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GBPUSD keeps Fed-inflicted bearish consolidation ahead of BoEGBPUSD remains pressured within a six-week-old descending triangle as market players await the Bank of England’s (BoE) monetary policy announcements. In doing so, the Cable pair justifies the US Federal Reserve’s (Fed) hawkish halt, as well as expectations suggesting the BoE’s rate cut in 2024. It’s worth noting, however, that the 50-SMA level of 1.2670 and an ascending support line from late November, close to 1.2650 at the latest, offer intermediate supports to the Cable pair within the aforementioned triangle, currently between 1.2600 and 1.2750. Apart from the triangle in play, the 200-SMA surrounding 1.2560 acts as an extra filter toward the south. Meanwhile, an upside clearance of the stated triangle’s top line, near 1.2750 by the press time, will quickly propel the Pound Sterling toward the previous monthly high of around 1.2830. Following that, the late July peak of 1.3000 will act as the final defense of the GBPUSD bears, a break that won’t hesitate to fuel the prices toward the year 2023 high of near 1.3145. Overall, the BoE is likely to keep the interest rate unchanged but the tone of the British central bank isn’t expected to maintain the optimism like the US Federal Reserve (Fed), which in turn will weigh on the GBPUSD pair unless witnessing a surprise.
by MTradingGlobal
EURUSD tests falling wedge ahead of Eurozone GDPEURUSD stays pressured within a three-week-old falling wedge bullish chart formation as the pair traders await the first readings of German and the Eurozone Gross Domestic Product (GDP) for Q4 2024 early Tuesday. In doing so, the quote fades the previous day’s corrective bounce off the stated pattern’s bottom line while portraying a third consecutive weekly loss so far. It’s worth noting, however, that the recently downbeat RSI and MACD signals suggest weakness in the bearish trend and hence a quick run-up on the upbeat prints of GDP can’t be ruled out. In that case, the previous support line stretched from early November, now resistance around 1.0880, will restrict the immediate upside of the Euro pair. Following that, the falling wedge’s top line surrounding 1.0900 and the 200-SMA level of 1.0935 will be crucial to watch as the final battle points for the bears before giving control to the buyers. Alternatively, the aforementioned wedge’s lower line of around 1.0800 puts a floor under the EURUSD price. Following that, the 61.8% Fibonacci retracement of the November-December upside, near 1.0760, will precede the 78.6% Fibonacci ratio surrounding 1.0650 to act as the last defense of the pair buyers. In a case where the quote remains bearish past 1.0650, the pair’s lows marked in November and October, respectively near 1.0515 and 1.0450, will lure the sellers. To sum up, EURUSD portrays a bullish chart formation ahead of the bloc’s key growth data.
by MTradingGlobal
USDJPY lures bears as FOMC, NFP week beginsUSDJPY makes rounds to 148.00 early Monday as the key week comprising the Federal Reserve (Fed) monetary policy meeting and the US employment report begins. That said, the Yen pain snapped a three-week uptrend in the last while fading the bounce within a three-week-old triangle. While the hawkish hopes from the Fed and likely firmer prints of the US job numbers seem to tease the US Dollar bulls, hopes of the Bank of Japan’s (BoJ) exit from ultra-easy policy and positioning for the US data/events lure sellers. It’s worth noting, however, that the 50-bar Exponential Moving Average (EMA) and the aforementioned triangle’s bottom line, respectively near 147.50 and 147.35, could test the bears before welcoming them. Even so, the 200-EMA level of around 146.10, quickly followed by the 146.00 round figure, will act as the final defense of the buyers. Meanwhile, a one-week-old descending resistance line surrounding 148.50 guards immediate recovery of the USDJPY pair. Following that, the previously stated triangle’s top line, near 149.30 by the press time, will be important to watch for the quote’s further upside. In a case where the Yen pair buyers keep the reins past 149.30, the 150.00 threshold and November’s peak of around 151.90 are likely to gain the market’s attention. Overall, the USDJPY pair buyers lack momentum as the top-tier US data/events loom.
