Daily Analysis By FXGlory

[FXGLORY]

USDCAD Technical and Fundamental Analysis for 17.06.2024

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


Fundamental Analysis:

USDCAD is influenced by several economic factors from both the US and Canada. For the USDCAD news forecast today, the focus is on the Empire State Manufacturing Index from the US, which is forecasted to be -12.5. This high-impact data could significantly affect the US Dollar if the actual figure deviates from expectations, indicating either a strengthening or weakening of the manufacturing sector in New York. On the Canadian side, Housing Starts are forecasted at 247K and Foreign Securities Purchases at 12.30B. Both these low-impact data points provide insights into Canada's economic health, with better-than-expected figures potentially strengthening the CAD. Monitoring the USDCAD news analysis today live is crucial for understanding the impact of these data releases.


Price Action:

The H4 chart for USDCAD indicates a recent period of volatility with significant price swings. The technical analysis today, shows the pair has been moving within an ascending channel, suggesting an overall bullish trend. However, recent candles show mixed sentiment with both bullish and bearish pressures evident. The price is currently above the Ichimoku cloud, indicating potential support, while resistance levels are being tested frequently.


Key Technical Indicators:

Ichimoku Cloud: The price is trading above the Ichimoku cloud, suggesting a bullish sentiment. The cloud's future projection is flat, indicating potential consolidation or a slowdown in the upward momentum.
MACD (Moving Average Convergence Divergence): The MACD histogram is slightly positive, with the MACD line crossing above the signal line, indicating a bullish momentum. However, the difference between the two lines is minimal, suggesting cautious optimism.
RSI (Relative Strength Index): The RSI is at 49.18, close to the neutral 50 level, indicating neither overbought nor oversold conditions. This suggests that the market could move in either direction depending on upcoming data releases or market sentiment.


Support and Resistance:

Support Levels: Immediate support is at 1.36991, aligned with the lower boundary of the ascending channel and Ichimoku cloud.
Resistance Levels: The resistance is observed at 1.37408, which coincides with recent highs and the upper boundary of the channel.


Conclusion and Consideration:

The USDCAD pair on the H4 chart presents a cautious bullish outlook with key support and resistance levels closely watched. The indicators suggest a potential continuation of the upward trend, provided the price remains above the Ichimoku cloud and the MACD stays positive. Traders should monitor today's economic releases, particularly the Empire State Manufacturing Index, for cues on market direction. Appropriate risk management, including setting stop-loss levels near support at 1.36991, is advised given the potential volatility from the upcoming data.


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
17.06.2024

 

[FXGLORY]

EURUSD H4 Technical and Fundamental Analysis for 18.06.2024

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


Fundamental Analysis:
The EUR/USD news analysis today is influenced by various macroeconomic factors and central bank policies. Currently, the European Central Bank (ECB) is considering interest rate adjustments, with potential cuts on the horizon due to concerns about economic growth. On the other hand, the Federal Reserve (FOMC) is tackling inflation, with recent retail sales data indicating a potential increase. These diverging paths are crucial in understanding the EUR/USD dynamics. The ECB's dovish stance may weaken the euro, while positive U.S. economic data could strengthen the dollar.


Price Action:
The EUR/USD H4 chart indicates that the price is recovering from a recent downtrend. The price action shows higher highs and higher lows, suggesting a bullish reversal. The EURUSD technical analysis today shows the pair is currently trading within an ascending channel, with immediate resistance around 1.0745 and support at 1.0700. The recent bullish candles indicate strong buying pressure, but traders should be cautious of potential resistance levels.


Key Technical Indicators:
Ichimoku Cloud: The price is below the Ichimoku Cloud, indicating a bearish sentiment. However, the recent upward movement suggests a potential challenge to the cloud's lower boundary.
MACD (Moving Average Convergence Divergence): The MACD line is below the signal line, and the histogram shows negative values, indicating bearish momentum. However, the convergence of the lines suggests a possible bullish crossover.
RSI (Relative Strength Index): The RSI is around 48.18, which is neutral. It indicates that the market is not yet overbought or oversold, providing room for further price movement.


