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Gold remains vulnerable to further downside, $1,935 in focusA 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 $1,935, the 61.8% Fibonacci retracement level of its March-May upside, near $1,905, quickly followed by the $1,900 round figure, can act as the last defense of the buyers before handing over the ball to the bears. On the contrary, a convergence of the 200-EMA and the 200-EMA, around $1,994, precedes the $2,000 round figure to limit the short-term upside of the Gold price. Following that, a 23.6% Fibonacci retracement level near $2,005 may become an extra check for the buyers. It’s worth noting that a five-week-old horizontal resistance around $2,050 acts as an important hurdle for the bulls to cross before eyeing a fresh all-time high, currently around $2,080. Overall, the Gold price is well set for further downside even if the room toward the south appears limited.
OANDA:XAUUSD
by MTradingGlobal
AUDUSD lures bears by poking 0.6635 supportAUDUSD 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 triangle’s support line, close to 0.6635 at the latest, can’t be ruled out. Should the pair sellers remain in the driver’s seat past 0.6635, a fall to the monthly low of 0.6605 becomes imminent. Following that, the previous monthly bottom and the yearly trough, respectively around 0.6572 and 0.6563, may challenge the pair’s further downside before giving control to the bears. Alternatively, AUDUSD recovery needs to defy the triangle formation by staying successfully beyond the resistance line, around 0.6650 at the latest. In that case, the 200-EMA hurdle of near 0.6700 may question the buyers before directing them to the monthly peak of near 0.6820. It should be observed that the Aussie pair’s sustained run-up beyond 0.6820 enables the bulls to aim for the 0.7000 psychological magnet, a break of which could allow buyers to target February’s highs surrounding 0.7030 and 0.7160. Overall, AUDUSD bears are holding the reins but need validation to dominate further.
by MTradingGlobal
USDCAD bears again place their eyes on six-month-old supportUSDCAD 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 in turn can quickly drag the quote to the 50% Fibonacci retracement of April-October upside, near 1.3190. However, a 13-month-old ascending trend line, close to 1.3130, may challenge the bears afterward before giving them control. Meanwhile, the USDCAD pair’s recovery moves may again try to float above the 200-DMA hurdle, around 1.3460 at the latest. In doing so, staying stable above the 1.3500 threshold may become their target before eyeing the falling resistance line from March, around 1.3585. In a case where the bulls manage to remain in the driver’s seat past 1.3585, the previous monthly high surrounding 1.3670 and the late 2022 peak near 1.3705 will be on their radar prior to hitting the yearly top of 1.3860. Overall, USDCAD is likely to remain pressured and is a strong candidate to challenge the key support lines.
by MTradingGlobal
EURUSD bears need to break 1.0730 to regain commandA 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 horizontal area comprising multiple levels marked since mid-March around 1.0740-30, as well as the 61.8% Fibonacci retracement level of the pair’s March-April upside, becomes crucial support to watch. In a case where the quote remains bearish past 1.0730, the odds of witnessing a fresh Year-To-Date (YTD) low, currently around 1.0480, can’t be ruled out. Meanwhile, EURUSD recovery remains elusive unless the quote remains below a convergence of the 200-SMA and a one-week-long descending resistance line, close to 1.0960. Even so, the previous support line stretched from early April, near 1.1010 at the latest, may test the buyers before giving them control. Following that, the current yearly high marked in the last month around 1.1095 and the 1.1100 round figure will be in focus as a break of which could challenge the April 2022 peak of around 1.1185. Overall, EURUSD is likely to witness further downside but the bears have multiple challenges and need back-up from the key EU data/events to retake control.
by MTradingGlobal
Gold fades upside momentum within rising wedgeGold 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 peak of around $1,960 to act as an intermediate halt ahead of the aforementioned theoretical target of the wedge. It should be noted that the year-to-date bottom of around $1,810 may offer an extra filter towards the south. On the contrary, Gold price recovery may initially aim for $2,050 ahead of challenging the stated wedge’s top line surrounding $2,075. In a case where the XAUUSD bulls defy the bearish chart formation by crossing the $2,075 hurdle, the recently flashed all-time high of around $2,080 and the $2,100 will be in the spotlight. Overall, the Gold buyers appear to run out of steam and the rising wedge teases the bears. However, the downside appears challenging and has multiple speed-breakers, including the mixed signals flashed by the RSI (14) line and MACD signals.
