Daily Analysis By FXGlory

[FXGlory Ltd]

EURAUD analysis for 30.04.2024





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


Fundamental Analysis:


The EUR/AUD pair is significantly influenced by the economic conditions and monetary policies from both the Eurozone and Australia. Key factors impacting this currency pair include interest rate differentials, economic growth rates, and global market sentiment. The Eurozone's energy dependencies and Australia's robust export market in minerals also play vital roles in shaping the pair's movement. Recent technical indicators on the H4 chart suggest that the current bearish trend might be waning, with potential signs of a reversal indicated by the recent positive closing of candles and an uptick in buying pressure.

Technical analysis of the EUR/AUD shows that while the Ichimoku Cloud indicates a prevailing bearish trend, there's a budding possibility for bullish activity if prices break above the cloud. The MACD remains below the signal line, suggesting ongoing bearish momentum, yet a convergence toward the signal line hints at weakening bearish forces. The RSI hovers near the midpoint, neither oversold nor overbought, supporting the potential for market balance restoration. With support established at 1.6375 and resistance around 1.6450, the trading strategy should be cautious, responsive to new economic data, and adaptive to the inherent market volatility.


Disclaimer: This analysis is for informational purposes only and does not constitute investment advice. Traders should perform their own due diligence before making any investment decisions. own research and analysis before making any trading decisions.


FxGlory
30.04.2024

 

[FXGlory Ltd]

USCAD analysis for 01.05.2024







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


Fundamental Analysis:
The USD/CAD pair is currently displaying a bullish trend on the H4 chart as of May 1, 2024, influenced by the economic dynamics between the United States and Canada. The recent upward movement breaking past previous resistance levels suggests a robust bullish sentiment, possibly driven by positive economic indicators or shifts in market risk appetite. The breakout above the Ichimoku Cloud further supports this bullish outlook, indicating a potential change from a bearish to a bullish market environment. Additionally, the Relative Strength Index (RSI) nearing 70 highlights increasing bullish momentum, although it also points to the possibility of nearing overbought conditions which may signal a future consolidation or pullback.

Key levels to watch include support at around 1.3720, the top boundary of the Ichimoku Cloud, and resistance near the recent high of 1.3785. As the pair exhibits strong upward momentum, traders should be cautious of potential overbought conditions and prepare for resistance at higher levels. Monitoring forthcoming economic releases from both countries will be vital for traders to maintain an informed strategy, and effective risk management is essential due to the inherent volatility in the forex market. As always, traders should conduct thorough research and analysis before making any trading decisions.


Disclaimer: This analysis is for informational purposes only and does not constitute investment advice. Traders should perform their own due diligence before making any investment decisions. own research and analysis before making any trading decisions.


FxGlory
01.05.2024

 

[FXGlory Ltd]

USDCAD analysis for 05.02.2024







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


Fundamental Analysis:
The USD/CAD pair is exhibiting signs of consolidation and uncertainty, influenced by key economic developments and market sentiment towards the U.S. dollar and Canadian dollar. Fundamental factors such as oil price volatility and differing monetary policies in the U.S. and Canada play significant roles. The pair remains within the Ichimoku Cloud on the H4 chart, suggesting a lack of clear directional movement and highlighting the importance of upcoming economic indicators.


Technically, the USD/CAD has shown bearish momentum, as evidenced by the MACD, and is currently poised near a neutral state with the RSI close to 50. It faces immediate support and resistance at 1.3680 and 1.3740, respectively. Given the current market conditions and the influence of external economic factors, traders should remain cautious and stay updated on geopolitical events and further economic data that may affect market dynamics.


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
05.02.2024

 

[FXGlory Ltd]

EURJPY Technical Analysis for 06.05.2024






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


Fundamental Analysis:
The EUR/JPY technical analysis for the 4-hour timeframe suggests a potential short-term bullish reversal amid broader bearish sentiment. Recent price action indicates a pullback, with the last few candles closing higher, hinting at a temporary recovery. However, the price remains below a thickening Ichimoku cloud, indicating resistance overhead and a prevailing medium-term bearish outlook. Key technical indicators such as the MACD line, RSI, and standard deviation suggest mixed sentiment, with signs of potential upward momentum but moderate market volatility. Support lies around 164.480, while resistance is seen near 168.290 and the lower boundary of the Ichimoku cloud.


