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....
AUDUSD struggles to defend the previous weekly rebound from the yearly low as traders await the Reserve Bank of Australia’s (RBA) monetary policy decision. Although the Aussie central bank is likely to keep the benchmark rates unchanged after a surprise 0.25% rate hike in the last, it can follow the RBNZ’s hawkish action amid recently firmer Australian data and...
EURUSD’s failure to cheer the US Dollar’s first weekly loss in four appears less positive for the pair bears as multiple supports stand ready to offer a bumpy road toward the south. That said, a fortnight-old previous resistance line, around 1.0690 by the press time, appears the immediate support for the sellers to conquer. Following that, the previous weekly low...
Gold price extends rebound from an 11-week-old horizontal support zone, as well as the 100-DMA, as it approaches the 50-DMA hurdle surrounding $1,992. Adding strength to the bullish bias is the metal’s upside break of a one-month-old descending resistance line, now support staying within the aforementioned horizontal region surrounding $1,932-40. Furthermore, the...
EURUSD’s break of a six-month-old ascending support line, as well as poking of the 200-day EMA, set the tone for the major currency pair’s additional weakness as markets await the Eurozone inflation and US employment numbers. Adding strength to the downside bias are the bearish MACD signals. However, the RSI (14) is nearly oversold and hence suggests...
AUDUSD remains on the bear’s side after breaking the key support line in the last week. The nearly oversold RSI, however, allowed the quote to consolidate in the last few days while the bearish MACD signals keep sellers hopeful. Hence, the Aussie pair remains vulnerable to testing an eight-month-old horizontal support zone surrounding 0.6380 while any further...
USDCHF fades upside momentum, after witnessing a three-week uptrend. With this, the Swiss currency pair portrays a rising wedge bearish chart formation on the four-hour chart. That said, RSI (14) line appears steady near the 50.0 level, suggesting no harm to the latest consolidation in prices. However, the bearish MACD signals suggest that the bears are gradually...
GBPUSD marked a three-week downtrend while closing below the 50-DMA, as well as an eight-month-old ascending support line. While the bearish MACD signals join the aforementioned breakdowns and favor the sellers, the RSI (14) line is below 50.00, which in turn suggests a lack of conviction at the bull’s front. As a result, an upward-sloping support line from...
Gold braces for the third consecutive weekly loss as it challenges a six-month-old bullish trend channel formation. That said, bearish MACD signals join a three-week-old descending resistance line to keep XAUUSD sellers hopeful, the nearly oversold RSI conditions and the key support near $1,928 stop bears from taking control. As a result, the metal’s further...
A gradual shrinking of EURUSD upside moves prints a six-month-old rising wedge bearish chart pattern, currently between 1.1120 and 1.0690. Recently luring the Euro bears is the downside break of the 100-DMA, around 1.0810 by the press time. With this, the pair is likely to challenge the stated wedge’s bottom line, around 1.0690, a break of which will confirm the...
NZDUSD fails to justify the RBNZ’s 0.25% rate hike as it drops the most in a week after the Interest Rate Decision. The reason could be linked to the New Zealand central bank’s keeping of top rate level and the Governor’s inability to defend the hawkish move. With this, the Kiwi pair drops towards the 200-DMA support of around 0.6150. However, an upward-sloping...
After repeated failures to cross the 100-DMA, the AUDUSD pair again attacks an 11-week-long ascending support line, around 0.6610 at the latest. That said, bearish MACD signals and a mostly steady RSI (14) line keep the Aussie pair sellers hopeful of breaking the stated key support. Even so, a confirmation from the 0.6600 round figure, becomes necessary for the...
NZDUSD managed to ignore the US Dollar strength in the last week amid hawkish expectations from the RBNZ. The kiwi pair also bounced off a one-month-old ascending support line, as well as stayed beyond the 200-SMA, to keep the buyers hopeful. However, an expected last rate hike from the New Zealand central bank might pour cold water on the face of the Kiwi pair...
A clear downside break of the nearly two-month-old ascending trend line and 200-EMA keeps the Gold price on the bear’s radar. However, the RSI (14) is drilling the grounds as it becomes oversold, suggesting little room towards the south. As a result, swings marked during March constitute a short-term key support of around $1,935. Should the XAUUSD drops below...
AUDUSD remains pressured inside a two-week-old descending triangle after posting heavy losses in the last week. Also favoring the downside bias is the Aussie pair’s sustained trading below the 200-EMA, as well as bearish MACD signals. It’s worth noting, however, that the RSI (14) appears mostly oversold and hence the pair’s bottom-picking around the stated...
USDCAD again fails to remain beyond the 200-DMA, suggesting another attempt in breaking an upward-sloping support line from November 2022, close to 1.3320 at the latest. The lower highs in the last two months and downbeat oscillators seem to put the Loonie pair bears in a better position this time. Hence, a break of the key support line appears more likely, which...
A clear downside break of 200-SMA and a six-week-old ascending trend line allowed EURUSD bears to cheer the biggest weekly loss since September 2022, not to forget the snapping of the two-week uptrend. Although the Euro bears are well-set to revisit the previous monthly low of around 1.0790, an oversold RSI may help the sellers to take a breather. As a result, a...
Gold price eyes the first weekly loss in three as it retreats inside a 15-week-old rising wedge. However, the 21-day EMA adds strength to the $2,008 support, a break of which will confirm the bearish chart pattern suggesting a theoretical fall toward $1,750. That said, the $2,000 psychological magnet will precede the multiple lows marked near $1,970 and February’s...