USOIL has stong bearish indicationsUSOIL make the double top and AB=CD pattern which verify its downtrend starts soon.
Sell at 80.57
TP 78.50
SL 81.50
Commoditytrading
AUD strengthens ahead of the rate decisionOn Tuesday, the Reserve Bank of Australia is expected to raise the interest rate by 25 basis points to 3.6%. Mitrade estimates Australia's retail sales in February to grow by 1.9%. Meanwhile, AUD/USD increased 39 pips to 0.6768.
EUR/USD added 36 pips to 1.0632, and GBP/USD surged 99 pips to 1.2040. USD/CAD slid 3 pips to 1.3593, and USD/JPY fell 90 pips to 135.86.
Spot gold rose over $20 to $1,856.43 an ounce, and WTI oil futures edged up $1.52 to $79.68 a barrel. Bitcoin and Ethereum are currently trading lower at $22,342.0 and $1,560.78 respectively.
The Nasdaq 100 jumped 245 points (+2.04%) to 12,290. The S&P 500 gained 64 points (+1.61%) to 4,045. The Dow Jones Industrial Average surged 387 points (+1.17%) to 33,390.
NATURAL GAS BULLISH RSI DIVERGENCE IN DAILY TF !!!Hello to everyone,
As we can see there is a Bullish divergence in RSI & PRICE on daily timeframe . This is indicating that price has not much momentum to go downside. We can expect a trend reversal in natural gas but only RSI divergence does not confirms the trend reversal. We need positive price pattern or any bullish candle formation to go upside at the bottom of chart. If any bullish candle or bullish scenario forms than only we can go for the long position.
The green candle indicating price momentum towards upside and green candle has good volume also ,which is showing strength in buyers./b]
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad.
Resilient labor data strengthens the greenbackUS Initial jobless claims in February fell to 190,000, lower than the market expectation of 195,000 and January's reading of 192,000. A tight labor market has strengthened the greenback against its peers, as continued rate hikes become more likely. USD/CAD traded 2 pips higher to 1.3596, and USD/JPY climbed 58 pips to 136.76.
EUR/USD declined 69 pips to 1.0596, as the Eurozone year-on-year inflation rate dropped to 8.5% in February, higher than Mitrade's projections. GBP/USD plunged 90 pips to 1.1941, and AUD/USD decreased 32 pips to 0.6729.
Spot gold closed $0.98 lower at $1,835.74 an ounce, and WTI oil futures edged up $0.47 to $78.16 a barrel. Bitcoin and Ethereum declined to $22,845.0 and $1,581.56 respectively.
The Dow Jones Industrial Average surged 341 points (+1.05%) to 33,003. The Nasdaq 100 rose 106 points (+0.89%) to 12,044, and the S&P 500 also increased 29 points (+0.76%) to 3,981.
German inflation rate outpaces estimatesThe German year-on-year inflation rate rose by 8.7% in February, against the expected 8.5%. The data also indicated a steady price level increase despite high readings. Later tonight, the Eurozone year-on-year inflation rate is projected to slow from 8.6% to 8.2%, as EUR/USD climbed 89 pips to 1.0665.
GBP/USD added 11 pips to 1.2031, and AUD/USD increased 31 pips to 0.6761. USD/CAD dropped 51 pips to 1.3594, and USD/JPY edged up 2 pips to 136.18.
Although the US had added 1.165 million barrels to the crude oil inventory, against Mitrade's estimate of just 457,000 barrels, WTI crude futures traded $0.51 higher to $77.69 a barrel. Spot gold rose $10 to $1,836.72 an ounce. Bitcoin and Ethereum are trading higher at $23,717.0 and $1,649.79 respectively.
The Dow Jones Industrial Average gained 5 points (+0.02%) to 32,661. But the S&P 500 declined 18 points (-0.47%) to 3,951, and the Nasdaq 100 plunged 103 points (-0.86%) to 11,938.
WTI OIL Rally is halfway there. Still a buy.WTI Crude Oil is now supported on the MA50 (4h).
The Channel Up that started on Support Zone (1) is similar to all previous 4 Channels that started on that level.