Traders should closely monitor upcoming economic releases, including Spanish unemployment change, French and German PMIs, and German trade balance, as well as speeches from European central bank officials. These events could introduce volatility and influence EUR/JPY dynamics, potentially testing resistance levels if positive or reinforcing the bearish trend if negative. Risk management is paramount, and traders are advised to conduct thorough research and analysis before making any trading decisions. The analysis provided is for informational purposes only and does not constitute investment advice.


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
06.05.2024

 

[FXGlory Ltd]

EURCHF Technical Analysis for 07.05.2024





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


The EUR/CHF pair shows signs of a bullish reversal on the H4 time frame, following a rebound from the 38.2% Fibonacci retracement level, amidst a backdrop of encouraging economic indicators from Europe. Recent services PMI data across major European economies such as Spain and France surpassed expectations, signaling robustness and expansion in the sector. Moreover, the Sentix Investor Confidence index has shown improvement, further bolstering the positive outlook for the Euro against the Swiss Franc. The technical analysis is supported by a neutral RSI, suggesting that the market is neither overbought nor oversold, hence supporting a potential price recovery.

On the technical front, the Relative Strength Index stabilizing around the mid-line indicates balanced market conditions, while the Fibonacci retracement at 38.2% provides strong support, hinting at an emerging bullish trend. The recent lows and highs form key support at 0.97270 and resistance levels at 0.97900 and 0.98228, respectively. Traders considering long positions may find the current market conditions favorable, especially with the alignment of positive fundamental and technical indicators. However, it is essential to employ careful risk management and stay informed of any geopolitical developments that could impact market dynamics.


Disclaimer: This analysis is for informational purposes only and should not be taken as investment advice. Before making any trading decisions, please conduct your own research and consider your personal investment goals and risk tolerance.


FxGlory
07.05.2024

 

[FXGlory Ltd]

USD/CAD Technical Analysis for 08.05.2024





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


Fundamental Analysis:

The upcoming economic releases from Canada and the United States are poised to significantly impact the USD/CAD exchange rate. Key indicators such as Canadian Employment Change and Unemployment Rate suggest an improving yet slightly fluctuating Canadian job market, while the U.S. data on unemployment claims and the preliminary University of Michigan consumer sentiment indicate slight volatility and a dip in consumer confidence, respectively. These factors are expected to play a crucial role in influencing the currency pair's movement, especially as it tests critical support marked by a descending red line on technical charts, pointing to a pivotal point for potential shifts in the currency dynamics.

Technical analysis shows that the RSI is positioned under the overbought threshold, hinting at possible upward momentum if supported by the fundamental data, whereas the MACD suggests bearish potential, indicating possible selling pressure ahead. The currency pair finds immediate support at recent lows around 1.37000, with resistance observed near recent highs of 1.37810 and 1.38355. As the USD/CAD pair approaches this crucial technical juncture, investors are advised to monitor closely, as the outcome of these economic releases could trigger significant volatility, offering short-term trading opportunities. This scenario underscores the importance of integrating both technical and fundamental analyses for informed trading decisions in 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
08.05.2024

 

[FXGlory Ltd]

GBP/NZD Technical Analysis for 09.05.2024






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


Fundamental Analysis:
The GBP/NZD pair is exhibiting an interesting dynamic on the H4 chart as of May 9, 2024. Recent bullish momentum, characterized by a series of higher lows, suggests a corrective upward movement within a larger bearish trend. The key economic events, including the Official Bank Rate announcement and a speech by BOE Governor Bailey, are poised to influence the British Pound significantly. The market is currently aligned with past forecasts, suggesting stable expectations, but any deviation might shift the GBP's value notably, especially with the Monetary Policy Committee's (MPC) projecting a unanimous vote, hinting at a potentially hawkish stance.


