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USDJPY is ready to refresh multi-month lowEven if the USDJPY pair posted the biggest weekly gains in seven in the last, it remains inside a bearish channel. Additionally keeping the Yen pair sellers hopeful is the quote’s repeated failures to cross the 100-SMA. That said, the quote currently drops towards a one-week-old support line, close to 128.00. However, the May 2022 low will join the lower line of a five-week-old descending trend channel, near 126.35-30, to pose as a tough nut to crack for the bears. In a case where the pair remains bearish past 126.30, the odds of witnessing a slump toward the 120.00 psychological magnet can’t be ruled out. Alternatively, USDJPY can witness short-term buying in case of a successful upside break of the 100-SMA, close to 130.75. Following that, the top line of the stated bearish channel, around 132.50, will be important for the Yen pair buyers to watch. It should be noted that the 200-SMA level surrounding 132.85 and the 133.00 round figure act as additional upside filters before giving control to the bulls. Hence, USDJPY bears are in the driver’s seat even if the 126.35-30 support confluence challenges further downside.
by MTradingGlobal
EURUSD has bumpy road to north even as bulls keep the reinsA two-month-old ascending trend channel backs the EURUSD pair’s upside bias, despite multiple failures to cross the 1.0880 horizontal hurdle in the last week. That said, the 50-SMA and the 100-SMA restrict immediate downside around 1.0790 and 1.0700 respectively. Following that, the stated bullish channel could be at the test and hence the 1.0575 support will gain major attention. Should the quote drops below 1.0575, a slump toward the monthly low near 1.0480 appear imminent while any further downside won’t hesitate to challenge the lows marked during November. Meanwhile, a successful break of the one-week-old horizontal resistance near 1.0880 isn’t an invitation for the bulls as the top line of the aforementioned channel, close to 1.0910, will act as the last defense of the EURUSD bears. In a case where the pair rises past 1.0910, it could quickly rise to the 1.1000 round figure. It’s worth noting that January 2022 low and the late March 2022 high, respectively around 1.1125 and 1.1185, might probe the pair buyers before giving them full control. Overall, EURUSD stays inside a bullish chart formation and the oscillators are positive too. However, the upside momentum lacks acceptance and hence buyers should remain cautious.
by MTradingGlobal
EURUSD portrays bullish trend-widening formationEURUSD grinds higher around the seven-month top inside a rising megaphone chart pattern on the daily formation. In addition to the bullish chart pattern, the upbeat RSI and bullish MACD signals also keep buyers hopeful. That said, May 2022’s peak surrounding 1.0786 and 1.0800 are likely immediate targets for the bulls. However, the 78.6% Fibonacci retracement level of the pair’s March-September downside, near 1.0835, could challenge the upside momentum afterward. In a case where the quote remains firmer past 1.0835, the stated megaphone’s top line, close to 1.0960, should lure the optimists. On the contrary, the one-month-old descending previous resistance line around 1.0700 restricts the short-term downside of the EURUSD pair. Following that, a pullback towards the aforementioned bullish pattern’s support line, adjacent to 1.0550, will be important to watch for sellers. Should the quote drops below 1.0550, a downward trajectory towards the 50-DMA and the 200-DMA, respectively near 1.0460 and 1.0300, can’t be ruled out. It’s worth noting that the quote’s weakness past 1.0300 could welcome bears with open hands. To sum up, EURUSD is likely to remain firmer but the road to the north is bumpy and long.
by MTradingGlobal
USDCAD bears brace for mid-1.3200s with eyes on BOC’s MacklemUSDCAD remains depressed at the lowest levels in six weeks after breaking the 100-DMA as broad US Dollar weakness joins firmer oil prices. Even so, the bears are waiting for the Bank of Canada (BOC) Governor Tiff Macklem’s speech for further directions. That said, the 50% Fibonacci retracement level of June-October upside, near 1.3250, appears the immediate support ahead of an upward-sloping support line from June 2022, close to the 1.3200 round figure. Should the Loonie pair drops below 1.3200, the 200-DMA support level of 1.3150 could act as the last defense of the pair buyers. On the contrary, the 100-DMA hurdle surrounding 1.3480 challenges the short-term recovery moves of the USDCAD pair. Following that, a run-up towards the previous monthly peak of around 1.3700 can’t be ruled out. It’s worth noting, however, that multiple resistances around 1.3800 and 1.3850 could challenge the pair buyers past 1.3700, a break of which could propel prices towards the year 2022 top of 1.3977. Overall, USDCAD is well-set on the bear’s radar despite the latest hesitance in refreshing the multi-day low.
