Gold grinds between 50-EMA and 200-EMA ahead of crucial weekGold braces for the first weekly gain in five but stays within the key moving average envelope as traders eye Fed Chair Jerome Powell’s testimony and the US NFP data, up for release in the next week. It’s worth noting, however, that the bears appear to run out of steam, per the RSI and MACD conditions. As a result, a clear upside break of the 50-Exponential Moving Average (EMA), around $1,845 by the press time, could convince the buyers to retake control. Though, multiple hurdles around $1,865 and $1,890 might challenge the XAUUSD run-up before the metal can regain $1,900.
Meanwhile, a surprise downturn remains unimpressive beyond the 200-EMA level surrounding $1,803. Also acting as an extra filter to the south is the $1,800 threshold. In a case where the Gold price remains bearish past $1,800, the 61.8% Fibonacci retracement level of the quote’s run-up from last November to February 2023, around $1,747, will gain the market’s attention. It should be noted that the late November low of $1,727 may act as the last resort for the buyers before totally giving up control during the metal’s weakness past $1,747.
Overall, the Gold price remains sidelined but the downside momentum gains less acceptance ahead of an important week.
Fed
EURUSD stays on the bear’s radar despite recent reboundEURUSD began the month of March on a positive note by crossing a one-month-old descending trend line, as well as poking the 1.0690 resistance confluence including the 200-EMA and 61.8% Fibonacci retracement of the January-February upside. The recovery also justified bullish MACD signals. However, the RSI (14) retreated from the overbought territory and triggered the quote’s pullback from the key upside hurdle. Even if the pair crosses the 1.0690 immediate resistance, a horizontal area comprising multiple levels marked since January-end, around 1.0788-805, appears a tough nut to crack for the bulls. It’s worth noting that the quote’s successful run-up beyond 1.0805 won’t hesitate to challenge January’s high of near 1.0930.
Meanwhile, pullback moves could aim for the previous resistance line from early February, close to 1.0585. Following that, lows marked during the previous month and January, near 1.0530 and 1.0480 in that order, could lure the EURUSD bears. Should the pair remains bearish past 1.0480, bottoms marked in late November around 1.0290 and 1.0220 may act as the last stops for the sellers before highlighting the parity level of 1.0000.
Overall, EURUSD is likely to grind higher for the short term but the medium-term bearish trend remains intact.
GBPUSD braces for a bull run, falling wedge in focusGBPUSD holds onto the Brexit deal-inspired gains inside a one-month-old bullish chart formation called a falling wedge, following a sustained rebound from a fortnight-old descending trend line. Adding strength to the upside bias are the bullish MACD signals. However, nearly overbought RSI challenges the theoretical north-run targeting 1.2600. That said, the mid-February high and the previous monthly top, respectively around 1. 2270 and 1.2450, could test the buyers. It should be noted that the 100-SMA and aforementioned wedge’s confirmation points, respectively near 1.2060 and 1.12110, could challenge the immediate upside of the quote.
On the flip side, the 100-SMA and previous resistance line from February 14, close to 1.2060 and 1.2020 in that order, precede the 1.2000 psychological magnet to challenge the short-term pullback of the GBPUSD pair. It’s worth noting that the road past 1.2000 appears bumpy with multiple stops near 1.1940 and 1.1900. Also acting downside filters are the lows marked in January and during mid-November 2022, near 1.1840 and 1.1760 respectively.
Overall, GBPUSD is back on the bull’s radar as traders await UK PMI and BOE Governor Andrew Bailey’s speech.
