ForexTechnical Analysis

[FXGLORY]

Technical analysis of AUD/USD dated 22.08.2013

As it was mentioned in the previous technical analysis of this currency pair dated 05.08.2013, according to the formed signs, there was a potential for ascending of price which finally happened. Buyers were successful in reaching to the highest price of 0.9318 and after that the price has started to decrease. Currently price in monthly ad daily time frames is under 5-day moving average that shows descending of price during the net candles.

Price during the downfall with reaching to the supportive level of weekly pivot number 3 and Fibonacci level of 161.8 ABC pattern has stopped from more descend and has formed a bottom price in the level of 0.89317. As it is obvious in the picture below, price could not touch the Median Line of Pitchfork pattern and it is going toward the resistance line which shows changing price direction.Stoch indicator in daily time frame is in saturation sell area that confirms the current bottom price and warns about changing price direction. Currently there is a descending trend line made of 4 peak prices prevents the ascending of price.

FxGlory
2013.08.22

 

[FXGLORY]

Technical analysis of USD /CAD dated 23.08.2013

As it was mentioned in the previous technical analysis of this currency pair dated 20.08.2013, according to the formed signs, there was a potential for ascending of price which finally happened. Buyers were successful in reaching to the highest price of 1.05540 and the price is above 5-day moving. As it was mentioned in the previous technical analysis of this currency, in long period of time there is good potential for growth of price.

Price is going toward the resistance level of 1.06000 (the important psychic level of buyers) and there is not any clear reason of sell signal in long term time frames such as monthly and weekly. As it is obvious in the picture below, according to the formed movements in daily time frame, there is Bat harmonic pattern that the D (formation of a top price) point of this pattern is the first warning for a price downfall.

FxGlory
2013.08.23

 

[FXGLORY]

Technical analysis of Gold dated 29.08.2013

As it was mentioned in the previous technical analysis of this currency pair dated 16.08.2013, according to the formed technical signs, there was the potential for descending of price which finally happened. Buyers with creating a bottom price near the supportive level were successful in achieving the 434.16(using of the supportive edge of uptrend channel as a target). according to the recent descend the daily candle in previous day was appeared as Shooting Star candlestick pattern that shows failure of buyers in reaching to the higher prices and formation of a bottom price in this range (closing of bearish candle).

As it is obvious in the picture below, there is an AB=CD harmonic pattern between the bottom price of 1208.52 and the top price of 1434.16 with ideal ratios of 50 to 200 that warns about descending of price from the D point of this pattern. RSI indicator is in saturation buy area and confirms the current top price, also wars about formation of a top price. Generally until the top price of 1434.16 is preserved, price has the potential of descending.

FxGlory
2013.08.29

 

[FXGLORY]

EURJPY analysis for 31.10.2023





The EURJPY 4H chart shows signs of market consolidation within the Bollinger Bands. The currency pair has been oscillating between the upper and lower bands, indicating periods of volatility followed by stabilization. Notably, the Parabolic SAR dots, initially above the price candles suggesting a bearish trend, have recently moved below them, hinting at a possible bullish reversal. However, the proximity of the price candles to the middle Bollinger Band indicates a lack of strong directional bias. Traders should exercise caution and wait for a clear breakout from the bands or a consistent trend in the Parabolic SAR before making decisive moves. The upcoming sessions will be crucial to determine the pair's next direction.


FXGlory
31.10.2023

 

[FXGLORY]

AUDUSD analysis 02.11.2023




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


Fundamental Analysis:
The AUD/USD currency pair represents the exchange rate between the Australian Dollar and the US Dollar. Key drivers of this pair are monetary policy decisions from the Reserve Bank of Australia (RBA) and the Federal Reserve. Additionally, economic indicators from both countries, such as employment figures, GDP data, and commodity prices, play crucial roles, especially given Australia's dependency on commodity exports. Traders should continuously monitor these factors to grasp a clearer view of the pair's potential direction.


Price Action:
The H4 chart for AUD/USD displays alternating bullish and bearish trends. The most recent price movement demonstrates a notable bullish push, suggesting that buyers have gained some momentum in this timeframe.


Key Technical Indicators:
Bollinger Bands: Prices have moved within the Bollinger Bands, indicating periodic volatility. The central moving average has served as both support and resistance, providing dynamic points of interest.

RSI (Relative Strength Index): The RSI, positioned at approximately 68.10, is nearing the overbought threshold. This suggests potential over-extension and a possible retracement.

Parabolic SAR: The recent placement of the dots below the price suggests a bullish trend. However, traders should be watchful as the Parabolic SAR can quickly switch, indicating trend reversals.

Volumes: Visible volume bars show varying buying and selling activity. A heightened volume during an uptrend implies a strong bullish sentiment, while increased volume during downtrends might suggest a bearish sentiment.