by MTradingGlobal
AUDUSD bulls are all set to visit the 0.7000 thresholdOn Friday, AUDUSD offered the first daily closing beyond the 200-DMA, as well as a downward-sloping trend line from June, despite an upbeat US jobs report. The upside momentum recently crossed multiple hurdles surrounding the 0.6900 threshold, as well as the tops marked during early September 2022 near 0.6915, which in turn suggests the pair’s run-up towards the 0.7000 psychological magnet. In a case where the Aussie bulls keep the reins past 0.7000, a run-up towards the August 2022 peak around 0.7135 can’t be ruled out. Alternatively, sellers need to wait for a clear downside break of the resistance-turned-support line from June, close to 0.6830 at the latest. Even so, a two-month-old ascending support line, near 0.6730, could probe the AUDUSD bears before giving them control. In a case where the Aussie pair remains weak past 0.6730, the lows marked during December and the mid-November, close to 0.6630 and 0.6585 in that order, should lure the sellers. Overall, AUDUSD is ready for further upside towards the 0.7000 psychological magnet.
by MTradingGlobal
USDCAD is likely to decline further as 2023 beginsUSDCAD holds onto the late December downside break of the seven-week-old ascending support line, even if the 200-SMA challenges the bears. That said, the downbeat MACD and RSI conditions also favor the Loonie pair sellers as they attack the key SMA surrounding 1.3520. Additionally challenging the bears is the double bottoms marked around 1.3485-80 during the last week, a break of which could quickly drag prices towards the previous monthly low of around 1.3380. In a case where the quote remains bearish past 1.3380, November’s low of 1.3225 will gain the market’s attention. On the contrary, recovery moves need to cross the previous support line from early November, close to 1.3645-50 by the press time, to convince buyers. Even so, the double tops marked the last month at around 1.3700 will be a crucial challenge for the USDCAD optimists. It's worth noting that the pair’s run-up beyond 1.3700 won’t hesitate to challenge the yearly high marked in October around 1.3980. However, November’s peak near 1.3810 could act as a buffer during the anticipated run-up. Overall, USDCAD is likely to remain weak but the 200-SMA can challenge short-term sellers amid the holiday mood.
by MTradingGlobal
GBPUSD bears lurk behind 1.2000 to retake controlGBPUSD braces for the first weekly gain in four as 200-EMA and a two-week-old support line defends Cable buyers. However, multiple failures to cross a one-month-long horizontal hurdle keep the sellers hopeful of breaking the 1.2000 key support. Following that, not only the ball could drop on the bear’s court for the fourth consecutive weekly fall but the pair might also portray a quick slump to the mid-1.1700s. In a case where the quote remains weak past 1.1700s, the early November swing high surrounding 1.1550 and November 09 low near 1.1355 could gain the market’s attention. Alternatively, the aforementioned fortnight-long horizontal resistance area near 1.2130 restricts the short-term GBPUSD upside. Should the quote Cable pair crosses the nearby hurdles, the early-month peak of 1.2345 and the monthly high near 1.2445 will be on the bull’s radar while aiming for a positive end to the volatile 2022. Overall, GBPUSD is ready to return to the bear’s desk after a brief absence.