USDCAD bulls need to cross 1.3700 for confirmationUSDCAD bulls struggle to defend the two-week-old winning streak ahead of the Canadian GDP data. However, the Loonie pair stays beyond the fortnight-long support line, as well as the key moving averages, to keep buyers hopeful. That said, a horizontal area comprising multiple levels marked since early October 2022, around 1.3700 appears the key upside hurdle for the pair. Following that, a run-up towards the 1.3830 and the 1.3900 threshold could be quick. In a case where the quote remains firmer past 1.3900, the previous yearly top surrounding 1.3975 and the 1.4000 psychological magnet could challenge the upside momentum. It should be noted that the RSI appears overbought but the MACD remains bullish, which in turn highlights the incoming data.
Meanwhile, pullback moves may initially poke the immediate support line near 1.3580 before approaching the 100-DMA support of around 1.3500. In a case where the USDCAD remains weak past 1.3500, a gradual downturn toward the 200-DMA close to 1.3260 can’t be ruled out. However, the Loonie bears need a clear downside break of the stated key DMA support to retake control.
Overall, USDCAD remains on the bull’s but a pullback can’t be ruled out unless the price remains below 1.3700. That said, strong prints of Canadian GDP could trigger the much-needed retreat of the Loonie pair.
AUDUSD turns bearish but road to the south is long and bumpyEven if sustained trading below the 100-DMA and a three-month-old ascending trend line become necessary for the AUD/USD bears, a daily closing below the 200-DMA and an upward-sloping previous support line from October 2022 signals the pair’s further decline. Further, the bearish MACD signals and downbeat RSI adds strength to the downside bias. Hence, the sellers should wait for a clear downside move below 0.6720 to aim for the lows marked in late December and November of 2022, respectively around 0.6630 and 0.6585. Following that, the 61.8% Fibonacci retracement level of the Aussie pair’s October 2022 to February 2023 upside, near 0.6550, appears the last defense of the buyers.
On the contrary, AUDUSD recovery remains elusive unless the quote stays below a convergence of the 200-DMA and four-month-old previous support, close to 0.6800. Adding to the upside filters is the December 2022 high near 0.6895 and the mid-month peak of 0.7030. In a case where the Aussie buyers keep the reins, the monthly high surrounding 0.7160 could lure the bulls.
Overall, AUDUSD is ready to witness further downside but the downturn is less likely to be smooth.
NZDUSD bears struggle with 200-DMA on RBNZ dayNZDUSD dribbles around a seven-week low as the Reserve Bank of New Zealand (RBNZ) announced a 0.50% rate hike on Wednesday. In doing so, the Kiwi pair fades the previous week’s bounce off 200-DMA amid a nearly oversold RSI (14). That said, bearish MACD signals and an early February reversal from a six-month-old ascending resistance line keep the sellers hopeful of breaking the 0.6185 DMA support. Following that, the September 2022 high of near 0.6160 acts as an extra filter towards the south, a break of which could quickly drag the quote to the last July’s bottom of 0.6060. It’s worth observing that the pair’s weakness past 0.6060 won’t hesitate to break the 0.6000 psychological magnet.
Meanwhile, recovery moves need a daily closing beyond the three-week-old resistance line, close to 0.6275 by the press time, to convince NZDUSD bulls. In a case where the Kiwi pair manages to cross the 0.6275 hurdle, the previous weekly top surrounding 0.6390 and the 0.6400 round figure could challenge the upside momentum. During the quote’s sustained run-up beyond 0.6400, the previously mentioned ascending resistance line near 0.6545 precedes the double tops marked during late 2022, around 0.6570-75, which will be a tough nut to crack for the bulls before retaking control.
Overall, NZDUSD is likely to remain on the bear’s radar and hints at more downside on the RBNZ day.
Ascending triangle teases GBPUSD bears ahead of UK PMIGBPUSD stays defensive inside a three-month-old ascending triangle, following the previous week’s rebound from the 200-DMA. Even so, downbeat oscillators join lower high formations to keep the sellers hopeful ahead of monthly PMI data from Britain. That said, the stated triangle’s lower line precedes the key moving average to challenge the Cable pair bears around 1.1990 and 1.1935 in that order. Following that, lows marked during January and mid-November 2022, close to 1.1840 and 1.1760 respectively, may challenge the bears. Also acting as short-term key support is last September’s peak surrounding 1.1735, a break of which could give a free hand to the pair sellers.
