim for April’s low near 1.3670 before targeting 200-DMA around 1.3785. However, a convergence of a downward sloping trend line from June and a 23.6% Fibonacci retracement level around 1.3880 will become a tough nut to crack for the GBPUSD bulls past 1.3785. Successful trading beyond 1.3785 will confirm a falling wedge bullish chart pattern opening the door for a north-run targeting a fresh yearly top beyond 1.4250.
Short
by MTradingGlobal
EURUSD tests five-week-old support line ahead of US inflationEURUSD remains pressured around the yearly lows as the pair traders await July month Consumer Price Index (CPI) data from the US. The major currency pair dropped to the lowest since March the previous day while declining for the eighth consecutive day. However, a downward sloping trend line from July 07, around 1.1700, restricts the quote’s immediate losses. Although the oversold RSI conditions challenge short-term EURUSD downside, bearish MACD and sustained trading below 200-SMA keep the pair sellers hopeful. Hence, a clear break of the 1.1700 will serve as a trigger for the fresh selling towards another falling trend line support, this time from June 18, near 1.1655. On the contrary, the corrective pullback may aim for the last month’s low near 1.1750 before directing the EURUSD bulls to the 200-SMA surrounding 1.1830. It’s worth observing that the 1.1800 round figure may act as an extra filter to the north before 1.1830 but bears are less likely to leave the desk until the prices stay below July’s low close to 1.1910. Overall, EURUSD portrays bearish consolidation moves ahead of the key US inflation figures.
Short
by MTradingGlobal
Brent oil buyers need to defend $70.30 breakout to aim for $72.0Brent oil holds onto a weekly uptrend despite the previous day’s pullback moves. The British oil benchmark keeps the upside break of double-tops marked in May amid bullish MACD. As a result, the commodity buyers should stay hopeful to refresh the multi-month top, marked the previous day around $71.50. However, the following run-up needs validation from $72.30 comprising an early 2020 high. On the contrary, a confluence of May’s double-tops and a short-term support line near $70.30, followed by the $70.00 threshold, restrict the immediate downside of the black gold. In a case where the quote drops below $70.00, 100-SMA near $68.50 adds to the downside filters ahead of confirming a bearish trajectory towards the mid-May bottom surrounding $66.70.
TVC:UKOILLong
by MTradingGlobal
EURUSD stays offered ahead of Biden’s infrastructure spendingWith the bond rout at its peak since early 2020, EURUSD drops to the lowest in five months as traders await US President Joe Biden’s infrastructure bill details. However, a sustained downside break of a three-month-old falling trend line favors the pair bears. As a result, a horizontal area established from September 25, 2020, around 1.1610-1600, gains market attention. Following that, a 50% Fibonacci retracement level of 1.1530 and June 2020 peak surrounding 1.1420 should lure the EURUSD sellers. It should, however, be noted that Biden’s ability to please investors can trigger the much-awaited corrective pullback beyond the support-turned-resistance near 1.1740. Even so, EURUSD bulls are less likely to get convinced until the quote rallies beyond the 200-day SMA level of 1.1865. Overall, EURUSD has some room to the south but the key event may disappoint the bears and hence traders should be cautious ahead of the 20:20 GMT speech.
Short
by MTradingGlobal
EURUSD aims 200-DMA re-test with eyes on Federal ReserveNot only failures to cross the support-turned-resistance line during the previous week’s bounce but bearish MACD and weak RSI, not oversold, also favors EURUSD bears as global markets prepare for the Fed decision on Wednesday. However, 61.8% Fibonacci retracement of November 2020 to January 2021 upside, around 1.1885, offers immediate support to the quote before dragging it to the key 200-day SMA (DMA) near 1.1835. Should Powell & Company use the word “taper”, odds of the pair’s further downside towards November 11, 2020 low near 1.1745 can’t be ruled out. Meanwhile, 50% Fibonacci retracement level and the previous support line, respectively around 1.1975 and 1.1990 guards immediate EURUSD upside ahead of the 1.2000 threshold if at all the Fed overcomes the bearish hopes stronger than now. Also acting as the key upside barrier is the mid-February lows near 1.2020 as well as the monthly peak surrounding 1.2115. Overall, EUR/USD moves are likely to remain sluggish, but bearish, ahead of the Fed while the following performance depends on how the US central bank manages to praise the fiscal stimulus and reject reflation/tapering fears.
Short
by MTradingGlobal
1
Gold bears set to retest seven-month-old support near $1,680Gold’s sustained trading below a horizontal area established since May 2020 gained support from Treasury yields rally to direct bears towards a falling trend line from August, currently around $1,680. However, the $1,700 threshold can offer an intermediate halt whereas double bottoms marked during May and June of 2020, near $1,670 could test the gold sellers afterward. On the contrary, $1,740 guards the yellow metal’s immediate upside ahead of highlighting the key support-turned-resistance around $1,765-60. It’s worth mentioning that the gold bulls are less likely to be convinced unless witnessing a daily closing beyond a two-month-old resistance line, at $1,792 now. Overall, gold is ready for a south-run but the bears should remain cautious.
