Daily Forex Analysis By FXGlory

[FXGlory Ltd]

EURCAD Daily Technical and Fundamental Analysis for 21.06.2024


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


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


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


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


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


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


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


FXGlory
21.06.2024

[FXGlory Ltd]

USDCAD H4 Technical and Fundamental Analysis for 25.06.2024


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


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


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


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


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


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


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


FXGlory
25.06.2024

[FXGlory Ltd]

EURUSD H4 Technical and Fundamental Analysis for 27.06.2024


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


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

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


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


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


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


Disclaimer: The provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions.


FXGlory
27.06.2024

[FXGlory Ltd]

USDJPY H4 Technical and Fundamental Analysis


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

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


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

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


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


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


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


FXGlory
28.06.2024

[FXGlory Ltd]

GBPUSD H4 Technical and Fundamental Analysis for 01.07.2024




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


Fundamental Analysis:

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


Price Action:

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


Key Technical Indicators:

Ichimoku Cloud:

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

RSI (Relative Strength Index):

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


Support and Resistance:

Support Levels:

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

Resistance Levels:

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


Conclusion and Consideration:

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


Disclaimer: The provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions.


FXGlory
01.07.2024

[FXGlory Ltd]

EURUSD H4 Technical and Fundamental Analysis for 02.07.2024


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


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


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



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


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


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


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


FXGlory
02.07.2024

[FXGlory Ltd]

EURAUD H4 Technical and Fundamental Analysis for 07.03.2024




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


Fundamental Analysis:

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


Price Action:

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


Key Technical Indicators:

Ichimoku Cloud:

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

RSI (Relative Strength Index):

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

Stochastic Oscillator:

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


Support and Resistance:

Support Levels:

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

Resistance Levels:

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


Conclusion and Consideration:

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


Disclaimer: The provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions.


FXGlory
07.03.2024

[FXGlory Ltd]

EURGBP H4 Technical and Fundamental Analysis for 07.04.2024




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


Fundamental Analysis:


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


Price Action:

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


Key Technical Indicators:

Ichimoku Cloud:

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

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

MACD (Moving Average Convergence Divergence):

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


Support and Resistance:

Support Levels:

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

Resistance Levels:

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


Conclusion and Consideration:

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


Disclaimer: The provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions.


FXGlory
07.04.2024

[FXGlory Ltd]

USDCAD Daily Technical and Fundamental Analysis for 05.07.2024



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



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


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


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


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


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


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


FXGlory
05.07.2024

[FXGlory Ltd]

EURUSD H4 Technical and Fundamental Analysis for 07.08.2024



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


Fundamental Analysis:

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


Price Action:

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


Key Technical Indicators:

Ichimoku Cloud:

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

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

MACD (Moving Average Convergence Divergence):
MACD line above the signal line, indicating sustained bullish momentum. The upward trajectory of the MACD lines supports the potential for further gains.


Support and Resistance:

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

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


Conclusion and Consideration:

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


Disclaimer: The provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions.


FXGlory
07.08.2024

[FXGlory Ltd]

AUDUSD H4 Technical and Fundamental Analysis for 07.09.2024


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


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


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


Key Technical Indicators:
Ichimoku Cloud:
The price is trading above the Kumo (cloud), indicating a bullish trend. The Senkou Span A is above Senkou Span B, further supporting the bullish sentiment.
RSI (Relative Strength Index):
The RSI is currently at 58.79, which is in the bullish territory but not overbought. This suggests there is still room for the price to move higher.
Stochastic Oscillator:
The Stochastic (5, 3, 3) is at 21.83, indicating that the pair might be oversold in the short term, potentially leading to a reversal or continuation of the bullish trend if it crosses above 20.


Support and Resistance:
Support Levels:
The nearest support level is at 0.67126, followed by a more substantial support at 0.66892.
Resistance Levels:
The immediate resistance level is at 0.67355, with a significant resistance level at 0.67515, which aligns with the upper boundary of the ascending channel.


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


Disclaimer: The provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions.


FXGlory
07.09.2024

[FXGlory Ltd]

EUR/USD H4 Technical and Fundamental Analysis for 07.10.2024




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

[FXGlory Ltd]

GBPUSD H4 Technical and Fundamental Analysis for 07.11.2024



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


Fundamental Analysis:

The GBP/USD news analysis today is influenced by various economic indicators and 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

[FXGlory Ltd]

USDCAD H4 Daily Fundamental and Technical Analysis for 12.07.2024




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


Fundamental Analysis:
The USDCAD forex pair represents the exchange rate between the US Dollar (USD) and the Canadian Dollar (CAD). Today, significant attention will be on USD due to high-impact economic releases including Core PPI (forecasted at 0.2%), PPI (forecasted at 0.1%), and Preliminary UoM Consumer Sentiment (forecasted at 68.5). These releases are crucial as they provide insights into producer inflation and consumer sentiment, which are leading indicators of overall economic activity. Positive figures can strengthen USD, leading to upward pressure on the USDCAD pair. On the CAD side, low impact is expected from the Building Permits m/m release, forecasted at -5.0%, which could show a slight downturn in construction activity.


