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EURUSD fades bounce off key support line as full markets returnEURUSD lacks clear directions early Thursday after rising in the last three consecutive days. In doing so, the Euro pair fades Friday’s rebound from an upward-sloping support line stretched from October as sentiment dwindles amid the return of full markets after the previous day’s Juneteenth holiday in the US. Apart from the struggle to defend the recovery, bearish MACD signals and a downbeat RSI line also challenge the buyers. Apart from that, a fortnight-old descending resistance line surrounding 1.0765 and a convergence of the 100-day and 200-day Exponential Moving Average (EMA), near the 1.0800 threshold, stand tall to restrict the quote’s upside moves. In a case where the major currency pair remains firmer past 1.0800, the odds of witnessing a quick run-up toward the monthly high of 1.0916 can’t be ruled out. Alternatively, EURUSD sellers aim for the 61.8% Fibonacci retracement of the October-December 2023 run-up, close to 1.0710, as an immediate target ahead of revisiting the aforementioned multi-month-old support trend line surrounding 1.0670. It’s worth noting that the monthly low of around 1.0665 acts as an additional downside filter for the Euro before directing it to the yearly low of 1.0600 marked in April. Additionally, the 78.6% Fibonacci ratio of 1.0595 acts as the final defense of the buyers ahead of allowing the bears to challenge the late 2023 bottom of near 1.0450. Overall, EURUSD remains on the bear’s radar unless crossing 1.0800. However, downside room for the pair appears limited.
by MTradingGlobal
Gold price extends pullback from record high ahead of US NFPAfter rising for seven consecutive days, the spot Gold price (XAUUSD) witnessed a pullback from an all-time high and closed in the red. That said, the precious metal’s retreat remains intact early Friday as the US Dollar pares weekly losses ahead of the key US employment data, mainly the Nonfarm Payrolls (NFP). Technically, the XAUUSD justified overbought RSI conditions and sluggish MACD signals to ease from the record high. This suggests brighter chances of the bullion’s further pullback toward a one-month-old previous resistance line, close to $2,258 by the press time. However, the quote’s downside past $2,258 appears difficult as an ascending trend line from late February challenges the bears around $2,220. Even if the commodity price manages to break the $2,220 support line, the $2,200 threshold and a four-month-old horizontal region surrounding $2,141-50 will be tough nuts to crack for the bears before taking control. On the flip side, the Gold price rebound needs validation from the $2,300 threshold and downbeat prints from the US employment data. Following that, an upward-sloping resistance line from March 21, close to $2,313, will restrict further advances of the XAUUSD. It should be noted that the quote’s sustained run-up beyond $2,313 enables it to aim for the 78.6% and the 100% Fibonacci Extension (FE) levels of its February-March moves, near $2,345 and $2,398 respectively. Following that, the $2,400 will act as the final defense of the sellers. Overall, the Gold price remains bullish beyond $2,141 but a short-term pullback can’t be ruled out unless today’s US jobs report disappoints the US Dollar bulls.
OANDA:XAUUSD
by MTradingGlobal
EURUSD 4H ANALYSISFOREXCOM:EURUSD Hello traders , here is the full multi time frame analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. wait for more Smart Money to develop before taking any position . I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied... Keep trading Hustle hard Markets can be Unpredictable, research before trading. Disclaimer: This trade idea is based on Smart money concept and is for informational purposes only. Trading involves risks; seek professional advice before making any financial decisions. Informational only!!!!