Support and Resistance:
Support Levels: Immediate support is at 1.0700, which aligns with the lower boundary of the ascending channel. Additional support is found at 1.0680.

Resistance Levels: Immediate resistance is at 1.0745, followed by the upper boundary of the ascending channel. Further resistance can be seen at 1.0785, near the Ichimoku Cloud.


Conclusion and Consideration:
The EUR/USD forecast live is showing signs of a potential bullish reversal on the H4 timeframe, supported by higher lows and higher highs within an ascending channel. Traders should monitor the key resistance levels at 1.0745 and 1.0785 for a potential breakout. The RSI and MACD indicators suggest that the market is in a neutral to slightly bearish phase, but the convergence in MACD hints at possible bullish momentum. Fundamental factors, such as ECB and FOMC policies, will continue to play a significant role in the pair's movement. Traders should implement risk management strategies, considering the volatile nature of 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
18.06.2024

 

[FXGLORY]

NZDCAD H4 Technical and Fundamental Analysis for 19.06.2024

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


Fundamental Analysis:

The NZD/CAD news analysis today highlights the impact of various economic factors and central bank policies. The Reserve Bank of New Zealand (RBNZ) has recently adopted a more dovish stance due to concerns over economic growth, while the Bank of Canada (BoC) is focusing on inflation control, supported by recent positive economic data. These divergent approaches are key to understanding the NZD/CAD dynamics. The RBNZ’s dovish tone could weaken the NZD, whereas the BoC’s hawkish policies might strengthen the CAD.

Price Action:

The NZD/CAD H4 chart reveals a market that was initially bearish but has shown signs of a bullish reversal after a Change of Character (CHOCH). The price action demonstrates a shift from lower lows to higher highs, confirming the trend reversal. The current price suggests a bullish trend with a target set above the previous order block. For further confirmation, we use the RSA Parabolic indicator, where the dots below the candles indicate a buy signal.

Key Technical Indicators:

RSA Parabolic:

The dots below the candlesticks provide a clear buy signal, suggesting bullish momentum. This indicator is essential for confirming the trend reversal and potential upward movement.


Support and Resistance:

Support Levels:

Immediate support is at 0.8410, aligning with the recent lows. Additional support can be found at 0.8380.

Resistance Levels:

Immediate resistance is at 0.8450, followed by significant resistance at 0.8480 and 0.8500.


Conclusion and Consideration:

The NZD/CAD chart forecast is bullish, as indicated by the recent CHOCH and supporting technical indicators. Traders should consider going long, targeting the order block levels mentioned above. The NZDCAD forecast is strengthened by the bullish signals from the RSA Parabolic. Fundamental factors, such as the policies of RBNZ and BoC, will continue to influence the pair’s movements. Traders should use risk management strategies and be mindful of the volatile nature of the forex market. Staying updated with the latest NZD CAD analysis on TradingView and monitoring NZD CAD news analysis can provide further insights.


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
19.06.2024

 

[FXGLORY]

GBPUSD H4 Technical and Fundamental Analysis for 20.06.2024

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


Fundamental Analysis:

The GBP/USD news analysis today is influenced by a variety of fundamental factors including economic indicators from both the UK and the US. Upcoming key events include the Bank of England's Monetary Policy Committee meeting minutes and US unemployment claims. The BOE's stance on interest rates and the MPC's vote distribution will provide insight into future monetary policy, which is crucial for currency valuation. In the US, unemployment claims are expected to be around 235K, with lower actual figures generally being positive for the USD. Additionally, housing data and manufacturing indices from the US will provide further economic context that can impact the pair.

