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[b]forex

GBPUSD: directly facing the resistance level of 1.2800Dear friends, Overall, GBPUSD had a successful week as the price continued to rise without any significant breakthroughs. The currency pair remained supported as the USD struggled to recover. In terms of long-term trends, this currency pair is currently facing resistance at 1.2800. However, the upward trend is still supported by positive signals from the 34 and 89 EMA lines. On the other hand, the RSI indicates that buyers are no longer eager to break through this resistance level. Therefore, our upcoming target is to sell when the price breaks the trendline.
by RKarina
XAUUSD: price growth continues?Dear friends! Looking back at the previous weekend, gold has demonstrated its strength with a remarkable breakout, completely breaking free from the sideways trend and ending the downward trend. It is an impressive move from the bull side, as they not only successfully defended the key support level at $2015 but also pushed the price of gold higher from this point onwards. The tension in the Middle East is having a noticeable impact, reducing pressure on the US dollar and bond yields, thereby supporting the price of gold. In the short term, the demand for safe-haven assets may push the price of gold even higher. Given the current landscape, can we expect a new rally in the price of gold? What about you, do you anticipate a surge in the price of gold? Share your thoughts on the next direction for gold in this exciting market!
OANDA:XAUUSDLong
by RKarina
USDJPY: bearish signalThe USD/JPY pair has reached a pullback at the 145.00 level in early Monday's Asian trading session. Despite the decline of the US Dollar, this currency pair has managed to recover. The market is expected to have a quiet session due to the US bank holiday. However, when considering the technical trends and prospects: USDJPY has just broken the upward trendline and is currently in a corrective wave with a significant resistance level set at 145.500. From a personal perspective, I believe that if the support level of 144.800 is broken, the bearish side will have an advantage in pushing this pair back to the 143.500 level
Short
by RKarina
Update gold price at the beginning of the new weekDear friend, In general, precious metals truly impress us. Gold traded sideways near $2030 before rising to $2061 on Friday, then retraced to $2049 and stabilized at this level. Now, what excites me is that gold is currently trading calmly around $2050 - $2051 as we enter the new week. The interesting thing is that gold's recovery is driven by weakness in the US Producer Price Index (PPI) data and political tensions in the Middle East. Like a skilled dancer, gold breaks free from the downward "dance", returns to test the Breakout zone, and dances with the two EMA lines. For these reasons, gold makes me quite optimistic that it will not stop here. It seems to be heading towards a new high - $2088. What about you?
OANDA:XAUUSDLong
by RKarina
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EURUSD bulls remain unconvinced despite recent reboundEURUSD remains mildly bid within a 10-week-old bullish channel as market players seek more clues to justify the previous day’s strong US inflation report, as well as comforting comments from ECB President Christine Lagarde. That said, the 21-SMA and Thursday’s Doji prods the Euro bulls amid bearish MACD signals. Even if the pair buyers manage to cross the 1.0985 immediate SMA hurdle, November’s peak of around 1.1020 and the previous monthly high surrounding 1.1140 will test the upside momentum. Following that, the aforementioned channel’s top line, close to 1.1220 at the latest, will act as a tough nut to crack for the buyers. Alternatively, the EURUSD pullback needs to defy the bullish channel formation by slipping beneath the 1.0910 support to convince sellers. Even so, the 200-SMA support of 1.0845 can challenge the Euro bears before giving them control. In that case, December’s bottom of 1.0723 and October’s peak of near 1.0700 will be the final defenses of the buyers ahead of directing prices toward the yearly low marked in October around 1.0450. Overall, EURUSD manages to consolidate the previous weekly loss and defends the bullish chart formation but the recovery appears fishy and hence needs confirmation from 21-SMA.
by MTradingGlobal
USDJPY: Received 2 great supportsHello dear friends, what do you think will happen to USDJPY today? Currently, the USDJPY currency pair is experiencing a good upward momentum: Regarding the first factor: USDJPY has completely escaped from its previous downward trend and is showing strong buying momentum returning. Regarding the second factor: After price correction to the Fibonacci 0.5 level, the price has started to rebound, which is a perfect sign indicating strong buying pressure from investors. With these two factors, we will prioritize a Buy strategy for USDJPY with favorable conditions to take profit at the two main levels of 149.19 and then 154.37. How about you? What is your opinion on USDJPY?
