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Gold Price surges to the all-time high above $2,130 on weaker USGold prices (XAU/USD) climbs to an all-time high above the $2,100 psychological round mark during the early Asian session on Monday. The speculation that the Federal Reserve (Fed) has reached its peak of the rate hike cycle boosts yellow metal demand. Gold price attracts some buyers above the $2,100 mark and has reached the record high of $2,148. At the time of writing, gold price (XAU/USD) is trading around $2,135, up 2.90% on the day.
OANDA:XAUUSDLong
by tradewith_ritik
EURUSD rebound appears elusive below 1.0930EURUSD floats above 100-SMA on early Monday, after posting the first weekly loss in three. However, the quote remains well below the key resistance confluence surrounding 1.0930, which comprises the 50-SMA, the bottom line of a monthly bullish channel and a downward-sloping trend line from November 29. It’s worth noting that the RSI rebound from the oversold territory allows the Euro pair to lick its wounds but the bearish MACD signals and sustained trading below the key upside hurdle keep the sellers hopeful. Even if the quote crosses the 1.0930 resistance, a fortnight-old rising trend line and the stated channel’s top line, close to 1.1050 and 1.1130 in that order, will test the pair buyers. On the contrary, the 100-SMA and a 13-day-old horizontal support zone, respectively near 1.0870 and 1.0830, restrict the short-term downside of the EURUSD pair. Following that, the early November swing high of around 1.0750 will act as the final defense of the Euro buyers before opening the door for the bears to aim for the October swing high of around 1.0670. In a case where the quote remains bearish past 1.0670, it becomes vulnerable to drop towards the previous monthly low surrounding 1.0515. Overall, EURUSD bears are in command despite the pair’s latest consolidation. However, the RSI conditions and this week’s US jobs report will be crucial to watch for clear directions.
by MTradingGlobal
EURUSD licks its wounds with eyes on ECB’s Lagarde, Fed’s PowellEURUSD portrays a corrective bounce from the weekly low, snapping a two-day losing streak, as the pair traders await speeches from European Central Bank (ECB) President Christine Lagarde and Federal Reserve (Fed) Chairman Jerome Powell, scheduled late Friday. In doing so, the Euro pair reverses pullback from a five-month-old horizontal resistance as the RSI (14) line returns to normal territory after a brief move in the overbought region. However, the bearish MACD signals and failure to cross the key resistance area surrounding 1.1010-1000 push sellers toward a 50% Fibonacci retracement of the July-October downside, near 1.0860 at the latest. It should be noted, though, that a convergence of the 200-SMA and previous resistance line stretched from late September, close to 1.0820-15, appears a tough nut to crack for the pair bears, a break of which will enable them to poke the mid-September peak of near 1.0700. Meanwhile, the late August swing high of 1.0945 and the 61.8% Fibonacci ratio of near 1.0960 restrict the immediate upside of EURUSD. Following that, the aforementioned resistance region surrounding 1.1010-1000 will regain the market’s attention. In a case where the Euro buyers manage to keep the reins past 1.1000, the 78.6% Fibonacci ratio of around 1.1000 will act as the final defense of the bears before directing prices toward the yearly high of 1.1275 marked in July. Overall, EURUSD is likely to stay pressured but the bears shouldn’t be hopeful of further downside unless they witness a sustained trading below 1.0820-15.
by MTradingGlobal
Gold bulls lack momentum within rising wedge, Fed inflation eyedGold price remains sidelined at the highest level since May 05, making rounds to $2,045-50 during early Thursday, as market players await the Fed’s preferred inflation gauge, namely the US Core PCE Price Index for October. That said, the overbought RSI (14) line and an impending bear cross on the MACD indicator challenge further upside of the XAUUSD within a two-month-old rising wedge bearish chart formation, currently between $2,055 and $1,987. It’s worth noting that an ascending trend line from mid-November, near $2,017, precedes the $2,000 psychological magnet to act as extra downside filters to watch during the quote’s pullback. Above all, the bullion buyers can remain hopeful beyond the 200-SMA, close to $1,978 by the press time. On the contrary, a clear upside break of the gold price beyond $2,055 will aim for the yearly high surrounding $2,067. It should be observed that the previous yearly high peak of $2,070 and the year 2020 top near $2,075 are additional challenges for the precious metal buyers to watch during the quote’s further upside. Following that, the XAUUSD bulls could quickly aim for the $2,100 round figure. However, the oscillators signal the need for buyers to take a breather before the next leg up, which in turn highlights each resistance. Apart from the challenging technical details, the recent improvement in the US GDP also hints at firmer US inflation data, which in turn can help the US Dollar recover from the three-month high prod the Gold buyers.
