USDJPY reverses the first weekly loss in five while printing mild gains around 150.50 early Tuesday. In doing so, the Yen pair seesaws near a three-week-old horizontal resistance surrounding 150.90-151.00. It’s worth noting that the lackluster RSI and sluggish MACD signals suggest further grinding of the quote below the stated key resistance. The bearish momentum,...
EURUSD stays defensive around 1.0820 as it rebounds from the 50% Fibonacci ratio of the October-December 2023 upside. In doing so, the Euro pair prints the first daily gain in four while approaching the 200-SMA resistance surrounding 1.0830. Not only the 200-SMA but the 50-SMA level of around 1.0870 also challenges the pair buyers. Following that, the lat January...
The price of spot Gold (XAUUSD) defends the previous day’s rebound from a weekly low despite lacking momentum around $2,035 early Thursday. In doing so, the yellow metal portrays the market’s anxiety ahead of the US Federal Reserve’s (Fed) preferred inflation gauge, namely the US Core Personal Consumption Expenditure (PCE) Price Index. It should be noted that the...
NZDUSD marks the biggest daily loss in two weeks as the Reserve Bank of New Zealand (RBNZ) announces monetary policy decision. That said, the RBNZ not only pushed back the concerns about rate hikes while keeping the practices unchanged but Governor Adrian Orr signaled the end of the rate hike trajectory in his press conference and drowned the New Zealand Dollar...
USDJPY rose in the last four consecutive weeks even if the US Dollar Index (DXY) snapped a five-week uptrend, amid an increase in the near-term US Treasury bond yields and chatters about a delay in the Bank of Japan’s (BoJ) delay in ending the ultra lose monetary policy. It’s worth noting, however, that the technical signals are against the Yen pair buyers as the...
EURUSD seesaws between a one-week-old rising support line and the 200-SMA resistance after rising to a three-week high the previous day. In doing so, the Euro pair portrays the market’s indecision ahead of the second-tier German statistics. Even so, the major currency pair is on the way to posting the biggest weekly gain in 2024. That said, the sluggish MACD...
Gold price remains firmer for the fifth consecutive day while extending the previous week’s rebound from the 100-SMA within a nine-week-old bearish trend channel. In doing so, the XAUUSD buyers prod the 50-SMA upside hurdle while keeping eyes on the Federal Open Market Committee (FOMC) Meeting Minutes, up for publishing late Wednesday. Given the quote’s sustained...
USDCAD prints a three-day winning streak despite mildly bid Oil price, bracing for the monthly Canada inflation numbers within a seven-week-old rising wedge bearish chart formation. In doing so, the Loonie pair extends last week’s rebound from a 200-bar Exponential Moving Average (EMA) backed by the price-positive RSI conditions and a looming bull cross on the...
USDJPY snaps a two-day losing streak early Friday while challenging the previous day’s rising wedge bearish chart pattern’s confirmation. In doing so, the Yen pair justifies an upbeat RSI (14) line, as well as an impending bull cross on the MACD. It’s worth noting, however, that a clear upside break of 150.50 support-turned-resistance becomes necessary to defy the...
EURUSD struggles to defend the previous day’s corrective bounce from a three-month low early Thursday. In doing so, the Euro pair seesaws around the key 1.0730-20 support zone comprising levels marked since early November. It’s worth noting that the RSI (14) line’s gradual recovery from the oversold territory joins the bearish MACD signals and the early February’s...
GBPUSD licks its wounds around 1.2600 early Wednesday as traders await the UK inflation clues for January. That said, the Cable pair marked a stellar move the previous day, initially rising to a seven-day high before posting the biggest daily loss in a week while reversing from the 50-bar Exponential Moving Average (EMA). It should be noted that Tuesday’s reversal...
Gold price stays pressured for the fifth consecutive day, licking its wounds around $2,018 early Tuesday, as traders brace for the all-important US Consumer Price Index (CPI) data for January, scheduled for release later in the day. In doing so, the XAUUSD justifies the previous day’s downside break of a two-month-old rising support line, now immediate resistance...
NZDUSD drops the most among the G10 currency pairs while reversing the previous weekly gains, the first in four, as market players show a lack of conviction in the hawkish speech from Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr. It’s worth noting that a long holiday season in China also allowed the Kiwi pair traders to consolidate the previous week’s...
GBPUSD snapped a two-day winning streak on Thursday while retreating from a previous support line stretched from November 22. It’s worth noting, however, that late Thursday’s corrective bounce in the Cable pair renewed bullish bias about the quote, especially amid the upbeat RSI conditions. With this, the support-turned-resistance line surrounding 1.2650...
Gold price fades bounce off a two-month-old rising support line, failing to cheer the US Dollar’s weakness, as the 200-SMA hurdle again challenges the metal buyers ahead of the second-tier employment clues from the US. Not only the 200-SMA resistance surrounding $2,040 and the pre-data anxiety, steady RSI and sluggish MACD signals also challenge the XAUUSD buyers....
On Tuesday, the USDJPY pair snapped a two-day winning streak while reversing from a 13-day-old horizontal resistance surrounding 148.80-90. The pullback move also justifies the upbeat RSI and bearish MACD signals. With this, the Yen pair is likely to decline further toward the 50-bar Exponential Moving Average (EMA) level of nearly 146.60. However, the 100-EMA of...
AUDUSD prints the first daily gain in three while bouncing off the lowest level since mid-November after the Reserve Bank of Australia (RBA) kept the benchmark rates unchanged. The corrective bounce also justified the RSI (14) line’s rebound from the oversold territory. However, the bearish MACD signals and the previous week’s confirmation of the...
EURUSD dropped to the lowest level in two months after Federal Reserve (Fed) Chairman Jerome Powell firmly pushed back the March rate cut. The same allowed the Euro pair to keep the previous day’s downside break of a 1.0810 support confluence comprising the 200-bar Exponential Moving Average (EMA) and a four-month-old rising trend line. Additionally keeping the...
