Daily Analysis By FXGlory

[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 pair has been under pressure due to a stronger US dollar, bolstered by positive economic data and expectations for the upcoming Final Manufacturing PMI and ISM Manufacturing PMI. The UK's economic outlook remains uncertain, with concerns over inflation and slower-than-expected economic growth. The Bank of England's monetary policy, coupled with broader macroeconomic factors and Brexit-related uncertainties, continues to impact the GBP negatively. The Federal Reserve's hawkish stance has reinforced the USD's resilience, adding further pressure on the GBP.


Technical Analysis:

The H4 chart for GBP/USD shows a bearish trend, with the price moving below the Ichimoku Cloud, indicating strong resistance and prevailing bearish momentum. The RSI is at 50.63, suggesting neutral to slightly bearish conditions without overbought or oversold signals. Immediate support levels are at 1.26314 and 1.25670, while resistance levels are at 1.26538 and 1.26850. A break below 1.26314 could lead to further declines, whereas a break above 1.26538 might challenge the bearish trend but would need to surpass significant resistance at 1.26850. Traders should closely monitor economic data releases and manage risks appropriately due to 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

 

[FXGLORY]

EURUSD H4 Technical and Fundamental Analysis for 02.07.2024

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


Fundamental Analysis:
The EUR/USD forex pair, representing the exchange rate between the Euro and the US Dollar, is influenced by significant economic data from both the Eurozone and the United States. Recent PMI data from the Eurozone showed improvements, with the Italian Manufacturing PMI at 45.7, French Final Manufacturing PMI at 45.4, and the overall Eurozone Final Manufacturing PMI at 45.8, all surpassing their forecasts. Meanwhile, US economic data revealed mixed results, with the Final Manufacturing PMI at 51.6, ISM Manufacturing PMI at 48.5 below expectations, and ISM Manufacturing Prices and Construction Spending showing weaker figures. These data points suggest a potential advantage for the Euro in the near term.


Price Action:
Analyzing the EUR/USD H4 chart, the pair has broken above its bearish trend line, signaling a potential shift in market sentiment. The price reacted to the 23.6% Fibonacci retracement level of the previous bearish wave and appears poised to continue its bullish run. The breakout above the trend line and the Fibonacci level indicates strong bullish momentum.


Key Technical Indicators:

Fibonacci Retracement Levels: The price reacted at the 23.6% Fibonacci level and is expected to continue upwards. The next levels to watch are the 38.2% and 50% retracement levels, which could act as resistance.
MACD: The MACD line is crossing above the signal line, suggesting bullish momentum. This crossover is a typical bullish signal, indicating potential upward movement in the near term.


Support and Resistance Levels:
Support: The immediate support level is around 1.0700. A break below this level could lead the pair to test the next support at 1.0650.
Resistance: The nearest resistance is at 1.0780, followed by a stronger resistance level at 1.0840.


Conclusion and Consideration:
The EUR/USD pair on the H4 chart displays a bullish outlook, supported by the breakout above the bearish trend line and the bullish signals from the MACD indicator. The reaction at the 23.6% Fibonacci level suggests potential for further upward movement. Traders should monitor these levels closely and watch for any fundamental news that might impact the pair, especially economic data releases from the Eurozone and the United States.


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
02.07.2024

 

[FXGLORY]

EUR/USD H4 Technical and Fundamental Analysis for 02.07.2024

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

Fundamental Analysis: The EUR/USD forex pair is influenced by significant economic data from the Eurozone and the US. Recent Eurozone PMI data showed improvements, with the Italian Manufacturing PMI at 45.7, French Final Manufacturing PMI at 45.4, and the overall Eurozone Final Manufacturing PMI at 45.8, all exceeding forecasts. US data revealed mixed results, with the Final Manufacturing PMI at 51.6, ISM Manufacturing PMI at 48.5 below expectations, and weaker ISM Manufacturing Prices and Construction Spending figures. These data points suggest a potential advantage for the Euro.

Price Action: The EUR/USD H4 chart shows a breakout above its bearish trend line, signaling a shift in market sentiment. The price reacted to the 23.6% Fibonacci retracement level of the previous bearish wave and appears poised to continue its bullish run, indicating strong bullish momentum.


