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USD/JPY Daily Chart AnalysisThe USD/JPY pair is currently moving within an upward channel, demonstrating a steady uptrend since the recent lows around 139.56. The pair has been respecting key Fibonacci retracement levels, which could act as areas of support and resistance. Key Levels to Watch: 0.236 Fibonacci Retracement (156.67): This level has served as a resistance zone, and a breakout above could pave the way for a test of the recent highs around 157.84. Support Zones: Immediate support is seen at the 0.382 retracement (153.40), with additional support at the 0.618 level (148.12). A break below the channel could see a retest of these supports. Indicators & Trends: Moving Averages: The 20-day and 50-day moving averages are acting as dynamic support levels, supporting the current bullish trend. Volume: There was a recent increase in volume as the pair rallied, suggesting strong buying interest. However, watch for any drop in volume, as it could signal weakening momentum. RSI (Relative Strength Index): The RSI is approaching overbought territory, so caution is advised as the pair nears resistance zones. Outlook: The pair may experience consolidation between the 153.40 support and 156.67 resistance levels in the short term. A breakout above 156.67 could lead to a potential test of 157.84 and beyond. Conversely, a breakdown below the support trendline may shift momentum towards the downside, targeting lower Fibonacci levels and potentially the key support near 143.88. Trading Plan: Bullish Bias: Wait for a confirmed breakout above 156.67, aiming for the 157.84 level. Bearish Bias : A confirmed break below the channel could signal a trend reversal, with initial targets near 150.75 and 148.12. Always consider using appropriate risk management.
Long
by AngshumanSaikia
2 reasons for gold to reverse, 2 for continuing droppingReason 1 for bullish is, course picked up volume and reverses at daily floor. Secondly RSI in H4 is showing convergence, it could drop further along the floor and then take a turn around. Reasons to continue are first of all the liquidity gap below our range: As Gold had reached an all time high few weeks ago, it could look towards consolidating in a lower daily channel. Furthermore, momentum is incredibly strong at an Asian Market hour where less people are aware of the big moves happening. Another reason could be that all contracts from before were skipped in order to reach a lower range. As long as I do not see clear reversal structure in H1 I would keep looking out for shorts, as those have a higher probability to reach maximum distance. If course reaches below 2080 with candle close in a significant time frame, I am expecting further dropping towards 2011. (beware of fake outs)
OANDA:XAUUSD
by Heaven10
#BITCOIN would face important resistance in this regionAs you can see in the chart, we have four bullish trendlines that have contained almost all the price action since the beginning of 2013. During this time, the price has never gone above the upper line or below the lowest line. Every time it reaches the middle lines , on the other hand, the price encounters a resistant or supportive force, causing a pause in price movement or a reversal. This time, too, we could see a reaction from this zone, but we should wait and see if it's going to break above the line or reject from it. If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
BITSTAMP:BTCUSD
by mohemati
1
AUDUSD - channeling opportunity both for Long and ShortAUDUSD is in a very visible trading range. In such conditions, Stochastics can be of great help. In this case, just wait for the price to enter one of these zones. It would be best if the Stochastics is in the overbought or oversold zone, but the price will be enough. One option for entering is to wait for a trigger bar and then pay with a wider stop loss. A bit more aggressive and I think better in this situation would be to just buy the level. Wait for the price to enter the zones and just enter with 1 ATR stop or 2 if you want to be safer. If you measure on the chart you'd see that the 1 ATR stop played out fairly well in most of the situations. There are no sure things here, Folks, but I often like to observe what worked well in the left part of the chart. Often the same zones work, in some charts the same entry bar repeats - the price is fractal. Target can be the other zone, I'd personally scale out a bit around the middle. For the longer-term oriented traders - why not scale out half at the opposite zone and leave a runner. My target as usual would be the 161% extension of the recent pullback which will be the ~ 0.6470 level. (Go to the 4 Hour chart and you will see we are in a downtrend). From the Upper zone to there you have some 140 pips. Imagine entering with just a 1 ATR and your runner hitting the second target. Even on half position that is 70 points. The ATR as we speak is around 10 so here we speak about some 1 to 7-8 RR trade overall. These are the ones I hunt for. The probability for the runners is low, but with 1 to 7, you just take the odds.
