ForexTechnical Analysis(FxGlory.com)

[FXGLORY]

Technical analysis of EUR/GBP dated 21.08.2013

EUR/GBP since the beginning of this month was in downtrend that sellers were successful in achieving the lowest price level of 0.85038. Currently price is above 5-day moving average in daily and 4H time frames that warns about ascending of price during the next candles. As it is obvious in the picture below price with reaching to the specified supportive levels like ascending trend line made of several bottom prices and lower warning line 1(Andrew’s Pitchfork) has been stopped from more descend and with formation of bottom price of 0.85038 has prepared the field for ascending of price.

Stoch indicator in daily time frame is in saturation sell area that confirms the current bottom price and warns about changing price direction. According to the current situation the first warning for descending of price is breaking of the current supportive level like ascending trend line in this currency pair.

FxGlory
2013.08.21

 

[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

 

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[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