Daily Analysis By FXGlory

[FXGlory]

EUR/USD Technical Analysis for 3.06.2024

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


Fundamental Analysis:

The EUR/USD currency pair is influenced by various economic data releases today. Key among these is the Eurozone Retail Sales report, which is expected to show a 0.3% increase. A higher-than-expected result would be positive for the Euro. Additionally, other data such as German Factory Orders, Eurozone GDP, and various CPI figures will be released, though these are expected to have a moderate impact. On the US side, the Non-Farm Payrolls report and the Unemployment Rate are crucial indicators, with the NFP forecasted at 200K, indicating steady job growth, which could influence the USD.


Price Action:

The EUR/USD forex pair has been experiencing a bearish trend in the H4 timeframe. The price has recently retraced but remains above the critical support levels, suggesting the potential for continued downward movement. The recent candles show a consolidation phase, with the price moving towards the lower band of the Bollinger Bands.


Key Technical Indicators:

Ichimoku:

The Ichimoku Cloud analysis shows a bearish signal as the last cloud is red, indicating a negative outlook. Both the conversion line (Tenkan-sen) and the base line (Kijun-sen) are below the candles, which supports the bearish sentiment.

MACD (Moving Average Convergence Divergence):

The MACD line is below the histogram, indicating bearish momentum and suggesting a downward trend. The histogram also shows increasing bearish momentum, reinforcing the possibility of further declines.

Elliott Wave Analysis:

The Elliott Wave analysis for EUR/USD indicates that the pair is in a corrective phase. The recent waves suggest that the pair might continue its downward trajectory before completing the current wave structure.



Support and Resistance:

Support Levels:

Immediate support is at 1.0800, which aligns with the recent price action and the lower boundary of the Ichimoku Cloud. Further support is found at 1.0750, coinciding with previous swing lows.

Resistance Levels:

Immediate resistance is at 1.0900, where the recent highs align with the upper Bollinger Band. Further resistance is at 1.0950, the recent peak and psychological level.


Conclusion and Consideration:

The EUR/USD pair on the H4 chart shows a predominantly bearish trend with temporary consolidation. Key technical indicators such as the Ichimoku Cloud, MACD, and Elliott Wave analysis support the likelihood of continued downward movement. Traders should monitor upcoming economic data releases from the Eurozone and the US, as they could introduce volatility and influence the pair’s direction.


Disclaimer: The provided EUR/USD analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis of the EUR/USD forex pair before making any trading decisions. Market conditions can change rapidly, and it is essential to stay updated with the latest information.


FxGlory
3.06.2024

 

[FXGlory]

Gold Price Analysis for 04.06.2024

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


Fundamental Analysis:

Gold, also known as XAU/USD, continues to be influenced by a mix of economic data and geopolitical factors. Recent data from the United States, including robust employment figures and persisting inflation concerns, has kept the Federal Reserve on a path of potential interest rate hikes, strengthening the US Dollar and exerting downward pressure on gold. Furthermore, geopolitical uncertainties, particularly in Europe and Asia, add to the volatility, with investors often seeking gold as a safe-haven asset during times of heightened uncertainty. This context provides crucial insights into the XAU/USD technical analysis today live, offering a broader understanding of the current market dynamics.


Price Action:

The H4 timeframe for XAU/USD shows a predominantly bearish trend. The price action has been characterized by lower highs and lower lows, indicating sustained downward momentum. Despite occasional attempts to break above resistance levels, the price remains constrained below the Ichimoku cloud and a descending trendline, reinforcing the bearish sentiment. Observing the gold news today, it is evident that these factors are shaping the current price movement.


Key Technical Indicators:

Ichimoku Cloud:

The price is trading below the Ichimoku cloud, signaling a bearish outlook as the cloud acts as a major resistance zone. This aligns with the gold forecast news live, suggesting a continuation of the bearish trend.

MACD (Moving Average Convergence Divergence):

The MACD histogram is negative, with the MACD line below the signal line, indicating ongoing bearish momentum and potential for further price declines.

RSI (Relative Strength Index):

The RSI is at 55.30, suggesting a neutral to slightly bearish sentiment. The indicator shows room for the price to decline further before reaching oversold conditions.


Support and Resistance:

Support Levels:

Immediate support is found at 2333.73 and 2320.29. A break below these levels could lead to a decline towards 2302.93.

Resistance Levels:

Key resistance levels are located at 2350.54 and 2366.77. A sustained move above these levels could challenge the prevailing bearish trend.


Conclusion and Consideration:

The XAU/USD pair on the H4 chart exhibits a strong bearish trend, with key technical indicators confirming downward momentum. The price remains below significant resistance levels, including the Ichimoku cloud and descending trendline. Traders should monitor economic data releases and geopolitical developments closely, as these can impact gold prices significantly. In the current environment, considering short positions while setting appropriate stop-loss levels to manage risk could be prudent. Watch for any signs of trend reversals, especially if the price begins to break above key resistance levels. Keeping up with the gold forecast news live and XAU/USD technical analysis today will be essential for making informed trading decisions.


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
04.06.2024

 

[FXGlory]

USDCAD Price Analysis for 05.06.2024

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


Fundamental Analysis:

The USDCAD pair continues to be influenced by a combination of economic data and geopolitical factors. Recent US economic reports, such as strong employment figures and ongoing inflation concerns, are pushing the Federal Reserve towards potential interest rate hikes, thereby strengthening the US Dollar. This, in turn, affects the USDCAD currency trend. Additionally, Canadian economic data and oil prices play significant roles in shaping the pair's movements. Staying updated with the USDCAD news analysis is crucial for understanding the broader market dynamics.


Price Action:

On the H4 timeframe, USDCAD is showing a mixed market sentiment. While the price is above the Ichimoku cloud, suggesting an uptrend, the red cloud indicates potential future bearishness. The candles are above the cloud, with the base line (Kijun-sen) in the cloud and the conversion line (Tenkan-sen) below the candles. The market appears to be ranging, awaiting a clear direction.


