Gold Price breaks a month-old bearish channel towards the south and suggests further downside past the latest three-month low surrounding $1,920. However, the oversold RSI conditions keep offering intermediate bounces as the bullion drops towards the 61.8% Fibonacci Expansion (FE) of May 15 to June 16 moves, near $1,907. Following that, the $1,900 round figure may...
USDCAD remains unimpressive after breaking a seven-week-old horizontal support zone the previous day. That said, the RSI (14) rebounds from oversold territory and hence lures the buyers. However, a clear upside break of the support-turned-resistance area surrounding 1.3410, backed by the Bank of Canada’s (BoC) hawkish tone, becomes necessary to convince buyers....
Having breached a one-month-old bullish channel the last Friday, AUDUSD portrays a recovery that recently crossed the 200-SMA and a horizontal support area comprising multiple levels marked since early December 2022, respectively near 0.6900 and 0.6880-70. Also adding to the downside filter is a seven-week-long ascending trend line, close to 0.6840 at the latest,...
Gold bears struggle inside a one-month-old rising wedge bearish formation, recently bouncing off the support line. The 21-DMA adds strength to the confirmation point near $1,770, which is the lower line of the pattern. A clear break of the same could trigger a slump toward nearly four-month-long horizontal support surrounding $1,730. Following that, the $1,700...
Downbeat US inflation data propelled the EURUSD pair to the highest levels since June on Tuesday. However, the upper line of the one-month-old bullish channel, currently around 1.0670, probed the pair buyers at the multi-day top. Also challenging the Euro bulls is the overbought RSI conditions suggesting a pullback in prices. As a result, an upward-sloping trend...
A clear upside break of the 50-DMA and a descending trend line from October’s peak keeps USDCAD bulls hopeful ahead of the Bank of Canada’s (BOC) interest rate hike announcement. That said, the Loonie pair’s upside towards the previous monthly top surrounding 1.3800 appears imminent. However, multiple hurdles near 1.3850 could challenge the quote’s additional...
AUDUSD grinds near a three-month high as the RBA lifts benchmark interest rate by 0.25%, as expected. Given the RSI pullback from the overbought conditions, a monthly resistance line near 0.6740 restricts the quote’s immediate upside ahead of the key six-month-old descending trend line, near 0.6880 by the press time. Even so, the 200-DMA level around 0.6920...
AUDUSD bounces off a one-month-old horizontal support while poking the 200-SMA on the day of the Reserve Bank of Australia’s (RBA) scheduled monetary policy announcements. While a clear downside break of the 0.6345-60 support area opens the door for the Aussie pair’s fresh yearly low, currently around 0.6170, an upward-sloping support line from October 13 could...
EURUSD jostles with a four-month-old resistance line, as well as the 50-DMA, respectively around 0.9870 and 0.9900, as it lures buyers near a fortnight top. Given the firmer RSI and bullish MACD signals, the major currency pair is likely to refresh the monthly top, currently around the parity level. In doing so, September’s peak surrounding 1.0200 will be crucial...
Although the RBNZ didn’t disappoint, like the RBA, and announced a widely expected 0.50% rate hike, the NZDUSD pair remains mildly bid after refreshing the weekly top. In doing so, the Kiwi pair stays below a one-week-old horizontal hurdle surrounding 0.5750. With this, the odds of the quote’s pullback towards the latest swing low near 0.5680 can’t be ruled out....
AUDUSD reverses the previous weekly gains as the RBA disappoints bulls with 25 basis points (bps) of a rate hike, compared to a widely anticipated 50 bps move. With this, the Aussie pair reverses from a two-week-old resistance line, as well as a horizontal area comprising multiple tops marked since September 26. That said, the pair’s latest weakness aims for the...
Gold braces for the first weekly gain in three while bouncing off a two-year low inside a one-month-old bearish channel. That said, the metal’s latest recovery approaches a fortnight-old hurdle surrounding $1665. Any further upside, however, will be challenged by the stated channel’s upper limit, close to $1,680. If the buyers manage to defy the bearish chart...
USDJPY prints a three-week run-up as it pierces the previous multi-day top to print the highest levels since 1998. Considering the RSI (14) uptrend, not overbought, as well as the bullish MACD signals, the quote is likely to approach the 140.00 threshold. It should be noted that the RSI could turn overbought at that level, given the minor space available, which in...
EURUSD fades a week-long recovery mode ahead of the key European Central Bank (ECB) meeting. The pullback could also be linked to the pair’s inability to cross the 100-SMA amid RSI retreat from overbought territory, which in turn suggests the further weakness of the quote. However, a weekly support line, now resistance, joins the 100-SMA near 1.0230 to challenge...
Gold remains inside a two-week-old symmetrical triangle but the bulls seem running out of steam of late. That said, the stated triangle’s bottom line and an upward sloping trend line support from May, respectively around $1,822 and $1,812, could challenge the metal’s short-term downside. Also acting as a downside filter is the 78.6% Fibonacci retracement of the...
After failing to cross the 200-day EMA, AUDUSD broke a three-week-old support line and the 50-day EMA as traders await the Reserve Bank of Australia’s (RBA) second rate hike of 2022. Given the steady RSI and recently bullish MACD signals, the quote is likely to rebound towards the 200-day EMA hurdle surrounding 0.7270. However, a clear run-up beyond the previous...
NZDUSD renews a three-week high around 0.6500 after the RBNZ confirmed the widely anticipated 0.50% rate hike. The upside momentum takes clues from the early-week break out of a downward sloping trend line from the April peak and the 20-DMA, around 0.6385-80. Also keeping the bulls hopeful is the RSI (14) conditions, firmer but not overbought.
That said, a...
Bank of Canada (BOC) is up for the first rate-hike since 2017 but the markets are have already priced in a 0.25% lift to the benchmark rate, which in turn may not entertain the USDCAD bears until forward guidance appears hawkish. Technically, 100-EMA and 200-EMA offer strong supports near 1.2660 and 1.2640 to limit the quote’s short-term downside. If the pair...
