Archive for category: Technical Analysis

The NASDAQ index saw sharp selling in the first hour of trading today, dropping nearly 500 points to a session low of 16,959.53. At the lows, the index was nearing key support from the 200-hour moving average (currently at 16,940) and the rising 50-hour moving average (around 16,959). Buyers stepped in at those levels, halting the decline and sparking a rebound.

The recovery has since pushed the index above a key swing level at 17,238.24, shifting the focus back to the 50% retracement of the move down from the December 2024 all-time high. That midpoint stands at 17,494.31. Yesterday, the index briefly moved above this level but failed to hold the gains into the close.

Near-term risk now sits at 17,238.24. Stronger support remains at the 50-hour and 200-hour moving averages. A break below both would shift control back to sellers and undermine the bullish momentum.

Hello traders and welcome to a new blog post where we discuss trade ideas that Elliottwave-Forecast members took recently. Members recently went long on the EURNZD currency pair and are now close to the first target. The post will discuss how we came about the setup and how we intend managing the trade.

EURNZD has maintained a bullish corrective cycle since the lows of April 2015. The structure evolving is a double zigzag pattern for wave ((IV)) of the supercycle degree of the all-time bearish cycle. Meanwhile, it should be noted that this wave ((IV)) has not yet reached the target. Often times, corrective structures reach the extreme we expect unless price dictates otherwise. So far nothing of such information from the price. Thus, we continue to look forward to a higher prices until wave ((IV)) ends at the extreme area. Meanwhile, while it’s in progress, we explained to members why they should buy pullback in 3, 7 or 11 swing setup from the blue box. Thus, Group 2 members understand how to go about the trade. Good for us, a pullback emerged from the peak of April 2025. We were patient to see the pullback emerged into a clear 3-swing structure.

EURNZD Bullish Setup – 4.15.2025 Update

On 15th April 2024, we shared the chart above with members. The expected pullback was for wave ((4)) of the cycle degree wave c from September 2024. Wave ((4)) evolved lower with a 3-swing structure. Wave (A) of ((4)) finished with an impulse structure while wave (B) finished with a zigzag. As expected, wave (C) completed another impulse structure in the blue box. Thus, wave ((4)) was making a clear A-B-C corrective structure. We identified the blue box between 1.8964-1.8477 as the extreme area. Thus, we advised the group 2 members to buy at 1.8964 and set stop at 1.8477. What happened in the following few days?

EURNZD Bullish Setup – 4.15.2025 Update

EURNZD found support in the blue box as expected. Price significantly touched the zone and triggered buyers into position. We shared the chart above with members on 25th April 2025. The chart shows price reacting higher from the blue box. The first target for this trade is at 1.933. At 1.933, members will close half of their positions in profit and adjust the rest to breakeven while expecting an impulse rally to evolve for wave ((5)). Meanwhile, the final target will be at 2.027 where traders can close the rest of their positions.

However, if the bullish response is not an impulse structure, it should be at least a 3-swing bounce before turning lower to attempt a double correction for wave ((4)) much lower. After a 3-swing bounce, price should at least hit the first target. Thus, this will allow members to hold some profit while closing down risk. If a 7-swing setup eventually happens lower for ((4)), we will like to buy again at the new extreme.

This is how we like managing this trade. We will expect an impulse rally and also prepare for a deeper ((4)). Until the wave ((IV)) cycle from April 2015 reaches the extreme, we will continue to go long from the blue box on both the H1 and H4 charts.

Created on April 29, 2025

Today’s Gold Analysis Overview:

• The Overall Gold Trend: Still bullish.
• Today’s Gold Support Levels: $3300 – $3260 – $3200 per ounce.
• Today’s Gold Resistance Levels: $3385 – $3420 – $3500 per ounce.

Today’s gold trading signals update:

• Sell the gold index from the resistance level of $3373, with a target of $3280 and a stop-loss at $3410.
• Buy the gold index from the support level of $3260, with a target of $3380 and a stop-loss at $3180.

Technical Analysis of Gold Price (XAU/USD) Today:

Spot gold prices started this week’s trading on a positive note, with the gold price index rising to the resistance level of $3353 per ounce, recovering from last week’s losses that reached the support level of $3268 per ounce. According to gold trading platforms, buying of gold bullion has resumed amid gold investors seizing the recent losses. This performance remains cautious as traders await the release of key US economic data and trade developments between the US and China.