Key Technical Indicators:

• Fibonacci Retracement Levels: The price is expected to continue upwards from the 23.6% level, with the 38.2% and 50% levels as potential resistance.
• MACD: The MACD line crossing above the signal line suggests bullish momentum and potential upward movement.

Support and Resistance Levels:

• Support: Immediate support is around 1.0700, with the next level at 1.0650.
• Resistance: Nearest resistance is at 1.0780, followed by 1.0840.

Conclusion and Consideration: The EUR/USD pair on the H4 chart displays a bullish outlook, supported by the trend line breakout and bullish MACD signals. The reaction at the 23.6% Fibonacci level suggests further upward movement. Traders should monitor these levels and fundamental news from the Eurozone and the US.


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]

EURUSD H4 Technical and Fundamental Analysis for 02.07.2024

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


Fundamental Analysis:
The EUR/USD forex pair, representing the exchange rate between the Euro and the US Dollar, is influenced by significant economic data from both the Eurozone and the United States. Recent PMI data from the Eurozone showed improvements, with the Italian Manufacturing PMI at 45.7, French Final Manufacturing PMI at 45.4, and the overall Eurozone Final Manufacturing PMI at 45.8, all surpassing their forecasts. Meanwhile, US economic data revealed mixed results, with the Final Manufacturing PMI at 51.6, ISM Manufacturing PMI at 48.5 below expectations, and ISM Manufacturing Prices and Construction Spending showing weaker figures. These data points suggest a potential advantage for the Euro in the near term.



Price Action:
Analyzing the EUR/USD H4 chart, the pair has broken above its bearish trend line, signaling a potential shift in market sentiment. The price reacted to the 23.6% Fibonacci retracement level of the previous bearish wave and appears poised to continue its bullish run. The breakout above the trend line and the Fibonacci level indicates strong bullish momentum.



Key Technical Indicators:
Fibonacci Retracement Levels: The price reacted at the 23.6% Fibonacci level and is expected to continue upwards. The next levels to watch are the 38.2% and 50% retracement levels, which could act as resistance.
MACD: The MACD line is crossing above the signal line, suggesting bullish momentum. This crossover is a typical bullish signal, indicating potential upward movement in the near term.



Support and Resistance Levels:
Support: The immediate support level is around 1.0700. A break below this level could lead the pair to test the next support at 1.0650.
Resistance: The nearest resistance is at 1.0780, followed by a stronger resistance level at 1.0840.



Conclusion and Consideration:
The EUR/USD pair on the H4 chart displays a bullish outlook, supported by the breakout above the bearish trend line and the bullish signals from the MACD indicator. The reaction at the 23.6% Fibonacci level suggests potential for further upward movement. Traders should monitor these levels closely and watch for any fundamental news that might impact the pair, especially economic data releases from the Eurozone and the United States.



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
02.07.2024

 

[FXGLORY]

EURUSD H4 Technical and Fundamental Analysis for 02.07.2024

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


Fundamental Analysis:
The EUR/USD forex pair, representing the exchange rate between the Euro and the US Dollar, is influenced by significant economic data from both the Eurozone and the United States. Recent PMI data from the Eurozone showed improvements, with the Italian Manufacturing PMI at 45.7, French Final Manufacturing PMI at 45.4, and the overall Eurozone Final Manufacturing PMI at 45.8, all surpassing their forecasts. Meanwhile, US economic data revealed mixed results, with the Final Manufacturing PMI at 51.6, ISM Manufacturing PMI at 48.5 below expectations, and ISM Manufacturing Prices and Construction Spending showing weaker figures. These data points suggest a potential advantage for the Euro in the near term.


Price Action:
Analyzing the EUR/USD H4 chart, the pair has broken above its bearish trend line, signaling a potential shift in market sentiment. The price reacted to the 23.6% Fibonacci retracement level of the previous bearish wave and appears poised to continue its bullish run. The breakout above the trend line and the Fibonacci level indicates strong bullish momentum.


Key Technical Indicators:
Fibonacci Retracement Levels: The price reacted at the 23.6% Fibonacci level and is expected to continue upwards. The next levels to watch are the 38.2% and 50% retracement levels, which could act as resistance.
MACD: The MACD line is crossing above the signal line, suggesting bullish momentum. This crossover is a typical bullish signal, indicating potential upward movement in the near term.

Support and Resistance Levels:
Support: The immediate support level is around 1.0700. A break below this level could lead the pair to test the next support at 1.0650.
Resistance: The nearest resistance is at 1.0780, followed by a stronger resistance level at 1.0840.