Long
by RKarina
AUDUSD lures bears amid softer Aussie inflation, 0.6670 eyedAUDUSD struggles to defend the bounce from a two-month-old rising support line and the 200-SMA amid softer Australia Consumer Price Index (CPI) data. Also attracting offers for the Aussie pair is the risk-off mood and an impending death cross on the four-hour chart, a bearish moving average crossover between the 50-SMA and the 100-SMA. It’s worth noting, however, that the RSI and MACD suggest a slower grind to the south. That said, the aforementioned trend line stretched from early November and the 200-SMA, around 0.6685-75 at the latest, appears crucial for the pair sellers, a clear break of which will help bears to aim for early December peaks surrounding 0.6620. Following that, an eight-week-old horizontal support area near 0.6540-45 will be the last defense of the buyers. Meanwhile, a convergence of the 50-SMA and the 100-SMA, close to 0.6750-60 at the latest, guards the immediate upside of the AUDUSD pair. Should the quote remain firmer past 0.6760, the previous monthly high of around 0.6870 and the mid-2023 peaks near 0.6900 could test the Aussie pair buyers ahead of the 0.7000 psychological magnet and last year’s top of 0.7157. Overall, the AUDUSD buyers appear running out of steam but the bears need validation from 0.6670 to enter the ring.
by MTradingGlobal
USDJPY extends pullback from key EMA confluence below 144.00USDJPY drops half a percent to 143.55 during the early hours of Tuesday’s Asian session. In doing so, the Yen pair extends Friday’s retreats from a convergence of the 100-bar Exponential Moving Average (EMA) and the 50-EMA. Adding strength to the downside pressure is the Doji candlestick on the top and the absence of an oversold RSI (14) line, not to forget the sluggish MACD. With this, the sellers appear set to approach the 61.8% Fibonacci retracement of July-November upside, near 142.90. Following that, the previous monthly low and the 78.6% Fibonacci ratio around 140.40 and the 140.00 threshold will challenge the bears before directing them to the mid-2023 bottom surrounding 137.35. On the flip side, the aforementioned EMA convergence stops the USDJPY buyers’ entry near 145.50-60. Also acting as a short-term upside filter is the stated Doji candlestick’s peak of around 146.00. In a case where the Yen pair manages to stay firmer past 146.00, the 23.6% Fibonacci ratio of near 148.40 will act as the final defense of the sellers, a break of which won’t hesitate to direct buyers toward the previous yearly peak of 151.90. Overall, the USDJPY pair is likely to extend the latest downside, at least until Wednesday’s US inflation data comes out.
by MTradingGlobal
GBPUSD fades bounce off 200-SMA after three-week uptrendGBPUSD prints mild losses around 1.2700 early Monday, after snapping a three-week uptrend in the last. In doing so, the Cable pair justifies the previous week’s downside break of a two-month-old rising support line, now immediate resistance around 1.2765, as well as fades the bounce off a 200-SMA level surrounding 1.2635. However, the upbeat conditions of the RSI (14) line and the bullish MACD signals keep the buyers hopeful unless the quote slips beneath the stated key SMA, a break of which could quickly drag the quote toward December’s low of 1.2500. It should be noted that the Pound Sterling’s weakness past 1.2500 will have the 61.8% Fibonacci retracement level of near 1.2375 as the last defense of the buyers. On the flip side, the GBPUSD pair buyers can regain control by crossing the support-turned-resistance line of around 1.2765. Following that, the recent peak surrounding 1.2830 and an ascending trend line from late November, close to 1.2860 at the latest, could check the Pound Sterling’s upside momentum ahead of directing the bulls toward the 1.3000 psychological magnet. Should the quote remain firmer past the 1.3000 threshold, the previous yearly high of nearly 1.3145 will be in the spotlight. To sum up, the GBPUSD pair buyers are likely losing control the sellers need validation from the 200-SMA breakdown to retake control.
by MTradingGlobal
Gold price decreased but the upward momentum remained the sameIn general, the main trend of gold in the past week has been a decline, with a decrease of over $40 during the week. However, when looking at the long term on a daily chart, gold still maintains a strong upward trend with a stable ascending trendline. Gold has experienced a week of price decline as a corrective wave, testing the EMA 34 line at $2045 and the upcoming prospects are expected to test the EMA 89 line at around $2019. We can expect gold to recover from this point as it touches the trendline and finds support at that level (as marked on the chart).