by MTradingGlobal
EURUSD stays on bull’s radar despite recent pullbackEURUSD retreats inside a six-week-old bullish channel as the holiday season allows buyers to take a breather. The pullback move, however, stays unimportant beyond the 1.0590-80 support zone comprising the 100-SMA and an upward-sloping trend line stretched from December 01. Even so, the stated channel’s support line, close to 1.0500 by the press time, will challenge the pair’s further downside. It’s worth noting that the 200-SMA acts as the last defense for bulls around 1.0450. On the flip side, the 1.0700 round figure acts as an immediate hurdle for the EURUSD buyers to crack before aiming for the aforementioned channel’s top line, around 1.0760 at the latest. In a case where the pair remains firmer past 1.0760, May’s peak of around 1.0785 and the 1.0800 round figure may act as the buffers before highlighting the late April swing high surrounding 1.0985 and the 1.1000 threshold. Overall, EURUSD appears losing upside momentum, as per the RSI and MACD signals, but the bears are far from winning the battle.
by MTradingGlobal
USDJPY recovery remains doubtfulUSDJPY consolidates the biggest daily loss in 14 years while positing a gradual rebound from the 78.6% Fibonacci retracement level of its May-October upside. The recovery moves also gain support from the RSI’s bounce off the oversold territory. However, the early month low near 133.65 challenges the immediate upside, a break of which could validation the Yen pair’s further advances towards a convergence of the 200-DMA and a two-month-old descending resistance line, close to 136.00. In a case where the quote remains firmer past 136.00, the previous support line from, close to 138.80-85, will be crucial as a break of which could welcome bulls. Alternatively, a daily closing below the 78.6% Fibonacci retracement near 131.80 precedes the August 2022 low near 130.40 to challenge the USDJPY bears. Also acting as a downside filter is the 130.00 round figure. Should the pair sellers keep the reins past 130.00, multiple hurdles near 128.30 could offer intermediate halts during the quote’s anticipated south run towards May’s low of 126.35. Overall, USDJPY bears are taking a breather and still hold control despite the latest corrective bounce.
by MTradingGlobal
Gold has little room to the north as traders brace for holiday sGold retreats from a weekly horizontal resistance that’s near a top-end of an upward-sloping trend channel stretched since mid-November. Not only the stated channel’s upper line but RSI pullback and looming bear cross on the MACD also suggest that the gold buyers are running out of steam. As a result, a pullback towards the stated bullish channel’s support, near $1,785, appears imminent. However, a lack of market participation due to the year-end holidays may restrict the metal’s moves around then, if not then the 200-SMA near $1,767 could challenge the bears. Alternatively, the aforementioned horizontal hurdle near $1,823-25 limits the precious metal’s immediate upside before highlighting the five-week-old rising channel’s top line, close to $1,837. In a case where gold buyers manage to cross the $1,837 resistance, June’s high near $1,880 could act as a tough nut to crack for the bulls targeting the $1,900 threshold. Overall, gold buyers appear to run out of steam but the downside also seems bumpy and the holiday season could play its role too. Hence, the metal may grind higher as traders prepare for the one last shot of important US data.
OANDA:XAUUSD
by MTradingGlobal
AUDUSD lures bears even as 200-SMA probes immediate downsideA clear break of the monthly bullish channel welcomed AUDUSD buyers the last week despite the quote’s hesitance to break the 200-SMA. That said, bearish MACD signals add strength to the downside bias suggesting an imminent fall to the November 08 swing high surrounding 0.6550, given the successful break of the 200-SMA level of 0.6660. Following that, the 78.6% Fibonacci retracement level of the Aussie pair’s November-December upside, around 0.6410, can’t be ruled out. Meanwhile, any recoveries need to defy the channel breakdown by successful trading above the 0.6725-30 support-turned-resistance to recall the AUDUSD buyers. Even so, the 0.6800 hurdle comprising multiple levels marked since mid-November could test the bulls before giving them control. In a case where AUDUSD remains firmer past 0.6800, the December-start peak near 0.6850 could return to the chart. However, a convergence of the stated channel’s upper line and the monthly high, close to 0.6890, closely followed by the 0.6900 round figure, appears a tough nut to crack for the pair buyers afterward. Overall, AUDUSD sellers are in the driver’s seat and await a clear break of the 200-SMA to dominate further.