Alternatively, recovery moves could aim for the three-week-old descending resistance line, near 1.2220, followed by the previous weekly high near 1.2270. In a case where GBPUSD buyers manage to cross the 1.2270 hurdle the odds of witnessing a run-up towards the multiple resistance area around 1.2450 can’t be ruled out. It’s worth noting that a successful break of the 1.2450 resistance could propel the Cable pair’s advances to May 2022 high near 1.2665.
Overall, GBPUSD remains on the bear’s radar ahead of the key UK data.
AUDUSD stays bearish unless crossing 0.6950AUDUSD braces for the first monthly loss in four despite Friday’s rebound from the 61.8% Fibonacci retracement of its December 2022 to early February highs. A clear downside break of the two-month-old ascending trend line joins a two-week-old descending trend line to favor sellers. Adding strength to the bearish bias are the downbeat oscillators. The corrective bounce, however, could become important if it manages to cross the convergence of the previous support line and an immediate downward-sloping resistance line, close to 0.6950. Following that, the 100-SMA surrounding 0.6985 and the 0.7000 psychological magnet could act as the final defense of the Aussie bears before giving control to the bulls.
Alternatively, the aforementioned 61.8% Fibonacci retracement level around 0.6830, also known as the golden Fibonacci ratio, puts a floor under the short-term AUDUSD downside. Following that, the 78.6% Fibonacci ratio near 0.6750 may act as an extra filter towards the south. In a case where the Aussie pair remains bearish past 0.6750, the December 2022 low near 0.6630 could lure the sellers.
Overall, AUDUSD’s corrective bounce, if any, remains elusive unless crossing the 0.6950 hurdle.
Gold pokes key support surrounding $1,820Gold extends the early February fall towards two-month-old horizontal support near $1,825-23, despite posting the indecisive closing in the last week. The bearish bias also gains strength from the clear downside break of an ascending trend line from early November and the 50-DMA, as well as the bearish MACD signals. However, the nearly oversold RSI (14) hints at the grinding of the metal prices near the stated crucial support. Should the quote drops below $1,820, early December peak near $1,810 and the $1,800 round figure may probe the gold sellers before directing them to the 200-DMA support level of around $1,775. It’s worth noting that the November 2022 high of $1,786 acts as an extra filter toward the south.
Meanwhile, the 50-DMA and the previous support line from the last November, respectively around $1,860 and $1,883, could challenge the Gold price recovery. Following that, the $1,900 round figure will be important to the metal buyers. In a case where the bullion remains firmer past $1,900, the monthly high of $1,960 and the late March 2022 top near $1,966 should challenge the run-up targeting the $2,000 psychological magnet.
Overall, Gold is likely to decline further only if it manages to break the $1,820 level.
AUDUSD sellers need 200-DMA breakdown to keep controlAUDUSD bounces off 50-DMA, following a retreat from the 3.5-month-old previous support line. The recovery moves fail to justify the downbeat oscillators and Aussie data, which in turn keep sellers hopeful. That said, a daily closing below the stated short-term moving average, around 0.6880 by the press time, could convince the Aussie bears. However, the 200-DMA surrounding the 0.6800 threshold becomes crucial support as it lured buyers earlier in January. Should the quote manages to break the 200-DMA, the odds of witnessing a slump toward the previous monthly low near 0.6685 and then towards the late 2022 swing lows around 0.6630 and 0.6580 can’t be ruled out.
Meanwhile, the AUDUSD rebound needs to run a successful show beyond the support-turned-resistance line from November, close to the 0.7000 psychological magnet. Following that, the Aussie buyers may aim for the 0.7050 level before challenging the all-important 0.7135-55 resistance area comprising multiple tops marked since August 2022. It’s worth observing that the pair’s sustained break of 0.7155 won’t hesitate to cross the mid-2022 top surrounding 0.7285 and brace for the previous yearly high near 0.7660.
