Daily Market Analysis By FXGlory

AUDUSD H4 Technical and Fundamental Analysis for 15.08.2024


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


Fundamental Analysis:
The AUD/USD news analysis today is influenced by several key fundamental factors, these economic data are released from both Australia and the United States, most of the time leading to increased volatility in the pair commonly known as the “Aussie”. Australia's economic health, particularly in areas such as employment, inflation, and consumer spending, plays a crucial role in determining the strength of the Australian Dollar. On the other hand, the US Dollar is affected by economic indicators like retail sales, jobless claims, and manufacturing indexes. Given the interconnectedness of the global economy, shifts in US monetary policy, particularly interest rate decisions by the Federal Reserve, have a significant impact on the AUD/USD exchange rate. The upcoming economic data for the US, such as retail sales and unemployment claims, are likely to drive the pair’s market sentiment and could affect the Aussie’s forecast.


Price Action:
The AUD/USD H4 chart, shows a steady uptrend after a prolonged downtrend, as indicated by the price movements above the Ichimoku Cloud. The pair’s price action suggests that the pair is currently in a consolidation phase, with potential for continued bullish momentum. The price has recently bounced from a key support level and is now trading within a rising channel. The Aussie is facing resistance near the upper boundary of this channel, and a breakout above this level could signal a continuation of the uptrend.


Key Technical Indicators:
Ichimoku Cloud: The AUD/USD price is trending above the Ichimoku Cloud, indicating its bullish market environment. The cloud itself acts as a support zone, and the price's position above it suggests that the uptrend is still intact. However, the flat Kijun-Sen line might indicate some hesitation or consolidation in the near term.
RSI (Relative Strength Index): The RSI is hovering around 50, which is a neutral zone, suggesting that the market is not overbought or oversold. This level indicates that there is room for further price movement in either direction, but the current consolidation phase might lead to a continuation of the existing trend if the RSI begins to rise.
MACD (Moving Average Convergence Divergence): The MACD line is above the signal line, with a positive histogram, indicating that bullish momentum is still present. The increasing distance between the MACD line and the signal line suggests that the upward movement could continue if the current trend persists.


Support and Resistance:
Support Levels: The first support is located at 0.6596, which is the lower boundary of the rising channel and close to the Ichimoku Cloud. The next significant support level is at 0.6516, aligning with a previous swing low and the bottom of the cloud.
Resistance Levels: Immediate resistance is at 0.6640, which is the upper boundary of the rising channel. A breakout above this level could see the price move towards the next resistance at 0.6680, which coincides with a previous high.


Conclusion and Consideration:
The AUD/USD technical analysis today is showing signs of a potential continuation of the Aussie’s bullish trend, supported by the positive signals from the Ichimoku Cloud, MACD, and the price's position within the rising channel. The RSI indicates that the market is currently in a neutral state, allowing for further price movement in either direction. Traders should monitor the upcoming US economic data releases, as these could influence the strength of the USD and impact the AUD/USD fundamental outlook. A breakout above the 0.6640 resistance level could signal a continuation of the uptrend, while a drop below the 0.6596 support could indicate a potential reversal or deeper consolidation.


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
15.08.2024

GBPUSD H4 Technical and Fundamental Analysis for 14.08.2024



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


Fundamental Analysis:
The GBP/USD forecast today is shaped by ongoing developments in the UK and US economies. In the UK, recent data has shown a slight increase in the unemployment rate, which could suggest a cooling labor market, while inflation remains elevated, keeping the Bank of England on alert for further rate hikes. In the US, economic indicators like the Consumer Price Index (CPI) have shown resilience, keeping the Federal Reserve on a tightrope between taming inflation and sustaining economic growth. These factors create a complex environment for GBP/USD, as traders weigh the relative strength of both currencies.


Price Action:
The GBP/USD price recently broke above a significant dynamic resistance zone, indicating a potential end to the bearish phase that has dominated the market. The price action suggests that the pair is now entering a consolidation phase after this breakout, with the possibility of retesting the recently broken dynamic support zone before continuing its upward trajectory.


Key Technical Indicators:
RSI (Relative Strength Index): The RSI is currently in the overbought territory, hovering around 72. This suggests that the pair may be due for a short-term correction or consolidation before resuming its upward movement.
MACD (Moving Average Convergence Divergence): The MACD shows a strong buy signal, with the histogram indicating increasing bullish momentum. This aligns with the recent breakout above the resistance zone, supporting the case for further upside potential.


Support and Resistance:
Support Levels:
The nearest support is at 1.27353, which corresponds to the dynamic support zone recently broken. A retest of this level could provide a strong buying opportunity and this situation is predicted for GBPUSD. Additional support is noted at 1.26641, which would be critical if the pair sees a deeper pullback.
Resistance Levels:
Immediate resistance is seen around 1.28850. This area is forecasted to be an important area for GBPUSD A break above this level could accelerate the bullish trend. Further resistance is noted at 1.29410, which would be the next target for bulls if the current momentum continues.


Conclusion and Consideration:
The GBP/USD H4 chart analysis suggests that the bearish phase may have concluded, with the price now likely to enter a bullish trend following a potential retest of the dynamic support zone. However, traders should be cautious of the RSI being in overbought territory, indicating a possible short-term pullback or consolidation. The strong buy signal from the MACD further reinforces the potential for continued upward movement after any correction. As always, market participants should monitor upcoming economic data and global developments, adjusting their strategies accordingly.



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
14.08.2024

GBP/AUD H4 Technical and Fundamental Analysis for 13.08.2024


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


Fundamental Analysis:
The GBP/AUD forecast today is influenced by a mix of economic indicators from both the UK and Australia that paint a complex picture of the potential market directions. The UK sees a decrease in Claimant Count Change and a slight uptick in the Unemployment Rate, combined with a reduction in the Average Earnings Index. In contrast, Australia's economic indicators such as the Westpac Consumer Sentiment and NAB Business Confidence show a mixed economic sentiment, while the Wage Price Index suggests rising wage pressures. These data releases provide critical insights into the economic health of both nations, influencing the GBP/AUD trading strategy.


Price Action:
The GBP/AUD pair has been experiencing a bearish wave but shows signs of potential reversal. The price action is forming a descending triangle, with recent lows higher than previous ones, indicating weakening downward momentum. Traders should closely monitor this pattern for a breakout which could signal a new trend.


Key Technical Indicators:
RSI (Relative Strength Index): The RSI nears 45 and shows signs of a bullish reversal, which aligns with the weakening bearish momentum observed in the price action. This suggests that the current bearish trend might be losing strength.
MACD (Moving Average Convergence Divergence): The MACD indicates a decline in bearish momentum with the histogram showing less negativity, suggesting a potential shift towards a bullish market phase if the descending triangle resistance is breached.