Support and Resistance:
Resistance: The 0.65050 zone is evident as an immediate resistance for the pair.
Support: The 0.62850 region acts as a significant support level, with the price respecting this area on multiple occasions.


Conclusion and Consideration:
The AUD/USD pair on the H4 timeframe reveals a slightly bullish inclination due to recent upward price movements. The nearing overbought condition signaled by the RSI suggests caution and the possibility of a minor pullback. The Parabolic SAR currently supports this bullish sentiment, but its dynamic nature means traders should remain vigilant. Defining trades around the identified support and resistance, and blending technical insights with fundamental data from Australia and the US, will furnish traders with a more holistic perspective on market trends.


Note: We do not suggest any investment advice, and these analyses are just to increase the traders' awareness but not a certain instruction for trading.


FXGlory
02.11.2023

 

[FXGLORY]

GBPAUD analysis for 03.11.2023




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


Fundamental Analysis:
The GBPAUD currency pair represents the exchange rate between the British Pound and the Australian Dollar. Key determinants of this pair include monetary policy decisions from both the Bank of England (BoE) and the Reserve Bank of Australia (RBA). Additionally, trade relations, geopolitical events, and major economic indicators, such as employment statistics and inflation rates from both nations, significantly influence the pair's movements. As the UK navigates post-Brexit economic scenarios and Australia's reactions to commodity prices evolve, traders need to stay updated on these crucial developments.


Price Action:
The H4 chart for GBPAUD shows a general bearish trend, as evidenced by the recent downward movement. While there were intermittent bullish retracements, the dominant force appears to be sellers in the current timeframe.


Key Technical Indicators:

Ichimoku: The price is below the cloud, indicating a bearish trend. Moreover, the Tenkan-sen (green line) is below the Kijun-sen (blue line), reinforcing the bearish sentiment.

RSI (Relative Strength Index): Positioned at approximately 38.12, the RSI is in the middle zone. Although it's not in the oversold or overbought territories, its current direction hints at a continuation of the bearish momentum.

Volumes: The volume bars suggest mixed trading activity. There are spikes in volumes at certain bearish candles, pointing towards a stronger bearish sentiment during those periods.

MACD: The MACD line is below the signal line and has been diverging further, which is a bearish signal. Additionally, the histogram shows an increasing bearish momentum.


Support and Resistance:

Resistance: The 1.92500 level stands out as a prominent resistance, where the price faced multiple rejections.

Support: The 1.8890 region acts as the immediate support level, with price hovering close to this zone.


Conclusion and Consideration:
The GBPAUD pair on the H4 timeframe exhibits a pronounced bearish tone. The price action below the Ichimoku cloud, combined with the RSI's downward trajectory and the MACD's bearish divergence, consolidates this view. Traders should remain watchful of the identified support and resistance levels while integrating the underlying fundamental factors from both the UK and Australia to obtain a comprehensive market understanding.


Disclaimer: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.


FXGlory
03.11.2023

 

[FXGLORY]

ETHUSD analysis for 06.11.2023




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



Fundamental Analysis:

The ETHUSD pair reflects the exchange rate between Ethereum (ETH) and the US Dollar (USD). Fundamental factors that influence this cryptocurrency pair include technological developments within the Ethereum blockchain, regulatory news impacting cryptocurrencies, and the broader economic sentiment influencing the US Dollar. Investor sentiment around Ethereum's network upgrades, such as the transition to Ethereum 2.0, along with the US monetary policy and inflation data, play significant roles in its valuation. As global financial markets react to macroeconomic changes and the crypto industry's evolving landscape, monitoring these factors is essential for traders.



Price Action:

The H4 chart for ETHUSD indicates a bullish channel with rising support and resistance levels. The price has consistently made higher highs and higher lows, suggesting a strong uptrend within this period. Despite some pullbacks, the overall direction is upwards, with bullish momentum.



Key Technical Indicators:

RSI (Relative Strength Index): The RSI is around 68, which is nearing the overbought territory but still suggests that the bullish momentum is strong.

Volumes: The volume appears relatively consistent, with occasional spikes that coincide with significant price movements, indicating active market participation.

MACD (Moving Average Convergence Divergence): The MACD line is above the signal line and in positive territory, which is indicative of bullish momentum. There's also no sign of immediate crossover, suggesting the trend may continue.



Support and Resistance:

Resistance: The upper boundary of the bullish channel, which is currently near the 1905 level, is acting as a dynamic resistance.

Support: The lower boundary of the bullish channel, approximately around the 1830 level, serves as a dynamic support.



Conclusion and Consideration:

The ETHUSD pair on the H4 timeframe shows a clear bullish trend, supported by the price action within the ascending channel. Both RSI and MACD indicators are in favor of the current uptrend. However, traders should exercise caution as the RSI approaches overbought levels, which might lead to a temporary pullback or consolidation. Monitoring upcoming fundamental developments, especially concerning the Ethereum network and US economic data, is critical for anticipating potential trend reversals or continuations. Traders need to consider setting stop losses and taking profit levels near identified support and resistance zones to manage risk effectively.



