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Six-week-old support line, 200-SMA test USDCAD bears USDCAD sellers cheer a rising wedge bearish pattern confirmation at the yearly top amid downbeat MACD and RSI signals to keep the reins during the last days of 2021. However, a clear downside break of an ascending trend line from November 10, near 1.2735, followed by the 200-SMA surrounding 1.2715, becomes necessary to witness further losses. In that case, the monthly low near 1.2605, also comprising mid-November top, will be a tough nut to crack for the pair sellers. Meanwhile, the corrective pullback may aim for the early month tops near 1.2855 before challenging the support-turned-resistance line of the wedge, around 1.2920. Should the USDCAD buyers manage to stay in command past 1.2920, they won’t hesitate to refresh the yearly top while eyeing another battle with an ascending resistance line from December 03, close to 1.3010.
Short
by MTradingGlobal
EURUSD bears to keep reins during final days of 2021EURUSD remains within a small trading range ever since it refreshed the yearly low to 1.1186. That said, the monthly support line and gradually improving RSI challenge the bearish bias. However, the bulls have multiple hurdles to cross before convincing markets during thin volume and holiday season, which in turn makes it harder for buyers. Also adding to the seller’s support are the bearish MACD signals. The quote’s latest moves have been compressed by the 20-day smoothed average near 1.1365, a break of which could escalate recovery moves towards 1.1470 comprising a descending trend line from early September. Even if the pair rises beyond 1.1470, October’s low surrounding 1.1530 will act as an additional upside filter. Meanwhile, pullback moves may initially aim for the stated one-month-old support line near 1.1235 before challenging the yearly low of 1.1186. Following that, March 2020 swing high close to 1.1150 and 61.8% Fibonacci Expansion (FE) of November month’s moves, around 1.1120, will be in focus.
Short
by MTradingGlobal
1
USDCAD bulls attack five-month-old resistanceUSDCAD posted the highest daily close of 2021 on Friday, bouncing off 10-day EMA. However, an upward sloping trend line from July challenges the pair buyers amid nearly overbought RSI conditions, teasing a pullback. Should the 10-day EMA level of 1.2790 fails to trigger another bounce, a downward trajectory towards 50-day EMA near 1.2650 can’t be ruled out. During the quote’s weakness past 1.2650, June’s high and 50% Fibonacci retracement of June-August upside, around 1.2470, will be an important level to watch. Meanwhile, a clear upside break of the stated resistance line near 1.2900 will aim for the yearly top of 1.2948 and the 1.3000 psychological magnet. Though, RSI conditions may challenge the USDCAD buyers then after. If not, then November 2020 peak close to 1.3130 should return to the charts. To sum up, USDCAD bulls seem to have tired of late, which in turn suggests consolidation of the latest gains but the trend reversal is far away.
by MTradingGlobal
AUDUSD bulls eye 0.7370 on inverse head-and-shouldersUpbeat Aussie jobs report and hawkish moves of the Fed, as well as the BOE, pushes RBA towards a rate hike, favoring AUDUSD prices to consolidate losses posted since late October. To convince the buyers, the Aussie pair recently confirmed an inverse head-and-shoulders bullish chart pattern with a clear upside break of 0.7180. As per the theory, the breakout directs the run-up towards the mid-November peak surrounding 0.7370. However, 200-SMA and 78.6% Fibonacci retracement (Fibo.) of November-December moves, respectively near 0.7240 and 0.7290, will precede the 0.7300 threshold to offer intermediate halts during the quote’s further advances. Alternatively, pullback moves remain elusive beyond 0.7170, a break of which will dash the bullish formation. However, AUDUSD sellers will wait for a clear downside past the shoulder 2, around 0.7100, for fresh entries. Following that, 0.7060 and the yearly low near 0.6990 may entertain the bears before highlighting the 61.8% Fibonacci Expansion (FE) level of 0.6945. Overall, AUDUSD is up for further advances during the rest of 2021, unless no surprises pop up.
Long
by MTradingGlobal
EURUSD sellers have smooth sailing ahead of ECBMarket’s surprise reaction to the hawkish Fed decisions keeps EURUSD traders cautious inside a short-term symmetrical triangle ahead of the ECB monetary policy meeting. Given the dovish expectations from the European Central Bank (ECB), EURUSD is likely to refresh the yearly low. In doing so, the quote needs a clear downside break of a three-week-old support line, near 1.1255 by the press time. Following that, the March 2020 high near 1.1150 and the 61.8% Fibonacci Expansion (FE) of November’s moves, near 1.1120, should lure the bears before directing them, to the 1.1000 psychological magnet. Meanwhile, the stated triangle’s resistance line restricts short-term EURUSD advances below the 1.1300 threshold. Adding to the upside filters is the 200-SMA level of 1.1370. In a case where the quote rallies past 1.1370, 1.1460 and 1.1510 are likely to return to the chart. To sum up, EURUSD bears await the ECB to react more strongly to the hawkish Fed.