by MTradingGlobal
Gold bears need to crack $1,770 hurdle to retake controlGold bears struggle inside a one-month-old rising wedge bearish formation, recently bouncing off the support line. The 21-DMA adds strength to the confirmation point near $1,770, which is the lower line of the pattern. A clear break of the same could trigger a slump toward nearly four-month-long horizontal support surrounding $1,730. Following that, the $1,700 threshold and the theoretical target of the rising wedge, close to $1,650, will gain the market’s attention. Meanwhile, the $1,800 round figure and the upper line of the stated wedge, around $1,818, could lure gold buyers. In a case where the metal crosses the $1,818 resistance, the 78.6% Fibonacci retracement level of the mid-June to late September downside, near $1,821, could challenge the bulls before giving them the throne. In those conditions, $1,858 and $1,880 may act as buffers during the north run that ultimately aims for the $1,900 round figure. Overall, Gold price loses upside momentum but the sellers have a tough task to retake power.
OANDA:XAUUSD
by MTradingGlobal
EURUSD juggles near six-month high ahead of Fed meetingDownbeat US inflation data propelled the EURUSD pair to the highest levels since June on Tuesday. However, the upper line of the one-month-old bullish channel, currently around 1.0670, probed the pair buyers at the multi-day top. Also challenging the Euro bulls is the overbought RSI conditions suggesting a pullback in prices. As a result, an upward-sloping trend line from the December start, close to 1.0520 at the latest, can’t be ruled out. However, 100-SMA and the bottom of the stated channel, respectively near 1.0450 and 1.0400, could challenge the pair sellers afterward. In a case where the Fed sounds too hawkish and the pair defies the bullish chart pattern, a slump towards the 200-SMA and then to the late October swing high, near 1.0275 and 1.0090 in that order, can’t be ruled out. Meanwhile, successful trading beyond the immediate hurdle, namely the aforementioned channel’s top near 1.0670, could get another chance to retreat near the 1.0700 threshold due to the consistently overbought RSI. In a case where EURUSD bulls ignore RSI and cross the 1.0700 resistance, May’s peak near 1.0785 and March’s low surrounding 1.0805 could act as the last defenses of the pair sellers. That said, the pair’s sustained trading beyond 1.0800 may target a late April high near 1.0935 and the 1.1000 round figure. Overall, EURUSD bulls are likely to occupy the driver’s seat unless the US Federal Reserve appears too hawkish, which is less anticipated.
by MTradingGlobal
USDCAD has more upside to track but 1.3700 is the key hurdleUSDCAD grabbed the bull’s attention ever since it crossed a two-month-old descending resistance line, now support around 1.3500. The upside bias also takes clues from the firmer RSI and MACD. However, the 61.8% Fibonacci retracement level of the pair’s October-November downside, near 1.3695, appears a tough nut to crack for buyers. Also acting as an upside filter is the monthly high of 1.3700, a break of which could quickly propel the quote towards November’s peak surrounding 1.3805. It’s worth noting that the Loonie pair’s run-up beyond 1.3805 could aim for October’s high near 1.3980, as well as the 1.4000 psychological magnet. Meanwhile, the 50% Fibonacci retracement level near 1.3600 restricts the USDCAD pair’s short-term downside ahead of highlighting the 1.3500 support confluence including the resistance-turned-support line from October and the 38.2% Fibonacci retracement level. Even if the pair declines below 1.3500, a convergence of 100-SMA and 200-SMA at 1.3485 appears strong support. Overall, USDCAD is likely to rise further but the 1.3700 resistance challenges the bulls.
by MTradingGlobal
200-DMA holds the gate for USDJPY bearsUSDJPY fades bounce off the 200-DMA as it failed to cross the previous support line from late May. However, nearly oversold RSI challenges the sellers and hence a short-term consolidation between the 200-DMA and the support-turned-resistance line, respectively around 135.00 and 138.00, can’t be ruled out. Even if the quote rises past the 138.00 round figure, the 21-DMA could challenge the buyers at around 138.50. It’s worth noting that a seven-week-old descending trend line joins the 50% Fibonacci retracement level of the May-October upside, near 139.15-20, to act as the last defense of sellers. In a case where the yen pair remains firmer past 139.20, a quick run-up toward the late November high around 142.25 appears imminent. Meanwhile, a downside break of the 200-DMA support of 135.00 won’t hesitate to refresh the monthly low, currently around 133.60. Following that, the August month low near 130.40 and the 130.00 round figure can be witnessed. Should the quote remains bearish past 130.00, May’s bottom of 126.35 will lure the USDJPY bears. Overall, USDJPY is heading lower as the key week begins. However, it all depends upon the US inflation and Fed meeting.