Will Gold Prices Rise in the Coming Days?

Don’t forget that spot gold prices have risen to a historical record high of $3500 per ounce, the highest in the history of gold bullion prices. Obviously, this was fuelled by continued political and financial uncertainty. Despite US President Trump’s claim of progress in trade talks with China, Beijing denied holding any discussions, and Treasury Secretary Scott Bessent offered little support for Trump’s statements.

Overall, gold prices may continue to rise as ongoing tensions have contributed to sustained demand for gold as a traditional safe haven. Attention now turns to several key US economic data releases this week, including the first estimate of Q1 GDP, March PCE inflation data, and the April US non-farm payrolls report. These figures are expected to provide new indications of the economy’s strength and the US central bank’s next policy steps.

Trading Tips:

Traders are advised to consider buying gold from every downward level, but without taking risks and distributing the trading amount across several levels while monitoring the factors affecting the gold market.

Technical Indicator Movements for Gold Prices

According to trading on the daily timeframe chart, gold prices remain in an upward trajectory, as evidenced by the MACD (12, 26 close) indicator stabilizing in the overbought zone. Conversely, the 14-day RSI indicator is below the overbought threshold, giving bulls an opportunity for further upward progress before reaching overbought conditions.

According to the fundamental analysis of the gold market, gold bullion prices are finding momentum from the decline in the US Dollar Index (DXY), which measures the performance of the US currency against a basket of other major currencies. The dollar price is stabilizing downwards as traders brace for a flood of data expected to reveal the early impacts of President Trump’s tariffs. According to data from the economic calendar, the March PCE Price Index release is expected to show core inflation at around 2.2% year-on-year, and core prices rising by only 0.1% month-on-month – the weakest core reading since March 2021 – increasing the likelihood of the Federal Reserve pausing or even cutting interest rates by mid-2025.

At the same time, temporary exemptions from tariffs between the US and China – selected exemptions in the absence of a formal agreement – have undermined the US dollar’s safe-haven premium. With the release of the US jobs report for April, Q1 GDP figures, and the Fed’s preferred inflation gauge this week, any negative surprises could bolster expectations of an earlier easing of monetary policy by the Federal Reserve.

According to Forex market trading, the dollar’s support last week – fuelled by Mr. Trump’s hints of softer tariffs on China and his backtracking on the threat to Federal Reserve Chairman Jerome Powell – has already begun to wane, leaving the US dollar on the defensive.

Ready to trade our Gold price forecast? We’ve made a list of the best Gold trading platforms worth trading with.

Created on April 29, 2025

• During the trading session on Monday, we have a national election Ian the Canada that will of course capture a lot of headlines, and this might be part of why the market really hasn’t done anything in this pair during the session.
• After all, depending on who is leading Canada could have a major impact on what happens next between the United States and Canada.
• This is a situation that sooner or later needs to be resolved, otherwise it will destroy the Canadian economy.

That being said, there is a lot of transactions between these 2 countries, so it’s not as if the United States won’t feel pain either. However, I still think at this point in time you have a situation where traders are looking to try to find a bottom in this USD/CAD pair, right around the 1.3850 level. This is an area that’s been important multiple times, and I think it does make a certain amount of sense that we continue to see a lot of volatility, but ultimately, I do think that there are certain buyers out there willing to pick up little bits and pieces.

Impulsive Candle Needed

At this point, I need to see some type of impulsive candlestick, one that shows a definitive close higher or lower from the range that we have been in for about 10 days. If we get that, then it’s very likely that we will continue to see momentum in whichever direction that is. To the upside, it would make a certain amount of sense that we go looking to the 1.4050 level, which is basically where the 200 Day EMA resides.

On the downside, if we break down below the 1.38 level on a daily close, then we could begin to see the Canadian dollar strengthen overall. At this point, I think this is an extraordinarily neutral market, but over the longer term we have seen the US dollar climbed steadily against the Canadian dollar of the last couple of years, so this is something that should probably not be forgotten.

Ready to trade our USD/CAD daily analysis and forecasts? Here’s a list of the best Forex Trading platform in Canada to choose from.