saba's trading journal

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USDJPY Analysis:
Greetings have a good day to all, hope you all will be good and doing good in your life.
USDJPY continues to build its positive trajectory above the broken descending trendline, registering an almost three-month high of 105.33 on Thursday.
There is no key obstacle in sight until the 105.45 – 105.65 region; therefore, expectations are for the rally to see further extension in the near-term as the momentum indicators in the four-hour chart keep promoting the bullish appetite in the market. The RSI has resumed its positive slope, and the MACD is regaining ground below its red signal line, though the indicators have been moving against the market direction since the end of January, warning over a potential bearish divergence phenomenon—a bearish signal of a price reversal.
The 106.00 number could be the next target if the bulls close above 105.65.
Otherwise, should selling pressure resurface, the 20-period simple moving average (SMA) at 105.00 and the key restrictive zone around 104.85 may deter any decline towards the 104.60 barrier. If the bears breach the latter, the door would open for the 104.40 mark.



Gold Technical analysis:
Gold has accelerated its decline, tumbling below the 1800 level on Thursday for the first time in two months. The precious metal is on track for a third straight day of losses but although the momentum indicators remain overwhelmingly bearish, there is a hint of some easing in the selloff in the short term.
The RSI has slipped below the 30 oversold level and continues to trend lower. However, the stochastic oscillator is indicating the possibility of a bullish crossover between the %K and %D lines in the oversold territory. If the %K line manages to cross above the %D line in the next few sessions, it could signal an improvement in sentiment for gold and potentially mark the intra-day low of 1785.06 as a new support area.
An upward reversal could see the key 1800 level becoming the first point of resistance, with a break above it clearing the way for the 1830 level, which previously acted as support. However, for a sustained rebound, prices would need to rise back above the 20- and 50-period moving averages, currently at 1837 and 1845, respectively.
If, though, gold stretches further lower, the next major target for the bears is the November 2020 low of 1764.34.

[saba63]

EURUSD Analysis:
EURUSD extends its winning streak for the fourth consecutive session in the Asian trading hours on Wednesday amid broad-based weakness in the U.S dollar. Investors remain optimistic that U.S Policymakers would soon approve a stimulus package worth $1.9 trillion helping the single currency to trade higher. As of now, EURUSD is trading near a six-day high of 1.2123 level, with a mild gain of 0.03%.

Talking about the previous trading session, the shared currency witnessed strong buying pressure and surged to an intraday high of 1.2121 level amid risk-on mood in the markets. This was followed by an optimistic German Trade balance data that increased to 16.1 billion against the market forecasts of 14.2 billion. Besides this, dismal macroeconomic data from the United States undermined the demand for the greenback. The Americans published NFIB Small Business Index data that decreased to 95 versus the market expectation of 96.6. Consequently, EURUSD concluded the session at 1.2119 level with an appreciation of 0.60%.

Going forward, investors can take a clue from a slew of economic statistics such as German Final CPI, French Industrial Production, U.S Core CPI, U.S Final Wholesale Inventories along with Federal Reserve Chairman Jerome Powell’s speech.

[saba63]

Crude oil analysis
WTI crude oil futures created a fresh, more than one-year high at 58.88 during yesterday’s session, posting a bearish doji candle which indicates a possible downside correction in the near-term.
The technical indicators are confirming a likely bearish move as the RSI is standing in the overbought zone, with a flattening move, while the MACD holds above the trigger line in the positive region. However, the 20- and 40-day simple moving averages (SMAs) are continuing the upside price action, while the Ichimoku lines are moving horizontally.

Immediate resistance could be faced from the 59.64 barrier before rallying towards the 65.61 hurdle, both taken from the peaks in January 2020.

A downside movement could take the commodity until the 53.94 support, which overlaps with the 20-day SMA ahead of the 40-day SMA currently at 52.06. Below this level, the long-term ascending trend line could come next around the 49.40 support.
In conclusion, regarding the long-term picture, oil prices have been in an uptrend; however, the bearish doji candle suggests a bearish move in the short-term.

[saba63]

GBPUSD Analysis:
Good morning dear friends and members how are you. For the movement of GBPUSD a bearish tendency has begun to appear where the price is currently stuck in the middle bolinger timeframe H4 and Ema 21 plus the support area of ​​1.3810. The price was bullish again yesterday to the highest price at 1.3858 but moved back to bearish indicating that buyers have started to weaken. So for today I think the sell option is more dominant with a further decline to 1.3770 if the price breaks 1.3810
So you have to be careful because I estimate that the USD will still be in a weakening trend and negative sentiment going forward. And the decline in GBPUSD is probably only a correction.
Lower-than-expected US inflation and the promise from the Federal Reserve to keep interest rates low continue to boost investor expectations of the meager returns on the US currency. US Fed Chair Jerome Powell also noted that unemployment remains high, and will repeat the central bank's new policy framework that can accommodate annual inflation above 2% for some time before raising interest rates. This has a slightly dovish tone and adds to the negative sentiment on the USD. So the chance for USD to be bearish again is bigger in my opinion and the USD has the potential to fall deeper in the next few days

[saba63]

Greeting to all forum and visitors of my trading journal, I hope you getting benefits from my journal on daily basis.
BTC Analysis
Bitcoin continues its victorious march to new heights, and traders are in a hurry to make money on cryptocurrency derivatives. Futures contracts allow traders to buy an underlying asset at a predetermined price at a specific time in the future.
Thus, futures are used not only as a hedging tool but also as an opportunity to profitably buy cryptocurrency. It’s no surprise that traders flock to derivatives platforms to maximize their returns on their BTC investments.
Earlier on Wednesday, February 17, the leading cryptocurrency recorded a new all-time high at $51,616. At around 13:45 GMT of the same day, Bitcoin crossed the $52,000 mark amid news from the software provider Microstrategy, which has invested more than $1 billion in BTC, plans to issue bonds again, the proceeds of which will be used to buy more BTC.
However, at the time of this writing, the price of one bitcoin is trading at $51,600.