Support and Resistance:
Support Levels:
The nearest support is at 1.93200, with additional support at 1.93000. These levels are crucial for maintaining the broader uptrend.
Resistance Levels:
The pair is facing resistance at 1.94655, with stronger resistance at 1.95555. A break above these levels could signal a continuation of the bullish trend.


Conclusion and Consideration:
The GBP/AUD H4 chart suggests that the bearish momentum is fading with key economic indicators and technical signals pointing towards a possible trend reversal. The outcome of the current patterns could be significantly influenced by further economic releases and market sentiment. Traders should maintain vigilance and adjust their strategies based on the evolving market conditions and economic 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
13.08.2024

EURUSD H4 Technical and Fundamental Analysis for 12.08.2024



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


Fundamental Analysis:
The EUR/USD news analysis today is influenced by a combination of Eurozone and U.S. economic factors. Recently, the U.S. Treasury released its Monthly Treasury Statement, indicating a difference in the federal government's income and spending, which could potentially impact the U.S. Dollar depending on whether the deficit is larger or smaller than expected. Additionally, the Federal Reserve Bank of Cleveland's inflation expectations report could sway investor sentiment if the forecast differs significantly from the actual data. On the Euro side, the Wholesale Price Index (WPI) from Destatis, which indicates changes in the price of goods sold by wholesalers, will be a crucial indicator to monitor as it may hint at upcoming consumer inflation trends in the Eurozone. These factors combined suggest that market participants should remain cautious of any news releases that might have an effect on today’s EUR/USD forecast.


Price Action:
The EUR/USD H4 chart demonstrates a bearish trend for the pair also known as the ‘Fiber’, with the price nearing the Ichimoku Cloud, which it seems poised to break downward. The Fiber’s price action shows consolidation within a descending triangle pattern, indicating a potential continuation of the downtrend if the lower boundary of the pattern is breached. The recent candlesticks suggest indecision, but with a bearish bias, as indicated by the rejection of higher prices and the subsequent movement toward the triangle's lower trendline.


Key Technical Indicators:


Ichimoku Cloud:
The price is currently approaching the lower edge of the Ichimoku Cloud. A break below the cloud would signify a bearish continuation, potentially leading to further downside. The cloud ahead is thin, suggesting weak future support levels.
RSI (Relative Strength Index):
The RSI is at 51.27, hovering around the midline, which indicates a neutral stance. However, given the recent price action and the prevailing bearish trend, the RSI might dip further, signaling increasing selling pressure.
Stochastic Oscillator:
The MACD histogram shows decreasing momentum, with the MACD line close to crossing below the signal line. This potential bearish crossover could confirm a continuation of the downward trend.


Support and Resistance:


Support Levels:
The nearest resistance levels are at 1.09364 and 1.09195, which correspond to previous highs and could act as barriers to any upward movement.
Resistance Levels:
The immediate support is at 1.08962. If the price breaks below this level, it may find further support around 1.08350, which aligns with the lower boundary of the descending triangle.


Conclusion and Consideration:

The EUR/USD technical analysis on the pair’s H4 chart suggests a bearish outlook, particularly with the price nearing a critical support level within a descending triangle. The technical indicators align with this view, signaling potential downside risks if the support at 1.08962 is breached. Traders should keep an eye on the upcoming economic data releases as they could have significant effects on the Fiber’s fundamental analysis. Given the current technical setup, short positions might be favored, but caution is advised, especially around key support and resistance levels.


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
12.08.2024

USDCAD H4 Technical and Fundamental Analysis for 09.08.2024


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


Fundamental Analysis:
The USDCAD currency pair is influenced today by significant economic data releases from Canada. The Canadian Employment Change report shows an increase of 26.9K jobs, which is higher than anticipated, signaling a strengthening labor market. Concurrently, the Canadian Unemployment Rate is reported at 6.5%. These figures indicate a robust economic environment in Canada, which could bolster the CAD against the USD. Traders will likely monitor these figures closely, as they could lead to increased volatility in the USDCAD pair. On the US side, no major data releases are expected, leaving the CAD's strength as the primary driver for today’s market moves.


Price Action:
On the H4 timeframe, USDCAD is currently exhibiting bearish momentum, following a breakdown from an ascending channel. The USDCAD price has moved lower after reaching a peak around 1.3938, and it is now hovering between the 50% and 61.8% Fibonacci retracement levels. The formation of lower highs and lower lows within the descending channel suggests continued bearish pressure. The recent candles show consolidation, indicating a potential pause or retracement before the next directional move.


Key Technical Indicators:
Alligator Indicator (Lips - Green, Teeth - Red, Jaws - Blue): The Alligator indicator shows the Lips below the Teeth and the Teeth below the Jaws, confirming the bearish trend. The widening of these lines further supports the continuation of the downtrend, with the current price action adhering closely to this structure.
MACD (Moving Average Convergence Divergence): The MACD histogram is below the zero line, and the MACD line is slightly below the signal line, indicating bearish momentum. The declining histogram bars suggest weakening bearish strength, which could indicate a potential for short-term consolidation or a minor bullish retracement.
%R (Williams %R): The %R is currently near the oversold region at -68.96. This suggests that the pair is approaching an area where a bullish correction might occur, although the strong downtrend could limit any significant upside movement.
Parabolic SAR (Stop and Reverse): The Parabolic SAR has recently placed dots below the candles, indicating a potential shift in momentum. However, given the prevailing downtrend and the positioning of other indicators, this could be a short-lived retracement unless supported by stronger buying pressure.


Support and Resistance:
Support: Immediate support is seen at the 1.3700 level, which aligns closely with the 61.8% Fibonacci retracement. A break below this could see the price moving towards the next significant support at 1.3600.
Resistance: The nearest resistance is at 1.3775, aligning with the 50% Fibonacci retracement. A move above this level might encounter further resistance at 1.3830.


Conclusion and Consideration:
The USDCAD pair on the H4 chart currently reflects a bearish outlook, with strong downtrend indicators and critical price levels being tested. Traders should closely watch the 61.8% Fibonacci retracement level for potential price reactions. The Canadian employment data suggests underlying strength in the CAD, which could continue to weigh on the pair. However, the potential for a minor bullish correction exists if the pair finds support at current levels.


Disclaimer: The provided analysis for USDCAD is for informational purposes only and does not constitute financial advice. Market conditions can change rapidly, and it is essential for traders to conduct their own research before making trading decisions. Consideration should be given to the potential risks involved in trading financial instruments.


FXGlory
09.08.2024

EURCAD H4 Technical and Fundamental Analysis for 07.08.2024


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


 
Fundamental Analysis:
The EURCAD currency pair represents the exchange rate between the Euro (EUR) and the Canadian Dollar (CAD). Recent economic data from both the Eurozone and Canada indicate potential influences on this pair.
Euro (EUR)

• German Industrial Production m/m: The latest data shows an increase of 1.0%, a significant recovery from the previous -2.5%. This indicates a rebound in Germany's industrial sector, which is positive for the EUR.
  