OANDA:XAUUSDLong
by RKarina
USDJPY: achieved impressive gainsDear friends, the Japanese yen has been trading negatively against the US dollar for the fourth consecutive day on Friday, with the USD/JPY pair reaching its highest level in two weeks around the 144.85 area during the Asian trading session. At the time of writing, the price is trading at 144.70, indicating that USDJPY has previously escaped a prolonged downward channel and is stabilizing with a good recovery trend on the 12-hour timeframe. With the US dollar showing signs of a rebound, the bullish camp continues to push prices higher, with a target of 147.3 being highlighted. From an analytical perspective, I still expect prices to increase further using the breakout trading method. Using the excellent tool from Tradingview, Fibonacci suggests that prices may retreat to the 0.5 and 0.618 levels to correct the previous strong upward momentum before any catalyst causes prices to bounce back. A breakthrough above 144.90 will accelerate the UJ price to 147.34. Wishing you successful and lucky trades!
Long
by RKarina
Gold price todayDear friend, Today, the price of gold in the market has fallen after reaching its highest level in the overnight trading session at $2,050 per ounce, marking the most significant decline in three weeks. The drop in gold prices is due to a sharp decrease in the number of US workers filing for unemployment benefits for the first time in the last week of 2023. On the other hand, gold prices are at risk of further declines as the US Federal Reserve recently signaled its readiness to cut interest rates at the end of the new year. The minutes of this meeting indicate that the rate-cutting cycle is likely to be longer than expected. This is putting significant pressure on the gold market. Furthermore, gold prices are under pressure due to the upward trend of the US dollar. However, analysts believe that while the strength of the US dollar today is partly responsible for the decline in gold prices, it is not the main factor. Therefore, it is crucial to closely monitor important market news to grasp the trends of this precious metal in the coming period.
OANDA:XAUUSD
by RKarina
Gold eyes first weekly loss in four ahead of NFP, $2,010 eyedGold price stays defensive while keeping the previous day’s recovery within a seven-week-old ascending triangle, floating above 100-SMA during early Friday. In doing so, XAUUSD braces for the first weekly loss in four. However, a steady RSI (14) line and an impending bull cross on the MACD suggest a continuation of the latest rebound, which in turn highlights a one-week-old falling resistance line, around $2,067 at the latest. Following that, the $2,090 level comprising the stated triangle’s top line will be crucial to watch as the metal’s sustained trading beyond the same will allow the metal buyers to challenge the all-time high marked during late 2023. On the contrary, the 100-SMA level surrounding $2,040 restricts the immediate downside of the Gold Price. However, the XAUUSD sellers remain off that table unless the commodity slides beneath the aforementioned triangle’s bottom line, close to $2,010 at the latest. Should the quote remain bearish past $2,010, the $2,000 threshold may test the sellers before directing them to the previous monthly low of around $1,973. In a case where the bears keep the reins past $1,973, the mid-November swing low of nearly $1,931 should gain the market’s attention. Overall, the Gold price is likely to remain sluggish, slightly positive, but a surprise fall beneath the $2,010 won’t hesitate to welcome bears.
OANDA:XAUUSD
by MTradingGlobal
EURUSD licks its wounds at fortnight-low ahead of Fed MinutesEURUSD dropped the most in three weeks on Tuesday after a downside break of an ascending trend line from mid-November and the 50-SMA. Adding strength to the downside bias are the bearish MACD signals. However, the nearly oversold RSI (14) line joins the 100-SMA support of 1.0935 to restrict short-term declines of the Euro pair. Even if the pair slides beneath 1.0935, the bottom line of a two-month-long bullish channel, close to 1.0840 at the latest, acts as the last defense of the pair buyers. Following that, the bears will be able to aim for the previous monthly low surrounding 1.0725. Meanwhile, the EURUSD pair’s recovery hinges on the quote’s ability to stay beyond the 1.1020-25 resistance confluence comprising the 50-SMA and previous support line stretched from December 18. In a case where the Euro bulls keep the reins past 1.1025, the previous monthly high near 1.1140 and the aforementioned channel’s top line, around 1.1160 by the press time, will gain the market’s attention ahead of the year 2023 peak surrounding 1.1275. Overall, the EURUSD pair is likely to recover unless the Fed Minutes bolster the US Dollar strength, which is least expected. It’s worth noting, however, that the upside room appears limited.
by MTradingGlobal