Long
by Phinics
Gold buyers attack 50-SMA with eyes on Fed MinutesGold 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 rebound from the key SMA, backed by the upbeat RSI (14) line and the bullish MACD signals, the price is more likely to cross the immediate hurdle surrounding $2,030, which in turn will allow buyers to aim for the aforementioned channel’s top line of near $2,052. However, a clear rejection of the bearish chart pattern, via sustained trading past $2,052, will open doors for the metal’s run-up toward the monthly high of near $2,066 and then the late December peak of around $2,088. Meanwhile, hawkish Fed Minutes could derail the latest recovery momentum of the Gold price and drag it back toward the $2,000 psychological magnet. Though, the 100-SMA and bottom line of the previously stated channel, respectively near $1,997 and $1,986, would challenge the XAUUSD bears afterward. Should the quote remain bearish past $1,986, the late December swing low of around $1,973 will act as the final defense for the buyers before directing prices toward the November 2023 bottom surrounding $1,931. Overall, the Gold price is likely to remain firmer but the bearish chart pattern and looming threat to the commodity bulls from the FOMC Minutes challenges the hopes of witnessing more upside.
OANDA:XAUUSD
by MTradingGlobal
USDCAD rises within rising wedge ahead of Canada inflationUSDCAD 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 MACD. With this, the quote is likely to extend the latest run-up toward a month-long horizontal resistance surrounding 1.3535-40. Following that, the stated wedge’s top line, close to the 1.3600 threshold, will be in the spotlight. In a case where the pair price remains firmer past 1.3600, it defies the bearish chart pattern and enables the buyers to aim for the late 2023 highs. Meanwhile, a convergence of the 200-EMA and the aforementioned rising wedge’s lower line, near 1.3465 by the press time, puts a floor under the USDCAD price. Should the quote break the stated key support, it confirms the bearish chart formation and highlights a theoretical target of 1.3050. However, lows marked during late January and December, around 1.3360 and 1.3180 respectively, could test the Loonie pair bears during the fall past 1.3465. Additionally acting as a downside filter is the 1.3000 psychological magnet. Overall, the USDCAD is likely to extend its recent run-up within a bearish chart formation unless today’s Canada data and the latest increase in Oil price, Canada’s key export, propel the Canadian Dollar (CAD).
by MTradingGlobal
USDCAD ShortFOREXCOM:USDCAD Hello traders , here is the full multi time frame analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. wait for more Smart Money to develop before taking any position . I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied... Keep trading Hustle hard Markets can be Unpredictable, research before trading. Disclaimer: This trade idea is based on Smart money concept and is for informational purposes only. Trading involves risks; seek professional advice before making any financial decisions. Informational only!!!!
Short
by Phinics
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
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
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 AnalysisFOREXCOM:EURUSD Hello traders , here is the full multi time frame analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. wait for more Smart Money to develop before taking any position . I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied... Keep trading Hustle hard Markets can be Unpredictable, research before trading. Disclaimer: This trade idea is based on Smart money concept and is for informational purposes only. Trading involves risks; seek professional advice before making any financial decisions. Informational only!!!!
Short
by Phinics
GBPUSDFOREXCOM:GBPUSD Hello traders , here is the full multi time frame analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. wait for more Smart Money to develop before taking any position . I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied... Keep trading Hustle hard Markets can be Unpredictable, research before trading. Disclaimer: This trade idea is based on Smart money concept and is for informational purposes only. Trading involves risks; seek professional advice before making any financial decisions. Informational only!!!!
Long
by Phinics
GBPAUD BuyFOREXCOM:GBPAUD Hello traders , here is the full multi time frame analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. wait for more Smart Money to develop before taking any position . I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied... Keep trading Hustle hard Markets can be Unpredictable, research before trading. Disclaimer: This trade idea is based on Smart money concept and is for informational purposes only. Trading involves risks; seek professional advice before making any financial decisions. Informational only!!!!
Long
by Phinics
EURUSD BuyFOREXCOM:EURUSD 15m Hello traders , here is the full multi time frame analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. wait for more Smart Money to develop before taking any position . I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied... Keep trading Hustle hard Markets can be Unpredictable, research before trading. Disclaimer: This trade idea is based on Smart money concept and is for informational purposes only. Trading involves risks; seek professional advice before making any financial decisions. Informational only!!!!
Long
by Phinics
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