OANDA:XAUUSD
by MTradingGlobal
GBPUSD struggles with key resistance on BoE “Super Thursday”After taking out the 1.2580 key resistance, GBPUSD bulls jostle with the 78.6% Fibonacci retracement of its March-September 2022 downturn, around 1.2685. That said, the RSI (14) grinds near the overbought territory and the MACD signals are sluggish too, which in turn suggests that the buyers are running out of steam on the Bank of England (BoE) inspired “Super Thursday”. Hence, the Cable buyers need a strong boost from the “Old Lady”, as the BoE is often termed informally, to cross the aforementioned Fibonacci resistance. Following that, a run-up towards the April 2022 low of near 1.2980 and the 1.3000 round figure could act as the final checks for the upside momentum targeting the late March 2022 peak of around 1.3300. On the contrary, a daily closing below the resistance-turned-support of around 1.2580, comprising an upward-sloping trend line from August 2022, could push back the intraday buyers. Even so, the 21-day EMA level of near 1.2510 may act as an additional downside filter before pushing the GBPUSD towards the previous monthly bottom surrounding 1.2275. It’s worth noting that the 61.8% and 50.0% Fibonacci retracement levels, close to 1.2170 and 1.1820 in that order, are the final defenses of the Cable pair buyers. Overall, GBPUSD bulls occupy the driver’s seat on the key day but the upside room appears limited.
by MTradingGlobal
EURUSD teases sellers on US inflation dayAfter multiple failures to cross the 1.1100 hurdle, EURUSD broke a five-week-old ascending support line as US Consumer Price Index (CPI) for April looms. The major currency pair’s bearish signal also gains support from the downbeat MACD and RSI conditions. However, the 50-DMA and 100-DMA levels, respectively near 1.0850 and 1.0785, can check the Euro bears before giving them control. Even so, tops marked during late 2022 around 1.0710 may act as the last defense of the buyers before directing prices towards the YTD lows of around 1.0515. Meanwhile, a corrective bounce remains elusive unless rising back beyond the previous support line stretched from early April, close to 1.1000 by the press time. Even so, a three-month-old upward-sloping resistance line, close to 1.1100, appears a tough nut to crack for the EURUSD bulls to regain their power. Following that, a run-up towards the late March 2022 high of near 1.1185 will be in the spotlight. Overall, EURUSD bulls have finally stepped back after multiple attempts to conquer the 1.1100. However, their defeat isn’t confirmed yet as the US inflation data and the key support can surprise markets. Hence, there prevails a need to be cautious while trading this key event.
by MTradingGlobal
AUDUSD buyers need successful break of 0.6810 to keep controlAUDUSD remains firmer inside an 11-week-old trading range, poking the 100-DMA hurdle of 0.6790 of late. Apart from the 100-DMA, the stated range’s top line, close to 0.6810, also challenges the Aussie pair buyers. It’s worth noting, however, that the RSI conditions approach the overbought territory and hence the 0.6810 hurdle appears crucial for bulls to cross to keep the reins. Following that, a run-up towards 0.6870 and the mid-February swing high near 0.7030 can’t be ruled out. In a case where the quote rises past 0.7030, the yearly high marked in February near 0.7160 may be expected. Meanwhile, pullback moves may initially aim for the 50% Fibonacci retracement level of October 2022 to February 2023 upside, near 0.6665, ahead of challenging the stated trading range’s bottom of surrounding 0.6560. Also acting as a downside filter is the 61.8% Fibonacci retracement near 0.6550, known as the golden Fibonacci ratio. If at all the AUDUSD bears occupy the driver’s seat past 0.6550, the sellers may carve out a gradual fall towards the November 2022 bottom of near 0.6270 and then to the late 2022 low of around 0.6170. To sum up, AUDUSD buyers are likely to keep the reins but a pullback can’t be ruled out.