Disclaimer: We do not suggest any investment advice, and these analyses are just to increase the traders' awareness but not a certain instruction for trading.


FXGlory
06.11.2023

 

[FXGLORY]

GBPAUD analysis for 07.11.2023





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

Fundamental Analysis:
The GBPAUD pair represents the exchange rate between the British Pound (GBP) and the Australian Dollar (AUD). Factors affecting this currency pair often include economic indicators from both the UK and Australia, such as interest rate decisions, GDP growth rates, employment changes, and trade balances. Additionally, global commodity prices, particularly metal and mineral markets, significantly impact the AUD due to Australia's large export economy. Brexit-related news continues to influence the GBP as the UK adjusts its trade and economic policies post its exit from the European Union. As these economies react to changes in global financial stability and currency market volatility, these fundamental aspects must be monitored closely by traders.

Price Action:
The H4 chart for GBPAUD displays a descending trendline, indicating a bearish bias in recent price movements. The pair has been making lower highs, which is characteristic of a downtrend. However, there is also a level of support that has been tested multiple times, suggesting a consolidation phase could be forming.



Key Technical Indicators:

RSI (Relative Strength Index): The RSI is hovering just above the 30 level, suggesting that the market may be in oversold territory and could potentially reverse or bounce back in the short term.

Volumes: The trading volume has shown variability with spikes that may correspond with price volatility. This indicates a market that is actively engaged with the current price trend.

MACD (Moving Average Convergence Divergence): The MACD line is below the signal line and has been residing in negative territory, confirming the bearish momentum. However, the histogram shows reduced bearish momentum, which could suggest a potential weakening of the current downtrend.


Support and Resistance:

Resistance: The descending trendline currently near the 1.9132 level acts as a dynamic resistance.

Support: The horizontal support line around the 1.8883 level has been tested multiple times, indicating a strong area of buyer interest.


Conclusion and Consideration:

The GBPAUD pair on the H4 timeframe is exhibiting a bearish trend, highlighted by the descending trendline. The RSI and MACD indicators support this view but also caution about the potential for a reversal given the RSI's proximity to the oversold territory and the MACD's reduced negative momentum. Traders should stay vigilant for any shifts in fundamental factors from both the UK and Australia that might influence the pair's direction. Given the current price action, there may be opportunities to look for bearish signals off the trendline or bullish signals for a potential bounce from support. It's advisable for traders to use stop losses and consider profit targets around the key support and resistance levels to manage risks appropriately.


Disclaimer: We do not suggest any investment advice, and these analyses are just to increase the traders' awareness but not a certain instruction for trading.


FXGlory
07.11.2023

 

[FXGLORY]

EURNZD analysis for 08.11.2023





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

Fundamental Analysis:

The Euro to New Zealand Dollar (EURNZD) exchange rate is influenced by a variety of economic factors from both the Eurozone and New Zealand. The Eurozone’s performance is tracked through interest rate decisions by the European Central Bank, GDP growth rates, inflation, and the region's political stability and economic recovery. In New Zealand, an export-driven economy, commodity prices, especially for dairy and agricultural goods, play a pivotal role. Both currencies are also affected by global financial conditions, market risk sentiment, and international trade tensions.

Price Action:

The H4 chart reveals a bullish trend for the EURNZD pair, with the price positioned above the Ichimoku Cloud, indicating a potential bullish momentum shift. The recent pattern of higher lows forms an ascending trend that suggests a recovery from previous lows and a current uptrend.



Key Technical Indicators:

Ichimoku Cloud: A bullish signal is present, with the Tenkan-sen (blue line) crossing above the Kijun-sen (red line), pointing to an upward momentum.

Volumes: Trading volumes show a mix of activity with spikes that typically indicate significant price movements and active market participation.

MACD (Moving Average Convergence Divergence): The MACD line is above the signal line, signaling bullish momentum. However, a note of caution is due to the convergence that may signal a potential slowdown in the bullish pace.


Support and Resistance:

Resistance: The upper border of the Ichimoku Cloud may act as immediate resistance, along with a previous local high near 1.8053 level.

Support: The Kijun-sen (part of the Ichimoku Cloud) may offer near-term support, with further support potentially at the latest swing low around the 1.7900 level.


Conclusion and Consideration:

The short-term technical outlook for the EURNZD pair is cautiously optimistic, supported by the price action above the Ichimoku Cloud and the bullish crossover signaled by the MACD. While the bullish trend is evident, traders should monitor for signs of weakening momentum as suggested by the MACD's convergence. It is vital to consider the impact of economic indicators and global market sentiment on the currency pair. Traders should implement risk management strategies, including setting stop-loss orders and taking profits at critical levels, and stay informed on economic developments that could influence the pair's movement.

Disclaimer: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.