OANDA:XAUUSDShort
by MTradingGlobal
NZDUSD battles monthly resistance line on the way to yearly topAlike all major currency pairs, NZDUSD also benefits from the broad US dollar weakness during the early Tuesday. In doing so, the pair buyers attack an upward sloping resistance line from January 13, currently around 0.7260. Should the kiwi bulls manage to cross the immediate hurdle, backed by upbeat MACD, the quote may not hesitate to challenge the multi-month top marked in January around 0.7315. During the NZDUSD run-up beyond 0.7315, the April 2018 peak surrounding the 0.7400 threshold will be the key. Meanwhile, a 200-SMA level of 0.7180 can test short-term sellers during the pair’s fresh pullback moves. However, any further weakness will be questioned by an ascending support line from January 18, at 0.7110 now. Also acting as the downside filters could be the lows marked the previous month around 0.7105 and 0.7095. Overall, NZDUSD is up for a fresh bull-run but buyers should wait for a clear run-up beyond 0.7260.
Long
by MTradingGlobal
Gold buyers should stay cautiously optimisticGold rises to the fresh high in two weeks following a stellar rise on Wednesday. In doing so, the yellow metal crosses 50% Fibonacci retracement of its November-January upside amid upbeat RSI and MACD conditions. Also favoring the bullion could be the market optimism backed by Joe Biden’s arrival in the White House as the 46th President of the US. Even so, 100-SMA around $1,878 guards the quote’s immediate upside amid nearly overbought RSI conditions. Even if the bullion rises past-$1,878, the $1,900 round-figure and a horizontal area around $1,907 also probe the bullion buyers ahead of the monthly peak surrounding $1,960. It should be noted that the fears of the coronavirus (COVID-19) and the US-China tension are also on the table to challenge gold’s latest rally. Meanwhile, a clear downside break of 50% Fibonacci retracement level around $1,860 can drag the gold prices back to the weekly support line near $1,840. However, any further declines will have to drop beneath the 61.8% Fibonacci retracement level of $1,838 to direct bears towards the monthly low of $1,803 and the $1,800 threshold. Overall, gold prices are in an uptrend but short-term consolidations can’t be ruled out.
OANDA:XAUUSDLong
by MTradingGlobal
CDSL Strong Bullish SetupCDSL Chart is Fabulous and Bullish - Buy Triggered yesterday as per Weekly Candle - Solid Price Volume Action can be seen in the Approx 3 month Consolidation base - Daily Chart shows a Bollinger Band Squeeze, with Daily RSI 60+, ADX 25+, MACD in Buy Mode - Weekly Chart is just So Strong as you can Clearly see wonderfully respecting Ichimoku - Target Minimum 620 - 650 upside can be seen - For Stop Loss, use Weekly Tenkan Sen (part of Ichimoku System) and Trail till the Target is Met - Approx 1:4 Risk to Reward Ratio from CMP, what Else is needed?! to take this Trade Setup
NSE:CDSLLong
by T_Harth
LALPATHLAB Bullish FlagLALPATHLAB has broken out upside after its consolidation in a triangular channel. The impulsive bullish breakout candle is followed by 2 small range pulllback candles thus forming a bullish flag pattern. The structure suggests that the trend will continue in the direction of the breakout. A long entry can be taken at the break of yesteraday's high above 1691.05 TG1: 1719 TG2: 1746 NOTE: Trade with confirmation of momentum & volume on lower timeframes in intraday.
NSE:LALPATHLABLong
by tradepurge
Trend Following - Shorting A Rally - Risk/Reward 1:6 Trading Philosophy - Trend Following Trading Strategy - Shorting a Rally in The Downtrend. Trading Set-up - Retracement - Resistance - Chart Pattern Entry - Short at 1210 Stop-loss 1257 Target 974 Risk/Reward 1:5 Why short? Price retraced to 1237 (0.50%) of its previous swing. (1579.60 to 895.15) Price is trading in Resistance Zone. Anticipating price action making a double top chart pattern. How I Set Stop-loss - Price broke the previous swing high, and trading below that level. Today's high is 1257, set as a stop-loss. How I Set Target - Expecting to price to resume the primary trend and may take a deep retracement at 0.78% of this counter-rally which is at 974. 50% Retracement & Anticipating Double Top Chart Pattern Support Becomes Resistance or Supply Zones
NSE:ACCShort
by Equity-Earningz