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Jacksonhole

Gold bounces off resistance-turned-support, Jackson Hole eyedGold prices have ended a two-day drop as traders look ahead to the key Jackson Hole Symposium in Wyoming, where a speech by Federal Reserve Chairman Jerome Powell is highly anticipated. Gold has bounced back from its recent low, rebounding off the 10-day Exponential Moving Average (EMA) and a key previous resistance line. Positive signals from the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) suggest that gold could push past the $2,520 mark comprising the 50% Fibonacci Extension (FE) of its February-June move. Following that, the buyers can aim for $2,575 and potentially $2,600. On the downside, gold is supported by the 10-day EMA around $2,482 and a former resistance level now acting as support near $2,474. If gold drops below these levels, it could test the $2,465 mark and the 50-day EMA at $2,415. A further decline past $2,415 would need to break through a support line of around $2,410 and the $2,400 level to shift control to sellers. In summary, gold is on a positive path, but there are hurdles ahead before it can make significant gains.
OANDA:XAUUSD
by MTradingGlobal
EURUSD drops within bearish channel with eyes on Jackson HoleEURUSD prepares for the sixth consecutive weekly fall as ECB and Federal Reserve bosses prepare for the annual showdown at the Jackson Hole Symposium. That said, the Euro pair remains pressured within a one-month-old descending trend channel amid downbeat RSI and MACD conditions, which in turn suggest less downside room and highlights the stated channel’s bottom line of around 1.0785 as the key support. In a case where the sellers dominate past 1.0790, the 78.6% Fibonacci retracement of May-July upside, near 1.0770, will act as the final defense of the buyers, a break of which will direct the prices toward May’s bottom of 1.0635. On the contrary, a fortnight-long falling resistance line, close to 1.0880 at the latest, guards immediate EURUSD recovery within the bearish channel formation. Following that, the mentioned channel’s top line of near 1.0980 and the 200-SMA surrounding 1.1015-20 could test the Euro buyers before giving them a charge. In that case, the monthly high of 1.1065 and the late July peak of 1.1150 may check the upside moves ahead of directing the quote to the yearly top of 1.1275. Overall, EURUSD bears appear running out of steam but the buyers need strong reasons to retake control, which in turn highlights the central bankers’ speeches at the key event for the pair traders to watch.
by MTradingGlobal
Gold buyers seek re-entry but road towards north is long and bumGold braces for the first weekly gain in five while bouncing off the multi-month low marked earlier in the week, piercing the 200-DMA of late. The upside bias gains credence from a looming bull-cross on the MACD, as well as a recovery in the RSI (14) line from the oversold territory. However, a nine-month-old previous support line, close to $1,950, precedes a downward-sloping resistance line from early May, around $1,955 at the latest, to restrict the short-term upside of the XAUUSD. Also acting as a barrier towards the north is a three-month-old horizontal resistance area surrounding the $1,985 and the $2,000 psychological magnet. In a case where the metal remains firmer past $2,000, the yearly high of around $2,067 will be in the spotlight. On the flip side, the recent low of around $1,885 holds the key to the Gold seller’s entry. Following that, the early-March swing high of near $1,858 and the YTD bottom around $1,804, quickly followed by the $1,800 threshold, will challenge the XAUUSD bears. Should there be a sustained downtrend of the bullion past $1,800, the November 2022 peak of around $1,767 will act as the final defense of the buyers. Overall, the Gold Price is likely to recover but the reversal of the multi-day-old bearish trend is still unclear to predict.
OANDA:XAUUSD
by MTradingGlobal
AUDUSD forms falling wedge but bulls need more to returnAUDUSD bears take a breather after a five-week downtrend, portraying a falling wedge bullish chart pattern around the yearly low. Adding strength to the hopes of recovery is an upward-sloping RSI line, not overbought, as well as the bullish MACD signals. However, an area comprising multiple lows marked since late May, around 0.6460-70, restricts the short-term upside of the Aussie pair. Following that, a three-month-old horizontal area and the 200-SMA, respectively near 0.6580-6600 and 0.6635, will challenge the buyers before giving them control. On the contrary, a one-week-long rising support line surrounding 0.6390 limits the immediate downside of the AUDUSD pair ahead of the stated wedge’s bottom line, close to 0.6350. In a case where the Aussie pair remains bearish past 0.6350, the November 2022 low near 0.6270 and the previous yearly bottom of around 0.6170 will be in the spotlight. Overall, AUDUSD bears run out of steam and hence suggest a corrective bounce in the pair’s price. However, the downward trend established since mid-July is more likely to prevail unless witnessing strong Aussie data and/or downbeat US statistics, as well as the dovish Fed talks and the risk-on mood.