by MTradingGlobal
Gold bounces off key support line ahead of Fed InflationGold price stays defensive near $2,022 as bulls await the key US data to extend the previous day’s rebound from a six-week-old rising support line. That said, the US Core PCE Price Index, also known as the Fed’s preferred inflation gauge, gains additional importance this time amid reducing market bets on the US central bank’s delayed rate cuts. Should the inflation figures fail to justify the recent hawkish Fed bias, the US Dollar will reverse the gains while allowing the XAUUSD to extend Thursday’s recovery toward the $2,035-36 resistance confluence comprising the 21-SMA and a one-month-old bearish channel’s top line. Following that, $2,063 and $2,090 are likely strong challenges for the metal buyers before targeting the previous yearly top marked in December at around $2,148. On the flip side, the aforementioned support line stretched from early December, close to $2,010 by the press time, restricts the short-term downside of the Gold Price. In a case where the quote drops below $2,010, the previously stated bearish channel’s bottom line surrounding $1,988 will be crucial to watch. In a case where the XAUUSD remains bearish past $1,988, a convergence of the 100-SMA and 50% Fibonacci ratio of the metal’s October-December upside, near $1,975, closely followed by the previous monthly low of near $1,973, will be the final defenses of the buyers before giving control to the bullion bears. Overall, the steady RSI and the metal’s recovery despite the US Dollar lure buyers ahead of important US inflation data for December.
OANDA:XAUUSD
by MTradingGlobal
EURUSD fades bounce off 11-week-old support on ECB dayWith the US Dollar’s failure to cheer upbeat PMI details, the EURUSD pair managed to rebound from an upward-sloping support line from early November, especially when the activity data from Germany and the Eurozone came in positive. The recovery moves, however, failed to cross the 50-SMA hurdle on a daily closing basis and tease sellers ahead of the all-important monetary policy meeting of the European Central Bank (ECB). While the bloc’s central bank is likely to keep the monetary policy unchanged, the focus will be on the signals for future rate cuts as market players expect the first rate cut before June but the policymakers appeared hesitant for the same of late. That said, any hawkish clues will allow the Euro pair to cross the immediate upside hurdle, namely the 50-SMA hurdle surrounding 1.0920. However, the support-turned-resistance line stretched from November 01, close to 1.0985 at the latest, will precede the 1.1000 psychological magnet to challenge the pair buyers before giving them control. Meanwhile, the downbeat RSI conditions and the limited odds of favoring the ECB hawks suggest further weakening of the pair. The same highlights the aforementioned nine-week-old ascending trend line support line, near 1.0830 by the press time. It’s worth noting that the monthly low of 1.0820 and the previous monthly low of around 1.0720 will act as additional downside filters before a smooth sailing toward the late October swing high of near 1.0700.
by MTradingGlobal
“Double Doji” lures big-time NZDUSD bulls as key week beginsNZDUSD edges higher past 0.6100 while defending the rebound from 200-SMA during early hours of the key week comprising New Zealand (NZ) Consumer Price Index (CPI) and the US PMIs for January. In doing so, the Kiwi pair also justifies the “Double Doji” bullish candlestick formation to consolidate the biggest weekly loss in six months. Additionally favoring the bullish bias is the RSI (14) line’s rebound from nearly oversold conditions and receding bearish bias of the MACD signals. It’s worth noting, however, that a daily closing beyond 0.6140 becomes necessary to confirm the bullish candlestick pattern. In that case, a convergence of a three-week-old falling resistance line and 23.6% Fibonacci retracement of October-December 2023 upside, near 0.6230, will gain the market’s attention ahead of the late 2023 peak surrounding 0.6370. On the flip side, the 200-SMA level of 0.6090 restricts immediate downside of the NZDUSD pair. Following that, the 50% and 61.8% Fibonacci ratios could test the Kiwi pair bears around 0.6070 and 0.6000 respectively. If at all the NZ inflation fails to inspire the pair buyers and/or the US data came in too strong and pushes back the dovish Fed concerns, the sellers won’t hesitate to target the mid-November 2023 bottom of near 0.5860 before aiming for the previous yearly low of around 0.5770. Overall, NZDUSD pair’s recovery appears overdue but the fundamentals need to back the upside and hence bulls should remain cautious.