by MTradingGlobal
USDJPY grinds higher inside five-month-old bearish triangleUSDJPY marked the first negative weekly close in four despite Friday’s gains. Following that, the Yen pair remains inside an ascending triangle bearish chart formation comprising multiple levels marked since early December 2022. That said, the RSI and MACD conditions also signal a continuation of the recent rebound within the stated triangle. With this, the top line of the aforementioned chart formation, close to 137.80 at the latest, gains the market’s attention, a break of which could defy the bearish pattern and can propel prices towards the 61.8% Fibonacci retracement of October 2022 to January 2023 downside, at 142.50. It should be noted that the 140.00 round figure can act as an intermediate halt during the anticipated rise whereas a successful rise past 142.50 won’t hesitate to aim for the 78.6% Fibonacci retracement level surrounding 146.70. Meanwhile, the 100-DMA joins the 23.6% Fibonacci retracement level to provide strong short-term support within the triangle around 132.80. Following that, the triangle’s lower line, close to 131.90, will be crucial to watch as a clear break of the same could confirm the theoretical fall towards 121.00. While chasing the said target, the lows marked during January 2023 and May 2022, respectively near 127.20 and 126.30, may act as intermediate halts. However, the USDJPY pair’s weakness past 121.00 could witness multiple supports around the 120.00 psychological magnet. Overall, USDJPY is likely to decline further as Fed vs. BoJ divergence eases. Though, a clear downside break of 131.90 becomes necessary to convince bears.
by MTradingGlobal
Gold price signals pullback on US NFP dayHaving refreshed a multi-month high on the Federal Reserve’s (Fed) dovish rate hike, the Gold buyers appear running out of steam as markets await the US Nonfarm Payrolls (NFP) data. That said, the quote’s repeated failure to provide a daily closing beyond an upward-sloping resistance line from late January 2023, close to $2,068 by the press time, teases the XAUUSD bears. Adding strength to the hopes of a pullback is the overbought RSI line. However, the metal price needs to provide a daily close below $2,040 to facilitate the profit-booking move. In that case, the $2,000 round figure and 23.6% Fibonacci retracement level of around $1,970 could act as immediate targets ahead of February’s top surrounding $1,960. Though, the quote is less likely to drop past $1,960 as 38.2% Fibonacci retracement and 200-EMA, respectively near $1,900 and $1,863 appear tough nuts to crack for bullion sellers. Meanwhile, the metal’s sustained trading beyond $2,040 can keep grinding its higher and mark another attempt in breaking the multi-day-old resistance line near $2,068. In that case, the highs marked in 2022 and 2020, around $2,070 and $2,075, may act as intermediate halts for the Gold buyers before directing them to the $2,100 round figures. Overall, Gold price remains bullish but a short-term pullback seems brewing as the key US data looms.
OANDA:XAUUSD
by MTradingGlobal
EURUSD portrays bullish consolidation ahead of ECBEURUSD recently pierced a three-week-old symmetrical triangle as the European Central Bank (ECB) Interest Rate Decision looms. That said, the Fed-inspired run-up impresses the Euro bulls as the pair trades successfully beyond the 200-SMA amid a firmer RSI (14) line and bullish MACD signals. As a result, the quote is well set for rising to the fresh high since late March 2022, currently around 1.1095. The same highlights the 1.1100 round figure as a lucrative stop ahead of the 61.8% Fibonacci Expansion (FE) of the pair’s moves from April 03 to May 02, near 1.1130. Following that, the 78.6% FE and March 2022 peak of around 1.1180 and 1.1185 respectively could lure the pair buyers. Meanwhile, EURUSD sellers will need validation from the 200-SMA support of around 1.0915 to retake control. Even so, lows marked during April 10 and 03, close to 1.0830 and 1.0790 in that order, can check the bears before giving them control. In that case, the 61.8% Fibonacci retracement of the Euro pair’s March-April upside, surrounding 1.0735, may act as the last defense of the buyers before directing them to the YTD low marked in March around 1.0515. Overall, EURUSD buyers remain in the driver’s seat as they await the key central bank decision.