Short
by MTradingGlobal
EURUSD grinds higher inside three-week-old bullish channelEURUSD is likely to end the two-week-old winning streak as traders brace for key consumer-centric data from the US. However, an ascending trend channel from November 15 portrays the short-term bullish bias of traders. That said, the monthly high surrounding 1.0600 and the stated channel’s top near 1.0620 limits the quote’s immediate advances. In a case where the pair defies the bullish chart pattern by crossing the 1.0620 hurdle, the upward trajectory could aim for May’s high near 1.0785. On the downside, the 100-SMA level of 1.0400 restricts the nearby downside of the major currency pair, a break of which will highlight the channel’s support line surrounding 1.0380. Should the EURUSD bears manage to conquer the 1.0380 support, the odds of witnessing a slump toward the 200-SMA level near 1.0200 can’t be ruled out. However, tops marked during late October and early November close to 1.0100-0090 offer a strong support zone to the sellers. Overall, EURUSD remains firmer inside the bullish chart formation but the upside room appears to be limited.
by MTradingGlobal
USDJPY has more room towards the south as it breaks 200-DMAUSDJPY is under immense pressure as it breaks the 200-DMA support, as well as marks the 3.5-month low. Even though the oversold RSI suggests a mild corrective bounce, the trend appears bearish after it broke an upward-sloping support line from late May. That said, the bears currently aim for the 78.6% Fibonacci retracement level of the pair’s May-October upside, around 132.00. If the quote fails to rebound from the key Fibonacci retracement level, the August month’s low near 130.40 and the 130.00 round figure may act as the last defense of the buyers. Alternatively, recovery moves need to provide a daily closing beyond the 200-DMA level of 134.60 to tease intraday buyers. Even so, a corrective bounce needs to cross the 137.40 resistance confluence comprising the previous support line from May and a monthly descending trend line. Should the quote rises past 137.40, another trend line from October 21, close to 140.25, will be crucial before giving control to buyers. Overall, USDJPY is likely to witness further downside towards 132.00 but further downside appears bumpy.
by MTradingGlobal
Gold seesaws near key hurdles to the northGold prices brace for the biggest weekly jump in three as it stays around the highest levels since mid-August. However, the metal still has some strong resistance ahead before offering a free ride to the bulls. Among them, a 5.5-month-old horizontal resistance area surrounding $1,805 gain major attention as RSI (14) approaches the overbought territory. Should the bullion prices remain firmer past $1,805, the 78.6% Fibonacci retracement level of June-September downside near $1,821 can act as a validation point for the rally targeting the mid-June swing high near $1,859 and then to the June’s peak of $1,879. Meanwhile, pullback moves remain invalid unless the gold price remains beyond the 61.8% Fibonacci retracement level surrounding $1,778. Following that, Monday’s high near $1,763 and 50% Fibonacci retracement level near $1,747 may test the bears ahead of highlighting the 15-week-old horizontal support zone near $1,728. It’s worth noting that the quote’s daily closing below $1,728 could invalidate the recovery hopes and recall the sellers targeting $1,700, as well as July’s trough near $1,680. Overall, gold is likely to witness further upside as it crossed November’s peak but further upside has limited room.