• German Trade Balance: The trade balance stands at 21.7B, slightly below the previous 24.9B. While this shows a slight decrease, the large surplus continues to support the EUR.
  

Canadian Dollar (CAD)

• Ivey PMI: The latest figure is 60.0, lower than the previous 62.5. A PMI above 50 generally indicates expansion, but the drop suggests a slowing pace of growth, which could weaken the CAD.
  
• BOC Summary of Deliberations: The Bank of Canada's recent deliberations will provide insight into future monetary policy, which is crucial for the CAD's strength. Any dovish tone could negatively impact the CAD.
  

Price Action:
The EURCAD pair has been through a bearish phase and is currently testing a significant support zone around the 1.50000 level. This area is crucial as it has held in the past, providing a potential floor for the pair.



Key Technical Indicators:
MACD (Moving Average Convergence Divergence): The MACD indicator shows that although the trend has been bearish, the MACD line is trending higher, suggesting decreasing bearish momentum. The histogram supports this with declining negative values.
RSI (Relative Strength Index): The RSI is in a neutral area, around 40, indicating that the pair is not currently oversold or overbought. This suggests that the current price level is a potential point of consolidation or reversal.




Support and Resistance:
Support: Immediate support is located at 1.50000. This level is critical as it has been tested recently and held firm, indicating strong buying interest.
Resistance: The nearest resistance level is at 1.50313, followed by 1.49961, which aligns with recent highs and the descending trend line.
 
Conclusion and Consideration:
The EURCAD pair on the H4 chart indicates a potential consolidation or reversal at the 1.50000 support level. The MACD and RSI indicators suggest that the bearish momentum might be waning, offering a possible opportunity for bulls. Traders should monitor this support area closely for potential buying opportunities, especially if the pair holds above 1.50000. Upcoming economic releases from both the Eurozone and Canada will be crucial, as they can introduce significant volatility and potentially alter the trend dynamics.
 
Disclaimer: The EURCAD 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. Market conditions can change rapidly, and it is essential to stay updated with the latest information. Always consider risk management strategies and consult with a financial advisor if necessary.


FXGlory
07.08.2024

EURUSD H4 Technical and Fundamental Analysis for 05.08.2024


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Fundamental Analysis:
The EUR/USD news analysis is set to be influenced by several low-impact news releases today, including the Spanish, Italian, French, German, and overall Eurozone Services PMI. These PMI releases are crucial as they provide insight into the economic health and business conditions in the services sector. A reading above 50.0 indicates industry expansion, while below signifies contraction. Moreover, the Sentix Investor Confidence and Producer Price Index (PPI) m/m data will further contribute to market sentiment. For the US Dollar (USD), the key events to watch are the medium-impact Final Services PMI with a forecast of 56.0, and the high-impact ISM Services PMI expected to be at 51.4. Both these indicators are critical as they reflect the economic health and business conditions in the US non-manufacturing sector.


Price Action:
The EURUSD pair on the H4 timeframe recently exhibited a significant bullish momentum. The price action indicates a breakout from the previous downtrend, marked by a steep rise in the past few sessions. The sharp increase in price has broken through several resistance levels, indicating strong bullish sentiment.


Key Technical Indicators:
Parabolic SAR: The Parabolic SAR (Stop and Reverse) indicator has placed its last spots below the candles, suggesting a bullish trend. The sharp increase in price aligns with the SAR’s indication, confirming a strong upward momentum.
Alligator: The Alligator indicator, consisting of the Jaw (blue line), Teeth (red line), and Lips (green line), shows a widening of the lines. This indicates a trending market. The Lips (green) have crossed above the Teeth (red) and Jaw (blue), which supports the bullish trend and suggests that the market is waking up to a new upward direction.
MACD (Moving Average Convergence Divergence): The MACD line has crossed above the signal line with the histogram showing increasing bullish momentum. This crossover and the rising histogram bars indicate a strengthening bullish trend, reinforcing the recent upward price action.


Support and Resistance Levels:
Support Levels: The immediate support level is at 1.0840 (23.6% Fibonacci retracement level), followed by 1.0784 (0.0% Fibonacci retracement level).
Resistance Levels: The key resistance level to watch is at 1.0917, followed by 1.0960 (61.8% Fibonacci retracement level).


Conclusion and Consideration:
The EURUSD H4 chart exhibits a robust bullish trend driven by strong upward price action and supported by key technical indicators such as Parabolic SAR, Alligator, and MACD. The market’s recent breakout from the downtrend signals potential for further gains. However, traders should consider the upcoming economic news releases for both EUR and USD, which could introduce volatility and impact the price direction.


Disclaimer: The EURUSD 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. Market conditions can change rapidly, and it is essential to stay updated with the latest information.


FXGlory
05.08.2024

USDJPY H4 Technical and Fundamental Analysis for 08.02.2024


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


Fundamental Analysis:
The USD/JPY currency pair reflects the exchange rate between the US Dollar (USD) and the Japanese Yen (JPY). Today, the USD is poised for significant volatility with key economic releases including Average Hourly Earnings, Non-Farm Employment Change, and the Unemployment Rate. The Average Hourly Earnings forecast is at 0.3%, which is a leading indicator of consumer inflation. A higher-than-expected figure is positive for the USD. The Non-Farm Employment Change forecast stands at 176K, indicating potential job growth. The Unemployment Rate is forecasted at 4.1%, and a lower-than-expected figure would be favorable for the USD. These indicators are crucial as they impact consumer spending and overall economic health, which traders will scrutinize closely.


Price Action:
The USDJPY pair analysis on the H4 timeframe shows a clear bearish trend. The price has been consistently moving within a descending channel, highlighted by lower highs and lower lows. Recently, the price has tested the lower boundary of the channel, indicating continued bearish pressure. The presence of red candlesticks dominates, confirming the downward momentum. Traders should note the current consolidation near the lower channel line, which might suggest a potential pause or reversal, but the overall trend remains bearish.


Key Technical Indicators:
Moving Averages (MA 17 and MA 9): The 9-period MA is below the 17-period MA, indicating a bearish trend. This alignment supports the downward price movement observed in recent sessions. The convergence and subsequent crossing of the MAs have reinforced the selling pressure.
Parabolic SAR: The Parabolic SAR dots have shifted above the candles, signaling a bearish trend. Despite a brief change indicated by two spots below the candles, the last three dots have switched back above, confirming the resumption of the bearish trend.
MACD (Moving Average Convergence Divergence): The MACD line has crossed below the signal line, indicating bearish momentum. The histogram supports this with increasing negative values, suggesting that the selling pressure is intensifying. This bearish crossover aligns with the overall downward trend of the pair.