OANDA:XAUUSD
by MTradingGlobal
GBPUSD pullback appears overdue, 1.2560 eyedGBPUSD seesaws at the highest level in 12 weeks, printing mild intraday gains during a four-day uptrend, amid early Tuesday. In doing so, the Cable buyers jostle with a one-month-old bullish channel’s top line amid an overbought RSI (14) line. As a result, the quote’s pullback appears imminent. However, an ascending trend line from early November, close to 1.2560 at the latest, puts a floor under the Pound Sterling. In a case where the pair breaks the 1.2560 support, it becomes capable of challenging the short-term bullish channel formation, as well as the 200-EMA, by poking the 1.2370-65 support confluence. It’s worth noting, however, that the bear’s dominance past 1.2365 won’t hesitate to challenge the monthly low of around 1.2100. Alternatively, GBPUSD bulls need to cross the aforementioned channel’s top line, close to 1.2645-50 at the latest, to defy the odds of witnessing a pullback. In that case, the early August swing high of around 1.2820 and the 1.3000 psychological magnet will lure the Cable buyers. However, the run-up will need validation from the US Q3 GDP, PCE Core Price Index and Fed Chair Powell’s speech, not to forget the concerns surrounding the UK’s economic growth and BoE’s hawkish move. Hence, the odds of witnessing the GBPUSD pair’s further upside appear thin but the pullback needs to break 1.2560 to convince sellers.
by MTradingGlobal
USDJPY extends pullback from 50-SMA despite firmer yieldsAfter multiple failures to cross the 50-SMA hurdle the last week, USDJPY sellers attack the 149.00 round figure amid a sluggish start to the key week comprising US GDP and Fed’s preferred inflation gauge, not to forget Fed Chair Jerome Powell’s speech. The pullback move also justifies the bearish MACD signals amid an absence of the oversold RSI (14). With this, the Yen pair is likely to revisit the monthly low of 147.15, marked the last Monday. However, the 100-SMA and an upward-sloping support line from late March, respectively near 146.80 and 146.30, could challenge the risk-barometer pair sellers afterward. In a case where the quote breaks the 146.30 level on a daily closing basis, it becomes vulnerable to drop toward the five-month-old resistance-turned-support of around mid-143.00s. On the flip side, a daily closing beyond the 50-SMA hurdle of 149.65 becomes necessary for the USDJPY buyers to retake control. Even so, the 150.00 psychological magnet will play its role in testing the upside momentum. Following that, the monthly horizontal resistance surrounding 151.80 and an upward-sloping resistance line from late June, close to 153.00 at the latest, will act as the final defense of the bears. Overall, the USDJPY is likely to remain weak but the downside room appears limited.
by MTradingGlobal
GBPUSD bounces off 200-SMA ahead of UK PMIsGBPUSD snapped a three-day winning streak the previous day as the UK’s Autumn Statement failed to impress Cable buyers despite offering tax cuts and higher wages. The reason could be linked to the mixed economic outlook for Britain and a corrective bounce in the US Treasury bond yields. However, the 200-SMA defends the Pound Sterling buyers so far on the Thanksgiving Holiday in the US, as well as ahead of the UK’s release of preliminary S&P Global/CIPS PMIs for November. It’s worth noting, that the upbeat RSI (14) line and the bullish MACD signals enable the pair buyers to keep the reins within a one-month-old rising channel, currently between 1.2330 and 1.2620. However, the RSI conditions are nearly overbought and hence the late June’s low and May’s peak, close to 1.2590 and 1.2680 in that order, appear tough nuts to crack for the bulls past 1.2620. Meanwhile, a daily closing beneath the 200-SMA level of 1.2450 needs validation from the downbeat prints of the UK PMIs to lure the GBPUSD sellers. Even if the quote slides beneath the 1.2450 key SMA support, the aforementioned bullish channel’s bottom line of around 1.2330 will challenge the Cable bears. It’s worth noting, however, that the Pound Sterling’s rejection of the bullish chart pattern, by a daily closing below 1.2330, will make it vulnerable to drop towards the previous monthly low of around 1.2035 and then to the 1.2000 psychological magnet, before targeting the yearly low of around 1.1800.
