What's new

Forex News Daily Analysis By FXGlory

4.50 star(s) 2 Votes
CADJPY analysis for 21.02.2024


FxCADJPYH421.2.jpg


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
 

Attachments

  • image_2024-02-15_07_27_41.gif
    image_2024-02-15_07_27_41.gif
    31.7 KB · Views: 0
BCHUSD analysis for 22.02.2024



FXGLORY -  Daily Technical and Market Analysis for BCHUSD on 02.22.2024.jpg


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
 
GOLD analysis for 23.02.2024


GOLD-technical-analysis-for-23.02.2024.jpg


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

 
NZDCAD analysis for 28.02.2024



FX---NZDCADH4.jpg



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



image_2024-02-15_07_27_41.gif
 
BTCUSD analysis for 29.02.2024



FX---Feb-29th---BTCUSDH4.jpg



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
 
AUDJPY analysis for 05.03.2024


AUDJPYH4.jpg-FX.jpg


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
 
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
 
EURUSD analysis for 06.03.2024



FX---EURUSDH4.jpg



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
 
USDJPY analysis for 08.03.2024


Daily-Analysis---USDJPY---H4---08.03.jpg


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
 
EURUSD analysis for 18.03.2024



EURUSD- analysis-on-18-03-2024.jpg



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


image_2024-02-15_07_27_41.gif
 
USD/CAD Technical Analysis for 08.05.2024



Fifth USDCADH4.png


Time Zone: GMT +3
Time Frame: 4 Hours (H4)


Fundamental Analysis:


Recent economic news releases from Canada and the United States are set to significantly influence the USD/CAD exchange rate. Here's a brief on the upcoming economic indicators:

Canadian Employment Change: Expected to show a rise of 20.9K, a significant recovery from the previous -2.2K, suggesting an improving labor market in Canada.

Canadian Unemployment Rate: Forecast to slightly increase to 6.2% from 6.1%, indicating minor fluctuations in the job market.

U.S. Unemployment Claims: Projected at 212K, up from 208K, which could reflect slight volatility in the U.S. job sector.

U.S. Prelim UoM Consumer Sentiment: Expected to decrease to 76.3 from 77.2, possibly hinting at a dip in consumer confidence.



Price Action:


The USD/CAD pair is currently reacting to a dynamic support indicated by the descending red line on the chart, marking a critical support area that could signal a pivotal point for the currency pair’s future movements. This juncture is crucial for investors monitoring the US Dollar price forecast against the Canadian Dollar, as it offers insights for potential USD/CAD investment strategies and short trading opportunities. Given the technical indicators, including the positioning of the RSI and MACD, this moment could lead to significant shifts in USD/CAD investment analysis outcomes. Investors should keep a close eye on this development, as it might dictate the immediate directional trends and offer short-term trading opportunities in the forex market.



Key Technical Indicators:

RSI Indicator
: Positioned on a static resistance line, suggesting potential pressure but still under the overbought threshold, hinting that there might be room for upward movement if fundamental data supports it.

MACD Indicator: Showing bearish potential as the MACD line is trending downwards, which could indicate upcoming selling pressure or a continuation of the current downtrend.


Support and Resistance:

Support:
The recent lows around 1.37000 provide a short-term support level.

Resistance: The recent high near 1.37810 and 1.38355 serve as resistance levels.


Conclusion and Consideration:

Given the proximity to critical support and impending economic data releases, the USD/CAD pair is at a juncture that could lead to significant volatility. Traders should watch the interaction between the price and the descending resistance, as a break above could suggest bullish potential, particularly if Canadian data underperforms or U.S. data shows unexpected strength.


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
08.05.2024
 
GBP/NZD Technical Analysis for 09.05.2024



GBPNZD-daily-chart-analysis-H4---on-09.05.jpg


Time Zone: GMT +3
Time Frame: 4 Hours (H4)


Fundamental Analysis:


The GBP/NZD analysis reflects the dynamic between the British Pound and the New Zealand Dollar. Today, key economic indicators such as the Official Bank Rate and speeches by BOE Governor Bailey may significantly influence GBP. The Bank Rate has aligned with forecasts in recent months, stabilizing expectations, but any deviation today could sway GBP value. The MPC's unanimous vote projection suggests a more hawkish monetary policy stance, which traditionally strengthens the currency.


Price Action Analysis:

In the H4 timeframe, the GBP/NZD price action analysis shows a volatile trend with recent bullish momentum. The formation of a series of higher lows over the past sessions suggests an upward corrective movement within a broader bearish context. The price is currently testing a key resistance level, and the reaction here will indicate whether the bullish sentiment can sustain.