by MTradingGlobal
Gold price recovery lacks momentum within bearish channelGold price lacks clear directions after bouncing off the lowest level in five weeks, as well as snapped a two-day losing streak, the previous day. That said, the previous support line stretched from early November guards the immediate upside of the XAUUSD around $2,022. As the RSI (14) line’s recovery joins the impending bulls cross on the MACD to back the precious metal’s rebound, the quote is likely to surpass the nearby hurdle surrounding $2,022. However, the 200-SMA and the top line of a three-week-old bearish channel, respectively near $2,037 and $2,051, will challenge the bullion buyers afterward. In a case where the prices remain firmer past $2,051, the odds of witnessing a quick rally toward the $2,090 horizontal resistance region can’t be ruled out. Meanwhile, the 61.8% Fibonacci ratio of the metal’s November-December upside, near $2,015, restricts nearby declines in the Gold price. Following that, the aforementioned channel’s bottom line, close to the $2,000 psychological magnet, will precede the previous monthly low of around $1,973 to act as the final defense of the buyers. Should the XAUUSD remain bearish past $1,973, the downside momentum will aim for November’s bottom surrounding $1,930. Overall, the XAUUSD remains bearish unless it manages to defy the descending trend channel formation backed by the downbeat US Dollar.
OANDA:XAUUSD
by MTradingGlobal
EURUSD rebound needs validation from 1.0940 to convince bullsEURUSD extends recovery from a five-week low while defending the previous day’s bounce off a one-month-old falling wedge’s bottom line. The Euro pair’s recovery also traces the RSI (14) line, as well as justifies the impending bull cross on the MACD indicator, which in turn suggests further advances of the major currency pair. However, the 200-SMA hurdle surrounding 1.0920 guards the immediate upside of the quote. Following that, an ascending resistance line stretched from early November, previous support near 1.0940, will join the top line of an aforementioned bullish chart pattern, namely the falling wedge, to challenge the buyers. In a case where the pair remains firmer past 1.0940, the 1.1010-15 region and the previous monthly high of near 1.1140 could act as intermediate halts during the run-up towards the theoretical target of the falling wedge, close to 1.1240 On the flip side, EURUSD sellers remain off the table unless they witness a clear rejection of the falling wedge chart pattern, via a downside break of the stated formation’s bottom line surrounding 1.0840. In that case, the early November swing high and the previous monthly low, respectively near 1.0755 and 1.0720, will lure the Euro bears. It should be noted that the quote’ sustained weakness past 1.0720 will make it vulnerable to slump toward October 2023 bottom near 1.0450. To sum up, EURUSD pares recent losses but the bulls are far from taking control.
by MTradingGlobal
GBPUSD bears approach key supports as UK, US data loomGBPUSD remains pressured at the lowest level in eight days after breaking a five-week-long trend line support the previous day. Apart from the support break, bearish MACD signals and an absence of oversold RSI also keep the Cable sellers hopeful. With this, the quote’s further downside toward the 1.2600 support confluence, comprising a 50% Fibonacci retracement of July-October downside and 50-SMA, appears imminent. However, the 200-SMA level surrounding 1.2545 appears a tough nut to crack for the Pound Sterling sellers, a break of which will make the pair vulnerable to slump toward the 1.2330-20 support zone comprising multiple levels marked since late May 2023. Alternatively, the GBPUSD pair’s corrective bounce needs validation from the aforementioned previous support line, close to 1.2665 at the latest, to convince the short-term buyers. Following that, a 5.5-month-old horizontal resistance area near 1.2790, quickly followed by the 1.2800 threshold, will test the quote’s further upside. In a case where the Cable buyers manage to keep the reins past 1.2800, the 11-week-long support-turned-resistance near 1.2890 and the 1.2900 round figure will be the last defense of the Pound Sterling sellers. Apart from the bearish technical signals, the comparative economic pessimism surrounding the UK and recent hawkish bias about the Federal Reserve (Fed) also keeps the GBPUSD sellers hopeful as the UK inflation and the US Retail Sales loom.