Short
by MTradingGlobal
GBPUSD fakes falling wedge ahead of UK employment dataGBPUSD’s corrective pullback from the yearly low confirmed a five-week-old falling wedge bullish chart pattern before dropping back to the stated bullish pattern’s resistance line as the pair traders await the UK employment report for November. Should the jobs report trigger the pair’s bounce, the late October peaks past 1.3800 are likely theoretical targets. However, 100 and 200 SMAs, respectively around 1.3310 and 1.3430, will test short-term bulls. Following that, late November’s swing high and the last monthly top, near 1.3515 and 1.3700 in that order, can probe the run-up. Meanwhile, a downside break of the stated wedge’s upper line, close to 1.3200, will defy the bullish breakout and direct GBPUSD bears towards the 2021 bottom close to 1.3160. In a case where the cable sellers refrain from stepping back, the December 2020 low of 1.3134 and the 1.3100 will be in focus. To sum up, the pair’s declines from late October seem to have been overdone and the latest falling wedge breakout is a call to buyers during the key week comprising Fed and BOE rate decisions.
by MTradingGlobal
EURUSD bulls bracing for a bumpy road with eyes on Fed, ECBA sustained break of the 100-SMA and gradually rising RSI line keep EURUSD buyers hopeful as global markets await the key central bank announcements scheduled for the week. Although the European Central Bank (ECB) has more reasons to sound dovish and the Fed hawks are in full swing, Omicron threatens the market expectations and may throw a wild card. That said, the upper line of the 13-day-old triangle and a descending resistance line from late September, around 1.1345-50, will challenge the immediate recovery moves ahead of the 200-SMA level near 1.1405-10. Also acting as an additional upside filter is the mid-November swing high near 1.1465. Meanwhile, a downside break of the 100-SMA, close to 1.1285 by the press time, will attack the lower line of the stated triangle, near 1.1240, followed by the monthly low surrounding 1.1230. Should EURUSD bears manage to conquer the 1.1230 support, the odds of witnessing a fresh yearly low beneath the latest 1.1188 figure can’t be ruled out. Overall, EURUSD bears seem to have tired of late but the bulls need validation ahead of the crucial events.
by MTradingGlobal
1
Technical Analysis: EURUSD stays directed to 1.1150EURUSD fails to extend the corrective pullback from yearly low beyond 20-DMA and previous support from August. The inability to cross nearby hurdles joins bearish MACD signals and RSI retreat to keep sellers hopeful to revisit the recently flashed multi-day low under the 1.1200 threshold. During the fall, the 1.1200 round figure may offer an intermediate halt while any further downside past 1.1185, will aim for March 2020 bottom surrounding 1.1150. It’s worth noting that the RSI conditions might trigger another bounce off the 1.1150 level, failing to which will make the pair vulnerable to drop towards the 1.1100 psychological magnet. Alternatively, 20-DMA and the stated support-turned-resistance, respectively around 1.1335 and 1.1365, will precede the recent swing high around 1.1385 to challenge the EURUSD pair’s short-term recovery. In a case where the quote rises past 1.1385, November 12 top surrounding 1.1460 and October’s low of 1.1523 will be in focus. If at all the EURUSD bulls manage to conquer the 1.1523 hurdle, the prevailing bearish trend is likely to reverse.
Short
by MTradingGlobal
USDJPY bears need validation from 112.50USDJPY bulls struggle to extend Friday’s bounce towards the immediate hurdle surrounding 50-DMA, near 113.45. The lackluster momentum could also be witnessed through RSI conditions, which in turn favors odds of a pullback to 112.50-45 support confluence comprising the previous support line from March and a three-week-old falling trend line. It’s worth noting that a clear downside break of 112.45 will make the quote vulnerable enough to test the 200-DMA level of 111.60. During the fall, September’s top near 112.00 may offer an intermediate halt. Alternatively, the USDJPY run-up beyond the 50-DMA level of 113.45 isn’t a green card to the buyers as the 114.00 and multiple highs close to 114.50 will challenge the further advances. Even if the quote rises past 114.50, the yearly high near 115.50 will be a tough nut to crack. To sum up, the pair buyers seem to have tired but the bears need a clear break of 112.50 for fresh entries.