Conclusion and Consideration:
The EUR/USD pair on the H4 chart displays a bullish outlook, supported by the breakout above the bearish trend line and the bullish signals from the MACD indicator. The reaction at the 23.6% Fibonacci level suggests potential for further upward movement. Traders should monitor these levels closely and watch for any fundamental news that might impact the pair, especially economic data releases from the Eurozone and the United States.



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
02.07.2024

 

[FXGLORY]

EURAUD H4 Technical and Fundamental Analysis for 07.03.2024

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


Fundamental Analysis:

The EUR/AUD news analysis, often influenced by economic indicators and policy decisions from both the Eurozone and Australia, sees varying volatility based on such releases. Recent data from the Australian Bureau of Statistics show a promising increase in retail sales and new building approvals, suggesting a potential boost in economic activities that may strengthen the Australian Dollar. On the European front, the French Treasury reports a budget surplus and upcoming PMI data indicate healthy service sector growth. These factors collectively enhance the fundamental landscape, offering a mixed outlook for the EUR/AUD forecast today as both currencies find robust support from their respective economies.

Price Action:

The EUR/AUD H4 chart depicts a consolidation phase within a rising channel, indicating a bullish undercurrent tempered by recent hesitations in price movements. The currency pair has consistently tested the channel’s support and resistance boundaries, with the latest of the pair’s technical analysis hinting at a slight bearish retracement from the upper channel line. This typical reaction at upper resistance levels may lead to short-term pullbacks but maintains the overall upward trend.


Key Technical Indicators:

Ichimoku Cloud:

The price is currently trading within the Ichimoku Cloud. This positioning indicates a neutral zone where buying and selling pressures are balanced, but also suggests potential volatility as the price tests the cloud’s boundaries for either a breakout or a rejection.

RSI (Relative Strength Index):

The RSI on the chart is near 51.38, indicating a neutral momentum with neither overbought nor oversold conditions, suggesting that there is room for the price to move in either direction without immediate pressure from momentum extremes.

Stochastic Oscillator:

The Stochastic lines are converging around the 30 level, which typically signals a potential upward reversal if they turn upwards, marking a key watch-out for buyers.


Support and Resistance:

Support Levels:
The immediate support is visible at the lower boundary of the trading channel and further strengthened by another support near 1.60745, which previously acted as both support and resistance.

Resistance Levels:
The upper channel line currently acts as the primary resistance level, with further resistance potentially forming near recent highs at around 1.62500.


Conclusion and Consideration:

As the EUR/AUD analysis today navigates through significant economic releases, the technical setup favors a cautiously bullish outlook with considerations for potential pullbacks. Traders should remain alert to breaking above the cloud or a reversal at key support levels. Monitoring upcoming economic indicators will be crucial in guiding short-term trading 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
07.03.2024

 

[FXGLORY]

EURGBP H4 Technical and Fundamental Analysis for 07.04.2024

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


Fundamental Analysis:

The EUR/GBP news analysis today is influenced by various fundamental factors. For the Euro, industrial orders and bond yields within the Eurozone play a significant role, reflecting economic activity and investor confidence. In the UK, the focus is on the general election outcomes and PMI data, which indicate economic health and conditions within the construction industry. The upcoming UK general election is particularly crucial as it could shift economic policies and investor sentiment. Concurrently, the Eurozone's bond yields and industrial orders data provide insights into economic trends and production outlooks, which are vital for the EUR/GBP dynamics.


Price Action:

The EUR/GBP H4 chart shows the pair trading within an ascending channel, indicating the bullish trend of the pair over the medium term. However, Chunnel’s recent price action demonstrates a pullback towards the lower boundary of the channel, suggesting possible consolidation or a correction phase. The price is currently hovering around the support level of 0.84615, with a resistance level noted at 0.84751. A break below the support could indicate further bearish momentum, while a bounce back could signal a continuation of the bullish trend within the channel.


Key Technical Indicators:

Ichimoku Cloud:

The Ichimoku Cloud analysis shows the price broke through the cloud and, after a bearish trend, is heading back towards the cloud but is not within it yet. The Tenkan-sen below the Kijun-sen and the Chikou Span being below the price indicate continued bearish sentiment.

