EURUSD portrays a corrective bounce from the lowest level in a week, snapping a three-day losing streak, as traders await the first readings of the Eurozone and the US PMIs for May early Thursday. In doing so, the Euro pair also takes a U-turn from a convergence of the 100-SMA and previous resistance line stretched from late December 2023, close to 1.0810. The...
NZDUSD prints the biggest daily jump in more than a week, as well as snaps a two-day losing streak, on the Reserve Bank of New Zealand’s (RBNZ) hawkish halt. That said, the RBNZ held the benchmark rates unchanged, as expected, but upwardly revised the forward rate guidance. The same pushed back the rate cut and signaled expectations of a rate hike during the year....
USDJPY rises to the highest level in a week while crossing a downward-sloping resistance line from late April, now immediate support near 156.10, amid a four-day winning streak early Tuesday. In doing so, the Yen pair confirms an inverse head and shoulders bullish chart pattern by extending the previous week’s rebound from the 200-SMA. It’s worth noting that the...
GBPUSD struggles to extend the biggest weekly gains since early March while confronting a five-week-old horizontal resistance area surrounding 1.2700-2710 early Monday. In doing so, the Pound Sterling takes clues from the overbought RSI (14) and the sluggish MACD signals while hovering near the upper end of the one-month-old rising wedge bearish chart formation....
USDJPY jostles with a fortnight-old horizontal resistance as buyers turn cautious ahead of this week’s US inflation and the first readings of Japan’s Q1 2024 GDP. In doing so, the Yen pair struggles to extend the previous week’s recovery from the 50-SMA. That said, the near-50 RSI levels join the receding strength of the bearish MACD signals to suggest a...
EURUSD pares the biggest daily gains of the week while posting mild losses early Friday. Even so, the Euro pair remains on the way to posting a four-week uptrend as traders prepare for the European Central Bank (ECB) Monetary Policy Meeting Accounts, also known as the ECB Minutes, as well as the preliminary readings of the US UoM Consumer Sentiment Index and...
GBPUSD stays defensive at the lowest level in a week, snapping a two-day losing streak, as the pair traders await the Bank of England’s (BoE) Monetary Policy Announcements, as well as the quarterly monetary policy report that makes the day a “Super Thursday”. It’s worth noting that the 100-SMA puts a short-term trading floor under the prices near 1.2480,...
Gold price lacks bullish momentum despite staying positive on a weekly basis, after a two-week downtrend. While bearish MACD signals and a steady RSI (14) line suggest a continuation of the metal’s recent sideways performance, a one-month-old falling wedge bullish chart formation keeps the buyers hopeful. It’s worth noting that the 21-SMA resistance of $2,338 will...
On Tuesday, the Reserve Bank of Australia (RBA) kept its monetary policy unchanged, as expected, and dragged the AUDUSD pair back from an intraday high. With this, the Aussie pair defies Friday’s breakout of a four-month-old descending resistance line, terming it the “false breakout” or “fakeout”. In addition to the fakeout, the RSI’s retreat from the overbought...
USDJPY bounces off a one-month low to snap a three-day winning streak early Monday. In doing so, the Yen pair takes a U-turn from the 61.8% Fibonacci ratio of its March-April upside amid a nearly oversold RSI. Given the receding bearish strength of the MACD signals and the quote’s rebound from the key Fibonacci ratio, as well as the RSI (14) line’s recovery from...
Gold price brace for the second consecutive weekly loss despite downbeat US Dollar performance. In doing so, the precious metal seesaws between the 50-SMA and the 200-SMA while posting mild intraday losses within a two-week-old falling wedge bullish chart formation. That said, cautious sentiment ahead of the monthly US employment report and sluggish oscillators...
GBPUSD grinds higher past 50% Fibonacci retracement of October 2023 to March 2024 upside as traders await more clues about Friday’s US employment report for April. In doing so, the Pound Sterling extends the late April rebound from a 61.8% Fibonacci ratio surrounding 1.2365, also known as the golden Fibonacci ratio. That said, the bullish MACD signals and a steady...
EURUSD remains pressured at the lowest level in a week, extending the late April’s retreat from 20-SMA and a six-month-old support-turned-resistance, as traders await the US Federal Reserve (Fed) monetary policy announcements. The Euro pair’s weakness also takes clues from an impending bear cross on the MACD and an absence of oversold RSI conditions. With this,...
A mixed bag of Japan statistics triggered the USDJPY pair’s fresh run-up early Tuesday. In doing so, the Yen pair justifies mostly downbeat employment and activity data from the Asian major while reversing the previous day’s retreat from the highest level since 1990. Also favoring the upside bias are the bullish MACD signals and the quote’s U-turn from a...
AUDUSD remains on the front foot at the highest level in nearly a fortnight, after jumping the most on a week since December 2023, during the early hours of the key week comprising the monetary policy meeting of the US Federal Reserve (Fed) and the US monthly employment report. In doing so, the risk-barometer pair justifies the upside break of the 100-day...
USDJPY prints a three-day winning streak while rising to a fresh high since 1990 as it justifies the Bank of Japan’s (BoJ) dovish halt. That said, the BoJ kept its benchmark rates unchanged, as expected, but omitted the mention of bond buying operations which were anticipated to suggest the Japanese central bank’s hawkish turn. With this, the Yen pair pokes an...
Gold price portrays a four-day losing streak as market players brace for the first readings of the US first quarter (Q1) 2024 Gross Domestic Product (GDP). In doing so, the XAUUSD justifies the previous day’s downside break of a $2,324 support confluence, now resistance, comprising the 21-SMA and a two-month-old upward-sloping trend line. It’s worth noting that...
AUDUSD rises to the highest level in a week, up for the third consecutive day, as Australia Inflation numbers for March defend hawkish bias about the Reserve Bank of Australia (RBA) and underpin the Australian Dollar (AUD) strength. However, the overbought RSI could join the 200-SMA hurdle of 0.6535 to cap short-term upside of the Aussie pair. Following that, a...