by MTradingGlobal
USDJPY portrays bullish consolidation beyond 200-SMAUSDJPY posted a three-week winning streak but ended Thursday on a negative note. That said, a convergence of 50-SMA and a seven-week-old horizontal area surrounding 145.00-145.10 restricts the immediate downside of the Yen pair. Following that, the early-month high of around 143.90 and the 200-SMA level of around 142.15 will act as the final defense of the buyers. In a case where the quote remains bearish past 142.15, as well as breaks the 142.00 round figure, the odds of witnessing a slump towards the 140.00 round figure and then to the late July swing of near 138.00 can’t be ruled out. Alternatively, a corrective bounce in the USDJPY price could challenge the latest multi-month peak of around 146.60 before trying to restore the bull’s confidence by poking the previous support line stretched from July 28, around 146.80. In a case where the Yen buyers remain dominant past 146.80, the 150.00 round figure will be crucial to watch as the key upside hurdle, a break of which could allow the upside to aim for the previous yearly top surrounding 152.00. Overall, the USDJPY buyers are taking a breather but not off the table as the key supports hold.
by MTradingGlobal
NZDUSD stays on the way to refreshing yearly lowNZDUSD picks up bids inside a weekly trading range that restricts the pair’s move after it dropped below a five-week-old ascending trend line and the 200-SMA. Given the quote’s sustained trading below the previous key supports, as well as the bearish MACD signals and downbeat RSI (14), the pair is likely to witness further downside. That said, the 78.6% Fibonacci retracement of July-August upside, near 0.6150, appears immediate rest of the sellers ahead of the yearly bottom marked in July around 0.6060. If the bears dominate past 0.6060, which is most likely, the south-run could well approach the 0.6000 psychological magnet. Meanwhile, the NZDUSD rebound remains tepid until the quote stays below the convergence of the 200-SMA and the support-turned-resistance line, close to 0.6250. Following that, the 38.2% Fibonacci retracement level near 0.6315 and the August 01 peak surrounding 0.6355 will be on the bull’s radar. It’s worth noting, however, that the quote’s run-up beyond 0.6355 won’t hesitate to challenge the monthly top close to 0.6470, with the 0.6400 round figure likely acting as an intermediate halt during the rise. Overall, NZDUSD is on the bear’s radar as RBNZ Governor Adrian Orr is bracing for a speech at the Jackson Hole symposium.
Short
by MTradingGlobal
Gold jumps back beyond 200-SMA ahead of Fed Chair Powell speechGold justifies the rebound from a two-week-old rising support line to cross the 200-SMA, suggesting further advances towards the key resistance line from July 29, around $1,806. In addition to an important trend line hurdle, today’s Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium also becomes crucial for gold traders. Hence, the bullion players should wait for both the events, the latter is better, for clear direction. Should the bulls take over past $1,806, a monthly high surrounding $1,831 and July’s peak surrounding $1,835 should return to the charts. Meanwhile, 200-SMA and the stated immediate support line restrict the metal’s short-term downside respectively around $1,794 and $1,782. During the quote’s fall past $1,782, the mid-August’s swing low near $1,770 could offer another chance for the bull’s entry. Failures to do so can drag gold prices towards August 10 low near $1,717 before highlighting the $1,700 threshold.
OANDA:XAUUSD
by MTradingGlobal
EURUSD eases after falling wedge bullish pattern confirmationAlthough risk-off mood probe EURUSD buyers, a clear break of the short-term falling wedge resistance keep them hopeful ahead of the ECB Minutes and Jackson Hole Symposium speeches. It’s worth noting that bullish MACD signals and firmer RSI adds strength to the upside momentum that initially aims 200-SMA level surrounding 1.1785–90. Following that, the mid-August high around 1.1805 and 1.1830 may challenge the optimists before directing them to the monthly peak of 1.1908. Alternatively, multiple supports around 1.1725 can entertain short-term sellers during the pullback moves. However, the further downside will be challenged by the previous resistance line near 1.1690. Should EURUSD bears keep reins below 1.1690, the monthly low of 1.1665 will act as a buffer during the fall to the November 2020 lows surrounding 1.1600. overall, sour sentiment probes the pair’s rebound ahead of crucial events.
Long
by MTradingGlobal
USDCAD rebounds from 20-DMA amid risk-off marketsRisk appetite sours during early Wednesday, underpinning the US dollar’s safe-haven demand ahead of the key US Durable Goods Orders. The greenback rebound triggers the USDCAD pair’s U-turn from 20-DMA. Given the firmer RSI and sustained trading beyond 200-DMA, not to forget the latest bounce off the immediate moving average, the Loonie pair is up for further advances towards July’s top surrounding 0.2810. However, 1.2670 and 1.2750 may challenge the bulls on the way to 1.2810. In a case where the pair buyers remain dominant past 1.2810, the monthly top near 1.2950 and the 1.3000 psychological magnet will be in focus. Meanwhile, a daily closing below 20-DMA level of 1.2575 will have a bumpy road as 200-DMA and an ascending support line from June 23, respectively around 1.2550 and 1.2530, will challenge the USDCAD sellers afterward. If at all the pair bears conquer the 1.2530 trend line support level, June’s high of 1.2485 and July’s low near 1.2420 will be in focus. It should be noted that the cautious sentiment ahead of this week’s Jackson Hole Symposium and virus-led pessimism favor USDCAD bulls.
Long
by MTradingGlobal