Price got rejected on the Mid level structure, indicating that we are only halfway there.
Trading Plan:
1. Buy on the current market price.
Targets:
1. 80.50 (under Resistance Zone 1).
Tips:
1. The Declining Resistance shows that since November, there have been 2 such Cycles and we are about to completed the 2nd.
2. MACD (4h) right over its neutral level, an additional factor indicating that the Channel Up is halfway there.
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Notes:
This is an extension of this trading plan:
XAUUSD New uptrend has startedGold crossed over the MA50 4H and invalidated the Channel Down.
This rise is strong as it started on a Double Bottom.
The price already filled the 0.382 Fibonacci level.
Trading Plan:
1. Every pull-back near the MA50 4H starting from now.
Targets:
1. 1870 (which is a little under Fibonacci 0.786 and on a projected course with the MA200 4H). Close the trade earlier though if it hits the MA50 1D earlier.
Tips:
1. The RSI 4H is entering a 1 month Resistance. Use this to anticipate when the price might pull back in order to either take short term profits or be ready for buying price pull backs.
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Australia and Canada post mildly disappointing GDP resultsIncreasing living costs saw Australia’s GDP just add 0.5% in the quarter, slightly lower than the expected 0.7%, with AUD/USD sliding 6 pips to 0.6728. In Canada, its monthly GDP readings also fell short of Mitrade's estimates at -0.1%, as USD/CAD climbed 70 pips to 1.3645.
EUR/USD decreased 31 pips to 1.0576, and GBP/USD lost 44 pips to 1.2020. USD/JPY was down 4 pips at 136.16.
On Tuesday, the Nasdaq 100 dropped 15 points (-0.13%) to 12,042, posting the least deficit. The Dow Jones Industrial Average plunged 232 points (-0.71%) to 32,656, and the S&P 500 fell 12 points (-0.30%) to 3,970.
Spot gold jumped $9 to $1,826.78 an ounce, and WTI oil futures gained $1.37 to $77.05 a barrel. Bitcoin and Ethereum were trading lower at $23,163.0 and $1,606.63 respectively.
XAUUSD Short term buy signal by the RSIXAUUSD didn't just break over the 4hour MA50 today but what few are seeing is that the 1day RSI crossed over its MA as well. The last three times this has happened, Gold came very close or even hit the 1day MA50, even when it was on a downtrend.
The lowest rise was 2.75% and based on that worst case scenario we are long and have a 1855 target.
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Slow GDP growth expected from CanadaLater tonight, Mitrade expects Canada's month-on-month GDP to record 0.1% growth. Meanwhile, USD/CAD fell 34 pips to 1.3575, and USD/JPY closed 26 pips lower at 136.20.
This morning, Australia's retail sales were slightly higher at 1.9%, as AUD/USD moved up 9 pips to 0.6734. EUR/USD added 61 pips to 1.0607, and GBP/USD surged 118 pips to 1.2062.
The stock market is recovering from previous sessions, with the Nasdaq 100 gaining 88 points (+0.74%) to 12,057. The S&P 500 rose 12 points (+0.31%) to 3,982, and the Dow Jones Industrial Average increased 72 points (+0.22%) to 32,889.
Spot gold gained $5.68 to $1,817.28 an ounce, and WTI oil futures declined $0.64 to $75.68 a barrel. Bitcoin traded slightly higher to $23,380, as Ethereum decreased to $1,627.30.
Oil Sell setup 320 pipsThis setup is based on previous oil analysis, so we see price retracing to 61.8% fib level which also act as a high resistance level, so shall see a continutaion to downside
check the previous analysis for continuation to downside on link below
Nice risk to reward
Hope you guys enjoy the rest of week
Major US indices posted the highest weekly losses in 2023Hawkish signals from the Federal Reserve meeting minutes had sent the stock falling. The Nasdaq 100 was down 3.14% in the past week. The Dow and the S&P 500 also lost 2.99% and 2.67% respectively, which were the highest weekly losses in 2023 for all three indices.