Key Technical Indicators:

Ichimoku Cloud:
The price is approaching the lower boundary of the Ichimoku cloud, indicating potential resistance. If the price breaks through, it may signal a stronger bullish trend reversal.

MACD (Moving Average Convergence Divergence): The MACD line is above the signal line but still below zero, indicating improving bullish momentum yet within an overall bearish trend.

RSI (Relative Strength Index): The RSI is above 50, suggesting increased buying momentum, but is not yet indicating overbought conditions, allowing room for further upside.

Fibonacci Retracement: Key Fibonacci levels from recent highs to lows show the price nearing the 61.8% retracement level, which may act as significant resistance.


Support and Resistance:

Support:
The recent swing low around 1.9280 serves as the primary support level.

Resistance: Immediate resistance is found near the 61.8% Fibonacci retracement level at 1.9500.


Conclusion and Consideration:

The GBPNZD analysis is currently experiencing a bullish correction within a larger bearish trend on the H4 chart. The upcoming economic announcements and BOE Governor Bailey's speech could heavily impact GBP strength. Traders should monitor these events closely, as any hawkish surprise could reinforce the bullish trend. However, the presence near significant resistance levels suggests caution, with potential reversal risks if the bullish momentum cannot sustain.


Disclaimer:
The provided GBPNZD chart forecast 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
09.05.2024
 
EUR/USD technical analysis for 10.05.2024


EURUSD-H4-technical-analysis-for-10.05.2024.jpg


Time Zone: GMT +3
Time Frame: 4 Hours (H4)


Fundamental Analysis:


The EUR USD pair forecast is poised for potential volatility with upcoming economic releases. The Italian Industrial Production month-over-month, expected at 0.3%, could strengthen the EUR if results exceed forecasts, signaling economic robustness. Conversely, the ECB Monetary Policy Meeting Accounts will provide deeper insights into the eurozone's economic conditions and future monetary policy, where a more hawkish stance is typically supportive of the EUR. On the USD front, multiple key events, including speeches from FOMC members and the Preliminary University of Michigan Consumer Sentiment Index, are due. Notably, a higher consumer sentiment than forecasted could bolster the USD by reflecting stronger consumer confidence, potentially influencing Federal Reserve policies.


Price Action:

EUR USD chart analysis has displayed a consolidation pattern in the H4 chart, indicating uncertainty as traders await key economic news. Recent sessions show a slight bullish sentiment as the pair attempts to recover from previous lows.


Key Technical Indicators:

Fibonacci:
The retracement levels from the recent high to low provide potential resistance and support zones, critical for identifying reversal points.

MACD (Moving Average Convergence Divergence): Currently below the signal line, suggesting bearish momentum in the short term. However, traders should watch for any crossover above the signal line as a potential bullish indicator.

RSI (Relative Strength Index): Positioned around the mid-50s, indicating neither overbought nor oversold conditions, reflecting a balance in market sentiment.


Support and Resistance Levels:

Support:
The pair finds initial support at the 1.0800 level, which has historically acted as a psychological and technical floor, preventing further declines in previous trading sessions.

Resistance: On the upside, the 1.0950 mark serves as a key resistance level, representing a previous high that the forex EURUSD chart struggled to surpass, making it a critical point for traders to watch for potential reversals or breakthroughs.


Conclusion and Consideration:


The EUR/USD analysis on the H4 chart suggests cautious trading in the short term, with key economic releases likely to drive significant price action. Traders should monitor the upcoming economic indicators and central bank communications closely, as these will provide further clues about the strength and direction of the respective currencies. Given the balanced RSI and the bearish hint from the MACD, any strategic positions should be accompanied by tight risk management to navigate the potential market volatility effectively.


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
10.05.2024
 
USDCHF Daily Chart Analysis for 13.05.2024



USDCHF Daily Technical Analysis -H4. 13.05.2024.rtf.jpg


Time Zone: GMT +3
Time Frame: 4 Hours (H4)


Fundamental Analysis:


For USD/CHF forecast today, upcoming economic events for both the U.S. and Switzerland could impact the currency pair significantly. In Switzerland, the SECO Consumer Climate index and the SNB Chairman's speech may provide insights into the economic sentiments and monetary policy expectations, respectively. A more hawkish stance from the SNB could strengthen the CHF. In the U.S., speeches by FOMC members, including Governors Jefferson and Mester, will be closely watched for hints on future monetary policies. Additionally, U.S. mortgage delinquencies data, though a lagging indicator, could influence market sentiment regarding the health of the housing market and, by extension, broader economic conditions.


