Gold price appears well set to print the first weekly loss in three as it defends the previous Friday’s U-turn from a key resistance line below the important Exponential Moving Averages (EMAs). However, the 50-EMA pierces the 200-EMA from below and prints a “Golden Cross” bullish moving average crossover suggesting a corrective bounce in prices. Additionally, the...
EURUSD extends recovery from the 200-DMA, as well as an upside break of a fortnight-old descending resistance line, as markets await the Eurozone inflation data and the Fed’s favorite inflation gauge, namely the US Core PCE Price Index. That said, the looming bull cross on the MACD and upbeat RSI (14), not overbought, also keep the Euro buyers hopeful. However, a...
GBPUSD remains on the back foot while justifying a downside break of a 5.5-month-old rising support line and the 100-SMA. Also keeping the Cable bears hopeful are the bearish MACD signals. However, the nearly oversold RSI conditions suggest limited room towards the south, which in turn highlights the 200-SMA level of around 1.2400 as the key support. It’s worth...
USDJPY again flirts with the 78.6% Fibonacci retracement of the October 2022 to January 2023 downturn within a five-month-long bullish channel. Though, the overbought RSI (14) and looming bear cross on the MACD signal pullback of the Yen pair. That said, the tops marked in late June and early July join the 21-DMA to highlight the 144.60-50 zone as a short-term key...
AUDUSD bears ran out of steam during the sixth week of the downtrend by positing the slimmest losses since mid-July. Even so, the Aussie pair faded bounce off a downward-sloping support line from early March, not to forget staying beneath a six-week-long descending resistance line. It’s worth noting that the nearly oversold RSI and the impending bull cross on the...
After the trades on Friday, I modified my stance to 100% bearish. What other boon could I ask for when we had the opening 5mts better than expected? “The first target to take out will be the recent swing low of 19296. The next support comes at 19190.’ As soon as 19300 was taken out in the 2nd candle, my conviction for a bear rally was growing. But that did not...
A bullish triangle joins Thursday’s rebound to lure GBPUSD buyers as markets await the first estimates of the UK Q2 GDP. However, fears of recession and the 1.2815-25 resistance confluence restrict Cable prices. That said, a convergence of the 100-SMA and top line of a six-week-old descending triangle together constitute the 1.2800-05 key hurdle for the buyers....
EURUSD bears appear running out of steam during the fourth weekly loss as it grinds near the key support confluence within a five-month-old bullish channel ahead of the US inflation. In doing so, the Euro pair seesaws between a three-week-old falling resistance line and a confluence of the 100-DMA and a rising support line from November 2022, respectively near...
A clear downside break of the 10-month-old rising support line teases the AUDUSD bears as China releases mixed inflation data from July. Even so, an ascending trend line from early November 2022, close to 0.6470, could join the nearly oversold RSI to challenge the Aussie bears. Following that, a 78.6% Fibonacci retracement of October 2022 to February 2023 upside,...
Gold Price fades bounce off an upward-sloping support line from late February by retreating from the 50-DMA hurdle, around $1,945 by the press time. Adding strength to the downside bias are the bearish MACD signals and a downward-sloping RSI (14), not oversold. With this, the XAUUSD is likely to break the stated support line, around $1,925 by the press time....
USDJPY extended a pullback from a five-week-old horizontal resistance by slipping beneath monthly horizontal support and 200-SMA, despite the latest rebound, as markets sensed the Bank of Japan’s (BoJ) exit from the loose monetary policy and unimpressive US employment report. Also keeping the Yen sellers hopeful are the bearish MACD signals and downward-sloping...
EURUSD dropped in the last two consecutive weeks as it fades bounce off a two-month-old rising support line. The recovery previously gained support from the RSI’s rebound from the overbought territory, as well as the looming bull cross on the MACD. However, a convergence of the 50-SMA and a fortnight-long falling resistance line, close to 1.1100-1105 at the...
USDJPY appears well-set to reverse the previous weekly gains as it reverses from a three-week-old descending resistance line surrounding 141.00. Also adding strength to the downside bias could be the pair’s break of a fortnight-old support line’s break, as well as bearish MACD signals. However, the below 50.0 levels of the RSI challenges the Yen pair as US Dollar...
AUDUSD fades bounce off 200-EMA, reversing from a one-week-old falling resistance line, as Australian inflation and the Federal Reserve (Fed) Interest Rate Decision decorate the calendar. Given the downbeat oscillators, as well as the Aussie pair’s placement within a two-month-old bearish triangle, the quote stays on the seller’s radar. However, a clear downside...
EURUSD stays on the back foot ever since it reversed from a multi-month high the last week, despite the latest corrective bounce. The Euro pair’s south run also conquered the resistance-turned-support stretched from early February and gains support from the RSI’s pullback from overbought territory. Adding strength to the downside bias is the looming bear cross on...
Although the EURUSD is all set for the first weekly loss in four, despite refreshing the 17-month high, the buyers aren’t off the board as multiple supports stand tall to challenge the downside ahead of the key week comprising monetary policy meeting from the Fed and the ECB. That said, a three-month-old horizontal support area surrounding 1.1100-1090. Following...
GBPUSD extends pullback from a 15-month high, marked the last week, as it awaits the UK’s headline inflation data for June, per the Consumer Price Index (CPI) gauge. The pair previously cheered the US Dollar weakness to refresh the multi-month high before the fears of British recession weighed on the prices. The upside momentum also took clues from a clear break...
Gold price reverses the previous week’s retreat from an eight-week-old descending resistance line, grinding higher past the 100-bar Exponential Moving Average (EMA). However, the nearly overbought RSI (14) suggests another pullback from the aforementioned immediate resistance line, near $1,962 at the latest. With this, the XAUUSD is likely to break the immediate...