Support and Resistance:
Support: Immediate support is located at 148.514, a level that has been tested multiple times recently. This support aligns with the lower boundary of the descending channel and a critical consolidation area.
Resistance: The nearest resistance level is at 150835, which coincides with the 61.8% Fibonacci retracement level. This level has acted as a significant barrier in recent attempts to reverse the trend.


Conclusion and Consideration:
The USDJPY pair on the H4 chart indicates sustained bearish momentum, supported by the alignment of the moving averages, Parabolic SAR, and MACD indicators. The USDJPY price action within the descending channel suggests that the bears are still in control. Traders should consider the impact of the upcoming US economic data releases, which could introduce significant volatility and potentially alter the trend dynamics. It is crucial to monitor these indicators and adjust positions accordingly.


Disclaimer: The USDJPY 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. Market conditions can change rapidly, and it is essential to stay updated with the latest information. Always consider risk management strategies and consult with a financial advisor if necessary.


FXGlory
08.02.2024

GBPUSD H4 Technical and Fundamental Analysis for 08.01.2024


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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. The British Pound is currently affected by the economic outlook in the UK, including inflation rates, interest rates set by the Bank of England, and the overall economic performance as reflected in GDP and employment data. The US Dollar, on the other hand, is influenced by similar factors in the United States, including Federal Reserve policies, inflation rates, and employment figures. Today's economic calendar includes several important data releases for the USD, such as Unemployment Claims and ISM Manufacturing PMI, which are expected to have a high impact on the currency. These releases could provide significant volatility and direction to the GBP/USD pair, also known as the “Cable”.


Price Action:
The GBP/USD H4 chart shows the pair trading in a descending channel with clear lower highs and lower lows, indicating the pair’s bearish trend. However, the Cable’s recent price action suggests a consolidation phase around the 1.2830 - 1.2865 range, which may be forming a base for a potential reversal or continuation pattern. The price is currently testing the upper boundary of the channel, indicating a crucial decision point.


Key Technical Indicators:
Ichimoku Cloud: The price is trading below the Ichimoku cloud, suggesting a bearish outlook. The cloud ahead is bearish, providing potential resistance for any upward movement.
RSI (Relative Strength Index): The RSI is around the neutral 49 level, suggesting neither overbought nor oversold conditions. This indicates a lack of strong momentum in either direction, aligning with the current consolidation phase.
MACD (Moving Average Convergence Divergence): The MACD line is below the signal line, and the histogram is in negative territory, indicating bearish momentum. However, the narrowing histogram suggests weakening bearish momentum, which could precede a bullish crossover.


Support and Resistance:
Support Levels: The immediate support levels for the currency pair are at 1.2827 and 1.2810, providing crucial price points where buying interest might emerge to prevent further decline.
Resistance Levels: The resistance levels are at 1.2846 and 1.2865, acting as key barriers where selling pressure might intensify, potentially halting any upward movement.


Conclusion and Consideration:
The GBP/USD technical analysis today shows that the pair is currently in a consolidation phase within a broader downtrend. Key indicators such as the Ichimoku cloud and MACD suggest a bearish bias, while the RSI shows a neutral stance. The upcoming economic releases for the USD, particularly the Unemployment Claims and ISM Manufacturing PMI, could introduce significant volatility to the pair’s forecast. Traders should monitor these data points closely, as they could determine the pair's next direction. A break above the 1.2865 resistance could signal a potential trend reversal, while a drop below 1.2827 could confirm the continuation of the bearish trend.


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
08.01.2024

EURJPY H4 Technical and Fundamental Analysis for 31.07.2024
 
 
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Time Zone: GMT +3
Time Frame: 4 Hours (H4)
 


Fundamental Analysis: 
The EUR/JPY pair is influenced by various fundamental factors, including economic indicators from the Eurozone and Japan. For the Euro (EUR), recent data from the Eurozone's economic performance, particularly GDP growth and inflation rates, are pivotal. Reports from the European Central Bank (ECB) regarding monetary policy also play a crucial role. For the Japanese Yen (JPY), key indicators include the S&P Global Manufacturing PMI and the Bank of Japan's stance on monetary policy. The overall economic health and consumer confidence in both regions are significant drivers for the EUR/JPY pair.
 


Price Action: 
The EUR/JPY H4 chart shows a bearish trend, with the recent price action forming lower highs and lower lows. The pair's price has broken below the Ichimoku Cloud, indicating a bearish sentiment. The EUR/JPY pair has recently found support near 164.15 and resistance around 168.01. The formation of a descending pattern suggests further downside potential unless a strong reversal signal emerges.
 


Key Technical Indicators:
Ichimoku Cloud: The price is below the Ichimoku Cloud on the EUR/JPY H4 chart, indicating a bearish trend. The Tenkan-sen is below the Kijun-sen, reinforcing the bearish outlook for this pair. The Chikou Span is also below the price, further confirming the bearish sentiment for EUR against JPY.
MACD (Moving Average Convergence Divergence): The MACD line is below the signal line, and the histogram is negative, indicating bearish momentum. The recent contraction of the histogram suggests a potential weakening of the bearish momentum.
 
Support and Resistance:
Support Levels: The key support level is at 164.15, which has been tested multiple times and has held.
Resistance Levels: The primary resistance level is at 168.01, with another significant level at 166.08.
 


Conclusion and Consideration: 
The EUR/JPY technical analysis on the H4 chart exhibits a strong bearish trend supported by the Ichimoku Cloud and MACD indicators. The EUR/JPY price action suggests a continuation of the downward movement unless a significant reversal signal occurs. Traders should watch for any breakouts above the resistance level of 168.01 or below the support level of 164.15 for potential trade opportunities. It's essential to monitor upcoming economic data releases for the Euro and the Yen, as these can impact the pair's direction. As always, employing proper risk management strategies, including stop losses, is crucial in this volatile 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
31.07.2024

EURUSD H4 Technical and Fundamental Analysis for 30.07.2024


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


Fundamental Analysis:
The EUR/USD news analysis today is influenced by various fundamental factors such as macroeconomic indicators, central bank policies, and geopolitical events. For the Euro, recent data releases from INSEE indicate changes in consumer spending and GDP, which are vital for understanding the economic health of the Eurozone. Positive readings typically strengthen the Euro. On the US side, upcoming data on house prices and consumer confidence are crucial. The US Federal Reserve’s monetary policy decisions also play a significant role, with higher interest rates potentially boosting the USD, consequently affecting the pair also known as the Fiber.


Price Action:
The EUR/USD H4 chart shows the pair’s clear bearish trend, with the price moving below the Ichimoku cloud, indicating a strong downtrend. The price has recently tested and broken through significant support levels, and there is a descending channel evident, further confirming the bearish sentiment. The Fiber’s price action suggests continued downward pressure unless a significant reversal signal appears.