by MTradingGlobal
EURUSD bulls remain unconvinced despite recent reboundEURUSD remains mildly bid within a 10-week-old bullish channel as market players seek more clues to justify the previous day’s strong US inflation report, as well as comforting comments from ECB President Christine Lagarde. That said, the 21-SMA and Thursday’s Doji prods the Euro bulls amid bearish MACD signals. Even if the pair buyers manage to cross the 1.0985 immediate SMA hurdle, November’s peak of around 1.1020 and the previous monthly high surrounding 1.1140 will test the upside momentum. Following that, the aforementioned channel’s top line, close to 1.1220 at the latest, will act as a tough nut to crack for the buyers. Alternatively, the EURUSD pullback needs to defy the bullish channel formation by slipping beneath the 1.0910 support to convince sellers. Even so, the 200-SMA support of 1.0845 can challenge the Euro bears before giving them control. In that case, December’s bottom of 1.0723 and October’s peak of near 1.0700 will be the final defenses of the buyers ahead of directing prices toward the yearly low marked in October around 1.0450. Overall, EURUSD manages to consolidate the previous weekly loss and defends the bullish chart formation but the recovery appears fishy and hence needs confirmation from 21-SMA.
by MTradingGlobal
Gold sellers need validation from $2,017 and US CPIGold price remains on the back foot for the second consecutive week, so far, as traders await the key US inflation data, namely the Consumer Price Index (CPI) figures for December. That said, the precious metal’s sustained trading beneath crucial Exponential Moving Averages (EMAs) and mostly steady RSI (14) line keeps the XAUUSD sellers hopeful. However, an upward-sloping trend line from early November, close to $2,017 by the press time, restricts the downside of the bullion. Should the quote manage to break the stated key support line, backed by upbeat US inflation numbers, the sellers can quickly aim for the previous monthly low of around $1,973. However, the $2,000 threshold may act as an intermediate halt. On the contrary, the Gold buyers need to portray a successful break beyond the 50-EMA and the 100-EMA convergence, near $2,040, to reclaim the market’s confidence. Even so, the downbeat US CPI and a sustained run-up beyond a five-week-old falling resistance line, close to $2,055 as we write, become necessary for the XAUUSD bulls. Following that, the previous monthly high of around $2,090 will be the last defense of the sellers before directing the quote toward the record high marked in 2023 surrounding $2,048. Overall, the Gold sellers are flexing muscles but the metal’s downside move hinges on a $2,017 break and the US CPI.
OANDA:XAUUSD
by MTradingGlobal
AUDUSD lures bears amid softer Aussie inflation, 0.6670 eyedAUDUSD struggles to defend the bounce from a two-month-old rising support line and the 200-SMA amid softer Australia Consumer Price Index (CPI) data. Also attracting offers for the Aussie pair is the risk-off mood and an impending death cross on the four-hour chart, a bearish moving average crossover between the 50-SMA and the 100-SMA. It’s worth noting, however, that the RSI and MACD suggest a slower grind to the south. That said, the aforementioned trend line stretched from early November and the 200-SMA, around 0.6685-75 at the latest, appears crucial for the pair sellers, a clear break of which will help bears to aim for early December peaks surrounding 0.6620. Following that, an eight-week-old horizontal support area near 0.6540-45 will be the last defense of the buyers. Meanwhile, a convergence of the 50-SMA and the 100-SMA, close to 0.6750-60 at the latest, guards the immediate upside of the AUDUSD pair. Should the quote remain firmer past 0.6760, the previous monthly high of around 0.6870 and the mid-2023 peaks near 0.6900 could test the Aussie pair buyers ahead of the 0.7000 psychological magnet and last year’s top of 0.7157. Overall, the AUDUSD buyers appear running out of steam but the bears need validation from 0.6670 to enter the ring.
by MTradingGlobal
USDJPY extends pullback from key EMA confluence below 144.00USDJPY drops half a percent to 143.55 during the early hours of Tuesday’s Asian session. In doing so, the Yen pair extends Friday’s retreats from a convergence of the 100-bar Exponential Moving Average (EMA) and the 50-EMA. Adding strength to the downside pressure is the Doji candlestick on the top and the absence of an oversold RSI (14) line, not to forget the sluggish MACD. With this, the sellers appear set to approach the 61.8% Fibonacci retracement of July-November upside, near 142.90. Following that, the previous monthly low and the 78.6% Fibonacci ratio around 140.40 and the 140.00 threshold will challenge the bears before directing them to the mid-2023 bottom surrounding 137.35. On the flip side, the aforementioned EMA convergence stops the USDJPY buyers’ entry near 145.50-60. Also acting as a short-term upside filter is the stated Doji candlestick’s peak of around 146.00. In a case where the Yen pair manages to stay firmer past 146.00, the 23.6% Fibonacci ratio of near 148.40 will act as the final defense of the sellers, a break of which won’t hesitate to direct buyers toward the previous yearly peak of 151.90. Overall, the USDJPY pair is likely to extend the latest downside, at least until Wednesday’s US inflation data comes out.