Short
by TheSpringHunter
Nifty on 2024 Jan 20 1) On 2023 Dec 4, Nifty had a gap up opening. 2) This gap is 216 points between low and previous day’s high (20507.75-20291.55). 3) And it is 334 points between open and previous day’s close levels. (20601.95-20808.90). 4) Thereafter till 2024 January 16th, Nifty was travelling in an upward channel. 5) On 17th January this channel has been broken, and index closed below the channel. 6) On that day Nifty had a huge gap down opening. Even it tried to recover more than 50% of the gap, but failed to gain, and eventually closed 75 points below the opening level. And it is 460 points below the closing level of previous day. 7) On that day Nifty opened near the lower line of the channel, and closed below the line. 8) On the next day, Jan 18th, Nifty had another gap down opening. After a volatile intraday movement it had a positive closing, recovering 48 points from the opening level. 9) On 19th Jan, Nifty had a gap up opening and a less volatile intra-day movement, and closed with a 7 points gain from the opening level, creating a small a doji candle, showing indecisiveness among market participants. 10) On 19th Jan, index gained 50.45 pints above the closing level of 17th January. 11) Being at 21622.40, it is taking support at 147 square level. (ie. 147*147 = 21609) # If nifty can gain about 100 points more, it can close in the upward channel again, If so, we can expect the continuation of the rally. # If Nifty closes below 21460 level it may touch the 21325 level. If it goes further low it may fall to 21000 level. Disclaimer: This is for educational purpose, not a trade recommendation, I am not SEBI registered adviser.
NSE:NIFTY
by alikoyakk
🚧CHZUSDT is Bullish now🚧 & many Traders don't see it 👀!!!Hi. Chiliz token showing a bullish flag pattern and Head&Shoulder, and also testing descending resistance🧐 Breakout above could spark large upside move up to the $0.55 resistance zone🎯 ❗ Note that if the Bullish Flag is broken down with the power of descending candles, our analysis will fail. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Thank you and for more ideas ❤️like❤️ and 🌟follow🌟!
Long
by CobraVanguard
5
#Bitcoin bearish breakout of very important trendline We can clearly see in this chart that the price has reached the upper boundary of a bullish channel, where it would encounter selling pressure. As a result of this selling pressure, the price on Friday, January 12th, formed a bearish impulsive candle. Following this candle, it managed to break below the short-term bullish trendline that the price had respected in the last few months. The bearish breakout of this trendline is a second signal, after the rejection from the bullish channel, that we might see further bearish movement in Bitcoin. If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
BITSTAMP:BTCUSDShort
by mohemati
#AUDUSD possible bearish moveIn the daily timeframe chart, you can see that we have a bearish channel which the price reached a few days ago, and since then, it has been trading lower. Due to this bearish move, price managed to break its bullish market structure in the 4-hour timeframe, and now the 4-hour market structure is bearish. On the other hand, this recent bearish impulsive move makes us believe that the price can potentially go lower, and as a result, we can wait for retests and bullish corrective moves to participate in the market by taking short positions. For now, we are waiting for the price to retest its broken level , which previously acted as support and now would act as resistance. If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
Short
by mohemati
2
#NZDUSD bearish possibility move We can see price reaching out to the daily timeframe bearish channel upper line, which potentially can act as resistance for the price. Additionally, we can spot the formation of a rising wedge pattern in the chart, which is intrinsically bearish and is regarded as a reversal formation in an uptrend. Another factor indicating the loss of bullish momentum is the decrease in cycle amplitude . A decrease in cycle amplitude in an uptrend is an early indication that there may potentially be underling weakness. (use 4 hour time frame chart for this.) Moreover, we have a static resistance area that previously acted as support and resistance for the price, making it an important area to observe for price reactions. It's crucial to note that any breakout from the upper side of the rising wedge pattern or the bearish channel would invalidate this analysis. For taking a position any breakout from below the rising wedge or changing market structure in 4-hour time frame could give us the entry trigger. If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
Short
by mohemati
5