FXGlory
08.11.2023

 

[FXGLORY]

GBPNZD analysis for 09.11.2023




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


Fundamental Analysis:
The GBPNZD currency pair reflects the exchange rate between the British Pound (GBP) and the New Zealand Dollar (NZD). Factors that may affect this pair include differences in the economic outlook and monetary policies of the Bank of England and the Reserve Bank of New Zealand, trade relations between the United Kingdom and New Zealand, and global commodity prices, particularly dairy products which are a significant export of New Zealand. Additionally, risk sentiment among investors, driven by geopolitical events and global economic performance, can cause fluctuations in this currency pair.


Price Action:
The H4 timeframe shows that the GBPNZD pair has been experiencing some volatility with a recent downtrend followed by a modest recovery. After a period of decline, the price has moved above the Alligator's jaws, suggesting a potential shift in momentum. The latest candles are forming above the moving averages, indicating that the bulls may be attempting to regain control of the market direction.


Key Technical Indicators:
RSI (Relative Strength Index): The RSI is just above the midline at 57, suggesting that the momentum is slightly more in favor of the buyers but not yet indicating overbought conditions.

Volumes: The volume bars show some spikes, which correspond with large price movements, signaling active market participation and potential shifts in market sentiment at those times.

Alligator: The Alligator lines have started to intertwine, and the price is currently above these lines, hinting at a possible emerging bullish phase if the price continues to stay above the Alligator’s jaws.


Support and Resistance:
Resistance: The previous high near the 2.0840 level may act as resistance in the short term.

Support: A support zone can be identified around the 2.0573 level, where the price has recently bounced, showing some buying interest.


Conclusion and Consideration:
The GBPNZD pair on the H4 chart suggests a market trying to find its footing after a period of bearish movement, with potential early signs of a bullish correction. The RSI and Alligator indicators provide mild bullish signals, while volume analysis indicates engagement by traders during significant moves. Traders should watch for the ability of the price to stay above the Alligator's jaws and the RSI to remain stable for further bullish confirmation. Keeping an eye on economic announcements from both the UK and New Zealand is crucial, as they could significantly impact the pair's movement. Caution should be maintained, and risk management strategies, including stop-loss orders, should be in place to protect against sudden reversals.


Disclaimer: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.


FXGlory
09.11.2023

 

[FXGLORY]

LTCUSD analysis 10.11.2023




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


Fundamental Analysis:
The LTCUSD pairing is indicative of Litecoin's relative value to the US Dollar. Fundamental influences on Litecoin include technological advancements, adoption rates, and competitive positioning in the cryptocurrency market. Regulatory news and macroeconomic factors such as inflation rates and central bank policies that impact the US Dollar also have an indirect effect on LTCUSD. As Litecoin often follows Bitcoin's trend, it's important to consider the latter's performance for potential impact.


Price Action:
On the H4 timeframe, LTCUSD shows a bullish trend with the price having recently experienced a pullback. The uptrend is characterized by a sequence of higher highs and higher lows over the examined period, indicating a positive market sentiment toward Litecoin. The recent candles suggest a potential consolidation phase following the uptrend.


Key Technical Indicators:
Bollinger Bands: The price has recently pulled back to the upper Bollinger Band, potentially signaling a period of consolidation or a minor retracement within the bullish trend.

Stochastic: The Stochastic indicator is descending towards the oversold territory, suggesting that the current retracement may continue before the upward trend resumes.

RSI (Relative Strength Index): The RSI is hovering just below the mid-point at around 48, indicating a slight loss of bullish momentum but not signaling a definitive downtrend.

Parabolic SAR: The last two dots have appeared above the price bars, indicating a potential shift to a downtrend or a more pronounced pullback within the broader bullish context.


Support and Resistance:
Support: Immediate support is found near the $70.50 level, corresponding with the recent lows and the middle Bollinger Band.

Resistance: The recent high near $75.90 acts as the immediate resistance level and coincides with the upper Bollinger Band.


Conclusion and Consideration:
The LTCUSD pair has been in a bullish phase but is currently showing signs of a potential trend reversal or deeper pullback, as indicated by the Parabolic SAR and the descent of the Stochastic indicator. While the RSI suggests that the uptrend may not be completely over, traders should be cautious and consider the possibility of a short-term bearish movement. Monitoring upcoming fundamental news and market sentiment will be essential in determining if the bullish trend will resume or if a reversal is underway. Proper risk management and preparedness for volatility should be a priority for traders in this market.


Disclaimer: This technical analysis is for informational purposes only and should not be taken as investment advice. Trading cryptocurrencies carries a high level of risk and may not be suitable for all investors. It is recommended to consult a financial advisor and conduct thorough research before engaging in any trading activities.