Key Technical Indicators:
Ichimoku Cloud:
RSI (Relative Strength Index): The RSI is at 36.35, which is in the bearish zone but not yet oversold. This indicates that there might still be room for further downside before a potential reversal or correction.
Stochastic Oscillator: The Stochastic is at 20.22/14.21, indicating oversold conditions. This could suggest that a short-term bounce or correction might be on the horizon if the market finds some support.


Support and Resistance:
Support Levels:
Resistance Levels: The nearest resistance is at 1.08331, followed by 1.08555 and 1.08842, which are the upper bounds of the recent price consolidation and descending channel.


Conclusion and Consideration:
The EUR/USD technical analysis today on the H4 chart shows a strong bearish trend reinforced by key technical indicators. The price is trading below the Ichimoku cloud, the RSI indicates bearish momentum, and the Stochastic suggests oversold conditions. Traders should monitor the support at 1.08148 closely; a break below this level could signal further downside. However, oversold conditions might lead to a short-term corrective bounce. As for the pair’s fundamental analysis, data releases from both the Eurozone and the US could provide additional volatility and direction. Risk management is crucial in such a volatile environment, and setting appropriate stop-loss levels is advised.


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
30.07.2024

GBPUSD H4 Technical and Fundamental Analysis for 29.07.2024



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


Fundamental Analysis:
The GBP/USD news analysis today is significantly influenced by economic indicators from both the United Kingdom and the United States. For the UK, factors such as changes in the money supply, mortgage approvals, and new credit issuance play crucial roles. The recent data from the Bank of England shows an increase in money circulation and credit issuance, suggesting an optimistic economic outlook. In the US, economic indicators such as interest rates, inflation, and job reports affect the dollar. The upcoming Bank of England reports will provide further insights into the UK's economic health, impacting the GBP/USD forecast today.


Price Action:
The GBP/USD H4 chart is exhibiting a downtrend, as indicated by the descending channel formed by the red trend lines. The price is consistently making lower highs and lower lows. The pair also known as the Cable, is struggling to break above the resistance provided by the upper trend line of the channel. This pattern indicates the pair’s bearish sentiment.


Key Technical Indicators:
Ichimoku Cloud:
The price has broken below the Ichimoku Cloud, indicating a bearish trend. The conversion line (Tenkan-sen) is below the baseline (Kijun-sen), supporting the bearish outlook. The cloud ahead is bearish, suggesting continued downward pressure.
RSI (Relative Strength Index):
The RSI is currently at 39.70, indicating the market is approaching oversold conditions. A value below 30 would signal an oversold market, potentially leading to a corrective bounce.
MACD (Moving Average Convergence Divergence):
The MACD line is below the signal line, and the histogram is in negative territory, signaling bearish momentum. The divergence between the MACD and the signal line suggests a strengthening downward momentum.


Support and Resistance:
Support Levels:
The immediate support level is around 1.26690, which aligns with the lower trend line of the descending channel.
Resistance Levels:
The nearest resistance is around 1.29215, where the price has previously attempted to break above but failed.


Conclusion and Consideration:
The GBP/USD technical analysis today shows the pair's bearish trend on the H4 timeframe, confirmed by the Ichimoku Cloud, MACD, and RSI indicators. Traders should look for potential sell opportunities, particularly if the price continues to respect the upper trend line of the descending channel. Monitoring upcoming economic releases from both the UK and the US will be crucial as they could influence the Cable’s price action. Traders should also be cautious of any corrective bounces that might occur if the RSI reaches oversold levels.



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
29.07.2024

EURUSD H4 Technical and Fundamental Analysis for 25.07.2024


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


Fundamental Analysis:
The EUR/USD forecast today is currently influenced by a series of upcoming economic events and data releases. For the USD, key events include speeches from FOMC members Bowman and Logan, as well as President Biden's announcement. High-impact data such as the Advance GDP q/q, Unemployment Claims, and Durable Goods Orders will also play crucial roles. These events are likely to provide significant volatility in the market. In the Eurozone, the Ifo Business Climate Index and ECB-related announcements will shape market sentiment. Strong US economic data and hawkish tones from FOMC members may strengthen the USD, potentially pushing the EUR/USD pair, also known as the Fiber, lower.


Price Action:
The EUR/USD H4 chart has recently broken below the Ichimoku cloud, indicating a shift to a bearish trend. The pair is experiencing a downward movement, forming lower highs and lower lows, typical of a bearish trend. The pair’s price action suggests continued downward pressure, with the price finding resistance at the lower boundary of the Ichimoku cloud.


Key Technical Indicators:
Ichimoku Cloud: The price breaking below the Ichimoku cloud is a bearish signal. The future cloud is bearish as well, with Span A below Span B, indicating potential continued downward momentum.
RSI (Relative Strength Index): The RSI is around 35.39, which is close to the oversold territory. This indicates that while the bearish momentum is strong, there may be limited room for further immediate decline before a potential correction.
MACD (Moving Average Convergence Divergence): The MACD indicator shows a negative histogram with the MACD line below the signal line, reinforcing the bearish sentiment. This suggests that downward momentum is currently prevailing.


Support and Resistance:
Support Levels: Immediate support is found at 1.08345, with stronger support at 1.08000.
Resistance Levels: Immediate resistance is at 1.08574, followed by 1.08870 and 1.09039. A break above these levels would be required to negate the current bearish trend.


Conclusion and Consideration:
The EUR/USD technical analysis on the H4 chart is exhibiting bearish tendencies, confirmed by the price breaking below the Ichimoku cloud and negative signals from the MACD. The RSI suggests the pair is nearing oversold conditions, which could lead to a short-term corrective bounce. However, the overall sentiment remains bearish unless significant resistance levels are breached. As for the Fiber’s fundamental analysis today, traders should closely monitor the upcoming economic data releases and FOMC speeches for further direction. Proper risk management, such as setting stop losses, is crucial in this volatile environment.


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
25.07.2024

USD/CAD H4 Technical and Fundamental Analysis for 24.07.2024





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


Fundamental Analysis:
The USD/CAD news analysis today is driven by several economic indicators and significant announcements. For the Canadian dollar, the key factors affecting the value of CAD include the Bank of Canada (BoC) Monetary Policy Report, the BoC Rate Statement, and the Overnight Rate decision. These announcements will provide insights into Canada's economic outlook and monetary policy direction, directly affecting the CAD's strength. For the US dollar, critical economic data releases such as the Flash Manufacturing PMI, Flash Services PMI, and New Home Sales numbers are influential. The PMI figures are expected to show slight changes, with Manufacturing PMI forecasted at 51.6 and Services PMI at 55.3. New Home Sales are anticipated to increase from 619K to 639K, indicating growth in the housing sector. These data points will impact USD performance and the overall USD/CAD forecast today.