Overall, AUDUSD is all set to reverse the late 2022 run-up but a clear downside break of 200-DMA becomes necessary.
GBPUSD recovery remains unconvincing ahead of UK inflationGBPUSD holds onto the recovery from an early February rebound from a three-month-old ascending support line, staying beyond the 100-day EMA to lure more bids. Adding strength to the upside bias is the upward-sloping RSI (14) line and the recently upbeat MACD signals. However, the previous support from early November, near 1.2265, acts as an immediate hurdle to challenge the bulls. Following that, a horizontal area comprising multiple tops marked since December, near 1.2450, appears crucial for the Cable buyers to tighten the holds, a break of which could propel prices towards May 2022 peak surrounding 1.2665.
On the flip side, the 100-day EMA level surrounding 1.2040 and the 1.2000 psychological magnet challenge short-term pullbacks of the GBPUSD. That said, a clear downside break of the 1.2000 mark needs validation from the aforementioned support line from November 17, close to 1.1965 at the latest, to convince bears. In a case where the quote remains weak past 1.1965, the odds of witnessing a slump towards January’s low near 1.1840 and the mid-November 2022 bottom surrounding 1.1760 can’t be ruled out.
Overall, GBPUSD remains on the bear’s radar despite the latest run-up, which in turn highlights today’s UK Consumer Price Index (CPI) for clear directions.
EURUSD rebound appears shallow ahead of important EU, US dataBe it sustained trading below the 3.5-month-old ascending trend line or the bearish MACD signals and downbeat RSI (14), not oversold, the EURUSD pair has it all to lure bears as first readings of Eurozone Q4 GDP and US CPI for January loom. Even so, the pair’s latest run-up beyond the 50-DMA hurdle seems to challenge the bears. That said, the quote’s fresh selling should wait for a clear downside break of the 50-DMA support of 1.0700 to aim for the 38.2% Fibonacci retracement of November 2022 to February 2023 upside, near 1.0530. However, the previous monthly low near 1.0400 and the 100-DMA level surrounding 1.0370 could act as the last defense of the bears afterward.
Alternatively, the late 2022 peak around 1.0740 and the support-turned-resistance line from November, close to 1.0950, could probe the EURUSD buyers in case the data favors Euro buyers and the US Dollar sellers. It’s worth observing that the 1.1000 round figure and the current monthly high of 1.1033 are likely to act as additional upside filters during the pair’s run-up beyond 1.0950.
Overall, EURUSD is on the bear’s radar as traders await important catalysts. It should be observed, however, that the volatility around the scheduled events is likely to be high and hence traders should wait for markets to stabilize after the data before taking any major positions.
USDJPY lures buyers ahead of Japan GDP, US inflationUSDJPY snapped a three-week uptrend as traders await Japan's Q4 GDP and the US Consumer Price Index (CPI) with mild losses by the end of Friday. While a U-turn from the 50-DMA played a major role in calling bears, the bulls aren’t off the table as the pair remains beyond the previous resistance line from late November, around 129.00. Even if the pair breaks the resistance-turned-support line, January’s bottom around 127.20 and May 2022 low near 126.35 will be crucial for the pair sellers to conquer before taking control. It’s worth noting that the RSI appears mostly steady and favors the trend line break out.
Alternatively, the 50-DMA surrounding 132.30 appears immediate hurdle to restrict the immediate USDJPY upside. Following that, January’s peak near 134.80 and the 200-DMA near 136.80 could act as additional challenges for the bulls to cross before approaching the driver’s seat. It should be observed that the 50% Fibonacci retracement level of the pair’s May-October 2022 upside, around 139.10, precedes the 140.00 round figure to act as the last defense of the pair bears.