by MTradingGlobal
PostMortem on BankNifty Today & Analysis of 03 MAY 2023 - FOMCJust look at the 5mts chart of NSE:BANKNIFTY today - what do you see? I see the strength of the bulls. Even though the opening was gap-down and below the support line 43253, banknifty managed to scale back by 10.45. The first attempt was rejected - rightly so because NSE:NIFTY was looking weak and the market participants would have anticipated more selling pressure. Surprisingly banknifty did not have any selling momentum, by 14.30 the 43253 resistance was conclusively breached. Yeah, we did not close in green but just 39pts lower than yesterday's close. Having such a dichotomy with Nifty50 is not good for NSE:BANKNIFTY . We cannot have a situation where banknifty is crossing the all time highs whereas Nifty50 is 8 to 10% lower. One factor was the under performance by NiftyIT which is mirroring the US tech index. If we continue this outperformance by the banks vs IT - then the weightage of financial stocks will increase further diverging these 2 indices. --- On a generic note, I am quite surprised how the bank stocks in India are staying afloat when the US banks are under severe pressure. SP:SPF is down 22% from the ATH whereas Banknifty is nearing the ATH in India. --- Nifty50 did not have any negative price action today, it just stayed down after opening gap-down. We can interpret it as Nifty50 lacking buying strength. Today's FOMC meeting and FED interest rate decision is definitely going to move the markets globally. If FED raises rates - the banks in US will be under severe pressure. If FED maintains status quo - people will doubt its credibility in fighting inflation. However this was not visible on Nifty50 today, I seriously thought we will close in deep red today mirroring the SP:SPX from yesterday. --- 15mts TF, remember the rounded top formation we were talking about yesterday. Forget that, today's price action is not showing an interim top formation - the momentum is still too strong on the bull side. --- 1hr TF shows the price action much more clearly, instead of a top formation what got formed is a start of a new leg. A higher-low is visible and if we continue to take out 43500 in the next 2 sessions we will have its higher-high too. Technicals will work only if the fundamentals remain the same. It is quite unlikely that the fundamentals will remain the same for tomorrow as the FOMC meeting will have multi polar repercussions.
NSE:BANKNIFTY
by viswaram
GBPUSD bears flex muscles with rising wedge at multi-day topGBPUSD pauses a two-week uptrend inside a rising wedge bearish chart formation. The descending RSI (14) line, however, suggests bottom-picking and hence highlights the need for a strong downside move that can break the wedge’s lower line, as well as the 200-SMA level, respectively near 1.2430 and 1.2385. Following that, the theoretical target of rising wedge confirmation, around 1.2130, gains the market’s attention. Though the 50% Fibonacci retracement level of March-April upside near 1.2190 can act as an intermediate halt whereas the mid-March swing low around the 1.2000 psychological magnet may lure the Cable bears past 1.2130. On the other hand, a surprise positive for the GBPUSD buyers requires successful trading beyond the latest multi-month high marked in the last week around 1.2585 to suggest the quote’s further advances. Even so, the stated wedge’s upper line near 1.2590 and the 1.2600 round figure can act as extra filters towards the north. In a case where the Cable pair remains firmer past 1.2600, the May 2022 peak of around 1.2670 and October 2020 bottom of near 1.2675 may provide the final fight to the bulls before giving them control. Overall, GBPUSD is technically expected to witness a pullback in prices but the looming Fed and the US data can play its magic to change the scenario. Hence, Cable traders should closely observe the outcomes before taking any major positions.
by MTradingGlobal
NZDUSD recovery remains unimpressive below 200-SMAAfter defying a three-week losing streak, the NZDUSD pair grinds higher as traders brace for Wednesday’s New Zealand quarterly employment numbers. The quote currently pokes the 100-SMA barrier surrounding 0.6190 while also eyeing a one-month-old downward-sloping resistance line, close to 0.6205 by the press time. Given the bullish MACD signals, the Kiwi pair is likely to overcome the nearby hurdle. However, the RSI is close to the overbought territory and hence suggests limited upside room for the pair before hitting a roadblock, which in turn highlights the 200-SMA as the key resistance, close to 0.6220 by the press time. In a case where the Kiwi pair buyers manage to keep the reins past 0.6220, the odds of witnessing a run-up toward the mid-April high of around 0.6315 can’t be ruled out. Though, any further advances could challenge the yearly high marked in April around 0.6380. Meanwhile, pullback moves could gain attention on a downside break of the 0.6190-85 support zone comprising 100-SMA and the April 25 high. Following that, the NZDUSD pair can witness multiple supports near 0.6120 and 0.6100 round figure ahead of targeting the YTD bottom marked in March around 0.6085. It’s worth mentioning, however, that the quote’s weakness past 0.6085 can make the pair vulnerable to dropping toward the 0.6000 psychological magnet. Overall, NZDUSD is in a bearish consolidation mode ahead of crucial New Zealand data.