Price Action:
The USD/CAD H4 candlestick chart shows the price climbing within a bullish channel, currently facing resistance at the top of the channel. Despite the price increase, the trade volume on this pair is reducing, signaling a potential end to the bullish phase. The price is also at the top line of the Bollinger Bands, indicating overbought conditions.


Key Technical Indicators:
RSI (Relative Strength Index): The RSI on USDCAD chart is currently above 70, indicating overbought conditions. This suggests a potential for a price correction or a pause in the bullish momentum.
Bollinger Bands: USDCAD price is touching the upper band, reinforcing the overbought scenario. Traders should watch for a possible price pullback to the middle or lower bands.


Support and Resistance:
Support Levels: The nearest support level on this pair is at 1.37610, followed by a more substantial support at 1.37300.
Resistance Levels: The immediate resistance level for USDCAD price is at 1.37785, with a significant resistance at 1.37920, which aligns with the top of the bullish channel.



Conclusion and Consideration:
The USD/CAD technical analysis today indicates a strong bullish trend on the H4 chart, but with signs of overbought conditions as highlighted by the RSI and Bollinger Bands. The reducing trade volume further suggests a possible end to the bullish phase. Given the upcoming economic data releases and the BoC's announcements, traders should remain cautious. The BoC Monetary Policy Report and Rate Statement, along with USD economic indicators like the Flash PMIs and New Home Sales, will provide critical insights for trading strategies. Employ proper risk management and stay alert to news updates for informed trading decisions.



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
24.07.2024

USDJPY H4 Technical and Fundamental Analysis for 07.23.2024



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


Fundamental Analysis:
The USD/JPY news analysis today is influenced by several fundamental factors, including economic indicators from the United States and Japan. For the USD, upcoming data from the National Association of Realtors and the Federal Reserve Bank of Richmond are crucial. Home resales, which reflect consumer confidence and economic health, can significantly impact the USD. Similarly, the Richmond Fed Index provides insights into manufacturing activity, which is vital for economic growth. For the JPY, the S&P Global Manufacturing PMI is a key indicator. This index reflects the health of the manufacturing sector and overall economic conditions in Japan.


Price Action:
The USD/JPY H4 chart, shows the pair’s bearish trend, with recent price movements forming lower highs and lower lows. The USD/JPY pair, also known as the Gopher has its price currently trending below the Ichimoku Cloud, indicating a bearish sentiment. The pair has recently found support near 156.46 and resistance around 157.68. The formation of a descending channel suggests further downside potential unless there is a strong reversal signal.


Key Technical Indicators:
Ichimoku Cloud:
The price is below the Ichimoku Cloud on USDJPY H4 chart, indicating a bearish trend. The Tenkan-sen is below the Kijun-sen , reinforcing the bearish outlook for this pair. The Chikou Span is also below the price, further confirming the bearish sentiment for USD against JPY.
MACD (Moving Average Convergence Divergence):
The MACD line is below the signal line, and the histogram is negative, indicating bearish momentum. The recent contraction of the histogram suggests a potential weakening of the bearish momentum.


Support and Resistance:
Support Levels:
The key support level is at 156.46, which has been tested multiple times and has held.
Resistance Levels:
The primary resistance level is at 157.68, with another significant level at 158.07.


Conclusion and Consideration:
The Gopher’s technical analysis on the H4 chart exhibits a strong bearish trend supported by the Ichimoku Cloud and MACD indicators. The USD/JPY price action suggests a continuation of the downward movement unless a significant reversal signal occurs. Traders should watch for any breakouts above the resistance level of 157.68 or below the support level of 156.46 for potential trade opportunities. It's essential to monitor upcoming economic data releases for the USD and JPY, as these can impact the pair's direction. As always, employing proper risk management strategies, including stop losses, is crucial in this volatile 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
07.23.2024

BTCUSD Daily Technical and Fundamental Analysis for 22.07.2024


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


Fundamental Analysis:
Today's BTC/USD pair could be significantly impacted by U.S. political developments, notably President Biden's unexpected decision to withdraw from the 2024 election and endorse Kamala Harris. This surprise political shift could introduce high volatility in the USD, potentially influencing Bitcoin as investors may look to cryptocurrencies as alternative investments during periods of uncertainty in traditional markets.


Price Action Analysis:
The BTC/USD chart shows a robust uptrend in the H4 timeframe, with recent candles demonstrating strong bullish momentum. The price has repeatedly touched and exceeded the upper Bollinger Band, suggesting strong buying interest. The series of higher highs indicates a continued positive sentiment among traders, pushing the price upwards.


Analysis of Key Technical Indicators:
Bollinger Bands:
Parabolic SAR (0.2): The positioning of the Parabolic SAR points below the candles confirms the current bullish trend, providing additional support levels for price movement.
Volume: The last three candles show red volume bars, indicating that while the price is increasing, it might be on decreasing trading volume. This could suggest a weakening of the current trend or potential consolidation.
RSI: The Relative Strength Index is over 70, supporting the strong bullish sentiment in the market. However, being in the overbought zone also raises the caution of a possible reversal or retracement, especially if the price faces resistance around $68,550.


Support and Resistance Levels:
Support:
Resistance: The immediate resistance is observed near $68,550. Breaking this level could lead to further highs, potentially testing new resistance levels.


Conclusion and Consideration:
The current technical setup in BTC/USD on the H4 chart suggests a strong bullish trend, supported by several indicators. However, the potential overbought conditions indicated by the RSI and the Bollinger Bands call for cautious trading. Investors and traders should keep an eye on the mentioned support and resistance levels for potential entry or exit points.


Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Perform your own research and consult with a financial advisor. Market conditions can change rapidly, and it is crucial to stay informed and prepared for volatility, especially with impending significant U.S. political news.


FXGlory
22.07.2024

EURUSD H4 Technical and Fundamental Analysis for 18.07.2024



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


Fundamental Analysis:

The EUR/USD forecast today is heavily influenced by the economic releases from Europe and the U.S. For the Euro, factors like the results from bond auctions by the General Secretariat of the Treasury and statements from the ECB provide key insights into fiscal health and monetary policy decisions. Upcoming ECB interest rate decisions and statements could affect the Euro's strength. For the U.S., key data like unemployment claims and the Philly Fed Manufacturing Index serve as indicators of economic health, influencing the USD. Increased jobless claims could weaken the USD, whereas a positive manufacturing report could strengthen it.


Price Action:

The EUR/USD H4 chart timeframe shows a narrowing ascending channel pattern, indicating a steady uptrend but with resistance nearing the upper channel line. The EUR/USD pair also known as the Fiber, still has its price above the Ichimoku cloud, suggesting the pair’s bullish market environment. However, the Fiber’s price action also shows resistance levels are being tested, indicating potential points where the price momentum might pause or reverse.


