Forex News Daily Analysis By FXGlory

[FXGlory Ltd]

CADJPY analysis for 21.02.2024





Time Zone: GMT +2
Time Frame: 4 Hours (H4)


Fundamental Analysis:
In the foreign exchange market, the CAD/JPY pair signifies the value of the Canadian Dollar against the Japanese Yen. This currency pair is swayed by economic reports, monetary policy decisions, and geopolitical events from both Canada and Japan. Important economic indicators like inflation rates, employment data, and changes in gross domestic product are critical in influencing the strength of each currency. Decisions by the Bank of Canada and the Bank of Japan on interest rates are also crucial. Moreover, as Japan is often considered a safe-haven market, global economic turmoil can lead to strengthening of the Yen.


Price Action:
The CAD/JPY H4 chart indicates a phase of consolidation with a slight uptrend bias. The price action is typified by higher lows and higher highs, suggesting bullish momentum. However, the latest candles show hesitation, indicating a possible consolidation or a forthcoming reversal, with the price stabilizing after recent gains.


Key Technical Indicators:
Bollinger Bands: The price is hovering near the upper Bollinger Band, suggesting that the bullish trend may be overextended. However, the bands are moderately wide, which indicates sustained market volatility.

MACD (Moving Average Convergence Divergence): The MACD line is above the signal line but appears to be converging towards it, signaling a potential slowdown in bullish momentum and the possibility of a bearish crossover in the near future.

RSI (Relative Strength Index): The RSI is above 50, which is bullish but approaching the overbought territory, suggesting that the market may be due for a correction or pullback.



Support and Resistance:
Support: The nearest key support level is at the recent swing low around the 110.800 zone, which could provide a base for the current trend.

Resistance: Immediate resistance can be found near the upper Bollinger Band, around the 111.400 level, which may pose a challenge for further bullish price movements.



Conclusion and Consideration:
The technical analysis of the CAD/JPY H4 chart suggests a current bullish trend that is showing signs of a potential pullback, as indicated by the proximity to the upper Bollinger Band and the converging MACD lines. The RSI also indicates that the market could be approaching overbought conditions. Traders should keep an eye on the price action near the upper Bollinger Band and watch for a crossover of the MACD lines for signs of a possible reversal. Upcoming economic data releases and policy decisions from the Bank of Canada and the Bank of Japan should be monitored closely as they may have a significant impact on the pair's movement. It's recommended to use sound risk management practices, including setting stop losses and taking profits at identified support and resistance levels.


Disclaimer: This analysis is for informational purposes only and should not be construed as investment advice. Always conduct your due diligence before trading.


FXGlory
02.21.2024

 

[FXGlory Ltd]

BCHUSD analysis for 22.02.2024






Time Zone: GMT +2
Time Frame: 4 Hours (H4)


Fundamental Analysis:
Bitcoin Cash (BCH) is a cryptocurrency that resulted from a hard fork of Bitcoin, aiming to provide faster transactions by increasing the block size. Fundamental factors impacting BCH include its adoption rate, regulatory news regarding cryptocurrency, technological advancements, and the overall sentiment in the cryptocurrency market. Additionally, competition from other cryptocurrencies and potential forks can influence investor confidence and price. With the ongoing debate over scalability and transaction fees in the crypto space, developments within the Bitcoin Cash community and its perceived advantages over Bitcoin can also play a crucial role.


Price Action:
The H4 chart of BCHUSD shows that after a substantial uptrend, the price action has entered a period of consolidation. The recent price movements indicate a slight bearish bias as the market made lower highs and lower lows, suggesting a potential trend reversal. However, the last candlestick is touching the lower Bollinger Band, hinting at a possible oversold condition and a short-term bounce or price correction.


Key Technical Indicators:
Bollinger Bands: The price is touching the lower Bollinger Band, indicating a possible oversold condition that could lead to a bounce back towards the mean.