On Friday, the Nasdaq 100 plunged 210 points (-1.73%) to 11,969. The S&P 500 lost 42 points (-1.05%) to 3,970, and the Dow Jones Industrial Average also fell 336 points (-1.02%) to 32,816.
Prospects for more aggressive rate hikes fuelled the greenback. EUR/USD slid 49 pips to 1.0546, and AUD/USD declined 82 pips to 0.6725. GBP/USD dropped below the 1.2000 level, losing 69 pips to 1.1944. USD/CAD added 62 pips to 1.3609, and USD/JPY surged 176 pips to 136.46.
Spot gold declined more than $10 to $1,811.6 an ounce, while WTI oil futures traded $1.20 higher to $76.32 a barrel. Bitcoin just recovered to $23,538.0, and Ethereum rebounded to $1,642.62.
Natural Gas prints an RSI bullish divergence As you can see in the chart, natural gas had a big downside movement for the last months. Now It looks like the bottom is printed so I will consider entering a long here with targets 3.11$ and 4.69$ .
You can see apart from the Bullish Divergence that It is starting to show a lot of strength, you can observe a gap-up between 2.314$ and 2.415$.
For the buy setup I will enter now and set an stop loss order under the gap. If the position goes well, I will keep locking profits manually trailing the stop under key areas.
Don't forget to share your thoughts on the comments and happy emotionless trading.
US GDP growth less than expectedOn Thursday, US quarter-on-quarter GDP reported a 2.7% increase, over market estimates of 2.9%. The US dollar then weakened with USD/CAD moving down 2 pips to 1.3547, and USD/JPY falling 20 pips to 134.70.
Meanwhile, EUR/USD declined 6 pips to 1.0595, as the Eurozone year-on-year inflation rate rose 8.6% as Mitrade has expected. GBP/USD dropped 31 pips to 1.2013, and AUD/USD traded 4 pips higher to 0.6807.
To prepare for a possible decline in oil production, US Crude Oil Inventories added 7.648 million barrels, though WTI oil futures added $1.44 to $75.39 a barrel. Bitcoin is trading lower at $24,073.0, and Ethereum just climbed to $1,659.52.
The Nasdaq 100 surged 113 points (+0.94%) to 12,180. The S&P 500 rose 21 points (+0.53%) to 4,012, and the Dow Jones Industrial Average also gained 108 points (+0.33%) to 33,153.
Fed minutes signal more rate hikes in 2023The Federal Reserve's meeting minutes reveal they continue to believe ongoing interest rate increases will be appropriate to combat inflation, with the target rate range set at 2%. This raised the risk-aversion mood in the market while strengthening the dollar. USD/CAD added 12 pips to 1.3549, but USD/JPY slid 9 pips to 134.90.
Germany's year-on-year inflation rate in February was 8.7% as Mitrade estimates. EUR/USD then fell 45 pips to 1.0601. GBP/USD dropped 71 pips to 1.2044, and AUD/USD decreased 49 pips to 0.6803.
Spot gold plunged almost $10 to $1,825.29 an ounce, and WTI oil futures declined $2.41 to $73.95 a barrel. Bitcoin and Ethereum closed lower at $24,150.0 and $1,641.40 respectively.
The Nasdaq 100 closed 5 points higher (+0.05%) at 12,066. On the other hand, the S&P 500 lost 6 points (-0.16%) to 3,991 and the Dow Jones Industrial Average dropped 84 points (-0.26%) to 33,045.
OIL(USoil ) massive sell off incoming 430 PipsWe clearly see a nice daily downward trend and price still respecting the lower high level which is also in confluence with EMA pointing downward, showing still continuation
As we move down to lower timeframe like H4 and H1 we see price breaking structure to downside and current price is testing it as resistance
also it respecting the 50% fib level we could see a fake-out to grab liquidity to downside, so wait for a nice reversal candlestick and bearish volume
Follow me for more breakdown like this
US equity markets post worst performance in 2023As the market awaits the latest minutes from the Federal Reserve's policy meeting, recent strong economic data raised Mitradess anticipation for more Fed hawkish measures. The US 10-year Treasury yield then rebounded 13.8 basis points to 3.953%, sending spot gold $6 lower to $1,835.04 an ounce.