Key Technical Indicators:

Ichimoku Cloud:

The last cloud on the USDCAD chart is red, signaling possible future bearish sentiment. The candles are above the cloud, indicating a current uptrend. The base line is in the cloud, and the conversion line is below the candles, suggesting consolidation.

Order block:

Identified order blocks indicate key support and resistance areas. Monitoring the market’s reaction to these areas is crucial for potential trading opportunities.


Support and Resistance:

Support Levels: Watch for reactions around key support zones, which may provide buy opportunities if the price bounces.

Resistance Levels: Key resistance areas could serve as sell points if the price fails to break through.


Conclusion and Consideration:

The USDCAD pair exhibits a mixed sentiment on the H4 chart. While the current uptrend is indicated by the price being above the Ichimoku cloud, the red cloud suggests caution due to potential bearish future movements. The MACD also points to a downtrend, adding to the mixed signals. Traders should closely watch the market's reaction to the identified order blocks and key support and resistance levels.


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
05.06.2024

 

[FXGlory]

GBPUSD H4 Technical and Fundamental Analysis for 06.06.2024

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


Fundamental Analysis:

The GBPUSD forecast today reflects the relationship between the British Pound (GBP) and the US Dollar (USD). Fundamental factors influencing the GBPUSD pair include interest rate differentials, economic growth, and geopolitical stability. For the GBP, upcoming Construction PMI data is expected to impact market sentiment, with a forecast of 52.5 indicating expansion. For the USD, high-impact Unemployment Claims data, with a forecast of 220K, will be closely watched as it provides insights into the labor market, influencing the USD's strength.


Price Action:

On the H4 timeframe, the GBPUSD pair shows a steady uptrend, characterized by higher highs and higher lows. The GBPUSD price forecast today indicates a potential bullish continuation if the pair breaks above the immediate resistance levels. The market has recently tested significant resistance near 1.2836, suggesting a possible consolidation before further upward movement.


Key Technical Indicators:

Ichimoku Cloud:

The price is above the Ichimoku Cloud, indicating a bullish trend. The leading span lines (Senkou Span A and B) are widening, reinforcing the bullish sentiment.

The Tenkan-sen (red line) and Kijun-sen (blue line) are bullishly aligned, with the Tenkan-sen above the Kijun-sen.

Volume:

The recent increase in volume suggests strong buying interest, supporting the bullish momentum. Volume spikes coincide with upward price movements, confirming the validity of the uptrend.

RSI (Relative Strength Index):

The RSI is at 58.32, which is moderately bullish. This indicates that there is room for further upward movement before reaching overbought conditions (above 70).


Support and Resistance:

Support Levels:

The nearest support level is at 1.2763, followed by stronger support at 1.2703.

Resistance Levels:

Immediate resistance is at 1.2788, with a more significant resistance at 1.2836.


Conclusion and Consideration:

The GBPUSD trend predictions suggest a continuation of the bullish trend, supported by positive technical indicators and robust price action. Traders should monitor key resistance levels at 1.2788 and 1.2836 for potential breakout opportunities. As per the GBPUSD news analysis today, given the upcoming GBP Construction PMI and USD Unemployment Claims data, market volatility is expected. Proper risk management, including setting stop-loss levels, is crucial in navigating the current market conditions.


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
06.06.2024

 

[FXGlory]

USDJPY Technical and Fundamental Analysis for 10.06.2024

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


Fundamental Analysis:

Today's economic releases for Japan include low-impact indicators such as Bank Lending y/y, Current Account, Final GDP Price Index y/y, Final GDP q/q, and Economy Watchers Sentiment. The USDJPY news analysis today suggests a generally stable economic environment with no significant surprises expected. The USD has no major releases today, indicating a relatively quiet day on the fundamental front, potentially leaving the currency pair more susceptible to technical movements and broader market sentiment.


Price Action:

On the H4 chart, the USDJPY forecast live today shows a recent recovery from a dip, moving upwards and breaking past several key levels. The pair is currently trading above the Ichimoku cloud, suggesting a bullish bias. The recent candles have higher highs and higher lows, indicating a potential continuation of this upward momentum.



Key Technical Indicators:

Ichimoku Cloud: The price has broken above the cloud, with the Tenkan-sen (blue line) crossing above the Kijun-sen (red line), indicating a bullish trend. The leading span lines are showing a widening, which supports the bullish momentum.

Volume: There has been an increase in buying volume, which supports the recent upward price movement. This rise in volume suggests that the market participants are confident in the upward trend.

RSI (Relative Strength Index): The RSI is currently at 59.22, indicating moderate bullishness. It is not yet in the overbought territory, suggesting there is still room for further upside.


Support and Resistance:

Support Levels: The immediate support level is at 155.782, which aligns with the lower boundary of the upward trend channel.

Resistance Levels: The key resistance level is at 157.033. A break above this level could indicate a continuation of the bullish trend.


Conclusion and Consideration:

The USDJPY fundamental analysis today on the H4 chart displays signs of a bullish reversal, supported by positive signals from the Ichimoku cloud and increasing volume. The RSI suggests room for further gains, while the trendlines provide clear levels to watch for support and resistance. Traders should monitor for a breakout above the 157.033 resistance level to confirm continued bullish momentum. Considering the moderate impact of today's economic releases from Japan, the market's technical aspects are likely to dominate the price action.


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
10.06.2024

 

[FXGlory]

EURGBP Price Analysis for 11.06.2024

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


Fundamental Analysis:

The recent news includes key economic indicators from both the Eurozone and the UK that could significantly affect the EUR/GBP exchange rate. On June 29th, the Eurozone will release the German Prelim CPI m/m, a crucial indicator of inflation trends in Europe's largest economy. For the UK, significant data releases include the Prelim GDP q/q and Unemployment Claims expected to come in at 218K compared to the previous 215K. These economic indicators are essential to watch, as they provide insights into the economic health of both regions, influencing currency strength.


