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EURUSD sellers have smooth sailing ahead of ECBMarket’s surprise reaction to the hawkish Fed decisions keeps EURUSD traders cautious inside a short-term symmetrical triangle ahead of the ECB monetary policy meeting. Given the dovish expectations from the European Central Bank (ECB), EURUSD is likely to refresh the yearly low. In doing so, the quote needs a clear downside break of a three-week-old support line, near 1.1255 by the press time. Following that, the March 2020 high near 1.1150 and the 61.8% Fibonacci Expansion (FE) of November’s moves, near 1.1120, should lure the bears before directing them, to the 1.1000 psychological magnet. Meanwhile, the stated triangle’s resistance line restricts short-term EURUSD advances below the 1.1300 threshold. Adding to the upside filters is the 200-SMA level of 1.1370. In a case where the quote rallies past 1.1370, 1.1460 and 1.1510 are likely to return to the chart. To sum up, EURUSD bears await the ECB to react more strongly to the hawkish Fed.
Short
by MTradingGlobal
Weekly resistance test gold buyers ahead of ECB, US GDPGold extends the bounce off monthly support while picking up the bids near $1,801 during the early Thursday. In doing so, the yellow metal pokes a one-week-old descending resistance line inside a one-month-long rising channel bullish formation. Also keeping the gold buyers hopeful is the quote’s sustained trading beyond 200-SMA and firmer oscillators. Hence, the commodity is likely to overcome the immediate hurdle surrounding $1,801 to aim for 78.6% Fibonacci retracement of September’s fall, near $1,810. It should be noted, however, that the stated channel’s resistance line and the last month’s top, respectively around $1,830 and $1,834 will probe the bulls afterward. Meanwhile, risk-off mood post the US GDP and ECB outcomes could direct the gold sellers towards challenging the bullish chart pattern by hammering $1,787 support. Should prices remain weak past $1,787, the 200-SMA level of $1,770 may probe the bears. It’s worth noting that multiple supports around $1,750, comprising 23.6% Fibonacci retracement level, will challenge the further downside before eyeing the last month’s bottom close to $1,721. To sum up, gold has a smooth run-up on the north but the fears of tighter monetary policy poke the bulls.
OANDA:XAUUSD
by MTradingGlobal
EURUSD bulls need 1.1840 breakout to prosperDespite staying beyond 200-EMA so far in September, EURUSD gains have recently been challenged by a one-week-old descending trend line near 1.1840. Considering the firmer RSI and receding bearish bias of MACD, the upside momentum has brighter chances to accelerate towards the monthly high, also the double-top, surrounding 1.1910. However, 1.1855 may offer an intermediate halt during the rise. Should the pair manages to cross the 1.1910 hurdle, it becomes capable to revisit the early June lows near 1.2100. Meanwhile, a downside break of the 200-EMA level surrounding 1.1810 has an extra filter to the south, namely the August 13 peak close to the 1.1800 round figure. Also acting as short-term supports are 50% and 61.8% Fibonacci retracement level of August-September upside, respectively around 1.1785 and 1.1755. Given the EURUSD bear’s dominance past 1.1755, the early August low near 1.1700 will act as a buffer during the fall to the yearly low close to 1.1665-60.
Long
by MTradingGlobal
Gold bears hold controls below $1,800, ECB awaitedGold remains depressed around the lowest in two weeks as market sentiment sours ahead of the key European Central Bank (ECB) monetary policy meeting on Thursday. Having stepped back from a two-month-old horizontal resistance last Friday, gold prices dropped below 200-DMA and 50-DMA during the current week. The downside momentum recently gains support from bearish MACD and an absence of oversold RSI to direct the sellers towards June’s low near $1,750. However, $1,760 and August 18 low close to $1,774 may act as intermediate halts. On the contrary, gold buyers should retake controls if the ECB hawks dominate while announcing the widely chattered PEPP tapering. Even so, 50-day and 200-day SMAs, respectively near $1,798 and $1,809, can challenge the bulls ahead of directing them to the crucial horizontal hurdle surrounding $1,834. To sum up, gold needs market optimism, which is less likely to pop up from today's ECB and hence bears can keep the reigns.