Short
by MTradingGlobal
EURUSD rebound stays on the cards until breaking 1.1147Although EURUSD bears keep reins around the yearly, the odds of a corrective pullback can’t be ruled out considering the quote’s ability to stay beyond a three-week-old resistance line, now support, as well as 50-SMA. Also favoring the pair buyers is the firmer RSI line and recently bullish MACD signals. That said, November 18 swing high near 1.1375 acts as immediate resistance for the pair traders to watch ahead of the 50% Fibonacci retracement level of October 28 to November 24 downside, around 1.1440. In a case where the pair buyers keep reins past 1.1440, the 1.1500 threshold and 1.1515 levels may probe them before closing the doors for the sellers. Alternatively, fresh downside needs validation from a 50-SMA level of 1.1270, a break of which will direct the pair sellers towards the yearly low of 1.1185. However, the resistance-turned-support and a broad horizontal area comprising multiple levels marked since March 2020, around 1.1165-47, will be a tough nut to crack for the pair sellers afterward. Should the quote drops below 1.1147, the 1.1000 threshold will be in the spotlight.
by MTradingGlobal
EURUSD inches closer to 1.1160-40 support areaA clear downside break of June 2020 swing high and 61.8% Fibonacci retracement (Fibo.) of March 2020 to January 2021 upside keeps EURUSD bears hopeful to visit a 20-pip horizontal region comprising March 2020 peak and June 2020 trough. However, oversold RSI conditions may challenge the pair bears afterward, if not then the 78.6% Fibo. level of 1.1000 should be on the cards. Additionally, extended weakness past 1.1000 will aim for a 1.0780-60 multiple support zone before challenging the previous yearly low of 1.0635. Meanwhile, the corrective pullback may initially aim for a 61.8% Fibonacci retracement level of 1.1300 prior to challenging the June 2020 high near 1.1420. It should be noted, however, that the bearish trend is less likely to be reversed until the EURUSD prices remain below October’s bottom surrounding 1.1525. Overall, the currency major remains vulnerable to further weakness but intermediate bounces can’t be ruled out.
Short
by MTradingGlobal
Rising wedge teases GBPUSD sellers before UK Retail SalesGBPUSD’s gradual rebound from the yearly low is at test ahead of the UK Retail Sales as the pair portrays a bearish chart pattern on the four-hour timeframe. It should be noted, however, that the bullish MACD signals and firmer RSI conditions also keep the buyers hopeful. Hence, the pair traders should wait for a clear break of the wedge, currently between 1.3515 and 1.3450, before taking entries. Should the quote rises past 1.3515, a 13-day-old horizontal resistance near 1.3600 and 200-SMA level around 1.3620 will be in focus. Alternatively, a downside break of 1.3450 will confirm the bearish chart pattern and direct the prices towards the 1.3285 level to refresh the yearly bottom. During the fall, the previous resistance line from October, close to 1.3385, will precede the latest bottom of 1.3352 to offer intermediate halts.
by MTradingGlobal
Technical Analysis: GBPUSD rebound needs validation from 1.3500Alike other majors, GBPUSD also cheers US dollar pullback to bounce off yearly low during early Monday. Also favoring the corrective pullback is the 61.8% FE level of the cable pair’s moves from October 19 to November 09. Given the steady RSI line battling the bearish MACD signals, the pair’s rebound towards a two-week-old resistance line near 1.3500 can’t be ruled out. However, any further upside will be challenged by a two-week-old horizontal resistance and 200-SMA, respectively around 1.3605 and 1.3630. Meanwhile, pullback moves will aim for the 1.3400 and the 1.3380 support levels before the stated 61.8% FE level, near 1.3350 challenges the bears. In a case where the GBPUSD remains weak past 1.3350, a downward sloping support line from June around the 1.3300 threshold will be crucial to watch for the counter-trend traders. To sum up, the pair stays on the back foot but witnesses intermediate bounces of late.
Short
by MTradingGlobal
EURUSD pulls back from 200-SMA ahead of US inflation dataEURUSD defies a three-day recovery ahead of the key US Consumer Price Index (CPI) data on early Wednesday. The major currency pair’s weakness could also be linked to the failures to cross the 200-SMA, bearish MACD signals and RSI retreat. Hence, the quote is likely to decline further towards monthly horizontal support near 1.1525-32. However, the yearly low around 1.1510 and 61.8% Fibonacci Expansion (FE) of the September 14 to October 28 moves, near 1.1490, also joined by the March 2020 bottom, could challenge the pair bears afterward. Meanwhile, recovery moves will be challenged by a convergence of the 200-SMA and 23.6% Fibonacci retracement of September-October fall, around 1.1610. Following that, a downward sloping resistance line from September 03, around 1.1645 and late October’s swing high around 1.1695 will lure the EURUSD bulls. Should the pair buyers manage to cross the 1.1700 hurdle, backed by softer US inflation numbers, the quote may not hesitate to challenge the 61.8% Fibonacci retracement level of 1.1760.