MACD (Moving Average Convergence Divergence): The MACD line is below the signal line and the histogram bars are decreasing in height, suggesting bearish momentum is waning.

RSI (Relative Strength Index): The RSI is slightly below the midline at 46.53, indicating neither overbought nor oversold conditions, but leaning towards a bearish sentiment.


Support and Resistance:
Support: The first level of support is found near the 61.8% Fibonacci retracement level at approximately $253.51. If this level is breached, the next support could be around the 78.6% retracement level.

Resistance: The immediate resistance is at the 50% Fibonacci level, with further resistance possible at the 38.2% retracement and the middle Bollinger Band.


Conclusion and Consideration:
The BCHUSD pair on the H4 chart indicates a short-term bearish momentum with the potential for a bounce back due to the proximity to the lower Bollinger Band. Traders should consider the bearish MACD crossover but also be wary of a potential relief rally if the RSI indicates an oversold condition. Monitoring fundamental news in the crypto space, particularly regarding Bitcoin Cash, will be crucial. As the price approaches key Fibonacci levels, traders should employ risk management strategies and be prepared for possible volatility. It's important to watch for a solid break below current support or a rebound to confirm the next directional move.


Disclaimer: The provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions.


FXGlory
22.02.2024

 

[FXGlory Ltd]

GOLD analysis for 23.02.2024





Time Zone: GMT +2
Time Frame: 4 Hours (H4)


Fundamental Analysis:
Gold's valuation is influenced by a myriad of fundamental factors, with central bank monetary policies, global economic indicators, and geopolitical tensions playing pivotal roles. The interplay between inflation expectations and the U.S. dollar's performance often sways gold prices due to its status as a non-yielding asset. Additionally, in times of market uncertainty or volatility, gold is frequently sought after as a hedge, which could bolster its demand. Current economic conditions and future forecasts should be continuously assessed, as they can precipitate shifts in gold's market sentiment.


Price Action:
In the H4 chart, GOLD/USD seems to be exhibiting a bullish trend, with recent price action remaining consistently above the Ichimoku Cloud. This upward trajectory suggests a positive outlook in the short term, as the price has been making higher lows and higher highs, a classic signal of bullish momentum.


Key Technical Indicators:
Ichimoku Cloud: The price is positioned above the Ichimoku Cloud, suggesting a bullish trend in the current timeframe.

Bollinger Bands: With the price trading near the middle band, it suggests a moderate volatility level. The bands are neither constricted nor widely divergent, indicating steady price movement without extreme bullish or bearish pressure.

RSI (Relative Strength Index): The RSI, at approximately 54.75, indicates a market that is neither overbought nor oversold, supporting the trend's sustainability.

MACD (Moving Average Convergence Divergence): The MACD histogram shows a positive reading above the signal line, hinting at continued bullish momentum.


Support and Resistance:
Support: The previous low around the $2006.28 area may serve as a support level, with further support possibly found at lower levels indicated by the Ichimoku Cloud.

Resistance: On the upside, resistance may be encountered at the recent peaks, around the $2031.14 price point, with subsequent resistance potentially near the top of the Bollinger Bands.


Conclusion and Consideration:
The current technical stance on the H4 GOLD/USD chart leans towards bullishness, highlighted by the price position relative to the Ichimoku Cloud and supported by the MACD indicator. However, with the RSI presenting a neutral stance, caution is advised as the market may consolidate before making further moves. Fundamental factors should be closely monitored, as shifts in economic policy or global events could significantly impact investor sentiment towards gold. Risk management strategies remain crucial, especially given the inherent unpredictability of the gold market.


Disclaimer: This analysis is intended for informational purposes only and should not be taken as investment advice. Trading decisions should be based on individual risk tolerance, market knowledge, and thorough analysis.