by MTradingGlobal
EURUSD bulls prod golden Fibonacci ratio amid overbought RSIEURUSD hovers near the highest level in 14 weeks, recently picking up bids to reverse the previous day’s pullback from the 61.8% Fibonacci retracement of the July-October downside, also known as the Gold Fibonacci ratio. Apart from the key Fibonacci ratio surrounding 1.0965, the overbought conditions of the RSI (14) line also challenge the Euro buyers. It should, however, be noted that the pair’s successful trading above the 200-SMA and the bullish MACD signals keep the bulls hopeful of crossing the immediate hurdle, which in turn opens the door for the pair’s rally toward the 78.6% Fibonacci ratio and the yearly high marked in July, respectively near 1.1100 and 1.1275. On the flip side, the EURUSD pair’s pullback could aim for the 50% Fibonacci retracement level surrounding 1.0865 but the bears need validation from the 200-SMA level of 1.0800. Following that, the early-month swing high of around 1.0750 could test the Euro sellers. Above all, the pair buyers remain hopeful unless they witness a daily close beneath a convergence of the 23.6% Fibonacci retracement and a seven-week-old upward-sloping support line, close to 1.0650. Overall, EURUSD bulls approach the key upside hurdle ahead of the US Durable Goods Orders and the weekly employment data, making it the key pair to observe ahead of Thursday’s Thanksgiving holiday.
by MTradingGlobal
USDCAD sellers need validation from 1.3670 and Canada inflation USDCAD fades the week-start recovery as market players await Canada inflation data on early Tuesday. In doing so, the Loonie pair defends the previous week’s U-turn from the 100-SMA while retreating towards a two-month-old rising support line. Adding strength to the bearish bias are the downbeat MACD signals and the mostly steady RSI (14). However, the quote’s further downside needs a clear downside break of the aforementioned trend line support, close to 1.3670 by the press time, as well as upbeat prints of the Canada Consumer Price Index (CPI) and the Bank of Canada (BoC) CPI for October. That said, the pair’s sustained downside past 1.3670, backed by strong Canada inflation, could quickly drag prices to the 50% and 61.8% Fibonacci ratios of the pair’s September-November upside, respectively near 1.3640 and 1.3570. Meanwhile, USDCAD buyers need to cross the 100-SMA level of 1.3770 and must get support from the Canada inflation to retake control. Even so, a downward-sloping resistance line from early November, close to 1.3815 at the latest, will act as an extra filter toward the north. Following that, the pair’s run-up toward the monthly high of around 1.3890 and then to the 1.4000 psychological magnet can’t be ruled out. Overall, USDCAD is likely to remain on the bear’s radar but needs strong Canada inflation data to drop further.
by MTradingGlobal
USDJPY drops to three-week low on breaking 150.00 key supportUSDJPY prints a three-day losing streak as it slides to the lowest level in three weeks amid early Monday. In doing so, the Yen pair justifies the previous day’s downside break of the 150.00 support confluence comprising the 200-SMA and a 2.5-month-old bullish channel’s lower line. Adding strength to the downside bias are bearish MACD signals. However, the oversold RSI (14) line appears to challenge the south-run of late. With this, the 50% and 61.8% Fibonacci retracements of September-November upside, near 148.20 and 147.30 respectively, act as strong challenges for the sellers. Following that, the quote becomes vulnerable to plunge towards the 78.6% Fibonacci ratio of 145.90 and then to September’s low of 144.43. On the flip side, the USDJPY pair’s recovery needs validation from the 150.00 support-turned-resistance confluence. In a case where the Yen buyers manage to keep the reins past 150.00, the last swing high surrounding 151.45 and the monthly peak of 151.90, as well as the previous yearly top of near 151.95, will test the bulls before allowing them to prod the 152.00 psychological magnet. It should, however, be noted that the pair’s successful trading above 152.00 will enable it to challenge the June 1990 top surrounding 155.80. To sum up, USDJPY is likely to witness further downside but the fall appears slow beyond 147.30.