by MTradingGlobal
GBPUSD fades bounce off 200-SMA after three-week uptrendGBPUSD prints mild losses around 1.2700 early Monday, after snapping a three-week uptrend in the last. In doing so, the Cable pair justifies the previous week’s downside break of a two-month-old rising support line, now immediate resistance around 1.2765, as well as fades the bounce off a 200-SMA level surrounding 1.2635. However, the upbeat conditions of the RSI (14) line and the bullish MACD signals keep the buyers hopeful unless the quote slips beneath the stated key SMA, a break of which could quickly drag the quote toward December’s low of 1.2500. It should be noted that the Pound Sterling’s weakness past 1.2500 will have the 61.8% Fibonacci retracement level of near 1.2375 as the last defense of the buyers. On the flip side, the GBPUSD pair buyers can regain control by crossing the support-turned-resistance line of around 1.2765. Following that, the recent peak surrounding 1.2830 and an ascending trend line from late November, close to 1.2860 at the latest, could check the Pound Sterling’s upside momentum ahead of directing the bulls toward the 1.3000 psychological magnet. Should the quote remain firmer past the 1.3000 threshold, the previous yearly high of nearly 1.3145 will be in the spotlight. To sum up, the GBPUSD pair buyers are likely losing control the sellers need validation from the 200-SMA breakdown to retake control.
by MTradingGlobal
Gold eyes first weekly loss in four ahead of NFP, $2,010 eyedGold price stays defensive while keeping the previous day’s recovery within a seven-week-old ascending triangle, floating above 100-SMA during early Friday. In doing so, XAUUSD braces for the first weekly loss in four. However, a steady RSI (14) line and an impending bull cross on the MACD suggest a continuation of the latest rebound, which in turn highlights a one-week-old falling resistance line, around $2,067 at the latest. Following that, the $2,090 level comprising the stated triangle’s top line will be crucial to watch as the metal’s sustained trading beyond the same will allow the metal buyers to challenge the all-time high marked during late 2023. On the contrary, the 100-SMA level surrounding $2,040 restricts the immediate downside of the Gold Price. However, the XAUUSD sellers remain off that table unless the commodity slides beneath the aforementioned triangle’s bottom line, close to $2,010 at the latest. Should the quote remain bearish past $2,010, the $2,000 threshold may test the sellers before directing them to the previous monthly low of around $1,973. In a case where the bears keep the reins past $1,973, the mid-November swing low of nearly $1,931 should gain the market’s attention. Overall, the Gold price is likely to remain sluggish, slightly positive, but a surprise fall beneath the $2,010 won’t hesitate to welcome bears.
OANDA:XAUUSD
by MTradingGlobal
USDJPY defends falling wedge breakout above 143.00USDJPY remains dicey around 143.30 as traders await the key US employment clues early Thursday, after rising in the last two consecutive days. In doing so, the Yen pair floats above the 100-SMA while keeping the early week’s confirmation of a bullish chart formation, namely the falling wedge. It’s worth noting that the overbought RSI and cautious mood ahead of the key US data could have stopped the pair buyers. However, the falling wedge confirmation and bullish MACD signals join the 100-SMA breakout to suggest the quote’s further advances toward the mid-December swing high of around 145.00. Following that, the 200-SMA hurdle surrounding the 145.50 will be the last defense of the pair bears before giving to the bull, who in turn could aim for November’s bottom of nearly 146.70. Meanwhile, intraday selling can be witnessed on a downside break of the 100-SMA, close to the 143.00 threshold. In that case, the aforementioned wedge’s top line, around 141.20, will gain the USDJPY seller’s attention. Following that, the recent bottom of 140.25, the 140.00 psychological magnet and the wedge’s bottom line near 139.90 will act as the final stops for the bears before allowing them to aim for the late July swing low of around 138.00. Overall, the USDJPY pair is likely to reverse the late 2023 fall but the recovery needs validation from the US data and the 200-SMA.