FXGlory
10.11.2023

 

[FXGLORY]

EURUSD analysis for 13.11.2023





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


Fundamental Analysis:

The EURUSD pair represents the exchange rate between the Euro (EUR) and the US Dollar (USD). Factors affecting this currency pair include key economic indicators from the Eurozone and the United States, such as interest rate decisions by the European Central Bank and the Federal Reserve, inflation rates, unemployment data, and manufacturing output. Additionally, geopolitical events, trade relations, and market sentiment toward global economic health significantly impact EURUSD. The pair is also influenced by the monetary policies of both central banks, which are currently navigating the post-pandemic economic recovery.


Price Action:

The H4 chart for EURUSD shows a series of higher lows along with higher highs, indicating an uptrend. The presence of a descending trendline that has been breached suggests a potential reversal of the previous bearish sentiment to a bullish outlook.



Key Technical Indicators:

RSI (Relative Strength Index): The RSI is near the 50 level, indicating a balance between buying and selling pressures. It does not show an overbought or oversold market, which suggests that there is room for the trend to continue either way.

Volumes: The volume is not visible in the provided chart, so we cannot assess its impact on current price action.

MACD (Moving Average Convergence Divergence): The MACD indicator is not included in the provided chart, so its analysis is not applicable here.


Support and Resistance:

Resistance: The recent swing high near the 1.07525 level may act as a resistance level.

Support: The Fibonacci retracement levels, particularly around the 38.2% level at 1.06259, could serve as support, as they often coincide with key levels of buying interest.


Conclusion and Consideration:

The EURUSD pair on the H4 timeframe suggests an uptrend as indicated by the pattern of higher highs and higher lows. The breach of the descending trendline may also signal a bullish momentum. However, traders should monitor key fundamental factors from both the Eurozone and the United States, as they could greatly affect the direction of the pair. The RSI suggests a neutral market, providing no clear overbought or oversold signals. Traders may consider opportunities to enter long positions on pullbacks to significant Fibonacci levels, with stop losses set below key support levels to manage risk. It is also prudent to watch for price action near the recent swing high, as it may serve as a short-term resistance level.


Disclaimer: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.


FXGlory
13.11.2023

 

[FXGLORY]

AUDCAD analysis for 14.11.2023




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


Fundamental Analysis:

The AUDCAD pair represents the exchange rate between the Australian Dollar (AUD) and the Canadian Dollar (CAD). Factors influencing this currency pair often include economic indicators from Australia and Canada, such as GDP growth rates, interest rate decisions by the Reserve Bank of Australia and the Bank of Canada, commodity prices (especially as both economies are commodity-export-driven), and trade balance data. Additionally, global risk sentiment and geopolitical events can have a notable impact, as the AUD is often seen as a riskier asset, while the CAD is closely tied to oil prices.


Price Action:

The H4 chart for AUDCAD illustrates a price consolidation pattern, with the pair trading within a symmetrical triangle, indicating indecision in the market. The currency pair appears to be coiling for a breakout, which could dictate the next significant move.


Key Technical Indicators:

RSI (Relative Strength Index): The RSI is hovering just below the midpoint at around 45, indicating a slight bearish momentum without being in the oversold territory, suggesting that there might be more room for downside movement.

Bollinger Bands: The price is currently near the middle Bollinger Band. A breakout from the Bollinger Bands could suggest a potential trend acceleration in the direction of the breakout.



Support and Resistance:

Resistance: The recent swing high near the 0.88060 level may act as a resistance level.

Support: The closest support around the price line lies at around 0.87620.


Conclusion and Consideration:

The AUDCAD pair on the H4 timeframe is showing a period of consolidation, with the symmetrical triangle pattern suggesting a balance between buyers and sellers. Traders should keep an eye on a breakout from this pattern for directional cues. The RSI indicates neither overbought nor oversold conditions, allowing for a potential move in either direction. A breakout above the triangle and the upper Bollinger Band could signal a bullish move, while a drop below the triangle and the lower Bollinger Band might indicate bearish momentum. Monitoring upcoming economic data releases from both countries will be crucial, as these may trigger the breakout and set the pair's direction. Investors should also consider global economic trends and commodity prices when analyzing AUDCAD, given their influence on both currencies.


Disclaimer: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.


FXGlory
14.11.2023

 

[FXGLORY]

BCHUSD analysis for 16.11.2023


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


Fundamental Analysis:

The BCHUSD pair denotes the exchange rate between Bitcoin Cash (BCH) and the US Dollar (USD). Fundamentals affecting this pair include Bitcoin Cash's adoption rate, technological updates, and scalability solutions. Additionally, investor sentiment towards Bitcoin Cash as an alternative to Bitcoin, regulatory announcements regarding cryptocurrency, and economic indicators from the US, such as interest rate decisions and inflation figures, could significantly impact this trading pair. As the cryptocurrency market remains sensitive to regulatory and technological changes, staying informed on these aspects is crucial for traders.

Price Action:

The BCHUSD H4 chart shows a period of consolidation followed by a bullish breakout. The recent candles indicate a surge in buying pressure, pushing the price above previous consolidation zones. This suggests an uptrend with potential for continuation if the bullish sentiment persists.


