By looking at the daily chart we can see that earlier pair was falling down and was making successively lower lows and lower highs and heading towards south side. As we have mentioned in our previous report that pair has topped out with double top formation we are expecting that traders must have made smart profit from this move.
After making the low of 0.8639 level bears lost the control from the game and bulls take over the control in their own hand. Well presently pair has bottomed out and heading above the moving average lines. From technical prospective we can see that pair is making potential rounding bottom pattern which is providing us further signal and indicated that further buying till 0.8900 level is awaited.
From technical prospective we can observe that a dwontrend line has been breaced out on the daily chart and a double top price pattern has been formed on the chart . The way bulls have snatched the bite from bear’s mouth and bulls are dominating the bears it seems like bulls are approaching the 0.8850 level in short term.
Odds are in favor of bulls and we will keep our bias bullish on the pair as long as 0.8500 level remains intact. The bulls are controlling the game for the time being and it does not seems that they are going to lose grip from the market.Bulls are most likely to test the 0.8700 and 0.8800 level and then we can expect that bulls may go for some rest.
A bullish crossover on MACD indicator is supporting the bulls.RSI is also favoring the bulls from positive territory. The 0.8700 level is a key resistance level followed by 0.8800 level whereas 0.8500 is a key support level followed by 0.8400 level.
By looking at the daily chart we can see that pair is trading and moving between the descending triangle pattern which is providing us bearish signal and it’s just a starting of selloff we will get further bearish confirmation below the 1.2950 level which is a strong key support level.
Presently pair is trading and sustaining below the crossed moving average lines. The yesterday’s candle seems as hanging man candlestick which is generating bearish signal for us. So traders and investors are advised to go for short and add further position below the 1.2950 level.
A big bearish marabuzo candlestick followed by another big hanging man doji candlestick is generating bearish signal and providing us signal for further weakness. A daily closing below the breached uptrend line is providing us bearish signal and it will open the way towards the 1.2750 and 1.2500 level. It’s just a starting we may see further downfall below 1.3000 level.
Currently pair has changed the bias from bullish to bearish and from technical prospective we can see that the double top pattern has been formed on the daily chart which is generating bearish signal.
A bearish crossover on the MACD indicator is providing us bearish signal. RSI is also supporting the bearish sentiments from negative territory. The 1.3250 level is immediate resistance level followed by 1.3370 whereas 1.2912 level is strong key support level followed by 1.2851 level.
By looking at the daily chart of copper we can see that earlier it was making successively higher highs and higher lows by taking the support of an uptrend line but after arriving at 469 level bulls came down to retest the uptrend line and everyone was in hope that it’s just a correction and an alternate opportunity to buy once again, eventually bulls lost the control and bears took the charge, due to which the mentioned uptrend line has been breached out.
A short term downtrend line has been appeared on the daily chart which is indicating the presence of the bears for the time being and from past couple of days we are witnessing that in the morning session bulls try their best to pull the pair upside but at last the fail to hold it above the 448 level and pair provides closing below 445 level. Well the way bears are dominating the bulls it seems like they are ready to take it further downside and they are just waiting for the valid breakout of 440 level.
From technical prospective we can see that a potential head and shoulder pattern is in process of formation, which is a recent development. Well it would be very early to say that but we will clear confirmation once it trades and settles below the 440-438 levels.
Presently copper is trading below the breached uptrend line and trading and sustaining below the minor EMA (9, 14 and 50) lines but still holding above the 200 SMA lines. The current scenario indicates one should go for short the copper on every bounce. Daily to weekly bias remains bearish on the copper as long as copper provides daily closing below 450 level and odds are in favor of bears for the time being.
The 438-440 level seems as stumble block for bears and a daily closing below these levels will suggest that further add your short position for the target of 430 at least.
On the international chart, there is no more bullish sentiments and we can observe that after a unstoppable rally the consolidation phase is going on where both bulls and bears are fighting with each other, however bears looks more stronger as compare to bulls at these levels as copper is receiving supply pressure from key resistance level and we may see further sell off below the 2.832 level, on contrary if bulls won this war and able to take the pair above 2.982 then we may see further bullish sentiments, so international chart suggest us to sit aside and wait for breakout on either side, however there are high chances that we may see downside breakout.
A bearish crossover on the MACD is also favoring the bears. The RSI indicator is below 50 with no divergence is also generating bearish signal. The 440 level is a key support level followed by a 430 level as major support level for the time being, on contrary 450 levels is a key resistance level followed by 455 levels as major key resistance level.
Trade idea:- Traders and investors are advised to go for short at 445-457 level for the target of 436 and 430 level and further add short position once it break and sustain below 439 level with the strict stop loss of 456 level.
By analyzing the daily technical chart we can see that gold is performing so well on both side, as we can see that earlier it was making successively higher highs and higher lows and then it slipped from $1346.50 to $1281, which was the 38.2% retracement level and bounced to north again but the rally was limited to $1324 level which was short term resistance level and it slipped down to 1288 level once again.
Yesterday we have witnessed steep down fall from starting of the morning session but at the end of the day all the losses recovered by the bulls, due to which a dragonfly doji candlestick has been posted on the chart and it crossed down all the moving average lines. Present picture depicts that scenario has been changed from bullish to bearish temporarily.
Well it seems like bears got the revenge in just a single day and we have seen totally blood bath in the yellow metal. Now the question is that has gold changed the trend or it’s just a profit booking. From technical prospective we can see that gold is falling down from three consecutive days and further selloff is still awaited on the charts at least 128201280 level which is a major support level i.e. 38.2% retracement line.
Odds are in favor of bears and intraday bias remains bearish on the gold as long as $1325 level remains intact. A valid breakout above $1325 level will open the way towards the $1346 and $1360 level. Presently gold is trading and sustaining below all the major and minor EMA lines, so to continue the bearish momentum, bears need to close down below $1280.
Traders may go for short near $1300 level with the strict stop loss of $1325. All the indicators and oscillators are turned as downside due to massive bearish storm. The $1325 level is key resistance level followed by $1346 whereas $1280 is key support level followed by $1270 level.
The pair is showing high volatility as we can see that it is making both side movements on the daily chart. Presently it is trading and sustaining below the moving average lines which is generating bearish signal for the time being and two consecutive bearish marabuzo candlesticks are providing strength to the bears.
By looking at the daily technical chart we can see that bears have taken the charge and they are trying to take it towards south side. From a technical standpoint, a rounding top pattern has been formed on the daily chart which is suggesting us that bears will arrive at 1.5550 level at least.
A short term horizontal line is also lying on the daily chart which is providing support to the below a break below this line will indicate further bearish sentiments. Odds are in favor of bears and intraday bias remains bearish on the pair as long as 1.6000 levels remains intact.
The way bears are reacting it seems like bears have snatched the bite from bull’s mouth and it’s a clear indication of trend reversal i.e. pair has bottomed out. Traders need to pay close attention to the overall risk appetite in the markets when trading the EUR/AUD pair. Risk currencies have not been well supported by developments in international trade policies, which could continue to weigh on NZD and AUD. Only if the EUR/AUD pair manages to form a bullish reversal candlestick pattern with today’s close then we can consider further long the pair.
A bearish crossover on MACD indicator is generating bearish signal and RSI is also providing us bearish signal.The 1.5600 is immediate support level followed by 1.5600 level whereas 1.6000 level is immediate resistance level followed by 1.6100.