Key Technical Indicators:

Ichimoku Cloud:
The price is above the Ichimoku Cloud, supporting the current bullish trend. However, the narrowing of the cloud could suggest upcoming volatility or a potential trend shift.

RSI (Relative Strength Index):
The RSI is at 68.05, nearing the overbought territory, which could suggest a potential pullback or stabilization in price movements.

MACD (Moving Average Convergence Divergence):
The MACD shows a slight divergence above its signal line, indicating bullish momentum but with caution as the histogram bars are small, suggesting a lack of strong momentum.


Support and Resistance:

Support Levels:
The nearest support is observed at the lower boundary of the ascending channel and the Ichimoku Cloud, around 1.0884.

Resistance Levels:
Immediate resistance is seen at the upper channel line and the recent high at 1.0938. A break above this could lead to further bullish movement towards the 1.1000 level.


Conclusion and Consideration:
The EUR/USD technical analysis today is displaying bullish signs on the H4 chart, supported by technical indicators like MACD and position above the Ichimoku Cloud. Traders should keep an eye on the resistance at 1.0938, as a breakout could confirm continued bullish trends. The EUR/USD fundamental analysis based on the recent events in the Eurozone and the U.S. could heavily influence the direction, so staying updated with these can be crucial for timely decision-making.


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
18.07.2024

AUD/USD H4 Technical and Fundamental Analysis for 07.16.2024




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


Fundamental Analysis:
The AUD/USD forecast today is shaped by the economic health and policy decisions in both the United States and Australia. For the US, today's data releases include Building Permits and Housing Starts, both crucial indicators of the housing market's strength. Additionally, the Industrial Production m/m and Capacity Utilization Rate are key economic indicators to watch. Statements from FOMC Members Barkin and Waller, as well as the release of the Beige Book, will provide insights into the Fed's economic outlook and potential policy changes. Crude Oil Inventories will also be monitored, given their influence on market sentiment and the broader economy.


Price Action:
The AUD/USD H4 chart shows a mixed sentiment, with the price recently breaking below a significant support zone. Despite this, the pair has maintained a series of higher highs and higher lows, indicating a still-bullish trend overall. However, the recent break suggests potential for a trend reversal. Traders should closely monitor the price action for further signals of a change in trend.


Key Technical Indicators:
RSI (Relative Strength Index):
The RSI is currently at 46.54, slightly below the neutral 50 level, indicating weakening bullish momentum. This supports the potential for further bearish moves unless the RSI rebounds above 50.
MACD (Moving Average Convergence Divergence):
The MACD histogram is negative, with the MACD line below the signal line. This bearish crossover confirms the downside risk indicated by the price action and Parabolic SAR.


Support and Resistance:
Support Levels:
The nearest support is at 0.6600, with additional support at 0.6550. These levels are crucial for maintaining the broader uptrend.
Resistance Levels:
The pair is facing resistance at 0.6700, with stronger resistance at 0.6750. A break above these levels could signal a continuation of the bullish trend.


Conclusion and Consideration:
The AUD/USD H4 chart presents mixed signals, with the recent price action and technical indicators suggesting a potential trend reversal. The Parabolic SAR and MACD indicate bearish momentum, while the overall trend remains bullish. Traders should watch key support and resistance levels closely for potential breakouts or further bearish developments. Fundamental news releases for both the US and Australia will be crucial in influencing market sentiment and price direction. Monitoring these developments can provide valuable insights for trading decisions.


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
07.17.2024

EURCAD H4 Technical and Fundamental Analysis for 07.16.2024



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


Fundamental Analysis:
The EUR/CAD forecast today reflects the economic health and policy decisions of the Eurozone and Canada. For the Euro, upcoming data releases such as the IT Trade Balance, EZ Trade Balance, and ZEW Economic Sentiment Index are key indicators. Positive trade balance figures and optimistic sentiment from institutional investors can boost the Euro. Conversely, Canada's economic health is gauged by indicators like housing starts and various Consumer Price Index (CPI) measures. A higher-than-expected CPI may prompt a hawkish stance from the Bank of Canada, strengthening the CAD.


Price Action:
The EUR/CAD H4 chart is in a clear uptrend, characterized by higher highs and higher lows. The pair is currently trading above key support levels and is testing a significant resistance zone. The EUR/CAD price action indicates the pair’s strong bullish momentum, suggesting further potential upside.


Key Technical Indicators:
Parabolic SAR:
The Parabolic SAR dots are positioned below the current price, indicating an ongoing uptrend. This supports the bullish sentiment, suggesting the trend is likely to continue unless a significant reversal occurs.
RSI (Relative Strength Index):
The RSI is at 80.51, indicating overbought conditions. This suggests that the bullish momentum might be due for a correction, as the price has reached an extreme level. Traders should be cautious of potential pullbacks.
MACD (Moving Average Convergence Divergence):
The MACD histogram is positive, with the MACD line above the signal line. This bullish crossover signals strong upward momentum, confirming the uptrend in price action.


Support and Resistance:
Support Levels:
The nearest support is at 1.48143, with additional support at 1.47500. These levels are critical for maintaining the current uptrend.
Resistance Levels:
The pair is facing resistance at 1.48727 and a stronger resistance at 1.49300. A break above these levels could signal a continuation of the bullish trend.


Conclusion and Consideration:
The EUR/CAD H4 chart demonstrates its robust bullish signals, with the Parabolic SAR, MACD, and recent price action supporting further upside. However, the RSI indicates overbought conditions, suggesting a possible short-term pullback or consolidation. Traders should monitor key resistance levels for potential breakouts while setting stop losses near support levels to manage risk. The pair’s Fundamental news releases for both the Eurozone and Canada will be crucial in influencing market sentiment and price direction.


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
07.16.2024

EURUSD H4 Technical and Fundamental Analysis for 07.15.2024



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


Fundamental Analysis:

The EUR/USD news analysis today is influenced by several fundamental factors. Recent data from Eurostat indicates changes in the industrial production of the Eurozone, with the latest figures showing a positive trend, suggesting economic recovery. The upcoming Eurogroup meeting could further impact the EUR/USD forecast today as finance ministers discuss economic policies. On the USD side, key events include the Empire State Manufacturing Index, which provides insights into business conditions in New York state, and speeches by Federal Reserve officials, including Jerome Powell and Mary Daly, which could provide clues about future monetary policy.


Price Action:

The EUR/USD H4 chart shows a consistent uptrend within a rising channel. The price has been making higher highs and higher lows, indicating the Fiber’s strong bullish trend. Currently, the pair’s price action shows that it is testing the upper boundary of the channel, suggesting potential resistance. A correction may occur before the pair continues its upward trajectory.