by MTradingGlobal
AUDUSD eyes corrective bounce as RBA week beginsAUDUSD marked negative closings in the last two consecutive weeks ahead of the Reserve Bank of Australia’s (RBA) monetary policy decision. That said, the previous weekly fall could be linked to a downside break of a seven-week-old ascending support line. However, the Aussie pair recently confirmed a short-term falling wedge bullish chart formation. The same joins the gradually ascending RSI line to suggest further consolidation of the latest losses. However, the quote needs to stay beyond the 0.6630 hurdle. Even so, an upward-sloping support-turned-resistance line from early March and 61.8% Fibonacci retracement of the pair’s March-April upside, close to 0.6660, can challenge the pair buyers. Following that, the 200-SMA level of 0.6685 acts as the last defense of the bears. On the contrary, a seven-week-old horizontal support zone near 0.6575-70 appears a tough nut to crack for the AUDUSD bears to retake control. In that case, the yearly low marked in March around 0.6560 may act as an extra challenge for the sellers before retaking the driver’s seat. Following that, the Aussie pair will be all set for the previous yearly low surrounding 0.6165. Though, the round figures may offer intermediate halts during the anticipated downturn. Overall, AUDUSD bears are likely to take a breather but won’t leave the table unless RBA offers a positive surprise and Fed disappoints, both of which are hardly expected.
by MTradingGlobal
Gold sellers eye consecutive third weekly loss, $1,935 in focusRepeated attempts to mark a downside break of the HKEX:1 ,980-79 support confluence comprising a fortnight-old symmetrical triangle, as well as the 200-SMA, keep Gold bears hopeful of posting a third weekly loss in a row. However, a six-week-long horizontal support zone around HKEX:1 ,935 appears a tough nut to crack for the XAUUSD sellers, especially amid the downbeat RSI (14) line. Should the metal prices remain weak past HKEX:1 ,935, the HKEX:1 ,900 round figure and the mid-March swing low of around HKEX:1 ,885 will be in the spotlight. Meanwhile, a corrective bounce in the bullion price needs to stay beyond the 100-SMA and top line of the stated triangle, respectively near HKEX:2 ,003 and HKEX:2 ,010, may gold the Gold buyers. It’s worth noting that the quote’s successful trading past HKEX:2 ,010 enables it to challenge the YTD peak of near HKEX:2 ,050 whereas any further advances could aim for the HKEX:2 ,070 key hurdle comprising the previous yearly top and the 61.8% Fibonacci Expansion (FE) of the metal’s March 15 to April 19 moves. Overall, Gold stays on the bear’s table after an initial attempt to lure the bulls. However, the next week’s Federal Reserve (Fed) monetary policy meeting outcome will be crucial to watch for clear directions.
OANDA:XAUUSD
by MTradingGlobal
EURUSD bulls observe inverse head-and-shoulders for major run-upEURUSD dribbles around a fresh 13-month high marked the previous day as it pokes the neckline of an inverse head-and-shoulders bullish chart formation, close to 1.1090 at the latest. A successful break of the said hurdle would theoretically confirm a major uptrend targeting the year 2018 peak surrounding 1.2550-60. However, tops marked during March 2022 near 1.1185 and the last year's top of 1.1495 can act as validation points for the Euro pair’s further advances. That said, the 1.2000 psychological magnet and year 2021’s peak of 1.2350 are some of the extra upside filters which can check the bulls during the anticipated north-run. On the contrary, failure to offer a decisive break beyond the 1.1090 hurdle, as well as the 1.1100 round figure, may trigger the much-awaited pullback of the EURUSD pair. Even so, the pair sellers will wait for a clear downside break of the one-month-old ascending support line, close to 1.0975 to convince the Euro sellers. In that case, the 100-DMA level of around 1.0750 may act as an intermediate halt before highlighting the lows marked in March and January of 2023, respectively near 1.0515 and 1.0480. Overall, EURUSD bulls prepare for a major uptrend but a successful rise beyond 1.1100 becomes necessary for witnessing a stellar rise.