Price Action:

The EUR/GBP H4 chart currently shows that the price line is forming a bearish wedge pattern, suggesting a continuation of the bearish trend. The price action indicates sustained downward pressure, and the bearish momentum is likely to persist. Traders should watch for confirmation of the bearish wedge pattern with a break below the lower trendline, indicating the continuation of the bearish run.


Key Technical Indicators:

MACD: The Moving Average Convergence Divergence (MACD) shows a lack of bullish momentum, with the histogram showing bearish momentum and the MACD line trending downwards. This indicates a strong bearish trend in the EUR/GBP currency pair.

RSI: The Relative Strength Index (RSI) is hovering around 31, which is in the bearish territory, indicating that the bearish momentum is strong and the price could continue to move lower.


Support and Resistance Levels:


Support: The lower points of the recent candles around 0.84500 serve as the immediate support level.

Resistance: The upper line of the bearish wedge around 0.84670 acts as a resistance level.


Conclusion:

Traders should closely monitor both the upcoming economic news and the EUR/GBP reaction at the 0.84500 support level. A failure to break below could lead to a temporary pause in the bearish run, while a strong break below this level could confirm the bearish price prediction, leading to potential short opportunities. 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
11.06.2024

 

[FXGlory]

GBPUSD Price Analysis for 12.06.2024

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




Fundamental Analysis:

The recent news includes key economic indicators from the US that could significantly affect the possible future direction on GBP/USD exchange rate. On June 12th, critical data releases include the Core CPI m/m with a forecast of 0.3% against the previous 0.3%, and the CPI m/m expected at 0.1% compared to the previous 0.3%. The year-over-year CPI is anticipated to be 3.4%, matching the previous figure. Additionally, at 7:00 pm, the Federal Funds Rate is expected to remain at 5.50%, accompanied by the FOMC Economic Projections, FOMC Statement, and the Federal Budget Balance, forecasted at -279.6B against the previous 209.5B. These economic indicators are essential to watch as they provide insights into the economic health of the US, influencing the strength of the USD and, consequently, the GBP/USD currency pair.



Price Action:

The GBP/USD H4 chart currently shows that the price is testing a significant resistance level. GBPUSD candlestick formations around this resistance zone indicate a potential weakness in the bearish momentum on this pair’s price movement, suggesting a possible reversal or consolidation. Traders should watch for confirmation of this resistance holding or breaking to determine the next directional move.



Key Technical Indicators:

Williams R%: The Williams % Range on GBPUSD is currently showing bearish conditions, hovering in the oversold territory. This suggests that the pair might be due for a pullback or consolidation before any further bearish movement.

MACD: The Moving Average Convergence Divergence (MACD) on this forex pair shows bearish signals with the histogram below the zero line and the MACD line below the signal line, indicating ongoing bearish momentum.



Support and Resistance Levels:

Support: The lower points of the recent candles around 1.27650 serve as the immediate support level.

Resistance: The upper line of the former bearish channel around 1.26870 acts as a resistance level.


Conclusion:

Traders should closely monitor both the upcoming economic news and the GBP/USD reaction at the 1.27640 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
12.06.2024

 

[FXGlory]

USDCAD Technical and Fundamental Analysis for 17.06.2024

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


Fundamental Analysis:

USDCAD is influenced by several economic factors from both the US and Canada. For the USDCAD news forecast today, the focus is on the Empire State Manufacturing Index from the US, which is forecasted to be -12.5. This high-impact data could significantly affect the US Dollar if the actual figure deviates from expectations, indicating either a strengthening or weakening of the manufacturing sector in New York. On the Canadian side, Housing Starts are forecasted at 247K and Foreign Securities Purchases at 12.30B. Both these low-impact data points provide insights into Canada's economic health, with better-than-expected figures potentially strengthening the CAD. Monitoring the USDCAD news analysis today live is crucial for understanding the impact of these data releases.


Price Action:

The H4 chart for USDCAD indicates a recent period of volatility with significant price swings. The technical analysis today, shows the pair has been moving within an ascending channel, suggesting an overall bullish trend. However, recent candles show mixed sentiment with both bullish and bearish pressures evident. The price is currently above the Ichimoku cloud, indicating potential support, while resistance levels are being tested frequently.


Key Technical Indicators:

Ichimoku Cloud: The price is trading above the Ichimoku cloud, suggesting a bullish sentiment. The cloud's future projection is flat, indicating potential consolidation or a slowdown in the upward momentum.
MACD (Moving Average Convergence Divergence): The MACD histogram is slightly positive, with the MACD line crossing above the signal line, indicating a bullish momentum. However, the difference between the two lines is minimal, suggesting cautious optimism.
RSI (Relative Strength Index): The RSI is at 49.18, close to the neutral 50 level, indicating neither overbought nor oversold conditions. This suggests that the market could move in either direction depending on upcoming data releases or market sentiment.


Support and Resistance:

Support Levels: Immediate support is at 1.36991, aligned with the lower boundary of the ascending channel and Ichimoku cloud.
Resistance Levels: The resistance is observed at 1.37408, which coincides with recent highs and the upper boundary of the channel.


Conclusion and Consideration:

The USDCAD pair on the H4 chart presents a cautious bullish outlook with key support and resistance levels closely watched. The indicators suggest a potential continuation of the upward trend, provided the price remains above the Ichimoku cloud and the MACD stays positive. Traders should monitor today's economic releases, particularly the Empire State Manufacturing Index, for cues on market direction. Appropriate risk management, including setting stop-loss levels near support at 1.36991, is advised given the potential volatility from the upcoming data.