Key Technical Indicators:

Bollinger Bands: The price has broken above the upper Bollinger Band, indicating a strong upward move that may be considered overextended in the short term.

RSI (Relative Strength Index): The RSI is trending upwards, currently above the 50 level, which indicates the momentum has shifted from neutral to bullish.

William's Percentage Range: The indicator is near the -20 level, which often signifies overbought conditions; however, in strong trends, the price can remain in this territory for an extended period.

Support and Resistance:

Support: The previous consolidation range of around $225 acts as a support level.

Resistance: The next significant resistance level can be expected near the $250 mark, where the price has shown reactions in the past.

Conclusion and Consideration:

The BCHUSD chart on the H4 timeframe displays a bullish breakout from a consolidation phase, with indicators supporting the continuation of the uptrend. However, the proximity to overbought levels on both the Bollinger Bands and William's Percentage Range suggests caution for potential pullbacks. Traders should watch for sustained trading above the upper Bollinger Band and for the RSI to remain above 50 to confirm bullish momentum, while also being mindful of key support and resistance levels for risk management.


Disclaimer: This analysis is for informational purposes only and should not be construed as investment advice. Traders should conduct their own research and consider their risk tolerance before trading.


FXGlory
16.11.2023

 

[FXGLORY]

USDZAR analysis for 17.11.2023





Time Zone: GMT +2

Time Frame: 4 Hours (H4)



Fundamental Analysis:

The USDZAR pair, representing the exchange rate between the US Dollar and the South African Rand, is influenced by the economic policies and political stability of both nations. Factors such as the US's interest rate decisions, economic data, and global market sentiment play a vital role in the USD's strength. For the ZAR, commodity prices, particularly precious metals that South Africa exports, and domestic economic indicators significantly impact its performance. With emerging market currencies often sensitive to risk sentiment, global economic conditions and investor confidence can lead to heightened volatility for the pair.


Price Action:

On the H4 chart, USDZAR has recently shown a downward trend, indicated by a series of lower highs and lower lows. However, the latest price action suggests a potential reversal or pullback, with recent candles closing above the preceding ones and a break in the previous pattern of declines.


Key Technical Indicators:

Parabolic SAR: The last three dots appearing below the candles suggest a potential trend reversal from bearish to bullish.

MACD: The MACD histogram is below the zero line, but the narrowing gap between the MACD and signal lines may indicate weakening bearish momentum.

Volumes: The presence of higher volumes during the recent price decline points to strong bearish sentiment, but any continued increase in volume could support a reversal if it accompanies price increases.

Bollinger Bands: The price touching the lower Bollinger Band could mean the market is oversold, which sometimes precedes a price correction or reversal.


Support and Resistance:

Resistance: Immediate resistance might be found near the recent high around 18.5000.

Support: A significant level of support lies at the recent low near 18.0000, which could be a psychological threshold for the market.


Conclusion and Consideration:

The H4 chart of USDZAR suggests that while the previous trend was bearish, there are signs of a potential reversal, as indicated by the Parabolic SAR. However, the bearish MACD indicates that caution is warranted. Any trading strategy should be flexible enough to account for a reversal or continuation of the trend, with close attention paid to fundamental factors affecting both the USD and ZAR. Risk management, including the use of stop losses and take-profit orders near identified support and resistance levels, remains crucial.

Disclaimer: This analysis is for informational purposes only and does not constitute investment advice. Traders should always perform their own research and consider their risk tolerance before entering any trades.

FXGlory
17.11.2023

 

[FXGLORY]

LTCUSD analysis for 20.11.2023




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


Fundamental Analysis:

The LTCUSD pair signifies the value of Litecoin (LTC) in terms of US dollars. Fundamental factors influencing LTC include adoption trends, technological advancements such as the implementation of MimbleWimble for privacy and scalability, and overall market sentiment towards altcoins. External influences like regulatory news, economic indicators from the US, and Bitcoin's market movements can also greatly affect LTCUSD. Given the volatility of the crypto market, these factors can lead to significant price swings.


Price Action:

The LTCUSD chart on the H4 timeframe indicates a volatility contraction pattern, as evidenced by the Bollinger Bands narrowing, followed by a slight downturn in recent sessions. The price action is currently within the lower half of the Bollinger Band range, showing a short-term bearish bias.


Key Technical Indicators:

Bollinger Bands: The price is testing the lower Bollinger Band, hinting at a potential short-term oversold condition or the beginning of a bearish trend.

Parabolic SAR: The dots are above the price, which suggests a downtrend is currently in place.

Volumes: There is a visible increase in volume during the downward price bars, indicating a stronger bearish sentiment.

MACD: The MACD line is below the signal line and approaching negative territory, which supports the bearish momentum seen in the price action.


Support and Resistance:

Support: The nearest support level is at the $58 area where previous price action showed consolidation.