Overall, USDJPY bears are less convinced ahead of the key data/events.
GBPUSD reverses from 200-SMA ahead of UK GDPGBPUSD pares the early-week recovery from 78.6% Fibonacci retracement of January 06-23 upside while taking a U-turn from the 200-SMA hurdle. The pullback also take justifies the downbeat RSI and MACD conditions, suggesting further declines towards 61.8% and 78.6% Fibonacci retracement levels, around 1.2070 and 1.1970 in that order. It’s worth noting, however, that the GBP/USD pair’s weakness below 1.1970 will make it vulnerable to drop toward the previous monthly low of near 1.1840.
Alternatively, a successful break of the aforementioned key SMA hurdle surrounding 1.2190 isn’t an open invitation to the GBPUSD buyers. That said, the 1.2200 and late January swing low around 1.2265 could challenge the Cable buyers before the three-week-old resistance line of 1.2370. In a case where the quote remains firmer past 1.2370, the two-month-long horizontal area around 1.2440-50 appears a tough nut to crack for the bulls.
To sum up, GBPUSD braces for the key UK Q4 GDP which is likely to disappoint.
EURUSD sellers need to conquer 1.0670 to retake controlEURUSD fades bounce off the 10-week-old ascending support line as the weekly resistance line and the 200-SMA challenge buyers. Adding strength to the downside bias are the bearish MACD signals and downbeat RSI (14). As a result, the quote is likely to return to the bear’s table after a four-month absence. That said, a downside break of the stated support line, close to 1.0670, could act as a trigger for the downside targeting the previous monthly low surrounding 1.0480. It’s worth noting that the 61.8% and 78.6% Fibonacci retracement of the pair’s November late November 2022 to early February peak, respectively near 1.0570 and 1.0450, could act as extra downside filters to watch before targeting the late November swing low of 1.0290.
Meanwhile, recovery moves need validation from the 200-SMA, around 1.0765 at the latest. Following that, the EURUSD pair’s run-up towards 1.0800 and then to 1.0930 can’t be ruled. In a case where the prices remain firmer past 1.0930, the 1.1000 psychological magnet and the monthly high of 1.1033 should gain the market’s attention. It should be observed that the rally beyond 1.1033 enables bulls to aim for a March 2022 peak of 1.1185.
To sum up, EURUSD buyers appear running out of steam but the bears must conquer the multi-day-old support line to return to the driver’s seat.
Gold sellers need confirmation from $1,860 to keep controlGold bears remain unconvinced as they retreat from the key support, despite pulling back the metal from a multi-month high the last month. While the downbeat RSI conditions challenge the latest bearish momentum, MACD seems to help XAUUSD sellers as they try to break the 11-week-old support line near $1,860. It should be observed that the 50-DMA level surrounding $1,848 acts as an extra filter towards the south before directing the 38.2% Fibonacci retracement level of the bullion’s run-up from September 2022 to February 2023, near $1,827. In a case where the commodity price remains bearish past $1,827, the $1,800 round figure and the 200-DMA level near $1,776 will be in the spotlight.
Alternatively, recovery moves could aim for the $1,900 threshold to convince the Gold buyers. Following that, $1,930 and $1,945 may probe the upside momentum ahead of aiming for the latest swing top near $1,960. Should the precious metal remains firmer past $1,960, March 2022 peak surrounding $1,966 may act as a validation point for the rally targeting the $2,000 psychological magnet.
Overall, the Gold price is on the cusp of turning bearish but the sellers should wait for a clear downside break of $1,860.
AUDUSD has limited downside room on RBA dayHaving 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, a break of which won’t hesitate to drag prices toward the previous monthly low surrounding 0.6685. It should be noted that the oversold RSI (14) hints at a corrective bounce even if the MACD supports the bearish momentum.