Price Action:

The GBP/USD H4 chart shows a recent bullish trend within a rising channel, with prices attempting to break above the resistance level at 1.27391. The GBP/USD technical analysis today shows the pair has been making higher lows, indicating buying interest. However, the bullish momentum appears to be facing challenges at the current resistance, leading to potential consolidation or a pullback if the resistance holds firm.


Key Technical Indicators:

Bollinger Bands:

The price is approaching the upper Bollinger Band, indicating that the currency pair might be entering an overbought territory. This can act as a dynamic resistance level.

Stochastic Oscillator:

The Stochastic Oscillator is at 46.48, approaching the overbought threshold. This can signal that a price correction might be imminent if the overbought level is reached.

RSI (Relative Strength Index):

The RSI is at 49.94, suggesting a neutral to slightly bullish momentum. This indicates that there is still room for the price to move higher before hitting overbought conditions.


Support and Resistance:

Support Levels: Immediate support is at 1.27045, with a stronger support level at 1.26780.

Resistance Levels: Immediate resistance is at 1.27391. A break above this level could target higher resistances within the rising channel.


Conclusion and Consideration:

The GBP/USD forecast today depicts the pair to be exhibiting bullish tendencies within a rising channel, supported by neutral to bullish RSI and Stochastic indicators. Traders should watch for a breakout above the resistance at 1.27391 to confirm continued bullish momentum. Given the upcoming fundamental events, particularly from the Bank of England and US economic data, traders should stay vigilant as these can cause significant volatility. Setting appropriate stop-loss levels and monitoring key support and resistance zones is crucial in managing risk.


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
20.06.2024

 

[FXGLORY]

GBPUSD H4 Technical and Fundamental Analysis for 20.06.2024

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


Fundamental Analysis Summary:

The GBP/USD pair is influenced by key fundamental factors, including the Bank of England's Monetary Policy Committee meeting minutes and US unemployment claims. The BOE's stance on interest rates and the MPC's vote distribution will offer insights into future monetary policy, impacting the GBP valuation. US economic data, particularly unemployment claims expected around 235K, and other indicators like housing data and manufacturing indices, will further affect the USD. Positive or negative deviations in these figures could cause significant volatility in the currency pair.


Technical Analysis Summary:

On the H4 chart, GBP/USD shows a bullish trend within a rising channel, with prices attempting to breach the resistance at 1.27391. The pair is making higher lows, indicating buying interest, but faces challenges at the current resistance. Key technical indicators show that the price is nearing the upper Bollinger Band, suggesting potential overbought conditions, and the stochastic oscillator is at 46.48, nearing overbought territory. The RSI is at 49.94, indicating neutral to slightly bullish momentum. Immediate support levels are at 1.27045 and 1.26780, while resistance is at 1.27391. A breakout above this resistance could signal further bullish momentum. Traders should monitor fundamental events and set appropriate stop-loss levels to manage risk.


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
20.06.2024

 

[FXGLORY]

EURCAD Daily Technical and Fundamental Analysis for 21.06.2024

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


Fundamental Analysis:
The EUR/CAD currency pair reflects the exchange rate between the Euro (EUR) and the Canadian Dollar (CAD). Today, the market expects several news releases for both currencies. For the EUR, significant events include the German Flash Manufacturing PMI (forecasted at 46.4) and the French Flash Services PMI (forecasted at 50.0), both indicating varying degrees of economic activity. Additionally, speeches from key officials like German Buba President Nagel and ECOFIN meetings could provide further market direction. For the CAD, the focus will be on the Core Retail Sales m/m (forecasted at 0.5%) and Retail Sales m/m (forecasted at 0.7%), which are essential indicators of consumer spending and economic health.


Price Action:
Analyzing the EURCAD H4 chart, the pair has shown a sharp bearish trend. The last five bearish candles have driven the price down from the 50.0 Fibonacci retracement line towards the 23.6 Fibonacci retracement line, with the latest candle being green and bullish, indicating a potential pullback. This recent bullish candle at the 23.6 Fibonacci level suggests that this support level might hold, at least in the short term.