FxGlory
23.02.2024

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[FXGlory Ltd]

NZDCAD analysis for 28.02.2024







Time Zone: GMT +2
Time Frame: 4 Hours (H4)


Fundamental Analysis:
The NZD/CAD currency pair reflects the exchange rate between the New Zealand Dollar and the Canadian Dollar, two commodity-dependent economies. The NZD is often influenced by dairy prices and New Zealand's economic indicators, while the CAD is closely tied to oil prices and economic developments in Canada. Trade relationships with global partners, especially China and the United States, can significantly impact these currencies. Additionally, monetary policy announcements from the Reserve Bank of New Zealand and the Bank of Canada, as well as changes in global risk sentiment, are important to monitor for their potential influence on the NZD/CAD exchange rate.


Price Action:
The H4 chart for NZDCAD displays a zigzag pattern, indicating a period of consolidation with clear swings between support and resistance levels. The price appears to be within a downtrend channel but recently showing signs of recovery, with the latest candles suggesting a potential reversal or pullback.



Key Technical Indicators:
MACD: The MACD line is close to the signal line, with the histogram showing minimal bars, indicating a lack of strong momentum in either direction. This could suggest a market in balance or indecision among traders.

RSI (Relative Strength Index): The RSI indicator is around the midpoint of 50, which does not indicate an overbought or oversold market. This suggests a neutral momentum currently in the market.

Ichimoku: The price is navigating around the Ichimoku cloud, which could be indicative of a potential trend change if the price breaks through the cloud.


Support and Resistance:
Support: The current support level can be identified by the lower boundary of the recent price channel and the consolidation area.

Resistance: Resistance is likely at the upper boundary of the price channel and the previous high points within the consolidation range.


Conclusion and Consideration:
The H4 chart for NZDCAD shows a market experiencing consolidation, with potential for a breakout in either direction. While recent price action suggests a slight bullish recovery, the key technical indicators do not present a clear direction, indicating a wait-and-see approach may be prudent. Traders should keep abreast of economic indicators from both New Zealand and Canada, as well as global commodity prices, to anticipate potential shifts in the currency pair's movement.

Disclaimer: This analysis is intended for informational purposes only and should not be taken as investment advice. Trading decisions should be based on individual risk tolerance, market knowledge, and thorough analysis.


FXGlory
28.02.2024

 

[FXGlory Ltd]

BTCUSD analysis for 29.02.2024







Time Zone: GMT +2
Time Frame: 4 Hours (H4)


Fundamental Analysis:
Bitcoin, unlike traditional currencies or commodities, is influenced by factors such as regulatory news, technological developments, and its adoption by businesses and consumers. Market sentiment can also be significantly affected by global economic factors, security of the exchanges, and broader financial market trends. Bitcoin's decentralized nature makes it sensitive to perceived risk in blockchain technology and changes in sentiment towards cryptocurrency as an asset class.

Price Action:
The BTCUSD H4 chart exhibits a strong uptrend, with the price moving sharply higher. This rally signifies a bullish market sentiment with increasing buyer dominance. Recently, the price has reached new highs, indicating a continued bullish outlook in the short term.


Key Technical Indicators:
Bollinger Bands: The price has been consistently riding the upper Bollinger Band, indicating a strong uptrend. This could suggest that the market is potentially overbought, but in a strong trend, the price can remain overbought for an extended period.

RSI (Relative Strength Index): The RSI is above 70, suggesting that the market may be overbought. However, in strong trending markets, the RSI can remain in overbought or oversold territories for prolonged periods.

MACD (Moving Average Convergence Divergence): The MACD line is above the signal line and has been expanding, which indicates strong bullish momentum. This could suggest that the uptrend is likely to continue.

Parabolic SAR: The last 14 dots of the Parabolic SAR are below the candles, which confirms the bullish trend. This indicator suggests that the uptrend is strong and has been consistent over the last several periods.


Support and Resistance:
Support: The nearest support level can be identified by the recent lows before the latest upward price movement.

Resistance: Given the recent price surge, the resistance would be at the all-time highs or yet to be established as the price is in discovery mode.