by MTradingGlobal
EURUSD hovers around key resistance, focus on ECB’s LagardeEURUSD appears all-set for the weekly gain even if a three-month-old descending resistance line and the overbought RSI (14) restrict the pair’s immediate upside. It’s worth noting that the bullish MACD signals and the quote’s successful trading above the key Fibonacci retracement ratios, as well as the SMAs, keep the buyers hopeful. That said, the 61.8% and 50% Fibonacci retracement levels of the Euro pair’s August-October downside, respectively near 1.0830 and 1.0755, initially test the bears before directing them toward the 50-SMA 1.0745. It’s worth noting that the 200-SMA level of around 1.0620 acts as the final defense of the buyers, a break of which will make the pair vulnerable to a drop to the previous monthly low of 1.0450. Alternatively, a downward-sloping resistance line from mid-August, around 1.0885-90, appears a tough nut to crack for the EURUSD bulls as they await European Central Bank (ECB) President Christine Lagarde’s speech. Following that, tops marked on August 30 and 15, close to 1.0945 and 1.0955, will act as additional upside filters before directing the Euro bears toward the 1.1000 round figure and then to the August month’s top of near 1.1065. In a case where the major currency pair remains firmer past 1.1065, the odds of witnessing a run-up toward the yearly high of near 1.1275, marked in July, can’t be ruled out. Overall, EURUSD remains on the bull’s radar even if the upside room appears limited ahead of a speech from ECB’s Lagarde. That said, Lagarde is likely to defend the Euro bulls by being hawkish but a reference to the economic hardships and recently easy inflation numbers might allow the pair traders to consolidate weekly gains.
by MTradingGlobal
Gold price recovery appears elusive below $1,975Gold price braces for the first weekly gain in three while defending the week-start rebound despite the previous day’s retreat from a convergence of the 100-SMA and a two-week-long falling resistance line, currently around $1,973-75 by the press time. It’s worth noting that a one-month-old horizontal area joins upbeat RSI (14) and bullish MACD signals to keep the XAUUSD buyers hopeful of crossing the aforementioned resistance confluence. Following that, the metal’s run-up to the $2,000 psychological magnet and then to the previous monthly high of around $2,010 will be imminent. However, the yearly high marked in May around $2,067 and the previous year’s peak of near $2,071 could challenge the bullion buyers afterward. Meanwhile, a horizontal area comprising levels marked since early October joins the 200-SMA to highlight $1,931-30 as a short-term key challenge for the Gold sellers. In a case where the precious metal drops below $1,930, the 50% Fibonacci retracement of its October-November upside, close to $1,910, will precede the $1,900 round figure to act as the final defense of the buyers. It’s worth noting that 61.8% and 78.6% Fibonacci ratios, respectively near $1,885 and $1,850 could test the XAUUSD bears past $1,900 and before October’s bottom of $1,810. Overall, the Gold price appears in recovery mode but the upside needs validation from $1,975 and the US data.
OANDA:XAUUSD
by MTradingGlobal
GBPUSD fades bounce off 21-SMA, UK inflation, US inflation eyedGBPUSD snaps a two-day winning streak with mild losses around 1.2270 as traders await the UK employment and the US inflation data on early Tuesday. In doing so, the Cable pair fades bounce off the 21-day SMA. However, the absence of an overbought RSI (14) line, bullish MACD signals and the quote’s defense of the early-month resistance breakout keeps the buyers hopeful. With this, the tops marked in October around 1.2290 and the monthly high of near 1.2340 could lure the Pound Sterling bulls during a fresh run-up. However, the 200-day SMA level surrounding 1.2440 appears a tough nut to crack for the bulls, a break of which won’t hesitate to direct the prices toward the August month’s swing low of around 1.2550. It’s worth noting, however, that the fundamentals are against the bullish technical signals considering the UK’s economic weakness vis-à-vis the US. Even so, the 21-day SMA and the previous resistance line, respectively near 1.2200 and 2120, restrict the short-term downside of the GBPUSD pair. In a case where the Pound Sterling bears dominate past 1.2120, a five-week-old horizontal support near 1.2070, the previous monthly low of near 1.2035 and the 1.2000 psychological magnet could test the sellers before giving them full control. Overall, the GBPUSD pair is likely to edge higher unless the scheduled data posts too disappointing numbers.