Price Action:

The USD/CHF analysis has shown a clear downtrend on the H4 timeframe, marked by consecutive lower highs and lower lows within a declining channel. Recently, there's a consolidation phase noticeable as the price moves closer to the lower boundary of the Bollinger Bands, indicating potential for either a continuation of the trend or a temporary reversal if support levels hold.


Key Technical Indicators:

Bollinger Bands:
The bands are currently narrow compared to last week, suggesting reduced volatility. The price trading near the lower band hints at a potential oversold condition which might precede a price rebound or stabilization.

MACD (Moving Average Convergence Divergence): The MACD shows a continuation below the signal line and near zero, indicating weak upward momentum and prevailing bearish sentiment.

RSI (Relative Strength Index): The RSI is currently around 44, suggesting slight bearish momentum without entering the oversold territory, which supports the downtrend but also indicates caution for potential reversal signals.


Support and Resistance Levels:

Support:
The first level of support can be found at the recent low around 0.90550, which if breached could see further decline towards 0.90000.

Resistance: Immediate resistance is observed at around 0.90850, which aligns with recent minor peaks. A more significant resistance level is at 0.91350, marked by the convergence of the 23.6% Fibonacci retracement and a previous support level.


Conclusion and Consideration:

The USD CHF analysis today is currently in a bearish trend with potential for further declines as indicated by key technical indicators and the current economic sentiment. However, the upcoming economic speeches and indicators from both the U.S. and Switzerland should be closely monitored as they may induce volatility and potentially shift market dynamics. Traders should maintain a cautious approach, monitoring for any signs of reversal or stronger bearish continuation, especially around key support and resistance levels. It's crucial to adjust strategies based on both technical setups and fundamental news flows.


Disclaimer: The USD/CHF provided price action and technical analysis today 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
13.05.2024
 
GBPUSD Price Analysis for 15.5.2024


GBPUSDH4.jpg


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


Fundamental Analysis:


The recent news includes key economic indicators from both the UK and the US that could significantly affect the GBP/USD exchange rate. The US economic data analysis shows mixed signals with a steady Consumer Price Index (CPI) but a decline in the Empire State Manufacturing Index, suggesting potential vulnerabilities in the manufacturing sector. On the other hand, the UK data presents a stable unemployment rate with a slight increase in the Claimant Count. These economic indicators are essential to watch, as they provide insights into the economic health of both countries, influencing currency strength.


Price Action:

The GBP/USD chart currently shows that the price has rebounded to test a former support level at around 1.26000, which is now acting as resistance. The failure to break above this resistance level could lead to a bearish reversal. The price movement suggests a critical juncture where the pair might start a downward trend if the resistance holds firm.


Key Technical Indicators:

MACD:
MACD The Moving Average Convergence Divergence (MACD) is showing a lack of momentum with the histogram tightening and the MACD line flattening, which could indicate a potential shift in GBPUSD current trend.

RSI: The RSI is hovering around 45, which is slightly below neutral, indicating a bearish bias but no extreme oversold conditions that might suggest an imminent reversal.



Support and Resistance Levels:

Support:
The lowest points of the recent candles around 1.3630 serve as the immediate support level.

Resistance: The upper line of the Bollinger Band and recent peaks around 1.3720 act as resistance levels.



Conclusion:


Traders should closely monitor both the upcoming economic news and the GBPUSD reaction at the 1.26000 resistance level. A failure to break through could confirm the bearish price prediction, leading to potential short opportunities. Conversely, a strong push above this level could invalidate the bearish scenario for this pair. Given these dynamics, it's essential to stay updated with the latest economic reports and adjust strategies accordingly to navigate the volatile forex market effectively.


Disclaimer:
This 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
15.05.2024
 
USD/JPY daily chart analysis for 16.05.2024



USDJPY-H4-chart-market-technical-analysis-16.05.jpg


Time Zone: GMT +3
Time Frame: 4 Hours (H4)


Fundamental Analysis:


The USD-JPY chart analysis is influenced by economic indicators from both the U.S. and Japan. Recent Japanese economic data shows a contraction in GDP with the Preliminary GDP q/q at -0.5% versus the forecast of -0.3%. This indicates weaker economic activity, which generally weakens the JPY. Additionally, the GDP Price Index came in higher than expected at 3.6%, suggesting rising inflation which can pressure the Bank of Japan to adjust monetary policy. The Revised Industrial Production m/m came in below expectations, signaling weaker industrial output, which further weighs on the JPY.
In the U.S., high-impact news includes Jobless Claims with a forecast of 219k. A lower-than-expected figure would be positive for the USD as it indicates a stronger labor market. Additionally, the Building Permits and Philly Fed Manufacturing Index, both of medium impact, will provide insights into the housing market and manufacturing sector's health. The Industrial Production m/m data will also be crucial as it indicates the overall industrial output, and a figure higher than the forecast of 0.1% could further strengthen the USD. Positive economic indicators from the U.S. could support the USD, especially against the backdrop of weaker Japanese data.