Conclusion and Consideration:
In the H4 chart for BTCUSD, the market is exhibiting a strong bullish trend, as indicated by the Bollinger Bands and the Parabolic SAR, with the MACD supporting the view of sustained bullish momentum. The RSI suggests that the market is overbought, which in the context of a strong trend, does not necessarily imply an immediate reversal. Traders should consider the possibility of continued bullish momentum, but also be cautious of potential retracements, as nothing moves up in a straight line. It's advisable for traders to monitor the market for signs of trend exhaustion and to employ proper risk management strategies, given the volatility of Bitcoin. Keeping an eye on crypto-related news and market sentiment is also crucial for anticipating potential price movements.


Disclaimer: This analysis is intended for informational purposes only and should not be taken as investment advice. Trading decisions should be based on individual risk tolerance, market knowledge, and thorough analysis.


FxGlory
29.02.2024

 

[FXGlory Ltd]

AUDJPY analysis for 05.03.2024





Time Zone: GMT +2
Time Frame: 4 Hours (H4)


The currency exchange rate of AUD/JPY is witnessing a trend reversal from bearish to bullish, characterized by an upward movement with a pattern of increasing highs and lows. This transition is notably marked by a rebound off the lower Bollinger Band, indicating a potential for continued growth. The bullish trend is further validated by the Parabolic SAR's position below the current price and the MACD trending upwards, suggesting a buildup of bullish momentum, despite the RSI indicating a neutral market condition at 46. Support can be found at the recent low points and the lower Bollinger Band, while resistance is expected at the middle Bollinger Band and the levels of previous highs. The pair's future movements will be heavily influenced by the performance of commodity markets, global risk sentiment, and the monetary policies of the Reserve Bank of Australia and the Bank of Japan. Traders should remain alert to these factors and maintain a strong focus on risk management.


Disclaimer: This analysis is for informational purposes only and should not be taken as investment advice. It's crucial for traders to conduct their own research and consider their risk tolerance before trading.


Explore in-depth market insights and strategic trading tips by clicking here.



FXGlory
05.03.2024

 

[jyotixxx]

awesome thread, but why its not updated daily? Some of the charts are learning!!!

 

[mark3r5]

CADJPY analysis for 21.02.2024


View attachment 28138


Time Zone: GMT +2
Time Frame: 4 Hours (H4)


Fundamental Analysis:
In the foreign exchange market, the CAD/JPY pair signifies the value of the Canadian Dollar against the Japanese Yen. This currency pair is swayed by economic reports, monetary policy decisions, and geopolitical events from both Canada and Japan. Important economic indicators like inflation rates, employment data, and changes in gross domestic product are critical in influencing the strength of each currency. Decisions by the Bank of Canada and the Bank of Japan on interest rates are also crucial. Moreover, as Japan is often considered a safe-haven market, global economic turmoil can lead to strengthening of the Yen.


Price Action:
The CAD/JPY H4 chart indicates a phase of consolidation with a slight uptrend bias. The price action is typified by higher lows and higher highs, suggesting bullish momentum. However, the latest candles show hesitation, indicating a possible consolidation or a forthcoming reversal, with the price stabilizing after recent gains.


Key Technical Indicators:
Bollinger Bands: The price is hovering near the upper Bollinger Band, suggesting that the bullish trend may be overextended. However, the bands are moderately wide, which indicates sustained market volatility.

MACD (Moving Average Convergence Divergence): The MACD line is above the signal line but appears to be converging towards it, signaling a potential slowdown in bullish momentum and the possibility of a bearish crossover in the near future.

RSI (Relative Strength Index): The RSI is above 50, which is bullish but approaching the overbought territory, suggesting that the market may be due for a correction or pullback.



Support and Resistance:
Support: The nearest key support level is at the recent swing low around the 110.800 zone, which could provide a base for the current trend.

Resistance: Immediate resistance can be found near the upper Bollinger Band, around the 111.400 level, which may pose a challenge for further bullish price movements.