by MTradingGlobal
USDJPY bulls eye another battle with 4.5-month-old resistanceUSDJPY rises for the sixth consecutive day while poking the yearly high marked in October, mildly bid near 151.70 during early Monday. In doing so, the Yen pair justifies an upbeat RSI (14) line while signaling the fourth attack to cross an upward-sloping resistance line stretched from June 30, around 152.50 by the press time. It’s worth noting that the previous yearly peak of near 152.00 guards the quote’s immediate upside. That said, the pair’s successful trading beyond 152.50 enables buyers to aim for the June 1990 high of 155.80. Meanwhile, the 150.00 round figure and the 50-day SMA surrounding 149.20 restrict the USDJPY pair’s short-term downside. Following that, the 100-day SMA and an upward-sloping trend line from late March, respectively near 146.20 and 145.30, will act as the final defense of the Yen pair buyers. In a case where the bears dominate past 145.30, June’s high of near 145.00 can test the downside moves targeting May’s high near 141.00 and then toward the 140.00 psychological magnet. Overall, the USDJPY pair remains in the bullish trend but the upside room appears limited as the multi-month-old rising trend line joins nearly overbought RSI conditions to suggest one more retreat of the buyers.
by MTradingGlobal
GBPUSD drops towards 1.2200-2190 support confluenceGBPUSD remains on the way to posting a weekly loss after declining in the last four consecutive days, pressured around 1.2220 during early Friday. The Cable pair’s U-turn from the seven-week-old horizontal resistance area and the broadly firmer US Dollar join bearish MACD signals to underpin the downside bias. However, the cautious mood ahead of the key UK GDP and the US consumer sentiment details join a convergence of the 100-SMA, SMA and a fortnight-long rising trend line to challenge the pair bears around 1.2200-2190. In a case where the Pound Sterling drops below 1.2190, the monthly low of around 1.2095 and the late October bottom surrounding 1.2070 could lure the bears before probing them with the previous monthly trough near 1.2035 and the 1.2000 psychological magnet. On the flip side, the 50% and 61.8% Fibonacci retracement levels of the GBPUSD pair’s September-October downside, respectively near 1.2300 and 1.2355, guard near-term recovery. Following that, the aforementioned horizontal resistance surrounding 1.2425-30 will be a tough nut to crack for the Pound buyers. It should be noted, however, that the quote’s ability to stay firmer past 1.2430 enables the bulls to challenge the late September swing high of around 1.2550. Overall, the GBPUSD pair remains on the bear’s radar unless it stays below 1.2430. Hence, any data-driven rebound will be elusive below the stated upside hurdle and needs to be traded with caution.
by MTradingGlobal
EURUSD edges higher within bear flag, central bankers eyedEURUSD consolidates the previous losses within a six-week-old rising channel, forming part of a multi-day-long bearish flag chart formation, currently between 1.0760 and 1.0590. It’s worth noting that the firmer RSI (14) line, not overbought, joins the bullish MACD signals to favor the Euro pair’s further recovery towards the 1.0760. However, a convergence of the 100-SMA and the 200-SMA, around 1.0800, appears a tough nut to crack for the bulls afterward. In a case where the quote remains firmer past 1.0800, the bearish bets will be off the table and will enable the buyers to challenge the late August swing high of around 1.0950. Meanwhile, the 50-SMA level of around 1.0620 acts as an immediate downside support to watch during the EURUSD pair’s fresh downside. Following that, the stated bearish flag’s bottom line of near 1.0590 will be crucial as a break of which will theoretically confirm the pair’s gradual fall toward the sub-1.000 region. However, the yearly low marked in October around 1.0445 and the August 2022 peak of around 1.0380 could test the Euro bears on their way. Overall, the EURUSD is likely to remain in the recovery mode but the upside room appears limited. That said, today’s speech from the European Central Bank (ECB) President Christine Lagarde and Fed Chair Jerome Powell will be crucial to watch for clear directions.
