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Posts: 126 to 128 of 128

  • Registered: 2012-04-23
  • Posts: 421

Re: Daily Analysis By FXGlory

USD/CAD Technical Analysis for 08.05.2024



https://fxglory.com/wp-content/uploads/2024/05/EURCHF-Technical-Analysis-H4-on-07.05.2024.rtf-1024x524.webp


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


Fundamental Analysis:

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

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

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

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

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


Price Action:

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

Key Technical Indicators:

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

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


Support and Resistance:

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

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


Conclusion and Consideration:

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


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


FxGlory
08.05.2024

FXGLORY's Website

  • Registered: 2012-04-23
  • Posts: 421

Re: Daily Analysis By FXGlory

GBP/NZD Technical Analysis for 09.05.2024



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


Fundamental Analysis:

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


Price Action Analysis:

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


Key Technical Indicators:

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

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

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

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


Support and Resistance:

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

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


Conclusion and Consideration:

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


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


FxGlory
09.05.2024

FXGLORY's Website

128 Reply by FXGLORY

  • Registered: 2012-04-23
  • Posts: 421

Re: Daily Analysis By FXGlory

EUR/USD technical analysis for 10.05.2024


https://fxglory.com/wp-content/uploads/2024/05/EURUSD-H4-technical-analysis-for-10.05.2024-1024x524.webp


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


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


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


Key Technical Indicators:
Fibonacci: The retracement levels from the recent high to low provide potential resistance and support zones, critical for identifying reversal points.
MACD (Moving Average Convergence Divergence): Currently below the signal line, suggesting bearish momentum in the short term. However, traders should watch for any crossover above the signal line as a potential bullish indicator.
RSI (Relative Strength Index): Positioned around the mid-50s, indicating neither overbought nor oversold conditions, reflecting a balance in market sentiment.


Support and Resistance Levels:
Support: The pair finds initial support at the 1.0800 level, which has historically acted as a psychological and technical floor, preventing further declines in previous trading sessions.
Resistance: On the upside, the 1.0950 mark serves as a key resistance level, representing a previous high that the forex EURUSD chart struggled to surpass, making it a critical point for traders to watch for potential reversals or breakthroughs.


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


FxGlory
10.05.2024

FXGLORY's Website

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