Key Technical Indicators:
Ichimoku Cloud: The Ichimoku Cloud indicator shows that the EUR-CAD forex pair is currently in a bearish trend. The price is below the Kumo (cloud), indicating a bearish bias. The Tenkan-sen (red line) and Kijun-sen (blue line) lines are both above the price, reinforcing the bearish outlook. The Senkou Span A and B (cloud boundaries) are also indicating resistance ahead.
Williams %R: The Williams %R (14) is currently at -94.54, which is in the oversold territory. This suggests that the pair might be due for a short-term rebound or consolidation as the selling pressure may have been exhausted.
Bears Power (13): The Bears Power indicator shows negative values, indicating that the sellers are still in control. However, the indicator has shown a slight uptick recently, which could suggest that the bearish momentum is weakening slightly.


Support and Resistance:
Support: The immediate support level is at the 23.6% Fibonacci retracement line (1.4645), which coincides with the recent green candle and could act as a strong support level.
Resistance: The nearest resistance level is at the 38.2% Fibonacci retracement line (1.4710), which aligns with a previous consolidation area and could pose a challenge for the bulls if the price attempts to recover.


Conclusion and Consideration:
The EURCAD pair on the H4 chart shows a strong bearish momentum supported by the Ichimoku Cloud, %R14, and Bears Power indicators. The recent bearish candles indicate that the selling pressure is still present, but the oversold condition of %R14 and the latest bullish candle suggest a possible short-term pullback or consolidation at the 23.6% Fibonacci retracement level. Traders should watch the key support and resistance levels closely, as any breach could indicate the next potential move. Given the upcoming economic releases and speeches, increased volatility can be expected, and traders should stay updated with the latest information.


Disclaimer: The EURCAD technical and fundamental analysis provided is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions. Market conditions can change rapidly, and it is essential to stay updated with the latest information.


FXGlory
21.06.2024

 

[FXGLORY]

USDCAD H4 Technical and Fundamental Analysis for 25.06.2024

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


Fundamental Analysis:
The USD/CAD forex pair, representing the exchange rate between the US Dollar and the Canadian Dollar, is set to react to several key economic events today. At 1:30 pm, multiple CPI metrics for Canada are scheduled to be released, including the CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, and Core CPI m/m. The forecast for the CPI m/m is 0.3%, down from the previous 0.5%, while the Core CPI m/m forecast is 0.2%, slightly lower than the previous 0.5%. Any deviations from these forecasts could result in significant volatility for the CAD. A higher-than-expected CPI could strengthen the CAD as it may increase the likelihood of the Bank of Canada adopting a more hawkish stance. Conversely, lower-than-expected CPI readings could weaken the CAD.



Price Action:
Analyzing the USD/CAD H4 chart, the pair has been in a clear downtrend, characterized by lower highs and lower lows. The USD/CAD price has been moving within a descending channel, indicating sustained bearish momentum. Recently, the price has broken below the Ichimoku Cloud and is now trading near the lower boundary of the channel, indicating strong bearish sentiment.


Key Technical Indicators:
Ichimoku Cloud: USDCAD price is trading below the Ichimoku Cloud, indicating a strong bearish trend for this pair. The cloud itself is bearish, with the future cloud showing red, which suggests continued downward pressure. The Tenkan-sen and Kijun-sen lines are also indicating bearish momentum as they are positioned below the cloud.
MACD: The MACD line is below the signal line, and the histogram is in negative territory, which confirms the bearish trend on exchange rate between these currencies. The MACD indicator suggests that selling pressure is still dominant, and there are no immediate signs of a bullish reversal.
RSI: The RSI is currently at 32.87, indicating bearish momentum and that the pair is approaching oversold conditions. This suggests that while the bearish trend is strong, there might be a potential for a short-term corrective bounce.