Price Action:

On the H4 timeframe, the USD/JPY analysis shows a marked downtrend characterized by successive lower highs and lower lows. Recently, there has been a slight recovery with the formation of a bullish candle, suggesting a possible retracement or reversal in the short term. However, the broader trend remains downward as indicated by the overall movement and the positioning of the latest price below previous resistance levels.


Key Technical Indicators:

Bollinger Bands:
The bands have been widening recently, indicating increasing volatility. The price is currently near the lower band, which could suggest a potential rebound or consolidation at this level.

MACD: The MACD line is below the signal line and close to the zero line, signaling bearish momentum. However, the histogram shows a slight decrease in bearish momentum, which may suggest a possible slowdown in the downtrend.

RSI: The RSI is at 31.50 and moving upwards, indicating that the pair is close to oversold territory. This upward movement can signal a potential reversal or at least a pause in the current downtrend.


Support and Resistance:

Support:
Immediate support is around 153.760, with stronger support at 151.615, which aligns with recent lows.

Resistance: Initial resistance is around 154.475, with more significant resistance at 155.905, near the mid-range of the Bollinger Bands and the 50% Fibonacci retracement level.


Conclusion and Consideration:

The USD/JPY daily chart analysis is currently in a bearish trend on the H4 chart, with indicators showing potential for short-term support or a minor rebound. The fundamental usdjpy outlook favors the USD due to weaker Japanese economic data and potential positive U.S. economic reports. Traders should monitor key support and resistance levels closely, along with upcoming U.S. economic data releases, to identify potential trading opportunities and manage risk effectively. Given the current technical setup, cautious optimism for a short-term bounce could be warranted, but the overall bearish trend suggests remaining vigilant for further downside risks.


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
16.05.2024
 
EURNZD Analysis for 17.05.2024


EURNZD-H4-Daily-Technical-Analysis--For-05.17.jpg


Time Zone: GMT +3
Time Frame: 4 Hours (H4)


Fundamental Analysis:


The EURNZD pair reflects the exchange rate between the Euro and the New Zealand Dollar. Recent economic data from New Zealand shows the PPI Input at 0.7%, slightly above the forecast of 0.6%, and PPI Output at 0.9%, significantly above the forecast of 0.5%. These figures indicate stronger-than-expected producer prices, supporting the NZD currency. For the Euro currency, the Final Core CPI y/y is forecasted at 2.7% and the Final CPI y/y at 2.4%, reflecting mild inflationary pressures. While these figures suggest a stable economic environment in the Eurozone, their impact is expected to be low due to the nature of these data releases.


Price Action:

In the EUR NZD technical analysis on H4 time frame, the EUR-NZD chart shows a clear downtrend, characterized by successive lower highs and lower lows. The price is currently consolidating near a recent low, suggesting potential for either a continued downward move or a short-term rebound. The bearish candles indicate strong selling pressure, and a break below the current support level could signal further declines.


Key Technical Indicators:

Bollinger Bands:
The Bollinger Bands have widened and continue to widen, indicating increased volatility. The price is currently near the lower band, which suggests potential oversold conditions and a possible bounce.

MACD: The MACD line is below the signal line and in negative territory, indicating bearish momentum. The histogram shows increasing bearish divergence, suggesting that the downtrend may continue.

RSI: The RSI is at 33.55, which is approaching the oversold zone. This indicates that the pair might be due for a short-term correction or consolidation before continuing its downtrend.


Support and Resistance:

Support:
The immediate support level is at 1.7748, which is a recent low. A break below this level could lead to further declines towards 1.7700.

Resistance: The immediate resistance level is at 1.7864 (23.6% Fibonacci retracement level). The next significant resistance is at 1.7900 (38.2% Fibonacci retracement level).


Conclusion and Consideration:


The EURNZD chart analysis shows a strong bearish trend on the H4 chart, as indicated by the widening Bollinger Bands and the bearish MACD signal. While the RSI suggests the pair is approaching oversold conditions, the overall EURNZD technical outlook remains bearish. Traders should monitor the support level at 1.7748 closely; a break below this level could signal further declines. Conversely, if the pair bounces, the resistance levels at 1.7864 and 1.7900 should be watched for potential selling opportunities. Given the current market conditions and economic data, traders should exercise caution and implement proper risk management strategies.


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
17.05.2024
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

Similar threads

Users Who Are Viewing This Thread (Total: 1, Members: 0, Guests: 1)

Top
AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock    No Thanks