by MTradingGlobal
Bull flag challenges Gold sellers, Fed Chair Powell eyedGold price remains pressured at the lowest level in two weeks, down for the third consecutive day, as market players await Federal Reserve (Fed) Chairman Jerome Powell’s speech. That said, a downside break of the 100-SMA joins the bearish MACD signals to keep the XAUUSD bears hopeful. However, a bull flag chart formation defends the commodity buyers unless the quote stays beyond the $1,960 level comprising the stated flag’s lower line. In a case where the bullion prices remain weak past $1,960, the 200-SMA level surrounding $1,921 will act as the final defense for the buyers. On the contrary, the Gold Price recovery needs validation from the 100-SMA level of around $1,975. However, a confirmation of the next bull run could only be made if the XAUUSD manages to defy the short-term bearish channel pattern, forming part of the bull flag, by crossing the $2,000 round figure. Even so, the monthly high of around $2,010 and the $2,050 round figure might test the commodity’s upside before pushing them toward the yearly peak of $2,067. Overall, the Gold fades bullish momentum ahead of the week’s key event. However, the chart formation can surprise the markets with a fresh run-up if Powell advocates one more rate hike in 2023.
OANDA:XAUUSD
by MTradingGlobal
AUDUSD extends pullback from 100-SMA despite RBA rate hikeAUDUSD drops nearly 50 pips even after the Reserve Bank of Australia (RBA) matches expectations of announcing a 0.25% rate hike. In doing so, the Aussie pair extends the previous day’s pullback from the 100-day SMA while poking a five-month-old horizontal support. It’s worth noting that the RSI (14) line’s retreat from the nearly overbought territory also suggests the quote’s further declines past the multi-month-old horizontal support surrounding 0.6460. In that case, the 50-SMA support of 0.6390 will act as the final defense of the buyers before dragging the pair toward a one-month-old horizontal support zone nearing 0.6290 and then to the yearly bottom of 0.6270. On the contrary, the AUDUSD’s corrective bounce off the immediate horizontal support of near 0.6460 will need validation from the 100-SMA level of 0.6500 to convince the bulls. Even so, the monthly high of around 0.6525 and June’s low close to 0.6600 will challenge the Aussie pair’s upside. In a case where the quote remains firmer past 0.6600, a nine-month-old falling resistance line near the 0.6700 round figure and the late July swing high of around 0.6740 will be on the buyer’s radar. Overall, the AUDUSD pair’s latest decline shows the market’s lack of belief in the RBA’s hawkish move, which in turn joins the bearish signals to keep the sellers hopeful.
by MTradingGlobal
Rising wedge confirmation favors USDCAD bears at 13-day lowUSDCAD posted the biggest weekly loss in more than seven months amid broad-based US Dollar weakness and the upbeat performance of WTI crude oil, which is Canada’s biggest export earner. In doing so, the Loonie pair also confirmed a two-month-old rising wedge bearish chart formation. Also strengthening the downside bias are bearish MACD signals and an absence of oversold RSI. With this, the quote is likely to extend the latest south-run towards the theoretical target of rising wedge confirmation, i.e. 1.3220. That said, the 50-SMA restricts the immediate downside of the pair to around 1.3630 while a convergence of the 100-SMA and 50% Fibonacci retracement of the July-November upside, near 1.3490, will act as an extra filter toward the south. Meanwhile, the USDCAD pair’s corrective bounce appears less impressive unless it stays below the aforementioned wedge’s bottom line, close to 1.3760 by the press time. Even if the Loonie pair crosses the 1.3760 immediate upside hurdle, the wedge’s top line and the recent peak, respectively near 1.3890 and 1.3900, should check the bulls before giving them control. Additionally, the previous yearly top surrounding 1.3980 and 1.4000 psychological magnet will also prod the quote’s upside. Overall, the USDCAD pair is likely to remain bearish during the trading week comprising lesser data/events.
by MTradingGlobal
Gold pares weekly loss below $2,000 on NFP dayGold price edges higher after bouncing off 50-EMA as markets brace for the US employment report for October. In doing so, the XAUUSD rises for the second consecutive day but remains on the way to posting the first weekly loss in four. That said, the steady RSI and sluggish MACD suggest a gradual recovery in the metal’s price. The bulls, however, need validation from a six-week-old rising resistance line surrounding $2,015. Ahead of that, the $2,000 threshold guards the immediate recovery of the bullion while a clear upside break of $2,015 will allow buyers to challenge the yearly high marked in May at around $2,067. On the contrary, the 50-EMA level of around $1,980 restricts the immediate downside of the Gold price. Following that, a two-month-old horizontal support zone around $1,953-48 will be a tough nut to crack for the XAUUSD bears. In a case where the precious metal manages to keep the reins past $1,948, the mid-September bottom of near the $1,900 psychological magnet will act as the final defense of the commodity buyers before leaving the battle zone. Overall, Gold lacks bullish momentum ahead of the US Nonfarm Payrolls (NFP) day while snapping a three-week uptrend. The bears, however, need to conquer $1,948 and gain support from a firmer US employment report for conviction.