Support and Resistance Levels:
Support: Immediate support is found at 1.36400. A break below this level could see the pair heading towards the next support at 1.3600.
Resistance: The nearest resistance level is at 1.36730. Above this, resistance is found at 1.36880.

Conclusion and Consideration:
The USD/CAD pair on the H4 chart shows strong bearish momentum, supported by the Ichimoku Cloud, MACD, and RSI indicators. Traders should watch for potential volatility around the release of the Canadian CPI data. While the overall trend is bearish, the RSI suggests that the pair might be due for a short-term bounce from oversold conditions. Caution is advised as fundamental news could lead to sharp movements.

Disclaimer: The analysis provided is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions. Market conditions can change rapidly, and it is essential to stay updated with the latest information.


FXGlory
25.06.2024

 

[FXGLORY]

EURUSD H4 Technical and Fundamental Analysis for 27.06.2024

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


Fundamental Analysis:
The EUR/USD news analysis today is influenced by significant economic indicators and news releases. For the Euro, the M3 Money Supply and private loans data provide insights into economic health and lending trends within the Eurozone. For the US Dollar, today's high-impact news includes the Final GDP q/q, expected at 1.4%, and Unemployment Claims forecasted at 236K. Stronger-than-expected GDP growth and lower unemployment claims are likely to support the USD, while weaker data could benefit the Euro. Additionally, medium-impact releases such as Core Durable Goods Orders and Durable Goods Orders will further influence the EUR/USD market sentiment and direction.

Price Action:
The EUR/USD H4 chart exhibits a bearish trend for the pair, with the price making lower highs and lower lows. The pair has recently been trading below the Ichimoku Cloud, indicating sustained bearish momentum. The “Fiber’s” price action shows a potential descending triangle pattern, which could signal further downside if support levels are breached.


Key Technical Indicators:
Ichimoku Cloud: The price is below the Ichimoku Cloud, suggesting a bearish trend. The future cloud is also red, indicating potential continued bearish sentiment.
RSI (Relative Strength Index): The RSI is currently at 35.96, indicating that the pair is approaching oversold territory. This could suggest a potential for a short-term reversal if the RSI dips further but fails to break the oversold threshold.


Support and Resistance:
Support Levels: The immediate support level is at 1.06650, followed by a secondary support at 1.06550.
Resistance Levels: The nearest resistance is at 1.07139, with further resistance at 1.07640 and 1.08000.


Conclusion and Consideration:
The EUR/USD forecast live shows strong bearish momentum, as evidenced by the position below the Ichimoku Cloud and the descending RSI. Traders should monitor the key support level at 1.06650; a breach below this level could signal further downside. Conversely, if the RSI indicates oversold conditions, a short-term bounce to the resistance levels could occur. Fundamental factors, including today's economic releases, will play a crucial role in determining the pair's direction. Proper risk management, including setting stop losses, is essential due to potential market volatility around high-impact news.


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
27.06.2024

 

[FXGLORY]

USDJPY H4 Technical and Fundamental Analysis

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



Fundamental Analysis:
The USDJPY currency pair reflects the exchange rate between the US Dollar (USD) and the Japanese Yen (JPY). Today's upcoming USD news includes several low to medium impact events such as speeches by FOMC members and data on Personal Income and Spending. Notably, the Core PCE Price Index, forecasted at 0.1%, is a crucial inflation measure for the Fed. These indicators may provide insights into future US monetary policy, potentially influencing USD volatility. For JPY, the medium impact Tokyo Core CPI is forecasted at 2.0%, and other low impact data such as Unemployment Rate, Industrial Production, and Housing Starts are expected, which could affect the JPY's performance.


Price Action:
The USDJPY pair on the H4 timeframe is experiencing a clear bullish trend, with the price reaching its highest level since 2010. The price action shows a consistent upward movement as the candles move from the lower to the middle and now the upper Bollinger Bands, indicating strong bullish momentum. Recently, the price has been moving upwards steadily, supported by a positive trend in the market.



