With the bond bears keeping the reins, GBPUSD drifts lower during early Monday. In doing so, the quote fizzles recovery moves from 200-SMA portrayed during the last week amid downbeat RSI and MACD conditions. Even so, sellers have a bumpy road ahead that starts with a 200-SMA level of 1.3865. Should the cable bears break 1.3865 support, an ascending trend line...
Although a one-month-old support line triggered USDCAD bounce off two-week low, The pair isn’t sure of further upside ahead of the Canadian employment data for February. Considering the oversold RSI conditions and strong support line, USDCAD is likely to keep the latest corrective pullback directed towards a short-term horizontal area around 1.2600. However, any...
Despite breaking the two-week-old falling trend line the previous day, EURUSD wavers in a choppy range above 1.1900 as the pair traders await ECB's decision. Also important for the day is US President Joe Biden’s speech to praise policymakers after his $1.9 covid stimulus package crossed the Senate before a few hours. While neither ECB nor Biden seems to offer any...
Gold prints mild losses while taking a U-turn from 10-day SMA during early Wednesday. With that, the bullion fizzles the previous day’s corrective pullback from the seven-month-old support line, mainly due to hopes of US fiscal stimulus. As a result, gold sellers are once against eyeing the key support trend line, at $1,675 now, an immediate target. It should,...
AUDUSD wavers around 11-week-old support during early Tuesday, recently bouncing off the monthly low. However, the pair’s sustained trading below an ascending trend line from November 02 and 50-day SMA keeps sellers hopeful. While fresh selling should begin following a daily closing below the immediate support line, at 0.7650 now, the yearly bottom around 0.7560...
Having failed to conquer $72.00 during early 2020, Brent bulls again confront the key hurdle comprising 78.6% Fibonacci retracement level of October 2018 to April 2020 south-run. Although fundamentals are favoring the black-gold buyers, overbought RSI and the strong upside resistance challenge the commodity’s further upside around $72.20. If at all, the bulls...
With Fed’s Powell joining the league of the ECB policymakers to placate the bond bears, who ultimately failed, EURUSD bears cheer downside break of 100-day SMA for the first in over four months. However, February lows seem to question the further weakness of the pair ahead of the key US employment data for February, led by the NFP. While it is mostly expected to...
Gold’s sustained trading below a horizontal area established since May 2020 gained support from Treasury yields rally to direct bears towards a falling trend line from August, currently around $1,680. However, the $1,700 threshold can offer an intermediate halt whereas double bottoms marked during May and June of 2020, near $1,670 could test the gold sellers...
In addition to a sustained downside break of the one-month-old support line, portrayed last Friday, the weekly falling trend line also suggests a bearish bias for the GBPUSD prices ahead of the key UK annual budget announcement, up for publishing around 12:30 GMT. It should, however, be noted that British Chancellor Rishi Sunak is up for releasing the heavy...
Silver finally follows gold while breaking short-term support confluence near $26.30, which in turn drags it towards late January lows. Although oversold RSI on four-hour (4H) chart probes the metal sellers, a sustained break of the key support, coupled with the bearish MACD suggests further downside of the commodity prices. As a result, the $25.50 and the $25.00...
Although 100-SMA defends cable buyers, bearish MACD and hopes of the US dollar’s further recovery, following the $1.9 trillion covid stimulus, seem to favor the GBPUSD sellers. As a result, the bears should wait for a clear downside break of 1.3915 to initial fresh selling positions. Following that, 1.3780-75 and the previous month’s low of 1.3563 will be in the...
With the fears of reflation propelling global Treasury yields and the US dollar, gold remains depressed near the three-month-old horizontal support. With the bond rout less likely to fade soon, coupled with the US dollar’s expected run-up on recently welcome fundamentals, gold is up for extra south-run. However, a clear downside break of $1,760 becomes necessary...
Although reflation risk propels EURUSD near one-month high, the quote battles the key hurdle from early December 2020 that probed the bulls during late-January. Not only the key resistance but the cautious sentiment ahead of the preliminary readings of the US Q4 GDP, expected 4.1% versus 4.0% forecast, could also offer near-term direction to the quote. While...
Gold sellers eye 50-SMA re-test, currently around $1,800, during the latest weakness below 100-SMA. However, any further downtrend needs to break February 18 low near $1,788 to refresh the monthly low, also the lowest since June 2020, around $1,760. The bearish sentiment takes clues from a monthly resistance line as well as a downward-sloping RSI line. Though,...
Trading sentiment on the floor remains quite depressing as markets await Fed Chair Powell’s half-yearly testimony. However, the bullish chart formation on the four-hour play keeps Brent oil buyers hopeful, despite the latest pullback from $66.76. It should, however, be noted that the oil bulls need to stay away from $63.40 and $62.90 supports comprising 50-SMA as...
Despite recently easing to 1.4015, GBPUSD keeps the early-day run-up to the fresh top since April 2018. The cable’s latest pullback could be traced from its failures to defy an ascending channel formation since February 02. However, the bears aren’t likely to return until witnessing a clear downside break of the stated channel’s support as well as 200-SMA. That...
Following its failure to break the November 2020 bottom, gold prices finally slipped to the lowest since July during early Friday. However, the metal bounced off quickly from the $1,760.55 low and remains sluggish off-late. This suggests the bulls’ inability to cheer the oversold RSI conditions while bears also await confirmation. As a result, a clear break below...
With the multiple failures to clear one-month-old horizontal resistance, EURUSD is ready to drop back to the monthly low near 1.1950. However, the 1.2000 psychological magnet can offer an intermediate halt during the fall. It should also be noted that the EURUSD weakness past-1.1950 needs a stronger US dollar to break November 2020 peak surrounding 1.1920 and...