Resistance: The resistance is likely to be at the upper Bollinger Band, around the $74 mark, where the price previously peaked.


Conclusion and Consideration:

The technical analysis of LTCUSD on the H4 chart suggests a bearish outlook in the short term, with indicators like the Bollinger Bands and Parabolic SAR supporting this view. The increase in volume on down bars and the MACD's position below the signal line reinforce the strength of the current downtrend. Traders should look for potential reversal signals near the support level or a continuation of the trend if the price fails to rally. It's important to monitor for any fundamental changes that could affect market sentiment and lead to a shift in price direction.


Disclaimer: This analysis is for informational purposes only and should not be construed as investment advice. Traders should conduct their own research and consider their risk tolerance before trading.


FXGlory
20.11.2023

 

[FXGLORY]

BTCUSD analysis for 21.11.2023



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


Fundamental Analysis:

The BTCUSD pair represents the exchange rate between Bitcoin (BTC) and the US Dollar (USD). Factors influencing this cryptocurrency often include global economic sentiment, regulatory news concerning cryptocurrency, technological advancements within the blockchain space, and shifts in investor sentiment towards riskier assets. In particular, Bitcoin's price is sensitive to changes in regulatory environments, updates or forks in the blockchain technology, and the level of adoption by consumers and businesses.


Price Action:

The chart provided appears to represent an H4 (4-hour) time frame for BTCUSD. The price action shows a series of green and red candles, indicating a volatile market with frequent price changes. The recent price trend shows an upward trajectory, which suggests a bullish outlook in the short term.


Key Technical Indicators:

RSI (Relative Strength Index): The RSI is indicating a value above the midpoint but below the overbought threshold, which points to bullish momentum that is not yet exhausted.

MACD (Moving Average Convergence Divergence): The MACD line is above the signal line and increasing, which typically suggests that the bullish momentum is strengthening.

Stochastic Oscillator: The Stochastics are in the upper region but not in overbought territory, which aligns with a strong but not overextended uptrend.


Support and Resistance:

Resistance: The recent high points at around 37950.00 serve as potential resistance levels, where sellers might come in.

Support: The closest support around the price line lies at around 36500.00


Conclusion and Consideration:

The BTCUSD pair on the H4 timeframe shows a bullish price action with an ascending trend. The RSI suggests that there is still room for upward movement before the asset becomes overbought. The positive divergence in the MACD indicates strengthening momentum. However, traders should be cautious of potential resistance levels where the price may face sell-offs. As Bitcoin is a highly volatile asset influenced by numerous unpredictable factors, traders should also keep abreast of news related to cryptocurrency regulation and market sentiment, which can cause sudden price movements. Investors should consider diversification and risk management strategies when trading in cryptocurrencies due to their inherent volatility.


Disclaimer: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.


FXGlory
21.11.2023

 

[FXGLORY]

EURUSD analysis 22.11.2023


Time Zone: GMT +2

Time Frame: 4 Hours (H4)


Fundamental Analysis:

In the EUR/USD currency pair, a technical analysis reveals some interesting insights. The Ichimoku cloud indicator shows that the candles are currently trading above the cloud, suggesting a potential bullish bias. However, it's worth noting that both the base and conversion lines are positioned below the candles, indicating that while there might be some short-term bullish momentum, the longer-term trend may still have a bearish undertone. The Relative Strength Index (RSI) stands at 57, indicating a relatively neutral position. It suggests that the market is not significantly overbought or oversold at this point, which could signify a period of consolidation or indecision among traders. In the Moving Average Convergence Divergence (MACD) indicator, the MACD line is observed moving closer to the histogram bar. This convergence could signal a potential shift in momentum. Traders often look for crossovers or divergences between the MACD line and the signal line to identify potential trend changes. In this case, the proximity of the MACD line to the histogram may indicate that the market is approaching a point of decision.
It's advisable to consider fundamental factors that may impact the EUR/USD pair to make well-informed trading decisions.


Price Action:

In the EUR/USD currency pair, the price action analysis reveals several noteworthy observations. Over the provided timeframe, the price has displayed a series of price movements and patterns. It is essential to examine these patterns to gain insights into potential market direction.


Key Technical Indicators:

Various technical indicators can provide valuable information about the EUR/USD pair's current status. Analyzing these indicators can help traders make informed decisions and gauge the market's underlying dynamics.


Support and Resistance:

Resistance: The area around 1.09500 has been a strong resistance point..

Support: Around the 1.05500 mark is where the price has found consistent support, acting as a base on several instances.


Volume Analysis:

Analyzing trading volume can provide important clues about market sentiment. Volume spikes or patterns can indicate increased interest or activity in the market, which may lead to significant price movements. Understanding volume dynamics is essential for assessing the strength of trends and potential reversals.