Key Technical Indicators:
Parabolic SAR: The Parabolic SAR indicator shows the last three dots positioned below the candles, confirming a bullish trend. This placement indicates continued upward momentum, suggesting traders might look for buy opportunities as long as the dots remain under the price.
MACD: The MACD indicator shows the MACD line crossing above the signal line with the histogram displaying increasing momentum. This bullish crossover suggests strengthening upward momentum, which supports the ongoing bullish trend in the USDJPY pair.
Moving Averages: The short-term Moving Average (9-period, blue) has crossed above the long-term Moving Average (17-period, orange), both moving upwards. This crossover is a bullish signal, indicating that the short-term price trend is gaining strength relative to the long-term trend.


Support and Resistance:
Support: Immediate support is located at 1.36600, aligning with a recent consolidation area and the middle Bollinger Band.
Resistance: The nearest resistance level is at 1.37481, which coincides with the 0.382 Fibonacci level and recent highs.


Conclusion and Consideration:
The USDJPY pair on the H4 chart shows sustained bullish momentum, supported by the Parabolic SAR, MACD, and Moving Averages indicators. The current price action within an ascending channel indicates that the bulls are in control, with potential further gains as indicated by the key technical indicators. However, traders should remain cautious due to potential increased volatility from the upcoming economic data releases and speeches from key officials. It is essential to monitor these events closely as they could significantly impact market conditions.


Disclaimer:
The provided analysis of USDJPY is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions. Market conditions can change rapidly, and staying updated with the latest information is crucial for informed trading decisions.


FXGlory
28.06.2024

 

[FXGLORY]

GBPUSD H4 Technical and Fundamental Analysis for 01.07.2024

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


Fundamental Analysis:

The GBP/USD news analysis today is influenced by various economic indicators and geopolitical factors. Recently, the pair's performance has been under pressure due to a stronger US Dollar driven by positive economic data, including expectations for the upcoming Final Manufacturing PMI and ISM Manufacturing PMI. The UK's economic outlook remains uncertain amidst concerns over inflation and slower-than-expected economic growth. Bank of England’s monetary policy and the broader macroeconomic environment continue to play pivotal roles. The USD has shown resilience due to the Federal Reserve's hawkish stance, while the GBP faces headwinds from domestic economic challenges and Brexit-related uncertainties.

Price Action:

The GBP/USD H4 chart shows that the “Cable” has been in a bearish trend, evident from the price moving below the Ichimoku Cloud. The pair recently attempted a minor recovery but encountered strong resistance at key levels. The downward trendline in the pair’s technical analysis today further confirms bearish momentum, with lower highs and lower lows being formed.


Key Technical Indicators:

Ichimoku Cloud:
The price is trading below the Ichimoku Cloud, indicating a prevailing bearish trend. The cloud itself acts as a significant resistance zone.

RSI (Relative Strength Index):
The RSI is currently at 50.63, suggesting a neutral to slightly bearish momentum. It indicates that the market is not overbought or oversold, leaving room for potential downward movement.


Support and Resistance:

Support Levels:
Immediate support is observed at 1.26314, followed by a stronger support level at 1.25670. These levels are crucial for maintaining the bearish structure.

Resistance Levels:
The nearest resistance is at 1.26538, with a more significant resistance level at 1.26850. Breaking above these levels could signal a potential trend reversal.


Conclusion and Consideration:

The GBP/USD forecast today on the H4 chart continues to exhibit a bearish trend for the pair, with key indicators and price action supporting this outlook. Traders should monitor the support levels closely, as a break below 1.26314 could lead to further declines towards 1.25670. Conversely, a sustained break above 1.26538 may challenge the bearish trend, but significant resistance lies at 1.26850. The Cable’s fundamental factors of the day, such as economic data releases from both the UK and the US, will be crucial in determining the pair's next move. Risk management strategies, including appropriate stop-loss levels, are essential given the current market volatility.


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
01.07.2024