RSI (Relative Strength Index):

The RSI is at 42.80, indicating a moderately bearish sentiment. It is not yet in the oversold territory, implying that there could be more room for the price to decline before a reversal is expected.

MACD (Moving Average Convergence Divergence):

The Stochastic lines are converging around the 30 level, which typically signals a potential upward reversal if they turn upwards, marking a key watch-out for buyers.


Support and Resistance:

Support Levels:
The immediate support level is at 0.84615. A break below this level could lead to further declines towards the lower boundary of the ascending channel.

Resistance Levels:
The resistance level is at 0.84751. A break above this level could indicate a continuation of the bullish trend towards the upper boundary of the ascending channel.


Conclusion and Consideration:

The EUR/GBP H4 chart forecast today presents a mixed outlook, with current bearish momentum but within a longer-term ascending channel. Traders should closely monitor the support level at 0.84615 and the resistance level at 0.84751 for potential breakouts. Given the indicators like the Ichimoku Cloud and RSI, there is a possibility of further decline, but the proximity to the cloud suggests potential stabilization. Traders should also keep an eye on fundamental data from the Eurozone and the UK, as these will significantly impact market sentiment and price action.


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
07.04.2024

 

[FXGLORY]

USDCAD Daily Technical and Fundamental Analysis for 05.07.2024

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


Fundamental Analysis:
The USD/CAD currency pair reflects the exchange rate between the US Dollar (USD) and the Canadian Dollar (CAD). Today, the USD is set to be influenced by several key economic data releases, including Average Hourly Earnings, Non-Farm Employment Change, and the Unemployment Rate. These high-impact events are crucial as they provide insights into labor market conditions and inflation, likely causing significant USD volatility. On the CAD side, the Employment Change and Unemployment Rate data are also due, which are essential indicators of economic health and could influence the CAD's strength.


Price Action:
The USD/CAD pair on the H4 timeframe is in a clear bearish trend. The price is moving within the lower half of the Bollinger Bands, indicating sustained downward momentum. Despite occasional bullish corrections, the overall trend remains negative. Recent candles show a steady decline, aligning with the general bearish sentiment.


Key Technical Indicators:
Bollinger Bands: The Bollinger Bands have been widening, indicating increasing market volatility. The price has been predominantly in the lower half of the bands, which reinforces the bearish trend. The price nearing the lower band suggests potential oversold conditions, but the trend remains downward.
MACD (Moving Average Convergence Divergence): The MACD is in bearish territory, with the MACD line below the signal line and a negative histogram. This setup confirms the ongoing bearish momentum and suggests further downward movement unless a bullish crossover occurs.
RSI (Relative Strength Index): The RSI is currently around 31, approaching the oversold region. This low RSI value indicates that the price could be due for a short-term corrective bounce, but the overall bearish trend remains dominant.


Support and Resistance:
Support: Immediate support is at 1.3600, a key psychological level and recent low. Further support is at 1.3500, another significant level observed on longer timeframes.
Resistance: Immediate resistance is at 1.3700, aligning with the 23.6% Fibonacci retracement level. Additional resistance is at 1.3750, near the 38.2% Fibonacci level.


Conclusion and Consideration:
The USD/CAD pair on the H4 chart shows a strong bearish trend supported by key technical indicators such as Bollinger Bands, MACD, and RSI. The increasing volatility and bearish momentum suggest caution for traders looking to enter long positions. Upcoming high-impact economic data from both the US and Canada could introduce significant volatility, making it crucial for traders to stay informed and ready to react to new information.


Disclaimer: The analysis provided is for informational purposes only and does not constitute investment advice. Traders should perform 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
05.07.2024

 

[FXGLORY]

EURUSD H4 Technical and Fundamental Analysis for 07.08.2024

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


Fundamental Analysis:

The EUR/USD news analysis today is influenced by a variety of fundamental factors, including macroeconomic data, central bank policies, and geopolitical events. For the Euro, upcoming reports such as the German Trade Balance and Sentix Investor Confidence are low-impact but can provide insights into economic health. A higher-than-expected trade balance could be positive for the Euro, suggesting robust export activity. Similarly, a Sentix Investor Confidence reading above expectations could indicate optimism about the Eurozone economy. For the USD, the Consumer Credit m/m data is expected to be a low-impact release, but higher consumer credit could signal confidence in financial stability and spending power, potentially supporting the USD.