by MTradingGlobal
AUDUSD eyes further downside on Australia inflation dayAUDUSD stays below the key support line stretched from the last October, after multiple rejections from the 100-DMA hurdle, as traders analyze Australian inflation data on Wednesday. With a clear break of important previous support joining downbeat RSI and bearish MACD signals, the Aussie pair has a further downside to track. The same highlights the 61.8% Fibonacci retracement of the pair’s October 2022 to February 2023 upside, near 0.6545, as immediate support to watch. Following that, the late October swing high near 0.6520 and the 78.6% Fibonacci retracement surrounding 0.6380 could lure the Aussie bears. Meanwhile, the AUDUSD rebound needs to remain successfully beyond the aforementioned previous support line from late 2022, close to 0.6685 at the latest, to push back the bearish bias. In a case where the Aussie pair rises past 0.6685, the 100-DMA level near 0.6800 could regain the market’s attention as a break of which will lure the bulls. Should the quote remains bearish past 0.6800, the December 2022 peak of around 0.6895 and the 0.6900 round figure could act as the last defense of the sellers. Overall, AUDUSD finally slips into the bear’s radar and is likely to drop further unless the quote stays beyond 0.6800.
by MTradingGlobal
GBPUSD portrays bullish consolidation above 1.2400GBPUSD buyers appear running out of steam as it wavers inside a three-week-old trading range. Even so, the Cable pair’s successful trading above the 11-month-old descending trend line close to 1.2320 at the latest, as well as beyond an upward-sloping trend line since the last September, keeps the buyers hopeful. Adding strength to the shorter ascending trend line support is the 50-DMA level surrounding 1.2210. Even if the quote breaks the 1.2210 support confluence, the 1.2200 round figure and the 1.2000 psychological magnet can challenge the pair sellers ahead of highlighting the 200-DMA support of around 1.1970. Meanwhile, the latest multi-month high of near 1.2550, marked earlier in April, stays on the GBPUSD buyer’s radar unless dropping below the 1.2320 support line mentioned above. Should the Cable pair remains firmer past 1.2550, the 1.2600 round figure may act as an intermediate halt before directing the quote toward the May 2022 peak of around 1.2665. In a case where the pair crosses the 1.2665 hurdle, the lows marked during early April 2022 near 1.2970-80 can test the bulls before directing them to the March 2022 bottom surrounding the 1.3000 round figure. Overall, the GBPUSD pair remains firmer despite the latest consolidation.
by MTradingGlobal
Gold needs to break $1,980 support for short-term downsideGold price grinds lower between a three-month-old ascending resistance line and an upward-sloping trend line from late March. That said, the quote recently bounced off a convergence of the 21-day EMA and an upward-sloping support line from March 22, close to HKEX:1 ,980, which in turn suggests the commodity’s further recovery towards the HKEX:2 ,020 immediate hurdle. However, nearly overbought RSI and nearness to the aforementioned multi-month-old resistance line, currently around HKEX:2 ,045, could challenge the XAUUSD bulls. Meanwhile, a downside break of the HKEX:1 ,980 support confluence could quickly drag the Gold price toward February’s high of around HKEX:1 ,960. Following that, 50% and 61.8% Fibonacci retracement of its late November 2022 to early April 2023 upside, near HKEX:1 ,890 and HKEX:1 ,853 in that order, could test the Gold sellers. It’s worth noting that the XAUUSD remains on the buyer’s radar unless it offers a daily closing below the 200-day EMA level of around HKEX:1 ,845. Overall, the Gold price is likely to grind higher unless breaking the HKEX:1 ,845 level. That said, a downside break of HKEX:1 ,980 can trigger the metal’s short-term fall.