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
17.06.2024

 

[FXGlory]

EURUSD H4 Technical and Fundamental Analysis for 18.06.2024

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


Fundamental Analysis:
The EUR/USD news analysis today is influenced by various macroeconomic factors and central bank policies. Currently, the European Central Bank (ECB) is considering interest rate adjustments, with potential cuts on the horizon due to concerns about economic growth. On the other hand, the Federal Reserve (FOMC) is tackling inflation, with recent retail sales data indicating a potential increase. These diverging paths are crucial in understanding the EUR/USD dynamics. The ECB's dovish stance may weaken the euro, while positive U.S. economic data could strengthen the dollar.


Price Action:
The EUR/USD H4 chart indicates that the price is recovering from a recent downtrend. The price action shows higher highs and higher lows, suggesting a bullish reversal. The EURUSD technical analysis today shows the pair is currently trading within an ascending channel, with immediate resistance around 1.0745 and support at 1.0700. The recent bullish candles indicate strong buying pressure, but traders should be cautious of potential resistance levels.


Key Technical Indicators:
Ichimoku Cloud: The price is below the Ichimoku Cloud, indicating a bearish sentiment. However, the recent upward movement suggests a potential challenge to the cloud's lower boundary.
MACD (Moving Average Convergence Divergence): The MACD line is below the signal line, and the histogram shows negative values, indicating bearish momentum. However, the convergence of the lines suggests a possible bullish crossover.
RSI (Relative Strength Index): The RSI is around 48.18, which is neutral. It indicates that the market is not yet overbought or oversold, providing room for further price movement.


Support and Resistance:
Support Levels: Immediate support is at 1.0700, which aligns with the lower boundary of the ascending channel. Additional support is found at 1.0680.

Resistance Levels: Immediate resistance is at 1.0745, followed by the upper boundary of the ascending channel. Further resistance can be seen at 1.0785, near the Ichimoku Cloud.


Conclusion and Consideration:
The EUR/USD forecast live is showing signs of a potential bullish reversal on the H4 timeframe, supported by higher lows and higher highs within an ascending channel. Traders should monitor the key resistance levels at 1.0745 and 1.0785 for a potential breakout. The RSI and MACD indicators suggest that the market is in a neutral to slightly bearish phase, but the convergence in MACD hints at possible bullish momentum. Fundamental factors, such as ECB and FOMC policies, will continue to play a significant role in the pair's movement. Traders should implement risk management strategies, considering the volatile nature of the forex market.


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
18.06.2024

 

[FXGlory]

NZDCAD H4 Technical and Fundamental Analysis for 19.06.2024

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


Fundamental Analysis:

The NZD/CAD news analysis today highlights the impact of various economic factors and central bank policies. The Reserve Bank of New Zealand (RBNZ) has recently adopted a more dovish stance due to concerns over economic growth, while the Bank of Canada (BoC) is focusing on inflation control, supported by recent positive economic data. These divergent approaches are key to understanding the NZD/CAD dynamics. The RBNZ’s dovish tone could weaken the NZD, whereas the BoC’s hawkish policies might strengthen the CAD.


Price Action:

The NZD/CAD H4 chart reveals a market that was initially bearish but has shown signs of a bullish reversal after a Change of Character (CHOCH). The price action demonstrates a shift from lower lows to higher highs, confirming the trend reversal. The current price suggests a bullish trend with a target set above the previous order block. For further confirmation, we use the RSA Parabolic indicator, where the dots below the candles indicate a buy signal.


Key Technical Indicators:

RSA Parabolic:

The dots below the candlesticks provide a clear buy signal, suggesting bullish momentum. This indicator is essential for confirming the trend reversal and potential upward movement.


Support and Resistance:

Support Levels:

Immediate support is at 0.8410, aligning with the recent lows. Additional support can be found at 0.8380.

Resistance Levels:

Immediate resistance is at 0.8450, followed by significant resistance at 0.8480 and 0.8500.


Conclusion and Consideration:

The NZD/CAD chart forecast is bullish, as indicated by the recent CHOCH and supporting technical indicators. Traders should consider going long, targeting the order block levels mentioned above. The NZDCAD forecast is strengthened by the bullish signals from the RSA Parabolic. Fundamental factors, such as the policies of RBNZ and BoC, will continue to influence the pair’s movements. Traders should use risk management strategies and be mindful of the volatile nature of the forex market. Staying updated with the latest NZD CAD analysis on TradingView and monitoring NZD CAD news analysis can provide further insights.


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
19.06.2024

 

[FXGlory]

GBPUSD H4 Technical and Fundamental Analysis for 20.06.2024

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


Fundamental Analysis:

The GBP/USD news analysis today is influenced by a variety of fundamental factors including economic indicators from both the UK and the US. Upcoming key events include the Bank of England's Monetary Policy Committee meeting minutes and US unemployment claims. The BOE's stance on interest rates and the MPC's vote distribution will provide insight into future monetary policy, which is crucial for currency valuation. In the US, unemployment claims are expected to be around 235K, with lower actual figures generally being positive for the USD. Additionally, housing data and manufacturing indices from the US will provide further economic context that can impact the pair.


Price Action:

The GBP/USD H4 chart shows a recent bullish trend within a rising channel, with prices attempting to break above the resistance level at 1.27391. The GBP/USD technical analysis today shows the pair has been making higher lows, indicating buying interest. However, the bullish momentum appears to be facing challenges at the current resistance, leading to potential consolidation or a pullback if the resistance holds firm.


Key Technical Indicators:

Bollinger Bands:

The price is approaching the upper Bollinger Band, indicating that the currency pair might be entering an overbought territory. This can act as a dynamic resistance level.

Stochastic Oscillator:

The Stochastic Oscillator is at 46.48, approaching the overbought threshold. This can signal that a price correction might be imminent if the overbought level is reached.