Therefore, the US stock market dropped over 2% on Tuesday, the poorest performance year in 2023 so far, with the Nasdaq 100 plunging 297 points (-2.41%) to 12,060. The Dow Jones Industrial Average also fell 697 points (-2.06%) to 33,129, and the S&P 500 lost 81 points (-2.00%) to 3,997.
EUR/USD dropped 36 pips to 1.0646, and AUD/USD fell 53 pips to 0.6852, but GBP/USD rose 77 pips to 1.2115. USD/CAD surged 86 pips to 1.3537, and Canada recorded a 0.3% month-on-month increase in its core inflation levels. USD/JPY added 76 pips to 134.99.
WTI oil futures closed slightly lower at $76.36 a barrel. Bitcoin and Ethereum were last traded lower at $24,316.0 and $1,644.19 respectively.
Just a cup of coffeeHello Traders
Coffee has broken the resistance level of 173.39 (D) and it looks like a trend continuation to the upside will continue under the 100EMA.
Price can continue to rise and reach the 210.00 area. I am currently long.
Anyone else trading coffee?
Happy trading
Samantha.
Extended inflation expected in Canada and EuropeOn Washington's Birthday, US President Joe Biden paid a surprise visit to Kyiv, reiterating his unwavering support for Ukraine against the Russian invasion. From military equipment and economic aid, to further sanctions on Russia, they will likely impact the global economy soon.
The US stock market remains closed. Later today, Mtrade expects inflation readings in Canada, Germany, and the UK to increase, with Canada's Core CPI jumping from -0.3% to 0.2%. USD/CAD then fell 19 pips to 1.3451.
Meanwhile, EUR/USD moved down 12 pips to 1.0682, and GBP/USD traded 3 pips higher to 1.2038. AUD/USD rose 26 pips to 0.6905, and USD/JPY added 7 pips to 134.23.
Spot gold slid $2 to $1,841.36 an ounce, and WTI crude futures saw a minor $0.86 uptick to $77.41 a barrel. Bitcoin and Ethereum climbed steadily to $24,856.0 and $1,706.81 respectively.
US30 Sell setup 500 PipsBased on the H4 timeframe we seeing price action indicating a shift of momentum to downside as we break the H4 high low, currently the price has retraced to 50% fib level in both H4 and H1
This is also in confluence with other indicator like EMA cross over to downside and also supporting the previous support now got reject has resistance
Nice risk to reward
Follow me for more breakdown
USOILLooks to be inside of a triangle correction, range bound getting tighter. Once this breaks (up or down IDK) the move will be violent IMO.
USOIL Outlook - Bearish Sentiment .USOIL has been in a free-fall since I shorted at 127.00 (POI). Price is now where it broke structure at 77.00. I'm expecting it drop further to my LIQ SWEEP area (where it sweep liquidity to the downside).
My POI (Point Of Interest) is 4.50. I'm looking for BUY at that level.
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Patience is KING!!!
Hawkish Fed backed by resilient economic dataUS Initial Jobless Claims decreased to 194,000 against an estimate of 200,000. Combined with a growing Producer Price Index and relatively hawkish comments from Fed officials, Mitrade now expects more significant rate hikes to combat inflation.
As a result, the greenback strengthened against most of its peers. EUR/USD fell 21 pips to 1.0668, and GBP/USD lost 33 pips to 1.1993. Australia recorded an 11,500 decrease in employment, as AUD/USD lost 27 pips to 0.6876. USD/CAD climbed 64 pips to 1.3456, and USD/JPY slid 17 pips to 133.94.
Spot gold and WTI oil futures suffered minor losses to close at $1,836.49 an ounce and $78.49 a barrel respectively. Bitcoin lost momentum and dropped to $23,753.0, whereas Ethereum was last traded at $1,658.62.
The Dow Jones Industrial Average plunged 1.26% to 33,696. The S&P 500 declined 57 points to 4,090, and the Nasdaq 100 lost 245 points to 12,442.
