Crude oil has corrected in the near term on 18th and 19th of February, this is likely to be a short term correction within the long term uptrend before buying kicks in. Positive slope of the 20-day SMA along with Crude oil trading above the 20-day SMA supports the above observation. It would be prudent to say that WTI Crude oil could rise towards 60.50 and 61.25...
AUDUSD is currently trading near the downward sloping trend line suggesting limited upside potential; RSI is declining supporting the above observation. The pair is also making a potential double top near current levels suggesting it could decline in the near term. It would be prudent to say that silver could decline towards 0.7710 and 0.7675 while it sustains...
Silver is currently at the resistance of the 23.6% Fibonacci level of the rise experienced from December 2020 to February 2021. Further it ended in a doji candlestick formation near this resistance zone on 16th February indicating restricted upside potential, RSI is declining, supporting the above observation. It would be prudent to say that silver could decline...
USDCAD is currently trading near the multiple support zone indicating buying could emerge in the near term. After a brief downtrend since the beginning of February, the pair ended in two consecutive doji formations on 10th and 11th of February signifying that a rebound could be witnessed from current levels. It would be prudent to say that the pair could rise...
EURAUD currently stands at the support of the horizontal support line suggesting limited downside potential, further the pair is testing the support for the third time making a triple bottom formation. It would be prudent to say that the pair could rise towards 1.5700 and 1.5800 while it sustains above 1.5550. Risk Disclaimer: Trading Forex or any CFD products...
EURJPY currently stands at the resistance of the downward sloping trend line suggesting limited upside potential. RSI is declining supporting the above observation and indicating further downside potential for the currency pair. It would be prudent to say that the pair could decline towards 126.25 and 125.75 while it sustains below 127.25. Risk...
NZDUSD has been trading in a higher top higher bottom formation on the back of continued weakness in the dollar index. Currently it stands at the support of the upward sloping trend line suggesting it could rise from current levels. It would be prudent to say that the pair could rise further towards 0.7220 and 0.7250 while it sustains above 0.7090. Risk...
GBPJPY has been trading in a higher top higher bottom formation suggesting the trend to be bullish in the near term, positive slope of the 20-day SMA corroborates the above observation, RSI in buy mode indicates it could continue to rise further. It would be prudent to say that the pair could rise further towards 144.00 and 144.90 while it sustains above...
The index has been in a strong uptrend since past few months however it has experienced some correction since early January, currently it stands at the support of the horizontal support line suggesting buying could be experienced near current levels. On 21st December the index had made a very significant “hammer” formation just below current levels. It would be...
Gold currently stands at the support of the upward sloping trend line suggesting it could experience buying near current levels. Further it is currently trading in a doji candlestick formation near the trend line after a brief decline suggesting that the correction is losing steam. It would be prudent to say that the gold could rebound towards $1855 and $1865 if...
EURUSD has been trading in an uptrend as confirmed by the longer term and higher timeframe charts; however it has experienced correction since the first week of January 2021 and currently stands at the 38.2% retracement of the rise experienced since November 2020 to January 2021. It would be prudent to say that the Euro could rebound towards 1.2175 and 1.2200 if...
Dollar index has been trading in a lower top lower bottom formation suggesting the trend to be bearish in the medium term, albeit it did rebound since the first week of January which seems to have met with a resistance near 90.95 (near the upper Bollinger band). It would be prudent to say that dollar index could decline towards 90.00 and 89.70 if it sustains below...
Silver has risen sharply from $21.89 (30th November 2020) to $27.92 (6th January 2021) and has corrected to find support at the 61.80% Fibonacci support from where it is rebounding. It would be prudent to say that silver could rise towards $25.90 and $26.25 if it sustains above $23.85. Risk Disclaimer: Trading Forex or any CFD products may not be suitable to all...
Crude has been in a strong uptrend since the past couple of months, momentum indicators in buy mode support the above observation. The current correction experienced by crude looks to be an organic correction which is likely to find buyers near current levels. It would be prudent to say that crude could rise towards 52.80 and 53.45 if it sustains above...
EURJPY has declined in the past few trading sessions however the trend remains bullish for the currency in the medium term, currently it stands at the 20-day SMA suggesting it could rebound in the near term. RSI continues to trade in the positive territory supporting the above observation and indicating further upside potential. It would be prudent to say that the...
AUDJPY has been trading in a higher top higher bottom formation suggesting the trend to be positive in the near term, further it is trading above the 20-day SMA supporting the observation. The recent decline experienced seems to be an organic correction and buying is likely to be experienced near current levels. It would be prudent to say that the pair could rise...
USDJPY has been trading in a lower top lower bottom formation suggesting the trend to be bearish in the near term, further it is also trading below the 20-day SMA corroborating the above observation. The current rebound experienced by the pair is likely to be short lived and could be used to sell the currency pair. It would be prudent to say that the pair could...
EURJPY has been trading around the 20-day SMA since the last few trading sessions; however it has started to rise swiftly today suggesting that it might break the 126-126.75 zone on the upside. Momentum indicators are rising, supporting the above observation. It would be prudent to say that the pair could rise further towards $126.90 and $127.35 if it sustains...