RSI (Relative Strength Index):

The RSI is at 49.94, suggesting a neutral to slightly bullish momentum. This indicates that there is still room for the price to move higher before hitting overbought conditions.


Support and Resistance:

Support Levels:

Immediate support is at 1.27045, with a stronger support level at 1.26780.

Resistance Levels:

Immediate resistance is at 1.27391. A break above this level could target higher resistances within the rising channel.


Conclusion and Consideration:

The GBP/USD forecast today depicts the pair to be exhibiting bullish tendencies within a rising channel, supported by neutral to bullish RSI and Stochastic indicators. Traders should watch for a breakout above the resistance at 1.27391 to confirm continued bullish momentum. Given the upcoming fundamental events, particularly from the Bank of England and US economic data, traders should stay vigilant as these can cause significant volatility. Setting appropriate stop-loss levels and monitoring key support and resistance zones is crucial in managing risk.


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
20.06.2024

 

[FXGlory]

EURCAD Daily Technical and Fundamental Analysis for 21.06.2024

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


Fundamental Analysis:
The EUR/CAD currency pair reflects the exchange rate between the Euro (EUR) and the Canadian Dollar (CAD). Today, the market expects several news releases for both currencies. For the EUR, significant events include the German Flash Manufacturing PMI (forecasted at 46.4) and the French Flash Services PMI (forecasted at 50.0), both indicating varying degrees of economic activity. Additionally, speeches from key officials like German Buba President Nagel and ECOFIN meetings could provide further market direction. For the CAD, the focus will be on the Core Retail Sales m/m (forecasted at 0.5%) and Retail Sales m/m (forecasted at 0.7%), which are essential indicators of consumer spending and economic health.


Price Action:
Analyzing the EURCAD H4 chart, the pair has shown a sharp bearish trend. The last five bearish candles have driven the price down from the 50.0 Fibonacci retracement line towards the 23.6 Fibonacci retracement line, with the latest candle being green and bullish, indicating a potential pullback. This recent bullish candle at the 23.6 Fibonacci level suggests that this support level might hold, at least in the short term.


Key Technical Indicators:
Ichimoku Cloud: The Ichimoku Cloud indicator shows that the EUR-CAD forex pair is currently in a bearish trend. The price is below the Kumo (cloud), indicating a bearish bias. The Tenkan-sen (red line) and Kijun-sen (blue line) lines are both above the price, reinforcing the bearish outlook. The Senkou Span A and B (cloud boundaries) are also indicating resistance ahead.
Williams %R: The Williams %R (14) is currently at -94.54, which is in the oversold territory. This suggests that the pair might be due for a short-term rebound or consolidation as the selling pressure may have been exhausted.
Bears Power (13): The Bears Power indicator shows negative values, indicating that the sellers are still in control. However, the indicator has shown a slight uptick recently, which could suggest that the bearish momentum is weakening slightly.


Support and Resistance:
Support: The immediate support level is at the 23.6% Fibonacci retracement line (1.4645), which coincides with the recent green candle and could act as a strong support level.
Resistance: The nearest resistance level is at the 38.2% Fibonacci retracement line (1.4710), which aligns with a previous consolidation area and could pose a challenge for the bulls if the price attempts to recover.


Conclusion and Consideration:
The EURCAD pair on the H4 chart shows a strong bearish momentum supported by the Ichimoku Cloud, %R14, and Bears Power indicators. The recent bearish candles indicate that the selling pressure is still present, but the oversold condition of %R14 and the latest bullish candle suggest a possible short-term pullback or consolidation at the 23.6% Fibonacci retracement level. Traders should watch the key support and resistance levels closely, as any breach could indicate the next potential move. Given the upcoming economic releases and speeches, increased volatility can be expected, and traders should stay updated with the latest information.


Disclaimer: The EURCAD technical and fundamental analysis provided is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions. Market conditions can change rapidly, and it is essential to stay updated with the latest information.


FXGlory
21.06.2024

 

[FXGlory]

USDCAD H4 Technical and Fundamental Analysis for 25.06.2024

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


Fundamental Analysis:
The USD/CAD forex pair, representing the exchange rate between the US Dollar and the Canadian Dollar, is set to react to several key economic events today. At 1:30 pm, multiple CPI metrics for Canada are scheduled to be released, including the CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, and Core CPI m/m. The forecast for the CPI m/m is 0.3%, down from the previous 0.5%, while the Core CPI m/m forecast is 0.2%, slightly lower than the previous 0.5%. Any deviations from these forecasts could result in significant volatility for the CAD. A higher-than-expected CPI could strengthen the CAD as it may increase the likelihood of the Bank of Canada adopting a more hawkish stance. Conversely, lower-than-expected CPI readings could weaken the CAD.



Price Action:
Analyzing the USD/CAD H4 chart, the pair has been in a clear downtrend, characterized by lower highs and lower lows. The USD/CAD price has been moving within a descending channel, indicating sustained bearish momentum. Recently, the price has broken below the Ichimoku Cloud and is now trading near the lower boundary of the channel, indicating strong bearish sentiment.


Key Technical Indicators:
Ichimoku Cloud: USDCAD price is trading below the Ichimoku Cloud, indicating a strong bearish trend for this pair. The cloud itself is bearish, with the future cloud showing red, which suggests continued downward pressure. The Tenkan-sen and Kijun-sen lines are also indicating bearish momentum as they are positioned below the cloud.
MACD: The MACD line is below the signal line, and the histogram is in negative territory, which confirms the bearish trend on exchange rate between these currencies. The MACD indicator suggests that selling pressure is still dominant, and there are no immediate signs of a bullish reversal.
RSI: The RSI is currently at 32.87, indicating bearish momentum and that the pair is approaching oversold conditions. This suggests that while the bearish trend is strong, there might be a potential for a short-term corrective bounce.