Alternatively, recovery moves may initially aim for the 0.7000 psychological magnet in case of the hawkish RBA announcements, other than the already known 0.25% rate hike. Following that, the aforementioned channel’s lower line, around 0.7080 by the press time, could probe the AUDUSD bulls. In a case where the Aussie pair buyers remain in control past 0.7080, a weekly resistance line near 0.7165 will act as the last defense of the ears bears.
To sum up, AUDUSD remains on the bear’s radar on the RBA day but the downside appears limited.
Technical Analysis: EURUSD buyers need ECB’s support to keep conEURUSD remains above the top line of a three-month-long bullish after the Fed-inspired volatility. The nearly overbought RSI (14), however, suggests that the bulls are running out of steam of late. That said, the 100.0% Fibonacci Expansion (FE) of the pair’s moves between November 11, 2022, and January 06, 2023, close to 1.1045, appears immediate hurdle for the bulls to cross to keep the reins. Following that, a run-up toward the late March 2022 high near 1.1185 can’t be ruled out. It should be noted that the 1.1100 round figure may offer an intermediate halt during the likely run-up.
It should be noted, however, that the quote’s pullback moves remain elusive unless EURUSD remains beyond the stated channel’s top-line, close to 1.0970. Following that, 78.6% and 61.8% FE levels, respectively near 1.0930 and 1.0830 will precede the 21-EMA surrounding 1.0800 to restrict the short-term downside of the pair. Also acting as nearby key support is an upward-sloping trend line from early November 2022, around 1.0780 at the latest. In a case where the pair breaks the stated trend line support, its drop to the aforementioned bullish channel’s lower line and then to January’s low, respectively near 1.0610 and 1.0480, becomes imminent. Though, the bears are less likely to have a smooth road unless breaking the 1.0480 level.
To conclude, the EURUSD stays firmer ahead of the European Central Bank (ECB) announcements but the upside seems losing momentum and hence a pullback could be witnessed if the ECB disappoints Euro bulls. Even so, the trend reversal is far from sight.
Rising wedge confirmation lures Gold bears on Fed dayAfter pleasing buyers for six consecutive weeks, Gold prices are finally on the bear’s radar even after bouncing off $1,900 round figure the previus day. The rising wedge confirmation and bearish MACD signals do favor the metal sellers ahead of the key event. However, the downbeat RSI and a likely dovish rate hike challenge the downside bias. That said, a horizontal area comprising the early month levels surrounding $1,865 appears as the immediate target during the metal’s further declines. Though, the 200-SMA and an upward-sloping support line from late November 2022, respectively near $1,862 and $1,855 could please the metal sellers during the theoretical target surrounding $1,825.
Meanwhile, Gold’s recovery remains unconvincing below the stated wedge’s lower line, around $1,928 at the latest. Even so, the monthly high near $1,950 and the bearish formation’s top line, close to $1,960, might challenge the quote’s further advances. Additionally acting as an upside filter is the late March 2022 peak surrounding $1,966. In a case where the bullion stays firmer past $1,966, the odds of witnessing a rally towards the April 2022 high near $1,998 and then to the $2,000 psychological magnet can’t be ruled out.
To sum up, Gold is ready to pare the recent rally but it all depends upon how well the Fed manages to entertain the Dollar bulls.
AUDUSD stays pressured towards 0.6980-75 support confluenceDespite the latest pause, AUDUSD extends the week-start pullback from a nine-month high as the economic calendar starts spreading key releases. In doing so, the Aussie pair stays inside the monthly bullish channel. That said, the RSI retreat from overbought territory joins the downbeat MACD signals to also tease bears. Even so, a convergence of the stated channel support line and the 100-SMA highlights the 0.6980-75 zone as the key for the bear’s entry. Following that, a seven-week-old horizontal support zone near 0.6880 could challenge the quote’s further downside before placing the bear in the driver’s seat.