by MTradingGlobal
USDCAD stays directed towards 1.2480 key resistanceDespite failing to cross a convergence of the 200-SMA and a 50% Fibonacci retracement of June-August upside, the USDCAD pair remains above four-month-old horizontal support. Given the firmer RSI conditions, not overbought, the bullish momentum is likely to prevail for a while, which in turn can allow the pair buyers to cross the 1.2480 resistance confluence and challenge September’s low near 1.2495. Should the quote manage to cross the 1.2495 hurdle, also the 1.2500 threshold, the run-up to the 1.2600 round –figure can’t be ruled out. Alternatively, pullback moves may aim for the stated multi-day-old horizontal support near 1.2420, a break of which will direct the sellers towards a 61.8% Fibonacci retracement level of 1.2365. In a case where the USDCAD bears keep reins past 1.2365, October’s bottom surrounding 1.2285 will question further downside. To sump, the pair’s rebound has the momentum support and hence is capable of breaking the immediate barrier to the north.
Long
by MTradingGlobal
Technical Analysis: EURUSD is well-set for 1.1500 on NFP dayHaving failed to sustain the early October bounce, EURUSD bears are on the way to testing the March 2020 high near the 1.1500 threshold on the day of the US Nonfarm Payrolls (NFP) release. It should be noted, though, that the lower line of a five-month-old falling wedge, around 1.1450 at the latest, will take the help of the RSI conditions to rebound. Hence, the pair bears are in full swing but the room to the downside is limited. Alternatively, recovery moves remain unimportant before crossing a convergence of the 50-DMA and the wedge’s upper line, around 1.1685. A daily closing beyond the same will confirm a bullish chart formation, suggesting an upswing towards a theoretical target surrounding 1.2300. However, tops marked during September and late June, respectively around 1.1910 and 1.1980, as well as the 1.2000 psychological magnet, will offer intermediate halts.
by MTradingGlobal
GBPUSD drops from 50-DMA ahead of BOE, Brexit talksGBPUSD bears retake controls on the key Thursday comprising Bank of England (BOE) monetary policy meeting and important Brexit talks in Paris. Technical set-up hints at further weakness on the pair’s inability to rise past 50-DMA, coupled with the bearish MACD signals. However, a clear downside break of a five-week-long support line, near 1.3615, becomes necessary. Also probing the sellers is the latest swing low surrounding August month’s trough close to the 1.3600 threshold. In a case where prices remain weak past 1.3600, July’s low of 1.3570 will act as a buffer before dragging the quote to the yearly bottom of 1.3410. Meanwhile, a surprise positive fueling the pair above the 50-DMA level of 1.3705 will aim for a downward sloping resistance line from mid-September, around 1.3810. Following that, the 200-DMA level 1.3846 will be a tough nut to crack for the GBPUSD bulls before heading towards September’s peak of 1.3913 and the 1.4000 psychological magnet.
Short
by MTradingGlobal
EURUSD stays inside falling wedge, US Durable Goods Orders eyedEURUSD bears take a breather around weekly low, after a two-day downtrend, during early Wednesday. Although risk-on mood helps the EURUSD to consolidate weekly losses, the likely firmer US Durable Goods Orders print keeps the bears hopeful. Additionally, the quote’s sustained trading inside a broad falling wedge since early June and a recent drop below 10-DMA joins bearish MACD signals to add technical assent to the bearish expectations. That said, the yearly low surrounding 1.1520 is on the cards ahead of the stated wedge’s support line near 1.1475. During the fall, March 2020 peak close to the 1.1490 may offer an intermediate halt. On the contrary, an upside clearance of the 10-DMA, around 1.1620, may direct short-term buyers towards the monthly peak of 1.1668. However, bulls are less likely to take the risk of entries until witnessing a successful break of 1.1725, comprising the wedge’s resistance line. Following that, hopes of the trend reversal can’t be ruled out. It should be noted that the corrective bounce following the US Durable Goods Orders should be taken with a pinch of salt as the key data/event is Thursday’s US Q3 GDP and the European Central Bank (ECB) meeting.
