EURUSD stays within a three-month-old bearish trend channel despite rising the most in October the previous day. Adding strength to the bearish bias is the looming bear cross between the 100-day SMA and the 200-day SMA, as well as the steady RSI (14) line. However, three-week-long horizontal support surrounding 1.0500 joins the bullish MACD signals to restrict the...
Gold Price reverses the post-US inflation retreat from a two-week high as market players await more consumer-centric details on early Friday. In doing so, the XAUUSD bounces off 100-SMA and justifies the firmer RSI (14) line. However, bearish MACD signals will join a two-month-old horizontal resistance area surrounding $1,880-85 to provide a tough fight to the...
GBPUSD seesaws at a three-week high ahead of the UK data dump, probing a six-day winning streak. However, the RSI (14) line steadies near the overbought region and joins a looming bear cross on the MACD to suggest that the bulls are running out of steam. With this, a pullback towards the late September swing high of around 1.2270 becomes imminent but a convergence...
EURUSD bulls struggle at a weekly high while waiting for inflation clues from Germany and the US, as well as the Fed Minutes, on Wednesday. That said, an upside break of the 21-day SMA and bullish oscillators keep Euro buyers hopeful. However, a three-month-old falling resistance line and a horizontal region comprising multiple levels marked since late May, around...
EURUSD stays defensive within a short-term bearish chart pattern after recovering from the Year-To-Date (YTD) low in the last two consecutive days. The corrective bounce also crossed a two-week-long falling resistance line and gains support from the bullish MACD signals, as well as the upbeat RSI (14) conditions, to suggest the Euro pair’s further advances....
GBPUSD remains pressured at the lowest level in seven months, reversing the previous week’s corrective bounce, as the Cable traders await final prints of the UK S&P Global/CIPS PMIs for September. It’s worth noting that a clear downside break of an eight-month-old horizontal support zone joins the bearish MACD signals to keep the Pound Sterling bears hopeful....
AUDUSD holds lower grounds near 0.6335, close to the yearly low marked last week, after the Reserve Bank of Australia (RBA) left its cash rate unchanged as expected. It’s worth noting that the RBA Rate Statement appeared a bit dovish and hence allowed the Aussie bears to keep the reins, especially amid a broadly firmer US Dollar. Additionally, the bearish MACD...
USDJPY extends Friday’s rebound from the nine-week-old rising support line while printing the fresh high of the year 2023. It’s worth noting, however, that the overbought RSI (14) line and lackluster MACD signals suggest hardships for the pair buyers moving forward. Also challenging the upside is the 150.00 psychological magnet and a seven-month-old ascending...
EURUSD pares weekly losses ahead of the key inflation data from the Eurozone and the US. In doing so, the Euro pair rebounds from horizontal support comprising lows marked since November 2022, around 1.0485-80, as the RSI (14) takes a U-turn from the oversold territory. The same joins the looming bull cross on the MACD to direct the pair towards the nine-month-old...
Gold licks its wounds at the lowest level in more than six months after falling the most since late July the previous day. Although the oversold RSI prods the XAUUSD sellers, the bearish MACD signals, a clear downside break of the previous key support line stretched from February and a death cross on the daily chart together suggest further downside of the...
AUDUSD breaks a three-week-old rising support line even as Australia’s Monthly Consumer Price Index (CPI) matches upbeat market forecasts for August with 5.2% YoY figures. The trend line breakdown joins bearish MACD signals to keep the Aussie pair sellers hopeful. However, the RSI (14) line is approaching the oversold territory and hence suggests a limited room...
GBPUSD stays depressed at the six-month low even as bears struggle with a horizontal area comprising multiple levels marked since early February. Also challenging the downside bias is the oversold RSI (14) line. With this, a corrective bounce toward May’s bottom of around 1.2310 can be witnessed. However, the 200-SMA on the daily chart, around 1.2435 at the...
USDJPY stays defensive at an 11-month high, losing upside momentum after a three-week winning streak, as market players await this week’s key Japan inflation data, as well as the US Durable Goods Orders. Also, sluggish RSI (14) line and MACD signals add restrictions to moves and challenge the Yen pair buyers. Furthermore, a rising wedge bearish chart formation...
Gold price bounces off a one-week-old rising support line, as well as the 200-SMA, within a symmetrical triangle comprising levels marked since late July. Given the near-50.0 levels of the RSI and the impending bull cross on the MACD, the XAUUSD is likely to extend the latest rebound. The same highlights the 50% Fibonacci retracement of its July-August downside,...
GBPUSD renews a 5.5-month low while extending the previous week’s downside break of the 200-day SMA, as well as drilling the 61.8% Fibonacci retracement of March-July upside. In doing so, the Cable pair ignores the oversold RSI (14) line while taking clues from the bearish MACD signals, which in turn suggests limited downside room for the Pound Sterling. As a...
EURUSD fades bounce off an ascending support line stretched from early January as market players brace for the US Federal Reserve (Fed) monetary policy announcements on Wednesday. It’s worth noting, however, that the RSI (14) line is nearly oversold and the MACD flags bull cross, which in turn favors the Euro pair’s sustained trading beyond the stated support...
USDCAD stays pressured at the lowest level in a month after breaking a six-week-old horizontal support. Adding strength to the downside bias is the Loonie pair’s sustained trading below the 200-SMA. However, the nearly oversold RSI (14) line and sluggish MACD signals prod the bears, which in turn highlights a two-month-old ascending support line, close to 1.3430...
USDJPY defends a two-week uptrend within an ascending trend channel established since early March. In doing so, the Yen pair stays near an upper limit of the stated channel, recently wobbling between the 21-day SMA and a one-month-long resistance line. It’s worth noting that the RSI (14) line suggests the bullish exhaustion while the MACD also lacks directional...