Support and Resistance Levels:
Support: Immediate support is found at 1.36400. A break below this level could see the pair heading towards the next support at 1.3600.
Resistance: The nearest resistance level is at 1.36730. Above this, resistance is found at 1.36880.

Conclusion and Consideration:
The USD/CAD pair on the H4 chart shows strong bearish momentum, supported by the Ichimoku Cloud, MACD, and RSI indicators. Traders should watch for potential volatility around the release of the Canadian CPI data. While the overall trend is bearish, the RSI suggests that the pair might be due for a short-term bounce from oversold conditions. Caution is advised as fundamental news could lead to sharp movements.

Disclaimer: The analysis provided is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions. Market conditions can change rapidly, and it is essential to stay updated with the latest information.


FXGlory
25.06.2024

 

[FXGlory]

EURUSD H4 Technical and Fundamental Analysis for 27.06.2024

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


Fundamental Analysis:
The EUR/USD news analysis today is influenced by significant economic indicators and news releases. For the Euro, the M3 Money Supply and private loans data provide insights into economic health and lending trends within the Eurozone. For the US Dollar, today's high-impact news includes the Final GDP q/q, expected at 1.4%, and Unemployment Claims forecasted at 236K. Stronger-than-expected GDP growth and lower unemployment claims are likely to support the USD, while weaker data could benefit the Euro. Additionally, medium-impact releases such as Core Durable Goods Orders and Durable Goods Orders will further influence the EUR/USD market sentiment and direction.

Price Action:
The EUR/USD H4 chart exhibits a bearish trend for the pair, with the price making lower highs and lower lows. The pair has recently been trading below the Ichimoku Cloud, indicating sustained bearish momentum. The “Fiber’s” price action shows a potential descending triangle pattern, which could signal further downside if support levels are breached.


Key Technical Indicators:
Ichimoku Cloud: The price is below the Ichimoku Cloud, suggesting a bearish trend. The future cloud is also red, indicating potential continued bearish sentiment.
RSI (Relative Strength Index): The RSI is currently at 35.96, indicating that the pair is approaching oversold territory. This could suggest a potential for a short-term reversal if the RSI dips further but fails to break the oversold threshold.


Support and Resistance:
Support Levels: The immediate support level is at 1.06650, followed by a secondary support at 1.06550.
Resistance Levels: The nearest resistance is at 1.07139, with further resistance at 1.07640 and 1.08000.


Conclusion and Consideration:
The EUR/USD forecast live shows strong bearish momentum, as evidenced by the position below the Ichimoku Cloud and the descending RSI. Traders should monitor the key support level at 1.06650; a breach below this level could signal further downside. Conversely, if the RSI indicates oversold conditions, a short-term bounce to the resistance levels could occur. Fundamental factors, including today's economic releases, will play a crucial role in determining the pair's direction. Proper risk management, including setting stop losses, is essential due to potential market volatility around high-impact news.


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
27.06.2024

 

[FXGlory]

USDJPY H4 Technical and Fundamental Analysis

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



Fundamental Analysis:
The USDJPY currency pair reflects the exchange rate between the US Dollar (USD) and the Japanese Yen (JPY). Today's upcoming USD news includes several low to medium impact events such as speeches by FOMC members and data on Personal Income and Spending. Notably, the Core PCE Price Index, forecasted at 0.1%, is a crucial inflation measure for the Fed. These indicators may provide insights into future US monetary policy, potentially influencing USD volatility. For JPY, the medium impact Tokyo Core CPI is forecasted at 2.0%, and other low impact data such as Unemployment Rate, Industrial Production, and Housing Starts are expected, which could affect the JPY's performance.


Price Action:
The USDJPY pair on the H4 timeframe is experiencing a clear bullish trend, with the price reaching its highest level since 2010. The price action shows a consistent upward movement as the candles move from the lower to the middle and now the upper Bollinger Bands, indicating strong bullish momentum. Recently, the price has been moving upwards steadily, supported by a positive trend in the market.



Key Technical Indicators:
Parabolic SAR: The Parabolic SAR indicator shows the last three dots positioned below the candles, confirming a bullish trend. This placement indicates continued upward momentum, suggesting traders might look for buy opportunities as long as the dots remain under the price.
MACD: The MACD indicator shows the MACD line crossing above the signal line with the histogram displaying increasing momentum. This bullish crossover suggests strengthening upward momentum, which supports the ongoing bullish trend in the USDJPY pair.
Moving Averages: The short-term Moving Average (9-period, blue) has crossed above the long-term Moving Average (17-period, orange), both moving upwards. This crossover is a bullish signal, indicating that the short-term price trend is gaining strength relative to the long-term trend.


Support and Resistance:
Support: Immediate support is located at 1.36600, aligning with a recent consolidation area and the middle Bollinger Band.
Resistance: The nearest resistance level is at 1.37481, which coincides with the 0.382 Fibonacci level and recent highs.


Conclusion and Consideration:
The USDJPY pair on the H4 chart shows sustained bullish momentum, supported by the Parabolic SAR, MACD, and Moving Averages indicators. The current price action within an ascending channel indicates that the bulls are in control, with potential further gains as indicated by the key technical indicators. However, traders should remain cautious due to potential increased volatility from the upcoming economic data releases and speeches from key officials. It is essential to monitor these events closely as they could significantly impact market conditions.


Disclaimer:
The provided analysis of USDJPY is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions. Market conditions can change rapidly, and staying updated with the latest information is crucial for informed trading decisions.


FXGlory
28.06.2024

 

[FXGlory]

GBPUSD H4 Technical and Fundamental Analysis for 01.07.2024

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


Fundamental Analysis:

The GBP/USD news analysis today is influenced by various economic indicators and geopolitical factors. Recently, the pair's performance has been under pressure due to a stronger US Dollar driven by positive economic data, including expectations for the upcoming Final Manufacturing PMI and ISM Manufacturing PMI. The UK's economic outlook remains uncertain amidst concerns over inflation and slower-than-expected economic growth. Bank of England’s monetary policy and the broader macroeconomic environment continue to play pivotal roles. The USD has shown resilience due to the Federal Reserve's hawkish stance, while the GBP faces headwinds from domestic economic challenges and Brexit-related uncertainties.