Short
by MTradingGlobal
1
AUDUSD teases bullish triangle breakout around 0.7500Upbeat sentiment helps AUDUSD bulls to battle the key upside hurdle around July highs. The buyers are likely to gain from a firmer RSI line, not overbought, as well as bullish MACD signals but 20-SMA and the upper line of the weekly falling triangle’s resistance line, near 0.7500. In a case where the quote rises past 0.7500, the recent top near 0.7545 and the late June’s swing high near 0.7620 should lure the buyers. Meanwhile, an ascending support line from October 10 precedes the stated triangle’s support line, respectively around 0.7470 and 0.7450, to restrict short-term AUDUSD declines. In a case where the Aussie pair drops below 0.7450, the 0.7400 threshold and October 18 low near 0.7380 should return to the chart. Overall, AUDUSD remains on the front foot but a pullback can’t be ruled out.
Long
by MTradingGlobal
200-EMA probes EURUSD bullish consolidationAlthough Breakout-Pullback-Continuation (BPC) formation backs EURUSD bulls inside an eight-day-old rising channel, 200-EMA probes the upside momentum of late. Hence, a clear break of the stated moving average hurdle, near 1.1665 by the press time, becomes necessary to defy the sellers’ hopes. Even so, the upper line of the stated channel, near 1.1700 will be a tough nut to crack for the pair buyers ahead of targeting late September’s swing high near 1.1755. Meanwhile, a convergence of the nearby channel and previous resistance line from September 03, near 1.1605, becomes the short-term key support for EURUSD sellers to watch during the pair’s further weakness. Should the quote drops below the 1.1605 level, also conquer the 1.1600 threshold, odds of witnessing 1.1560 and the yearly low of 1.1523 on the chart can’t be ruled out.
Long
by MTradingGlobal
1
GBPUSD looks for further upside towards 1.3700GBPUSD rises to a two-week high after confirming the bullish head-and-shoulders chart pattern the previous day. The cable pair stays bid around 1.3655 inside a short-term rising channel during early Monday. Given the confirmed bullish formation breakout and firmer MACD signals, the quote is likely heading towards the 200-SMA level near 1.3710. However, any further upside will be challenged by the upper line of an ascending trend line from September 29, near 1.3745. Also challenging the pair buyers is the late September’s peak near 1.3750. Meanwhile, pullback moves may aim for the stated channel’s support line, around 1.3600. However, buyers may remain hopeful until witnessing the downside break of the previous resistance line near 1.3595. Even if the GBPUSD sellers manage to conquer the 1.3595 and defy the bullish chart pattern, last week’s swing low around 1.3580 will question additional losses before directing it to the previous month’s low of 1.3411.
Long
by MTradingGlobal
NZDUSD drops back towards 0.6900 despite RBNZ rate hikeRBNZ leads the developed-world central banks with a 0.25% rate hike on Wednesday but couldn’t lift the NZDUSD prices. The reason can be linked to the broad US dollar strength amid risk-off mood and firmer Treasury yields. Technically, the Kiwi pair’s failures to cross the 10-DMA hurdle joined the bearish MACD signals and downward sloping RSI line to weigh on the quote. However, a horizontal area established from mid-June near 0.6915-25, becomes the key barrier for the pair’s further downside towards an ascending support line from August 20, around 0.6870. Also acting as a support is the latest swing low close to 0.6860 that can question the sellers before offering the yearly bottom of 0.6805. On the contrary, a clear upside break of the 10-DMA, at 0.6857 by the press time, won’t be enough for the NZDUSD bull’s welcome as a three-week-old resistance line near 0.7015 holds the gate for entry. In a case where the pair cross the trend line resistance, the 0.7080-85 region comprising multiple levels marked since late July may act as a buffer before propelling the quote to the last month’s high near 0.7170.
Short
by MTradingGlobal
AUDUSD jumps back towards 200-SMA amid firmer sentimentAUDUSD reverses Friday’s pullback from the key moving average while picking up bids to 0.7286 during early Monday. In doing so, the Aussie bulls brace for another battle with the 200-SMA level of 0.7305. However, any further upside needs to cross the previous week’s top surrounding 0.7315 to extend the run-up towards the mid-month peak surrounding 0.7345-50. In a case where market optimism helps the risk barometer pair to remain firmer past 0.7350, the 0.7410 and the monthly high close to 0.7480 will be in focus. Meanwhile, pullback moves may first retest 61.8% Fibonacci retracement (Fibo.) of the late August to early September upside, near 0.7245. Following that, the monthly horizontal support area, near 0.7220, and 78.2% Fibo. level near 0.7185 should probe AUDUSD bears ahead of directing them towards August month’s low, also the yearly bottom, close to 0.7105. Overall, AUDUSD consolidates pullback from early month highs but key supports provide intermediate bounces.
Long
by MTradingGlobal