On the technical front, the GBP/NZD is testing critical resistance at the lower boundary of the Ichimoku Cloud, with further resistance near the 61.8% Fibonacci retracement level at 1.9500. Key indicators like the MACD and RSI support the bullish sentiment; the MACD is above the signal line, albeit below zero, and the RSI is over 50, suggesting room for additional upside without entering overbought territory. Traders should stay alert to the forthcoming economic announcements, which could catalyze further movement. Caution is advised near resistance levels, where a failure to maintain bullish momentum could lead to a reversal back into bearish territory.


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 Ltd]

EUR/USD technical analysis for 10.05.2024





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


The EUR/USD technical analysis for May 10, 2024, anticipates heightened volatility due to impending economic releases. Key events such as the Italian Industrial Production data and the ECB Monetary Policy Meeting Accounts could sway the euro's strength, depending on whether results surpass or fall short of expectations. Meanwhile, on the USD front, speeches from FOMC members and the release of the Preliminary University of Michigan Consumer Sentiment Index may influence the dollar's trajectory, particularly if consumer sentiment surpasses forecasts. Amidst this backdrop, the EUR/USD chart reveals a consolidation pattern on the H4 timeframe, indicating uncertainty among traders as they await crucial economic news, with recent sessions demonstrating a modest bullish sentiment attempting to recover from previous lows.

Technical indicators, including Fibonacci retracement levels, MACD, and RSI, offer insights into potential market movements. While Fibonacci levels highlight significant support and resistance zones, the MACD currently signals short-term bearish momentum, though traders should remain vigilant for a bullish crossover. Additionally, the RSI hovering around the mid-50s suggests a balanced market sentiment, neither oversold nor overbought. Notably, support lies at the 1.0800 level, historically serving as a crucial barrier against further declines, while resistance at 1.0950 poses a formidable hurdle, reflecting previous highs. Consequently, traders are advised to proceed cautiously, closely monitoring economic indicators and central bank communications to gauge currency strength and direction. Given the balanced RSI and the bearish indication from the MACD, prudent risk management is essential to navigate potential market fluctuations effectively.

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
10.05.2024

 

[FXGlory Ltd]

USDCHF Daily Chart Analysis for 13.05.2024






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


Fundamental Analysis:

The USD/CHF currency pair is currently exhibiting a bearish trend on the 4-hour chart, as observed through key technical indicators and recent price action. The analysis reveals a clear pattern of lower highs and lower lows within a declining channel, with the price approaching the lower boundary of the Bollinger Bands. This proximity to the lower band suggests a potential oversold condition, which could either lead to a temporary reversal or a continuation of the downward trend. Additionally, economic factors such as the upcoming speeches from SNB and FOMC members, along with the SECO Consumer Climate Index and U.S. mortgage delinquencies data, could significantly impact the pair, potentially increasing volatility.


Key technical indicators such as MACD and RSI support the observed bearish sentiment, with MACD continuing below the signal line and RSI indicating slight bearish momentum without yet reaching oversold conditions. The currency pair has defined support and resistance levels, with immediate support at 0.90550 and resistance at 0.90850. A breach below the support level could trigger further declines towards 0.90000, while overcoming the resistance could test higher levels around 0.91350. Traders should remain cautious, keeping an eye on economic developments and adjusting their strategies accordingly, especially in light of potential shifts in market dynamics due to influential economic speeches and indicators.


Disclaimer: The USD/CHF provided price action and technical analysis today 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
13.05.2024

 

[FXGlory Ltd]

USD/CAD Technical Analysis for 14.05.2024






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


Fundamental Analysis:

The USDCAD pair may face increased volatility due to upcoming economic reports and news from both the United States and Canada. Canada's Wholesale Sales data could influence the Canadian dollar if results surpass expectations, hinting at a possible uptick in consumer spending. In contrast, the U.S. is poised to release significant data like the Core PPI, coupled with speeches from Fed Chair Jerome Powell. A hawkish narrative from Powell or PPI figures exceeding forecasts could bolster the USD, consequently impacting the USDCAD exchange rate.