Price Action:

The GBP/USD H4 chart shows that the “Cable” has been in a bearish trend, evident from the price moving below the Ichimoku Cloud. The pair recently attempted a minor recovery but encountered strong resistance at key levels. The downward trendline in the pair’s technical analysis today further confirms bearish momentum, with lower highs and lower lows being formed.


Key Technical Indicators:

Ichimoku Cloud:

The price is trading below the Ichimoku Cloud, indicating a prevailing bearish trend. The cloud itself acts as a significant resistance zone.

RSI (Relative Strength Index):

The RSI is currently at 50.63, suggesting a neutral to slightly bearish momentum. It indicates that the market is not overbought or oversold, leaving room for potential downward movement.


Support and Resistance:

Support Levels:

Immediate support is observed at 1.26314, followed by a stronger support level at 1.25670. These levels are crucial for maintaining the bearish structure.

Resistance Levels:

The nearest resistance is at 1.26538, with a more significant resistance level at 1.26850. Breaking above these levels could signal a potential trend reversal.


Conclusion and Consideration:

The GBP/USD forecast today on the H4 chart continues to exhibit a bearish trend for the pair, with key indicators and price action supporting this outlook. Traders should monitor the support levels closely, as a break below 1.26314 could lead to further declines towards 1.25670. Conversely, a sustained break above 1.26538 may challenge the bearish trend, but significant resistance lies at 1.26850. The Cable’s fundamental factors of the day, such as economic data releases from both the UK and the US, will be crucial in determining the pair's next move. Risk management strategies, including appropriate stop-loss levels, are essential given the current market volatility.


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
01.07.2024

 

[FXGlory]

EURUSD H4 Technical and Fundamental Analysis for 02.07.2024

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


Fundamental Analysis:
The EUR/USD forex pair, representing the exchange rate between the Euro and the US Dollar, is influenced by significant economic data from both the Eurozone and the United States. Recent PMI data from the Eurozone showed improvements, with the Italian Manufacturing PMI at 45.7, French Final Manufacturing PMI at 45.4, and the overall Eurozone Final Manufacturing PMI at 45.8, all surpassing their forecasts. Meanwhile, US economic data revealed mixed results, with the Final Manufacturing PMI at 51.6, ISM Manufacturing PMI at 48.5 below expectations, and ISM Manufacturing Prices and Construction Spending showing weaker figures. These data points suggest a potential advantage for the Euro in the near term.


Price Action:
Analyzing the EUR/USD H4 chart, the pair has broken above its bearish trend line, signaling a potential shift in market sentiment. The price reacted to the 23.6% Fibonacci retracement level of the previous bearish wave and appears poised to continue its bullish run. The breakout above the trend line and the Fibonacci level indicates strong bullish momentum.


Key Technical Indicators:
Fibonacci Retracement Levels: The price reacted at the 23.6% Fibonacci level and is expected to continue upwards. The next levels to watch are the 38.2% and 50% retracement levels, which could act as resistance.
MACD: The MACD line is crossing above the signal line, suggesting bullish momentum. This crossover is a typical bullish signal, indicating potential upward movement in the near term.


Support and Resistance Levels:
Support: The immediate support level is around 1.0700. A break below this level could lead the pair to test the next support at 1.0650.
Resistance: The nearest resistance is at 1.0780, followed by a stronger resistance level at 1.0840.


Conclusion and Consideration:
The EUR/USD pair on the H4 chart displays a bullish outlook, supported by the breakout above the bearish trend line and the bullish signals from the MACD indicator. The reaction at the 23.6% Fibonacci level suggests potential for further upward movement. Traders should monitor these levels closely and watch for any fundamental news that might impact the pair, especially economic data releases from the Eurozone and the United States.


Disclaimer: The analysis provided is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions. Market conditions can change rapidly, and it is essential to stay updated with the latest information.


FXGlory
02.07.2024

 

[FXGlory]

EURAUD H4 Technical and Fundamental Analysis for 07.03.2024

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


Fundamental Analysis:

The EUR/AUD news analysis, often influenced by economic indicators and policy decisions from both the Eurozone and Australia, sees varying volatility based on such releases. Recent data from the Australian Bureau of Statistics show a promising increase in retail sales and new building approvals, suggesting a potential boost in economic activities that may strengthen the Australian Dollar. On the European front, the French Treasury reports a budget surplus and upcoming PMI data indicate healthy service sector growth. These factors collectively enhance the fundamental landscape, offering a mixed outlook for the EUR/AUD forecast today as both currencies find robust support from their respective economies.

Price Action:

The EUR/AUD H4 chart depicts a consolidation phase within a rising channel, indicating a bullish undercurrent tempered by recent hesitations in price movements. The currency pair has consistently tested the channel’s support and resistance boundaries, with the latest of the pair’s technical analysis hinting at a slight bearish retracement from the upper channel line. This typical reaction at upper resistance levels may lead to short-term pullbacks but maintains the overall upward trend.


Key Technical Indicators:

Ichimoku Cloud:

The price is currently trading within the Ichimoku Cloud. This positioning indicates a neutral zone where buying and selling pressures are balanced, but also suggests potential volatility as the price tests the cloud’s boundaries for either a breakout or a rejection.

RSI (Relative Strength Index):

The RSI on the chart is near 51.38, indicating a neutral momentum with neither overbought nor oversold conditions, suggesting that there is room for the price to move in either direction without immediate pressure from momentum extremes.

Stochastic Oscillator:

The Stochastic lines are converging around the 30 level, which typically signals a potential upward reversal if they turn upwards, marking a key watch-out for buyers.