OANDA:XAUUSD
by MTradingGlobal
GBPUSD bulls run out of steam as 2022 is near to endGBPUSD posted the biggest monthly gains since mid-2020 in November. However, the latest bullish trajectory appears doubtful as the pair stays beneath a one-month-old previous support line. That said, the 50-SMA restricts the pair’s immediate downside near 1.1985. Following that, the 100-SMA level surrounding 1.1860 could act as the last defense of the pair buyers before directing bears towards the 50% Fibonacci retracement level of November 04-24 upside, near 1.1650. Meanwhile, the upside break of the stated support-turned-resistance line, around 1.2190. Although the RSI conditions may turn overbought and challenge further advances near 1.2190, a successful run-up won’t hesitate to aim for the August month’s high near 1.2295. It should be noted that the GBPUSD pair’s sustained trading beyond the 1.2300 round figure should give a free hand to bulls targeting the mid-2020 peak surrounding 1.2665, with 1.2405 likely acting as a buffer.
by MTradingGlobal
Bearish RSI divergence teases EURUSD sellers on a crucial dayAlthough the EURUSD pair is all set to register the biggest monthly gain since September 2010, a bearish RSI divergence on the Daily chart challenges the quote’s further upside as traders await Eurozone inflation and a speech from Fed Chair Jerome Powell. The price-negative signal could be known when the quote makes higher highs but the oscillator, RSI (14) in this case, prints lower tops. Also raising doubts about the pair’s further upside is its repeated failures to stay successfully beyond the 200-DMA, currently around 1.0380. It’s worth noting, however, that a fresh high of the monthly, close to 1.0500 at the latest, could reject the bearish divergence in case the RSI ticks up beyond the latest peak surrounding 60.40. Even so, the highs marked during late June near 1.0615 will precede the June month’s top of 1.0773 to test the bulls before allowing them to challenge May’s peak of 1.0786. Meanwhile, the previous weekly low close to 1.0220 seems to lure the short-term sellers of the EURUSD pair. Following that, September’s high near 1.0195 could act as the last defense of the buyers before directing the prices towards October’s top of 1.0088. In a case where the quote remains bearish past 1.0088, the parity level will precede the early September swing low around 0.9865 to please the bears. Overall, EURUSD bulls are running out of steam as they brace for the key data/events.
by MTradingGlobal
Bull flag keeps USDCAD buyers hopefulUSDCAD grinds lower inside a bullish chart pattern. That said, the 50-DMA hurdle surrounding 1.3570 guards the Loonie pair’s immediate upside before highlighting the flag’s upper line, around 1.3620. In a case where the quote rises past 1.3620, the odds favoring a run-up toward the monthly high of 1.3976 and then to the 1.4000 psychological magnet can’t be ruled out. Following that, the theoretical run-up challenging the previous peaks marked in 2020 and 2016, near 1.4670, could be expected. Meanwhile, the 50% Fibonacci retracement level of June-October upside, near 1.3250, could restrict short-term USDCAD downside ahead of the tops marked in July and early September, near 1.3220 and 1.3210 in that order. Should the quote drops below 1.3210, the 1.3200 round figure will precede the stated flag’s bottom line, surrounding 1.3115, to challenge the pair’s further downside. It’s worth noting, however, that the bear’s dominance past 1.3115 won’t hesitate to recall August month’s low of 1.2727 to the chart.
by MTradingGlobal
Gold buyers are all set to revisit $1,787Gold pierces 50-SMA as it braces for the weekly gains with a four-day uptrend. The upside momentum also gains support from the MACD and RSI indicators and portrays a nice bounce off the previous monthly peak. With this, the yellow metal is set for refreshing the monthly peak surrounding $1,787. In that case, the $1,800 threshold gains major attention ahead of August month’s high near $1,808. It’s worth noting that the bullion’s successful run-up beyond $1,808 enables the bulls to retake control and aim for June’s top surrounding $1,880. Alternatively, failure to stay beyond the 50-SMA level surrounding $1,756 could drag gold prices towards the seven-week-old resistance-turned-support that also encompasses the 100-SMA around $1,730-28. Should the precious metal fail to bounce the key support zone, the 50% Fibonacci retracement level of its September-November upside, near the $1,700 round figure, could act as the last defense for buyers. It should be observed that the quote’s weakness past $1,700 won’t hesitate to recall $1,680 on the chart. To sum up, gold buyers are all in to refresh the monthly high.
OANDA:XAUUSD
by MTradingGlobal