Key Technical Indicators:

Ichimoku Cloud:

The price is trading above the Ichimoku Cloud, indicating the bullish trend of the pair. The cloud itself is also rising, further supporting the bullish outlook. The conversion line (blue) is above the baseline (red), which is another bullish signal.

RSI (Relative Strength Index):

The RSI is at 63.47, which is in the bullish territory but not yet overbought. This suggests that there is still room for the price to move higher before hitting overbought conditions.

MACD (Moving Average Convergence Divergence):

The MACD line is above the signal line, and the histogram shows positive values, indicating bullish momentum. However, the histogram bars are decreasing, which may suggest a weakening in the bullish momentum.


Support and Resistance:

Support Levels:

The immediate support is at 1.0843, followed by a stronger support level at 1.0750.

Resistance Levels:
The immediate resistance is at 1.0987. If the price breaks above this level, the next target would be 1.1050.


Conclusion and Consideration:

The EUR/USD technical analysis today shows the Fiber’s strong bullish signs on the H4 chart, supported by key technical indicators like the Ichimoku Cloud, RSI, and MACD. While the RSI indicates there is still room for growth, traders should watch for potential resistance at the current levels. The pair’s Fundamental factors such as economic data releases from the Eurozone and the US, as well as comments from Federal Reserve officials, could impact the pair's movement. Traders should consider these events and use proper risk management techniques, including stop losses, given the potential for 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
07.15.2024

GBPUSD H4 Technical and Fundamental Analysis for 07.11.2024



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


Fundamental Analysis:

The GBP/USD news analysis today is influenced by various economic indicators and news events from both the United Kingdom and the United States. The UK economy is currently facing challenges related to inflation, GDP growth, and trade balance, while the US is experiencing fluctuations due to inflation data, employment figures, and Federal Reserve policies. Today's economic calendar for the USD includes high-impact events such as the Core CPI, CPI m/m, and CPI y/y reports, which are critical indicators of inflation and can significantly impact the USD's value. Additionally, the Unemployment Claims report is expected, which will provide insights into the US labor market. For the GBP, recent releases include GDP, construction output, and trade balance data, which collectively shape the market sentiment toward the GBP.


Price Action:

The GBP/USD H4 chart reveals the pair’s strong bullish trend with the Cable’s price action moving within an ascending channel. The pair has recently bounced off the lower boundary of the channel, indicating a potential continuation of the upward movement. The price is currently testing a key resistance level around 1.2850. A breakout above this level could lead to further gains, while a rejection might see the price retrace towards the support level.


Key Technical Indicators:


Ichimoku Cloud:

The price is above the Kumo (cloud), indicating a bullish trend. The Tenkan-sen (red line) is above the Kijun-sen (blue line), further supporting the bullish momentum. The Chikou Span (green line) is also above the price, confirming the uptrend.


RSI (Relative Strength Index):

The RSI is currently at 72.63, indicating overbought conditions. This suggests that the price may face some resistance and could potentially see a pullback or consolidation before resuming its upward trend.


MACD (Moving Average Convergence Divergence):

The MACD histogram is positive, and the MACD line is above the signal line, indicating bullish momentum. This supports the continuation of the upward movement in the GBP/USD pair.


Support and Resistance:


Support Levels:

The nearest support level is at 1.2806, followed by a stronger support around 1.2700, which is aligned with the lower boundary of the ascending channel.


Resistance Levels:

The immediate resistance level is at 1.2850. If the price breaks above this level, the next significant resistance is around 1.2940.


Conclusion and Consideration:

The GBP/USD forecast today on the pair’s H4 chart is exhibiting strong bullish momentum, supported by positive signals from the Cable’s technical analysis today, and key indicators such as the RSI, Ichimoku Cloud, and MACD. Traders should monitor the price action around the 1.2850 resistance level for potential breakouts or reversals. Given the overbought condition indicated by the RSI, a pullback to support levels around 1.2806 or 1.2700 is possible before the pair resumes its upward trend. It's crucial to stay updated with the upcoming high-impact economic releases from the US, particularly the CPI reports and Unemployment Claims, as they can significantly influence the USD and, consequently, the pair itself.


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
07.11.2024

EUR/USD H4 Technical and Fundamental Analysis for 07.10.2024



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


Fundamental Analysis:

The EUR/USD forex pair analysis is currently influenced by several economic indicators and geopolitical factors. For the Euro, key influences include the latest European Central Bank (ECB) meeting minutes and upcoming economic data releases such as the ZEW Economic Sentiment Index and Eurozone Industrial Production figures. These indicators reflect the economic health of the Eurozone, which in turn affects the Euro's strength. On the US side, recent speeches from Federal Reserve officials and USD-related economic data, including inflation rates and jobless claims, play a significant role. The Fed's stance on monetary policy continues to be a critical driver for the USD, impacting the EUR/USD forecast today.



Price Action:

The EUR/USD H4 chart is displaying a bullish trend characterized by the price recently breaking above the Ichimoku cloud. This bullish breakout signifies the potential for further upward movement. After a correction phase, EURUSD appears to be resuming its ascending trend. The price action predictions suggest that if the current bullish momentum persists, the pair could test and possibly break through the identified resistance levels.



Key Technical Indicators:


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


RSI (Relative Strength Index):
The RSI is currently at 55.80, which is in bullish territory but not overbought. This suggests there is room for the price to move higher.


Stochastic Oscillator:
The Stochastic (5, 3, 3) is at 39.32, indicating that the pair might have potential for further upward movement before reaching overbought conditions.


Support and Resistance:


Support Levels:
The nearest support level is at 1.07970, followed by more substantial support at 1.07350.


Resistance Levels:
The immediate resistance level is at 1.08510, with a significant resistance level at 1.07350, which aligns with the upper boundary of the ascending channel.


Conclusion and Consideration:


The EUR/USD technical analysis today shows a 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 for continued upward movement, provided the pair finds support at current levels. Traders should monitor key support and resistance levels, particularly the 1.08510 and 1.08560 resistance levels, for potential breakout opportunities. Given the upcoming economic data releases and statements 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
07.10.2024

AUDUSD H4 Technical and Fundamental Analysis for 07.09.2024


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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

EURUSD H4 Technical and Fundamental Analysis for 07.08.2024



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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

USDCAD Daily Technical and Fundamental Analysis for 05.07.2024


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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

EURGBP H4 Technical and Fundamental Analysis for 07.04.2024






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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:

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

EURAUD H4 Technical and Fundamental Analysis for 07.03.2024



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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

EURUSD H4 Technical and Fundamental Analysis for 02.07.2024


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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

GBPUSD H4 Technical and Fundamental Analysis for 01.07.2024



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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

EURUSD H4 Technical and Fundamental Analysis for 27.06.2024



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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