Support and Resistance:

Support Levels:

The immediate support is visible at the lower boundary of the trading channel and further strengthened by another support near 1.60745, which previously acted as both support and resistance.

Resistance Levels:

The upper channel line currently acts as the primary resistance level, with further resistance potentially forming near recent highs at around 1.62500.


Conclusion and Consideration:

As the EUR/AUD analysis today navigates through significant economic releases, the technical setup favors a cautiously bullish outlook with considerations for potential pullbacks. Traders should remain alert to breaking above the cloud or a reversal at key support levels. Monitoring upcoming economic indicators will be crucial in guiding short-term trading 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
07.03.2024

 

[FXGlory]

EURGBP H4 Technical and Fundamental Analysis for 07.04.2024

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


Fundamental Analysis:

The EUR/GBP news analysis today is influenced by various fundamental factors. For the Euro, industrial orders and bond yields within the Eurozone play a significant role, reflecting economic activity and investor confidence. In the UK, the focus is on the general election outcomes and PMI data, which indicate economic health and conditions within the construction industry. The upcoming UK general election is particularly crucial as it could shift economic policies and investor sentiment. Concurrently, the Eurozone's bond yields and industrial orders data provide insights into economic trends and production outlooks, which are vital for the EUR/GBP dynamics.


Price Action:

The EUR/GBP H4 chart shows the pair trading within an ascending channel, indicating the bullish trend of the pair over the medium term. However, Chunnel’s recent price action demonstrates a pullback towards the lower boundary of the channel, suggesting possible consolidation or a correction phase. The price is currently hovering around the support level of 0.84615, with a resistance level noted at 0.84751. A break below the support could indicate further bearish momentum, while a bounce back could signal a continuation of the bullish trend within the channel.


Key Technical Indicators:

Ichimoku Cloud:

Ichimoku Cloud: The Ichimoku Cloud analysis shows the price broke through the cloud and, after a bearish trend, is heading back towards the cloud but is not within it yet. The Tenkan-sen below the Kijun-sen and the Chikou Span being below the price indicate continued bearish sentiment.

RSI (Relative Strength Index):

The RSI is at 42.80, indicating a moderately bearish sentiment. It is not yet in the oversold territory, implying that there could be more room for the price to decline before a reversal is expected.

MACD (Moving Average Convergence Divergence):

The Stochastic lines are converging around the 30 level, which typically signals a potential upward reversal if they turn upwards, marking a key watch-out for buyers.


Support and Resistance:

Support Levels:

The immediate support level is at 0.84615. A break below this level could lead to further declines towards the lower boundary of the ascending channel.

Resistance Levels:

The resistance level is at 0.84751. A break above this level could indicate a continuation of the bullish trend towards the upper boundary of the ascending channel.


Conclusion and Consideration:

The EUR/GBP H4 chart forecast today presents a mixed outlook, with current bearish momentum but within a longer-term ascending channel. Traders should closely monitor the support level at 0.84615 and the resistance level at 0.84751 for potential breakouts. Given the indicators like the Ichimoku Cloud and RSI, there is a possibility of further decline, but the proximity to the cloud suggests potential stabilization. Traders should also keep an eye on fundamental data from the Eurozone and the UK, as these will significantly impact market sentiment and price action.


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
07.04.2024

 

[FXGlory]

USDCAD Daily Technical and Fundamental Analysis for 05.07.2024

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


Fundamental Analysis:
The USD/CAD currency pair reflects the exchange rate between the US Dollar (USD) and the Canadian Dollar (CAD). Today, the USD is set to be influenced by several key economic data releases, including Average Hourly Earnings, Non-Farm Employment Change, and the Unemployment Rate. These high-impact events are crucial as they provide insights into labor market conditions and inflation, likely causing significant USD volatility. On the CAD side, the Employment Change and Unemployment Rate data are also due, which are essential indicators of economic health and could influence the CAD's strength.


Price Action:
The USD/CAD pair on the H4 timeframe is in a clear bearish trend. The price is moving within the lower half of the Bollinger Bands, indicating sustained downward momentum. Despite occasional bullish corrections, the overall trend remains negative. Recent candles show a steady decline, aligning with the general bearish sentiment.


Key Technical Indicators:
Bollinger Bands: The Bollinger Bands have been widening, indicating increasing market volatility. The price has been predominantly in the lower half of the bands, which reinforces the bearish trend. The price nearing the lower band suggests potential oversold conditions, but the trend remains downward.
MACD (Moving Average Convergence Divergence): The MACD is in bearish territory, with the MACD line below the signal line and a negative histogram. This setup confirms the ongoing bearish momentum and suggests further downward movement unless a bullish crossover occurs.
RSI (Relative Strength Index): The RSI is currently around 31, approaching the oversold region. This low RSI value indicates that the price could be due for a short-term corrective bounce, but the overall bearish trend remains dominant.


Support and Resistance:
Support: Immediate support is at 1.3600, a key psychological level and recent low. Further support is at 1.3500, another significant level observed on longer timeframes.
Resistance: Immediate resistance is at 1.3700, aligning with the 23.6% Fibonacci retracement level. Additional resistance is at 1.3750, near the 38.2% Fibonacci level.


Conclusion and Consideration:
The USD/CAD pair on the H4 chart shows a strong bearish trend supported by key technical indicators such as Bollinger Bands, MACD, and RSI. The increasing volatility and bearish momentum suggest caution for traders looking to enter long positions. Upcoming high-impact economic data from both the US and Canada could introduce significant volatility, making it crucial for traders to stay informed and ready to react to new information.


Disclaimer: The analysis provided is for informational purposes only and does not constitute investment advice. Traders should perform their own research and analysis before making any trading decisions. Market conditions can change rapidly, and it is essential to stay updated with the latest information.


FXGlory
05.07.2024