OANDA:XAUUSD
by MTradingGlobal
EURUSD remains on the bull’s radar beyond 1.0900EURUSD prins mild gains within a one-month-old bullish channel even as RSI eases from the overbought conditions. That said, the impending bear cross on the MACD joins the major currency pair’s inability to stay beyond 1.1000 to lure sellers. However, a clear downside break of the stated channel’s bottom line, close to 1.0900 at the latest, becomes necessary for the confirmation of downside bias. Even so, the 50-SMA and an ascending support line from early January, respectively near 1.0745 and 1.0585 in that order, appear tough nuts to crack for the pair sellers before retaking the control. Meanwhile, the EURUSD recovery needs to sustain above the 1.1000 psychological magnet to convince buyers. In that case, the aforementioned channel’s top line, close to 1.1100, may test the upside momentum. Should the Euro price remains firmer past 1.1100, the 61.8% Fibonacci Expansion (FE) of its between November 10, 200 and March 15, 2023, near 1.1200, could lure the upside momentum. During the run-up, the late March 2022 top surrounding 1.1185 can act as an intermediate halt. Overall, EURUSD bulls appear to run up out of steam but the bears have a long and bumpy road before taking control.
by MTradingGlobal
Rising wedge on the top lures GBPUSD bearsWith its heavy fall on Friday, GBPUSD ended the last week on a negative note, after four consecutive weekly gains. Adding strength to the bearish bias is the rising wedge chart formation. Furthermore, the RSI and MACD conditions also keep sellers on the lookout for opportunities. As a result, a clear downside break of the stated wedge’s support line, around 1.2415 by the press time, quickly followed by the 100-SMA support of 1.2385, becomes necessary for the bears to retake control. Following that, the 200-SMA support of around 1.2230 can act as an intermediate halt during the theoretical target of the wedge, close to 1.2050. Alternatively, the GBPUSD pair’s recovery may initially aim for regaining the 1.2500 round figure before challenging the stated bearish formation’s upper line, near the latest peak of around 1.2550. In a case where the Cable pair remain firmer past 1.2550, the 1.2600 threshold and May 2022 high of around 1.2665 will be in focus. Overall, GBPUSD buyers ran out of steam but the bears need confirmation from the 1.2385 to retake control.
by MTradingGlobal
Gold buyers run out of steam before final dose of US dataGold price seesaws near the highest levels since March 2022 inside a one-month-old bullish channel. The bullion recently makes rounds to the upper line of the stated bullish formation amid overbought RSI (14), which in turn suggests that the buyers are running out of steam and a pullback is in the offing. The same highlights the 61.8% Fibonacci Expansion (FE) level of the metal’s moves between March 22 and April 10, around HKEX:2 ,041, as the immediate support. Following that, the previous weekly top surrounding HKEX:2 ,031 and the HKEX:2 ,000 round figure could lure the XAUUSD bears. It’s worth noting, however, that a convergence of the 100-EMA and the aforementioned channel’s lower line, close to HKEX:1 ,980-78, as the key support to watch during the quote’s further downside. Above all, the metal’s bearish trend remains elusive unless it trades beyond the 200-EMA level surrounding HKEX:1 ,947. On the contrary, a successful upside break of the HKEX:2 ,050 defies the expectations of witnessing a pullback in the Gold price. Even so, the 78.6% FE level of around HKEX:2 ,057 can test the bulls before directing them to the previous yearly high of near HKEX:2 ,070. In a case where the bullion remains firmer past HKEX:2 ,070, the record high of HKEX:2 ,075, marked in 2020, will precede the 100% FE level of HKEX:2 ,078 to act as the final defense of the short-term sellers prior to propelling the quote towards the HKEX:2 ,100 round figure. Overall, Gold price appears to have had enough of a run-up in the week and may witness a retreat. In doing so, the lower high on RSI and higher high of prices, known as bearish divergence, may play its role, if not the US Dollar.
OANDA:XAUUSD
by MTradingGlobal