EURUSD remains above the top line of a three-month-long bullish after the Fed-inspired volatility. The nearly overbought RSI (14), however, suggests that the bulls are running out of steam of late. That said, the 100.0% Fibonacci Expansion (FE) of the pair’s moves between November 11, 2022, and January 06, 2023, close to 1.1045, appears immediate hurdle for the...
After pleasing buyers for six consecutive weeks, Gold prices are finally on the bear’s radar even after bouncing off $1,900 round figure the previus day. The rising wedge confirmation and bearish MACD signals do favor the metal sellers ahead of the key event. However, the downbeat RSI and a likely dovish rate hike challenge the downside bias. That said, a...
Despite rising nearly 300 pips following the Bank of Japan’s (BoJ) inaction, the USDJPY pair remains on the bear’s radar as it is yet to cross a four-month-long descending trend line resistance, around 131.10-15 by the press time. That said, the RSI’s rebound from the conditions also intraday buyers. It’s worth noting that the 50-DMA pierces the 200-DMA from above...
USDJPY is likely to end 2022 on a negative note, despite bracing for the biggest yearly run-up since 2013. However, the Yen pair portrays a bearish chart pattern, a bear flag on the four-hour play as traders keep their eyes on the Bank of Japan (BOJ). Given the downbeat oscillators and hawkish expectations from the BOJ, the bearish chart formation amplifies the...
Downbeat US inflation data propelled the EURUSD pair to the highest levels since June on Tuesday. However, the upper line of the one-month-old bullish channel, currently around 1.0670, probed the pair buyers at the multi-day top. Also challenging the Euro bulls is the overbought RSI conditions suggesting a pullback in prices. As a result, an upward-sloping trend...
AUDUSD grinds near a three-month high as the RBA lifts benchmark interest rate by 0.25%, as expected. Given the RSI pullback from the overbought conditions, a monthly resistance line near 0.6740 restricts the quote’s immediate upside ahead of the key six-month-old descending trend line, near 0.6880 by the press time. Even so, the 200-DMA level around 0.6920...
EURUSD extends the previous three-week uptrend as traders await Eurozone Retail Sales and the US inflation data. The quote’s latest upside could be portrayed by an upward-sloping trend channel. That said, the 78.6% Fibonacci retracement level of September 12-28 downside, near 1.0070, lures short-term buyers. In a case where a nearly overbought RSI fails to stop...
GBPUSD grinds lower so far during November, after posting the biggest monthly gains since July 2020. The intraday moves are slightly positive even if the bulls seem to run out of steam ahead of the Bank of England’s (BOE) monetary policy announcements on Thursday. That said, the buyers are safe unless the quote trades beyond the 1.1360 support confluence including...
Despite retreating from the 100-DMA during the last week, EURUSD defends the upside break of the 50-DMA and five-month-old descending trend line as traders await the Fed’s verdict on Wednesday. The major currency pair’s latest rebound also gains support from the firmer oscillators. As a result, bulls are hopeful of overcoming the 100-DMA hurdle surrounding 1.0070....
AUDUSD bounces off a one-month-old horizontal support while poking the 200-SMA on the day of the Reserve Bank of Australia’s (RBA) scheduled monetary policy announcements. While a clear downside break of the 0.6345-60 support area opens the door for the Aussie pair’s fresh yearly low, currently around 0.6170, an upward-sloping support line from October 13 could...
Although the RBNZ didn’t disappoint, like the RBA, and announced a widely expected 0.50% rate hike, the NZDUSD pair remains mildly bid after refreshing the weekly top. In doing so, the Kiwi pair stays below a one-week-old horizontal hurdle surrounding 0.5750. With this, the odds of the quote’s pullback towards the latest swing low near 0.5680 can’t be ruled out....
AUDUSD reverses the previous weekly gains as the RBA disappoints bulls with 25 basis points (bps) of a rate hike, compared to a widely anticipated 50 bps move. With this, the Aussie pair reverses from a two-week-old resistance line, as well as a horizontal area comprising multiple tops marked since September 26. That said, the pair’s latest weakness aims for the...
Gold holds lower ground near the yearly bottom as the market braces for the Fed’s rate hike. In doing so, the yellow metal remains inside a six-week-old trend-widening pattern. That said, the quote is likely to stay bearish unless crossing the $1,715 hurdle. Ahead of that, the two-month-long horizontal resistance area surrounding $1,696 and the $1,700 threshold...
EURUSD fades bounce off the lowest levels in almost two decades as traders await the European Central Bank’s (ECB) second rate hike. The major currency pair portrays a four-month-old bearish channel and justifies the downbeat MACD signals to keep sellers hopeful irrespective of the widely-expected 75 bps hike. However, the 61.8% Fibonacci Expansion (FE) of...
AUDUSD bears take a breather after bouncing off a two-month-old horizontal support area, inside a broad bearish channel from early May, as traders await the Reserve Bank of Australia’s (RBA) verdict. Although the Aussie central bank is up for another 0.5% rate hike, the fears of economic slowdown due to the trade links with China appear to tease the sellers. That...
News from Jackson Hole changed the sentiment of the markets overnight. Watch this video to know what Jackson Hole is and how it impacts the financial markets, from forex to equities and commodities too.
EURUSD fades a week-long recovery mode ahead of the key European Central Bank (ECB) meeting. The pullback could also be linked to the pair’s inability to cross the 100-SMA amid RSI retreat from overbought territory, which in turn suggests the further weakness of the quote. However, a weekly support line, now resistance, joins the 100-SMA near 1.0230 to challenge...
AUDUSD holds onto its bounce off a downward sloping support line from late January, as well as the 61.8% Fibonacci Expansion (FE) of April-June moves as traders await the Reserve Bank of Australia’s (RBA) third rate hike. Nearly oversold RSI also hints at the quote’s further recovery, in addition to the hawkish hopes from the Aussie central bank. The upside...