OANDA:XAUUSD
by MTradingGlobal
GBPUSD rebound approaches key upside hurdle on BoE DayGBPUSD picks up bids to extend the previous day’s rebound from an eight-month-old ascending support line as the Cable traders await the Bank of England (BoE) monetary policy decision on Thursday. While recovering from the stated support line, the Pound Sterling respects the upward-sloping RSI (14) line and the bullish MACD signals, which in turn suggests the quote’s further upside. However, a falling resistance line from mid-July, close to 1.2220 by the press time, guards the immediate upside of the pair. It’s worth noting that a clear upside break of 1.2220 will allow the bulls to challenge the previous monthly high of around 1.2340 but a convergence of the 100-day and 200-day Exponential Moving Average (EMA), currently near 1.2400, will be a tough nut to crack for the buyers afterward. On the contrary, the GBPUSD pullback needs validation from the aforementioned support line and 78.8% Fibonacci retracement of March-July upside, close to 1.2080. Following that, October’s bottom of around 1.2035 and the 1.2000 threshold will test the Cable bears before giving them control. In that case, the yearly low marked in March around 1.1800 will be in the spotlight. To sum up, a GBPUSD rebound appears imminent but the BoE’s likely dovish halt and stated EMA confluence prod the bullish bias.
by MTradingGlobal
EURUSD challenges bullish channel formation on Fed daySofter prints of the Eurozone inflation joined the overall risk-off mood and slightly upbeat US data to drag the EURUSD pair down on Tuesday. Adding strength to the bearish bias are the hopes of witnessing one more rate hike from the US Federal Reserve (Fed) during 2023, as well as the bearish MACD signals and steady RSI. However, a one-month-old ascending trend channel, currently between 1.0710 and 1.0540, provides headwinds to the Euro sellers. In a case where the major currency pair breaks the 1.0540 support and defies the bullish chart pattern, the yearly low marked in October 1.0450 and the August 2022 peak of around 1.0370 will lure the bears afterward. On the flip side, the 200-bar Exponential Moving Average (EMA) surrounding 1.0615 guards the immediate recovery of the EURUSD pair ahead of the stated channel’s top line, close to 1.0710. It’s worth noting that the 61.8% Fibonacci retracement of the pair’s August-October downside, near 1.0750, will act as an additional upside filter for the bulls before taking control. Following that, a quick run-up towards the late August month’s high of around 1.0950 can’t be ruled out. Overall, EURUSD challenges the four-week-old recovery as markets await the Federal Open Market Committee (FOMC) monetary policy meeting results on Wednesday.
by MTradingGlobal
USDJPY challenges rising wedge on BoJ status quoUSDJPY bounces off 200-SMA while testing the previous day’s rising wedge confirmation as Yen traders respond to the Bank of Japan’s (BoJ) inaction. With this, the risk-barometer pair not only challenges the bearish chart pattern but also teases the buyers, especially amid the looming bull cross on the MACD and a quick rebound in the RSI (14) line. However, the bullish bias remains elusive unless the quote stays beneath the aforementioned rising wedge’s upper line, close to the 151.00 round figure. Following that, the previous yearly top of near 152.00 may prod the buyers targeting the mid-1990 peak surrounding 155.80. On the contrary, the USDJPY pair’s fresh selling needs validation from the 200-SMA support, currently around 149.00. Even so, the monthly low close to 147.30 could challenge the Yen pair bears before directing them to September’s bottom of around 144.45. In a case where the sellers keep the reins past 144.45, the 140.00 round figure will be in the spotlight. Overall, the Bank of Japan’s (BoJ) dovish bias keeps USDJPY buyers hopeful. However, a clear upside break of 151.00 and downbeat comments from BoJ Governor Ueda will help the bulls to keep control.
by MTradingGlobal