Price Action:

The EUR/USD H4 chart shows a visible bullish trend for the pair with the price moving within an ascending channel. The Fiber’s price action shows higher highs and higher lows, indicating bullish momentum. The pair has tested and pulled back from the upper boundary of the channel, suggesting a potential consolidation or retracement before continuing its upward movement.


Key Technical Indicators:

Ichimoku Cloud:

The price is above the Ichimoku Cloud, indicating a bullish trend. The Tenkan-sen (red line) and Kijun-sen (blue line) are both pointing upwards, which supports the bullish outlook. The Chikou Span (lagging line) is above the price, further confirming the bullish trend.

RSI (Relative Strength Index):

The RSI is currently at 67.63, close to the overbought territory (70). This suggests that while there is strong bullish momentum, the pair may be nearing an overbought condition, which could lead to a short-term correction.

MACD (Moving Average Convergence Divergence):

MACD line above the signal line, indicating sustained bullish momentum. The upward trajectory of the MACD lines supports the potential for further gains.


Support and Resistance:

Support Levels:

Immediate support is at the 1.08015 level, which aligns with the lower boundary of the ascending channel and the Kijun-sen.

Resistance Levels:

The nearest resistance is at 1.08375, marked by the recent high. A break above this level could see the price testing higher resistance around 1.08640.


Conclusion and Consideration:

The EUR/USD pair on the H4 chart is in a clear uptrend, supported by the Ichimoku Cloud, RSI, and MACD indicators. The bullish momentum of the pair appears strong, but the RSI suggests the pair may be approaching an overbought condition, which could lead to a short-term pullback. Traders should watch for a break above the 1.08375 resistance level for confirmation of continued bullish movement. Key economic data releases for both EUR and USD should be monitored as they can influence market sentiment and price action. Proper risk management strategies, such as setting stop losses near support levels, are essential in managing potential 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
07.08.2024

 

[FXGLORY]

AUDUSD H4 Technical and Fundamental Analysis for 07.09.2024

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


Fundamental Analysis:

The AUD/USD news analysis today is influenced by a combination of economic indicators and geopolitical factors. For the Australian dollar, key factors include the Westpac Consumer Sentiment Index and the NAB Business Confidence survey. Both indicators reflect the economic health and confidence levels within Australia, affecting the currency's strength. Additionally, the upcoming testimony from Federal Reserve officials and other USD-related economic data, such as the NFIB Small Business Index, will significantly impact the US dollar. Statements from Federal Reserve members can provide insights into future monetary policy, influencing the USD and, consequently, the AUD/USD forecast today.



Price Action:

The AUD/USD H4 chart is displaying an uptrend characterized by higher highs and higher lows. The price has been moving within an ascending channel, currently consolidating near the upper boundary. This indicates that the bullish momentum of the “Aussie” is still intact, but the pair is facing some resistance. The price action of the pair suggests a potential breakout above the current resistance levels if the bullish pressure persists.


Key Technical Indicators:

Ichimoku Cloud:

The price is trading above the Kumo (cloud), indicating a bullish trend. The Senkou Span A is above Senkou Span B, further supporting the bullish sentiment.

RSI (Relative Strength Index):

The RSI is currently at 58.79, which is in the bullish territory but not overbought. This suggests there is still room for the price to move higher.

Stochastic Oscillator:

The Stochastic (5, 3, 3) is at 21.83, indicating that the pair might be oversold in the short term, potentially leading to a reversal or continuation of the bullish trend if it crosses above 20.


Support and Resistance:
Support Levels:
The nearest support level is at 0.67126, followed by a more substantial support at 0.66892.

Resistance Levels:
The immediate resistance level is at 0.67355, with a significant resistance level at 0.67515, which aligns with the upper boundary of the ascending channel.


Conclusion and Consideration:

The AUD/USD technical analysis today shows the pair’s strong bullish trend on the H4 chart, supported by the Ichimoku cloud analysis and the current position of the RSI. The Stochastic indicator suggests potential short-term oversold conditions, which might lead to a continuation of the bullish trend if the pair finds support at current levels. Traders should monitor key support and resistance levels, especially the 0.67355 and 0.67515 resistance levels, for potential breakout opportunities. Given the upcoming economic data releases and speeches from Federal Reserve officials, traders should remain cautious and employ 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
07.09.2024