Conclusion and Consideration:

In conclusion, a comprehensive analysis of the EUR/USD currency pair incorporates various factors, including price action, key technical indicators, support and resistance levels, and volume analysis. By considering all these aspects, traders can make well-informed decisions and better navigate the complexities of the forex market. It's important to monitor these elements continually and adapt strategies accordingly to stay ahead in the ever-changing forex landscape.

Disclaimer: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.

FXGlory
22.11.2023

 

[FXGLORY]

USDCAD analysis 23.11.2023




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


Fundamental Analysis:

The USDCAD pairing encapsulates the economic dynamics between the United States and Canada, where factors such as trade relationships, oil price fluctuations (due to Canada's status as a significant oil exporter), and the monetary policies from the Federal Reserve and the Bank of Canada are of particular relevance. Current trends are likely influenced by variations in both countries' interest rate trajectories, employment data, and international trade tensions. Investors should consider the impact of these fundamentals, as they could significantly drive the CAD's valuation in relation to the USD.


Price Action:

The H4 chart for USDCAD shows a recent downtrend giving way to a possible reversal as indicated by the last few candlesticks forming a base above previous support levels. The price has moved away from its recent lows, suggesting a weakening of the bearish trend and a potential shift in market sentiment.


Key Technical Indicators:

Parabolic SAR: The position of the last three dots below the candles suggests a potential shift to a bullish trend or at least a pause in the downtrend.

Bollinger Bands: The price has been interacting with the lower Bollinger Band, indicating that the pair is in a low volatility phase, potentially poised for a breakout.

MACD: The MACD line remains below the signal line; however, the gap between them appears to be narrowing, which could signal a slowing down of bearish momentum.

Volumes: The presence of higher volumes on down days indicates strong selling pressure, though recent volume bars suggest a decrease in selling intensity.


Support and Resistance:

Resistance: The resistance is currently seen near the 1.3750 level where the price has previously faced rejections.

Support: A support zone appears to be established around the 1.3650 level, which could be pivotal for near-term price action.


Conclusion and Consideration:

The USDCAD on the H4 timeframe indicates a potential shift from a bearish to a more neutral or slightly bullish stance, as suggested by the Parabolic SAR indicator. Caution is advised as the MACD has not yet confirmed a bullish crossover and volumes do not strongly support an upward move. Traders should closely monitor upcoming economic announcements and consider the recent shift in technical indicators while planning their strategies, particularly with regard to the established support and resistance levels.


Disclaimer: This analysis is for informational purposes only and is not intended as investment advice. Trading involves risks and it is recommended that individuals conduct their own research and consult with financial advisors before making trading decisions.


FXGlory
23.11.2023​

 

[FXGLORY]

NZDJPY analysis 24.11.2023

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



Fundamental Analysis:

The NZDJPY currency pair reflects the economic interplay between New Zealand and Japan, where trade balances, interest rate differentials, and geopolitical events play significant roles. The New Zealand economy's reliance on dairy exports and Japan's status as an export-driven economy with a focus on technology and automobiles must be considered. Market sentiment towards risk, often reflected in this pair, may currently be influenced by changes in commodity prices, especially dairy, and Japan's monetary policy in response to global economic shifts.


Price Action:

The price action on the NZDJPY H4 chart illustrates a period of consolidation followed by a bullish breakout. The recent formation of higher lows suggests an uptrend, with the market participants finding value at these levels. The latest candles indicate a continuation of buying interest, with the price remaining above the Ichimoku cloud, signaling a bullish sentiment in the near term.

Key Technical Indicators:

Ichimoku Cloud: The price is trading above the Ichimoku cloud, and the cloud is showing a green span, indicating a bullish market environment. The conversion line (Tenkan-sen) is above the base line (Kijun-sen), which reinforces the bullish momentum.

Relative Strength Index (RSI): The RSI is hovering around 63, which is above the median 50 mark but not yet in the overbought territory. This suggests that there is room for upward movement before the market becomes overextended.


Support and Resistance:

Resistance: The first significant resistance appears near the recent highs around the 90.50 area, where the price might encounter selling pressure.

Support: The nearest support level is identified by the base of the recent price consolidation around 89.00, which could act as a floor in the event of a pullback.


Conclusion and Consideration:

The technical outlook for NZDJPY on the H4 chart is currently bullish, as indicated by the price action above the Ichimoku cloud and the RSI remaining in a healthy range. However, it's crucial for traders to monitor upcoming economic releases from both New Zealand and Japan, as they could introduce volatility and impact the currency pair's movement. Keeping an eye on global risk sentiment is also important when trading this pair, given its sensitivity to such dynamics. As the RSI is not signaling overbought conditions yet, there may still be potential for further gains, but traders should be mindful of the established resistance and support levels when planning trades.


Disclaimer: This analysis is for informational purposes only and is not intended as investment advice. Trading involves risks and it is recommended that individuals conduct their own research and consult with financial advisors before making trading decisions.


FXGlory
24.11.2023