Conclusion and Consideration:
The technical analysis of the CAD/JPY H4 chart suggests a current bullish trend that is showing signs of a potential pullback, as indicated by the proximity to the upper Bollinger Band and the converging MACD lines. The RSI also indicates that the market could be approaching overbought conditions. Traders should keep an eye on the price action near the upper Bollinger Band and watch for a crossover of the MACD lines for signs of a possible reversal. Upcoming economic data releases and policy decisions from the Bank of Canada and the Bank of Japan should be monitored closely as they may have a significant impact on the pair's movement. It's recommended to use sound risk management practices, including setting stop losses and taking profits at identified support and resistance levels.


Disclaimer: This analysis is for informational purposes only and should not be construed as investment advice. Always conduct your due diligence before trading.


FXGlory
02.21.2024

Great

 

[FXGlory Ltd]

EURUSD analysis for 06.03.2024







Time Zone: GMT +2
Time Frame: 4 Hours (H4)



Observing the H4 timeframe, the EUR/USD trend appears bullish, evidenced by its position above the Bollinger Bands' central line, with a series of higher highs and lows. Near the upper band, we may anticipate either resistance or a continuation of the current uptrend. Indicators suggest an ongoing rise, with the Parabolic SAR below the price action and an RSI indicating sustained momentum at 52.87. The MACD shows a modest retreat in momentum, which warrants careful market monitoring. Key levels to watch include the upper Bollinger Band for resistance or breakouts, alongside staying updated on fundamental news.



Disclaimer: This analysis is for informational purposes only and should not be taken as investment advice. It's crucial for traders to conduct their own research and consider their risk tolerance before trading.



Enhance your trading with exclusive insights and expert analysis; please visit fxglory.com for more information.



FXGlory
06.03.2024

 

[FXGlory Ltd]

USDJPY analysis for 08.03.2024





Time Zone: GMT +2
Time Frame: 4 Hours (H4)


In the H4 timeframe, the USD/JPY has clearly been on a bearish trajectory, characterized by a pattern of making lower highs and lower lows, which signals an ongoing bearish momentum. The interaction between U.S. economic performance indicators and Japan's monetary policy settings, as well as the yen's role as a preferred asset during global financial uncertainties, significantly impacts this currency pair. From a technical standpoint, the price trading beneath the Ichimoku cloud points towards a prevailing bearish sentiment, while the close alignment with the lower Bollinger Band underscores the strength of the current downtrend and suggests that the pair may be approaching oversold territory. The MACD's continuation below its signal line further amplifies the bearish outlook, and an RSI positioned under 30 intimates an oversold condition that might lead to a corrective bounce. Watching resistance at 148.180 and support at 147.530 is crucial for traders. Market participants should keep abreast of economic news updates and employ diligent risk management practices.


Disclaimer: This document is intended for informational purposes only and is not to be taken as investment advice. Traders should undertake their own research and evaluate their risk capacity before making any trading decisions.


Visit FXGLORY.COM, for more in-depth market insights and strategic trading recommendations.


FXGlory
08.03.2024

 

[FXGlory Ltd]

EURUSD analysis for 18.03.2024







Time Zone: GMT +2
Time Frame: 4 Hours (H4)



Amidst the economic currents from the Eurozone and the US, the EUR/USD pair paints a downtrend on the H4 chart. The RSI suggests potential overextension on the sell-side, hinting at a breather or trend change soon. Yet, the bearish narrative is bolstered by a MACD that's still below its signal line. Watching the recent low for support and looking out for resistance at the downtrend’s outset and the Ichimoku cloud could be key. Traders should keep an eye on the RSI's recovery or the MACD's crossover for entry points but stay updated with economic news that can impact market dynamics.



Disclaimer: This analysis is for informational purposes only and should not be taken as investment advice. It's crucial for traders to conduct their own research and consider their risk tolerance before trading.



For comprehensive market insights and strategic trading tips, please visit: fxglory.com.



FXGlory
18.03.2024