by MTradingGlobal
EURUSD licks its wounds at fortnight-low ahead of Fed MinutesEURUSD dropped the most in three weeks on Tuesday after a downside break of an ascending trend line from mid-November and the 50-SMA. Adding strength to the downside bias are the bearish MACD signals. However, the nearly oversold RSI (14) line joins the 100-SMA support of 1.0935 to restrict short-term declines of the Euro pair. Even if the pair slides beneath 1.0935, the bottom line of a two-month-long bullish channel, close to 1.0840 at the latest, acts as the last defense of the pair buyers. Following that, the bears will be able to aim for the previous monthly low surrounding 1.0725. Meanwhile, the EURUSD pair’s recovery hinges on the quote’s ability to stay beyond the 1.1020-25 resistance confluence comprising the 50-SMA and previous support line stretched from December 18. In a case where the Euro bulls keep the reins past 1.1025, the previous monthly high near 1.1140 and the aforementioned channel’s top line, around 1.1160 by the press time, will gain the market’s attention ahead of the year 2023 peak surrounding 1.1275. Overall, the EURUSD pair is likely to recover unless the Fed Minutes bolster the US Dollar strength, which is least expected. It’s worth noting, however, that the upside room appears limited.
by MTradingGlobal
GBPUSD retreat appears elusive beyond 1.2650GBPUSD extends the late 2023 pullback from a five-month-old horizontal resistance area towards 1.2700 during early Tuesday. In doing so, the Cable pair justifies the RSI (14) line’s retreat from the overbought region, as well as the sluggish MACD signals. However, the bull cross on the SMA joins the quote’s sustained trading beyond an ascending trend line from November 01, close to 1.2650 at the latest, to keep the buyers hopeful. It’s worth noting that a clear downside break of 1.2650 will quickly drag prices to the 50-SMA support of 1.2490, a break of which will allow the 100-SMA level of 1.2450 to test the bears. On the flip side, GBPUSD buyers should remain cautious unless they witness a clear upside break of the aforementioned horizontal resistance area surrounding 1.2800-2820. Following that, the Pound Sterling buyers could aim for a late July swing high of near the 1.3000 psychological magnet. Although the RSI conditions are likely to test the bulls around the stated round figure, the pair’s successful trading beyond the same will easily surpass the year 2023 peak near 1.3145. Overall, the GBPUSD pair may witness further downside but the bears are less likely to retake control beyond 1.2650.
by MTradingGlobal
USDJPY stays pressured toward 141.00 on last trading day of 2023USDJPY fades the previous day’s corrective bounce off a five-month low amid sluggish markets on the final trading day of 2023. In doing so, the Yen pair extends the mid-week pullback from 200-SMA even as the oversold RSI (14) and the sluggish MACD signals challenge bears. Also putting a floor under the risk-barometer pair is a 50% Fibonacci retracement of the March-November upside, as well as May’s peak, surrounding 140.80. It’s worth noting, however, that the quote’s sustained trading below 140.80 makes it vulnerable to drop toward a broad horizontal support zone comprising levels marked since early March, between 137.90-70. Meanwhile, a corrective bounce could aim for the 200-SMA level of 143.00 whereas a seven-week-old descending trend line, close to 143.40 at the latest, will test the USDJPY buyers afterwards. Should the Yen pair manage to defend the recovery moves past 143.40, June’s peak of around 145.10 will be on the bull’s radar. Following that, a gradual run-up toward 148.00 and the 150.00 psychological magnet can’t be ruled out. Overall, the USDJPY pair appears bearish even if a corrective bounce appears imminent.
