Despite battling with 200-HMA, gold stays inside a bullish chart formation on a key day. Also favoring the metal buyers is a one-week-old rising trend line and likely US dollar weakness due to the expected dovish comments from the US Federal Reserve. However, sustained trading beyond $1,855 becomes necessary for the bulls to target $1,875 and then head towards the...
With the recent risk-off mood favoring the US dollar’s strength, GBPUSD breaks the support line of a short-term head-and-shoulders bearish chart pattern on the hourly (H1) play. However, a sustained close below the neckline, currently around 1.3645 will be needed to confirm the south-run targeting the previous week’s low near 1.3520. However, the 1.3600...
Although coronavirus (COVID-19) strains probe the commodities off-late, Brent oil’s latest U-turn from 100-SMA favors the energy bulls. Also keeping the oil buyers hopeful is a short-term descending triangle formation on the four-hour chart. However, a falling trend line from last Wednesday around $55.70 can offer immediate resistance to the quote ahead of...
With the virus-led risk-off weighing on the Antipodeans, not to forget the surprise drop in the Aussie retail sales, AUDUSD sellers attack an upwards sloping support line from Monday, currently around 0.7733. While expectations of the continuous cautious sentiment favor the pair’s further weakness, the 0.7700 round-figure and lower line of a descending trend...
Gold rises to the fresh high in two weeks following a stellar rise on Wednesday. In doing so, the yellow metal crosses 50% Fibonacci retracement of its November-January upside amid upbeat RSI and MACD conditions. Also favoring the bullion could be the market optimism backed by Joe Biden’s arrival in the White House as the 46th President of the US. Even so, 100-SMA...
With the US dollar on a pullback move since the week’s start, EURUSD buyers revisit the previous support line stretched from December 02 ahead of US President-elect Joe Biden’s inauguration ceremony. Although Treasury Secretary Janet Yellen has already favored further stimulus, Biden’s first words as the 46th US President will be the key. As a result, any upside...
Gold's reluctance to close below an ascending trend line from March enables it to confront a 200-day moving average (DMA). However, the RSI conditions as well as the one-week-old lower high pattern favor the sellers. As a result, gold bears are targeting a fresh move below the previously stated support line, at $1,820 now, to revisit the 1,800 threshold. Though,...
While extending Friday’s corrective pullback near the lowest since April 2018, USDCAD probes one week high. However, a confluence of 200-SMA and a falling trend line from November 13, 2020, can challenge the bulls. Although MACD suggests further upside past-1.2790 resistance confluence, the 1.2800 round-figure and the monthly top near 1.2835 will add to the upside...
AUDUSD fades the previous day’s upside momentum as risks turn heavy amid the coronavirus (COVID-19) fears. The quote steps back from a downward sloping trend line from last Wednesday while staying inside an ascending trend channel formation established from December 17. Also portraying the bull’s dominance is the pair’s successful trading above 200-SMA. As a...
GBPUSD keeps bounces off 200-SMA while picking up the bids near 1.3540 during early Tuesday. The cable dropped to a two-week low before recovering from the key SMA. Not only the quote’s ability to take a U-turn from important technical support but an upward trajectory portrayed by an ascending trend line since November 02 also favor GBPUSD buyers. Hence, a...
Having recently dropped to the early December 2020 lows, gold prices bounce off $1817 to currently around $1840. Even so, the corrective pullback stays below 200-SMA. Other than the SMA breakdown, bearish MACD and a downward sloping trend line from last Wednesday also favor gold sellers. As a result, the yellow metal is up for a fresh decline targeting the $1800...
Although pullback from $1959 directs gold sellers to attack a confluence of 50-SMA and an ascending trend line from November 30, currently around $1,908, the yellow metal bulls keep the reins until the quote drops below a joint of 200-SMA and 61.8% Fibonacci retracement level near $1889. Ahead of that, multiple highs marked during late-November and December of...
EURUSD snaps three-day uptrend while reversing from the highest since April 2018 on early Thursday. The currency major bears the burden of overbought RSI conditions while nearing an upward sloping trend line from March. Not only the technical details but expected US dollar bounce on the back of likely stimulus from America, due to the Democratic victory, also...
AUD/USD teases a 33-month high around 0.7780 inside a bearish chart pattern as global markets await Georgia’s Senate runoff. Although Democrats are likely to snatch Republicans’ control over the upper US House, the thin majority and odds of President Trump’s likely plot to defy the results can probe the bulls. As a result, the AUDUSD is knocking the multi-month...
Despite breaking an ascending trend line from early November, Brent oil remains beyond 21-day SMA. However, a clear break beyond the previous support line, now resistance, around $51.30 becomes necessary to renew optimism. Following that, $52.50 and the recent high close to $53.30 can lure energy buyers ahead of making them confront February lows near $53.65. It...
Having battled with 100-day SMA during the end of 2020, gold prices kick-start 2021 on a positive front while crossing a multi-day-old hurdle. Although overbought RSI conditions may challenge the bulls, the November high near $1,965 is in a hand’s reach due to the sustained trend line breakout. During the quote’s upside past-$1,965, the $2,000 threshold could lure...
Gold trades defensive despite the US dollar gauge’s (DXY) slump to the fresh low since April 2018. The yellow metal’s repeated failures to cross $1,900, not to forget 61.8% Fibonacci retracement of November’s downfall, drag it to an upward sloping trend line from November 30, currently around $1,875. With the sluggish MACD and neutral RSI joining the lower high...
With the US House backing President Donald Trump’s demand for a $2,000 paycheck, AUDUSD remains positive amid a risk-on mood. The pair failed to justify Trump's signing of the coronavirus (COVID-19) aid package the previous day amid fears that the Senate will turn down his push during the last days in the White House. While Monday’s downbeat performance printed a...