Price Action:
The USDCAD H4 chart shows the price action moving within a defined range, with recent candles indicating consolidation. The price recently touched the support levels around 1.3580 before attempting a recovery. However, the bearish momentum appears to dominate, with resistance levels near 1.3687 acting as a barrier for further upward movement.


Key Technical Indicators:
Parabolic SAR (0.2): The last four dots of the Parabolic SAR have been under the candles, indicating a bullish reversal attempt. However, the overall trend remains uncertain as these signals often need confirmation from other indicators.
Ichimoku Cloud: The Ichimoku Cloud is red and has widened, indicating bearish momentum. The candles are positioned below the cloud, reinforcing the bearish sentiment in the market.
Volumes: Trading volume has shown fluctuations, with recent bars indicating lower activity, which may suggest a lack of strong buying interest or a consolidation phase before a potential breakout.
MACD: The MACD indicator shows the MACD line slightly below the signal line with a histogram indicating weak bearish momentum. This suggests that while the overall trend is bearish, there could be room for a short-term bullish correction.


Support and Resistance:
Support Levels: The immediate support is at 1.3580, followed by a stronger support level at 1.3579.
Resistance Levels: The key resistance levels are at 1.3687 (aligned with the 61.8% Fibonacci retracement level) and 1.3720.


Conclusion and Consideration:
The USDCAD pair is currently facing mixed signals. Fundamentally, USD has the potential for strengthening due to positive economic data, while CAD is expected to show minimal impact from the Building Permits release. Technically, indicators suggest bearish momentum but with signs of a potential short-term bullish correction. Traders should monitor the high-impact USD data releases closely as they are likely to influence the pair's direction significantly.


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


FXGlory
12.07.2024

[FXGlory Ltd]

EURUSD H4 Technical and Fundamental Analysis for 07.15.2024




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

[FXGlory Ltd]

EURCAD H4 Technical and Fundamental Analysis for 07.16.2024



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

[FXGlory Ltd]

AUD/USD H4 Technical and Fundamental Analysis for 07.16.2024


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

[FXGlory Ltd]

EURUSD H4 Technical and Fundamental Analysis for 18.07.2024



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

[FXGlory Ltd]

USDCAD Technical and Fundamental Analysis for 19.07.2024


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


Fundamental Analysis:
The USD/CAD forex pair, reflecting the exchange rate between the US Dollar (USD) and the Canadian Dollar (CAD), is poised for a volatile session given today's economic data releases. The USD is under scrutiny with low-impact events such as TIC Long-Term Purchases, which came in significantly lower than forecasted at -54.6B versus the expected 98.4B. Additionally, speeches from multiple FOMC members, including Daly, Bowman, Williams, and Bostic, are expected to provide further insights into future monetary policy, potentially influencing USD volatility. On the CAD side, high-impact data such as Core Retail Sales and Retail Sales, both forecasted at -0.5%, will be pivotal. These indicators are key gauges of consumer spending and economic health, likely to cause significant market movements if the actual figures deviate from expectations.


Price Action:
The USDCAD H4 chart shows a clear bullish trend. Over the past five candles, all have been bullish, indicating strong upward momentum. The price has broken through and passed the Ichimoku cloud, signifying a potential shift to a stronger bullish phase. The bullish candles suggest that the buyers are in control, pushing the price higher with each session.


Key Technical Indicators:
Ichimoku Cloud: The USDCAD price has moved above the Ichimoku cloud, a strong bullish signal suggesting that the trend might continue upwards. The cloud acts as a support zone, and breaking above it indicates a shift in momentum.
Volumes: The last three volume bars are red, indicating selling pressure despite the bullish price action. This divergence suggests caution, as increasing volume on bearish candles could signal potential weakness in the uptrend.
RSI (Relative Strength Index): The RSI is currently at 64.78, which is below the overbought level of 70. This suggests that there is still room for further upward movement before the market becomes overbought, supporting the bullish scenario.
Parabolic SAR: The Parabolic SAR dots are positioned below the last four candles, indicating a bullish trend. This indicator confirms the upward momentum and supports the continuation of the current trend.


Support and Resistance:
Support Levels: Immediate support is located at 1.3650, which aligns with the 50% Fibonacci retracement level and the lower boundary of the recent bullish channel.
Resistance Levels: The nearest resistance level is at 1.3785, which corresponds with the 78.6% Fibonacci retracement level and the upper boundary of the bullish channel.


Conclusion and Consideration:
The USDCAD H4 chart analysis shows a strong bullish trend, supported by the Ichimoku cloud, Volume, RSI, and Parabolic SAR indicators. The pair is currently experiencing robust upward momentum, with potential to reach higher resistance levels if the bullish trend continues. However, traders should remain cautious of upcoming economic data releases and FOMC member speeches, as these could introduce volatility and impact the current trend.


Disclaimer:
The analysis provided for USDCAD 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 crucial to stay updated with the latest information.


FXGlory
19.07.2024

[FXGlory Ltd]

BTCUSD Daily Technical and Fundamental Analysis for 22.07.2024


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: The bands are widening, indicating increased market volatility. The price touching the upper band suggests a strong upward trend but also signals potential overbought conditions which could lead to a temporary pullback.
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: The primary support level is currently at around $66,850, providing a cushion should the price retract.
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