by MTradingGlobal
EURUSD justifies key resistance break at multi-day topEURUSD remains firmer at the highest level since late July while justifying the previous day’s upside break of a four-month-long previous key resistance line, now support around 1.1040. Adding strength to the upside bias are the bullish MACD signals and broad fundamental weakness of the US Dollar, especially amid the Fed rate cut concerns. The same suggests the quote’s further advances toward the late July swing high surrounding 1.1150 and then to 1.1200. It’s worth noting, however, that the overbought RSI (14) line and an upward-sloping trend line stretched from early February, close to 1.1260 by the press time, could challenge the Euro pair buyers afterward. In a case where the quote remains firmer past 1.1260, the odds of witnessing a fresh yearly high, currently around 1.1275-80, can’t be ruled out. On the contrary, the 78.6% Fibonacci retracement of the July-October downside near 1.1100 puts a floor under the EURUSD prices ahead of the resistance-turned-support line of around 1.1040. Following that, the 61.8% Fibonacci ratio and the late August peak, respectively near 1.0960 and 1.0945, will test the bears before giving them control. However, the pair buyers remain hopeful unless they witness a daily closing beneath the 1.0840 support confluence comprising the 200-SMA and an ascending trend line from early November. Overall, the EURUSD buyers are likely to keep the reins even if the upside room appears limited.
by MTradingGlobal
Gold price fades upside momentum within bullish channelGold price snaps a three-day winning streak within a fortnight-old rising trend channel while positing mild losses near $2,065 during early Wednesday. In doing so, the XAUUSD justifies the overbought RSI (14) line and the sluggish MACD signals. However, the pullback moves remain elusive unless breaking the $2,042-41 support confluence comprising the stated channel’s bottom line, 50-SMA and the early month’s peak. Following that, a quick fall toward the $2,000 psychological magnet appears imminent while the monthly low surrounding the 78.6% Fibonacci retracement of the November-December upside, near $1,977, will restrict the quote’s further downside. In a case where the bullion sellers keep control past $1,977, the previous monthly low of around $1,930 will be on their radars. Meanwhile, the previously stated bullish channel’s top line, close to $2,080 at the latest, challenges the Gold buyer’s re-entry ahead of the $2,100 round figure. It should be noted that the overbought RSI and sluggish MACD will join the $2,100 to offer a tough fight to the bulls afterward. However, the metal’s successful trading beyond the $2,100 will allow the XAUUSD bulls to cross the latest peak surrounding $2,150 while aiming for the $2,200 threshold. Overall, the Gold buyers are running out of steam and hence allow the XAUUSD to retreat. Even so, the precious metal’s bullish trend remains intact.
OANDA:XAUUSD
by MTradingGlobal
GBPUSD retreats within bullish pennant amid dicey marketsGBPUSD struggles to defend the previous weekly gains as bulls lack incentive amid Christmas and Boxing Day holidays in the UK. As a result, the Cable pair eases within a two-week-old bullish pennant. However, the upbeat RSI (14), not overbought, joins the bullish MACD signals to highlight the 1.2630 support confluence comprising 100-SMA and the stated pennant’s bottom line. Even if the quote defies the bullish chart pattern by breaking the 1.2630 key support, an ascending trend line from early November, around the 1.2600 threshold, precedes the 200-SMA surrounding 1.2545 to restrict the Pound Sterling pair’s further downside. Following that, the monthly low of around 1.2500 will act as the final defense of the buyers before giving control to the bears. Meanwhile, GBPUSD pair’s further upside needs validation from the bullish pennant formation, by successfully crossing the 1.2740 resistance. Also likely to challenge the Cable pair buyers is the latest peak of near 1.2800, as well as an ascending resistance line stretched from late November, close to 1.2830 by the press time. It’s worth noting that the quote’s sustained trading beyond 1.2830 allows the buyers to aim for the 1.3000 psychological magnet and then the yearly peak of near 1.3145. Overall, the GBPUSD bulls can ignore the latest pullback in the quote unless the price slips beneath 1.2500.
by MTradingGlobal
Is XAUUSD gone Bullish?Bullishness in gold is highly expected for several reasons: 1. It is the month of December, which has lower volume, making it susceptible to manipulation by institutions. 2. Fundamentals favoring XAUUSD, such as CPI and cuts in interest rates by the Fed, contribute to the expected bullishness. 3. The market has already reached a new high at 2148 and experienced a retracement to 1973. Gold is expected to come down to the 2000-2010 region, and from there, bullishness might continue. It needs a healthy retracement for a rally. Additionally, the 1889-1900 region also needs to be filled, which can be seen in the next year. If institutions have other plans, they will let us know soon! Stay updated!
OANDA:XAUUSDLong
by Nitin_15