In terms of market behavior, the USDCAD has recently shown a slight bearish trend within a generally mixed pattern over recent sessions. The pair has remained primarily in the lower half of the Bollinger Bands, suggesting bearish pressure despite occasional bullish candles suggesting some buying interest. Technically, the MACD indicates a bearish momentum as it remains below the signal line, although the lack of strong divergence hints at weak momentum. The RSI near 45 suggests a mild bearish bias without extreme conditions that could forecast a reversal. Immediate support and resistance levels are identified around 1.3630 and 1.3720, respectively. Given these indicators and the impending economic data, traders should keep a close watch on the daily chart for potential shifts driven by market reactions to the new economic data, maintaining prudent risk management practices.


Disclaimer: The provided technical and fundamental analysis and insight 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
14.05.2024

 

[FXGlory Ltd]

GBPUSD Price Analysis for 15.5.2024







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



Fundamental Analysis:
The GBP/USD currency pair is at a pivotal point as recent economic indicators from the US and UK have influenced market dynamics. In the US, despite a stable Consumer Price Index, the decline in the Empire State Manufacturing Index suggests potential weaknesses in the manufacturing sector. Meanwhile, in the UK, stability in the unemployment rate contrasts with a minor uptick in the claimant count. These factors are key to understanding the economic conditions of both nations and their impact on currency strength.


Currently, the GBP/USD is testing a crucial resistance level at 1.26000, having rebounded from previous lows. The failure to break above this level could signal a bearish reversal, as indicated by key technical indicators like the MACD, which shows waning momentum, and the RSI, which is just below neutral at 45, suggesting a bearish outlook without extreme conditions. Traders should watch for how the pair reacts to this resistance level, as a failure to breach it may provide short opportunities, while a successful break above could challenge the bearish forecast.


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
15.05.2024

 

[FXGlory Ltd]

USD/JPY daily chart analysis for 16.05.2024





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


Fundamental Analysis:
The USD/JPY pair in the H4 timeframe is currently experiencing a bearish trend, marked by successive lower highs and lower lows. Although there's been a slight recovery indicated by a recent bullish candle, the broader downtrend remains intact, with prices below previous resistance levels. Key technical indicators such as the Bollinger Bands suggest increasing volatility with the price near the lower band, potentially indicating a rebound. The MACD shows bearish momentum, but a slight decrease in the histogram's bearish momentum hints at a possible slowdown. The RSI is at 31.50, close to oversold territory, suggesting a potential reversal or pause in the downtrend.


Fundamentally, weaker Japanese economic data, including a contraction in GDP and lower-than-expected industrial production, weighs on the JPY. In contrast, U.S. economic data is poised to support the USD, with jobless claims, building permits, and industrial production reports being crucial. Positive U.S. economic indicators could bolster the USD, especially against the backdrop of Japan's weaker data. Traders should watch key support levels at 153.760 and 151.615 and resistance levels at 154.475 and 155.905, alongside upcoming U.S. economic data releases, to identify potential trading opportunities and manage risks effectively.


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
16.05.2024

 

[FXGlory Ltd]

EURNZD Analysis for 17.05.2024​

​

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


Fundamental Analysis:
The EURNZD pair reflects the exchange rate between the Euro and the New Zealand Dollar. Recent data from New Zealand indicates stronger-than-expected producer prices, with PPI Input at 0.7% and PPI Output at 0.9%, supporting the NZD. In contrast, the Eurozone's Final Core CPI y/y is forecasted at 2.7% and the Final CPI y/y at 2.4%, suggesting mild inflationary pressures. While these figures point to a stable economic environment in the Eurozone, their impact is expected to be minimal due to the nature of the data releases.

Technical Analysis:
The EURNZD pair on the H4 timeframe shows a clear downtrend with successive lower highs and lower lows. The price is consolidating near a recent low, suggesting potential for either a continued downward move or a short-term rebound. Key technical indicators support this bearish outlook: the widening Bollinger Bands indicate increased volatility, the MACD is in negative territory showing bearish momentum, and the RSI at 33.55 suggests the pair is nearing oversold conditions. Immediate support is at 1.7748, with potential further declines towards 1.7700 if broken. Resistance levels are at 1.7864 and 1.7900. Traders should monitor these levels closely and exercise caution with proper risk management 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
17.05.2024