Meanwhile, multiple highs marked around 0.7130 and the recent peak surrounding 0.7150 could challenge AUDUSD bulls. Also acting as an immediate upside hurdle is the aforementioned bullish channel’s top line, close to 0.7170 at the latest. In a case where the Aussie pair remains firmer past 0.7170, the 0.7200 round figure and May 2022 high surrounding 0.7285 could gain the buyer’s attention.
Overall, AUDUSD slips from the bull’s radar but the bears need confirmation before taking control.
NZDUSD upside appears limited as the key week beginsBe it New Zealand’s quarterly jobs report or China’s return after Lunar New Year (LNY) holidays, not to forget the Federal Reserve’s monetary policy meeting, NZDUSD has an interesting week ahead. However, the bulls appear running out of steam after a four-week winning streak. The reason could be linked to the overbought RSI and multiple attempts to cross the upward-sloping resistance line from early June, close to 0.6525 by the press time. Even if the quote manages to cross the 0.6525 hurdle, a nine-month-old horizontal resistance near 0.6570 will be crucial as a break of which opens the door for the north-run towards the 78.6% Fibonacci retracement level of the April-October downturn, around 0.6700.
Alternatively, the 61.8% Fibonacci retracement level, also known as the golden ratio, restricts the immediate downside of the NZDUSD pair around 0.6450. Following that, an ascending support line from early November, close to 0.6390, could act as the last defense for the Kiwi pair buyers. It should be noted that the quote’s weakness past 0.6390 could make it vulnerable to testing the 50% Fibonacci retracement level and the 200-DMA, respectively near 0.6270 and 0.6190.
Overall, NZDUSD has bright opportunities to take entries but it all depends upon fundamental data/events and hence a cautious move is advisable.
EURUSD eases inside two-month-old bullish channelBetter-than-expected US growth numbers triggered the much-awaited pullback in the EURUSD prices from the eight-month high. The retreat, however, stays inside a two-month-long ascending trend channel, which in turn suggests less incentive for the bears. Even so, the previous weekly low surrounding 1.0765 and December’s peak of 1.0736 could lure short-term sellers. Following that, an upward-sloping support line from early November, close to 1.0730 might probe the further downside. It’s worth noting that the quote’s weakness past 1.0730 could make it vulnerable to testing the 1.0610-600 support confluence comprising the 50-DMA and lower line of the stated bullish chart formation. In a case where the pair stays weaker past 1.0600, the bears could have an easy battle to retake control.
Meanwhile, EURUSD buyers could drill the aforementioned channel’s top line, around 1.0950 by the press time, during the fresh advances. Following that, the 1.1000 round figure could probe the upside momentum. It’s worth observing that the tops marked during March 2022 around 1.1140 and 1.1185 appear the easy reach for the pair bulls in case of its successful trade beyond 1.1000 psychological magnet.
Overall, EURUSD bulls aren’t off the table but are tired enough to trigger a pullback.
Gold struggles to stay on bull’s radar, $1,917 is the keyGold buyers appear to run out of steam as traders await the key advance US GDP for Q4 2022, following the five-week uptrend. A one-month-old rising wedge formation joins recently sluggish oscillators to tease the metal sellers. However, a clear downside break of the $1,917 support appears necessary to confirm the bearish chart pattern, which signals a theoretical south-run towards the previous monthly low surrounding $1,767. It’s worth noting that a convergence of the 200-SMA and upward-sloping trend line from late November, close to $1,846, appears an important stop during the anticipated slump between $1,917 and $1,767.
Meanwhile, the stated wedge’s upper line near $1,948 appears immediate hurdle for the Gold buyers to cross to retake control. Following that, a run-up toward the June 2022 peak of around $1,966 becomes imminent while the $2,000 psychological magnet could lure the bulls afterward. In a case where the precious metal remains firmer past $2,000, the year 2022 high of $2,070 will be in focus.
Overall, gold is likely slipping off the bull’s radar but the bears have a tough task to take entry.