FXOPEN:XAUUSDShort
by MTradingGlobal
EURUSD eases from key hurdle but bulls stay hopeful ahead of ECBEURUSD consolidates recent gains around the five-week top, snapping a six-day uptrend, during a sluggish start to the week. The pair jumped to the highest since late July the previous day but reversed from the 1.1908-10 horizontal resistance. Also challenging the pair buyers was a confluence of 100-day and 200-day SMA around 1.1885-90. Given the RSI conditions, near the overbought area, the latest pullback from the key resistances may extend towards an ascending support line from August 20, near 1.1820. However, any further weakness won’t hesitate to direct the pair sellers towards July lows near 1.1750, before highlighting the August 11 swing trough around 1.1705 and the yearly bottom of 1.1663. Meanwhile, a daily closing beyond the stated EMA convergence near 1.1890 will have to cross the 1.1910 hurdle to keep pampering the EURUSD bulls. Following that, late June tops near 1.1975 should and the 1.2000 threshold may entertain the pair buyers. In a case where the pair buyers ignore overbought RSI conditions after crossing the 1.2000 round figure, the 61.8% Fibonacci retracement of May-August downside, near 1.2035 will gain the market’s attention. Overall, the ECB’s likely reduction in the weekly bond purchase is the key catalyst for the near-term EURUSD moves.
Long
by MTradingGlobal
Gold stays pressured below $1900 as traders await ECB, US CPIGold prices remain on the back foot amid anxious hours of early Thursday as markets wait for the ECB and the US Consumer Price Index (CPI) data. Although the ECB is less likely to become a major catalyst, the anticipated optimism of the bloc’s policymakers could offer intermediate bounce to gold prices. However, a stronger-than-expected beat of the US inflation data won’t be taken lightly and can drag the yellow metal on release. It should, however, be noted that ascending support line from mid-May and late April, respectively around $1,879 and $1,871, could probe sellers whereas 200-SMA near $1,848 and May 10 top close to $1,845 adds to the downside filters. Meanwhile, an upside clearance of the monthly resistance line, close to $1,900, will aim for the recent high of $1,917. In a case where the gold buyers keep reins past $1,917, October 2020 levels near $1,933 should offer an intermediate halt during the rally targeting the yearly peak of $1,960. To sum up, today is a test for the gold buyers who seemed to have tired of late.
OANDA:XAUUSDShort
by MTradingGlobal
EURUSD recovery looks to ECB with bumpy road aheadDespite 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 challenges to the EURUSD recovery, a three-week-long resistance line near 1.1960, previous support, guards the quote’s corrective pullback. Even if the EURUSD bulls manage to cross the 1.1960 hurdle, the 1.2000 psychological magnet and 200-bar SMA level of 1.2070 should be watched carefully as resistances. Meanwhile, the downside break of the recently breached resistance line, now support, around 1.1900, will recall the EURUSD sellers targeting 200-day SMA level on the daily chart near 1.1820. It should, however, be noted that the fears of reflation, if mentioned, could exert additional downside pressure on the pair towards the November 2020 low near 1.1600.
Long
by MTradingGlobal
1
EURUSD extends post-Fed losses, US GDP in focusFed’s dovish halt and ECB policymakers hint favoring further negative rates dragged EURUSD below 50-day SMA for the first time since early November the previous day. The bears are currently eyeing a horizontal area comprising lows marked during December and the present month, around 1.2060-50. However, the preliminary readings of the US Q4 GDP can exert additional downside pressure to break the key support zone and test a 100-day SMA near 1.1950. It should, however, be noted that the November 09 top near 1.1920 can challenge the pair’s further downside. In a case where the US GDP surprise markets with better-than-forecast figures, EURUSD can combat the 50-day SMA level of 1.2120 but a falling trend line from January 06, at 1.2155 now, will challenge the bulls afterward. Also acting as an upside barrier is the last week’s peak near 1.2190 and the 1.2200 round-figure. If at all the quote rises past-1.2200 threshold, it’s the run-up to the monthly peak surrounding 1.2350 can’t be ruled out.
Short
by MTradingGlobal
EURUSD Weekly analysis, Sep 21-25Hi folks, EURO against US Dollar have trending sideways in between the price of 1.925 and 1.75 right from August , 2 months of sideways movement's end is still susceptible, towards the end of the month may gives us a clear picture,,even though strong resistance above 1.88 and support at 1.82, this pair looks at end of the triangle..may be the monday opening will provide the idea of this week..currently this pair looks to go either ways depends upon the next week news..but our PA analysis believes to go down ..
Short
by Akfx369