GBPUSD stays beyond a downward sloping resistance line from January 20, now support around 1.3590. Despite the recent pullback, the trend line breakout joins upbeat RSI and MACD signals to direct buyers towards the late January tops surrounding 1.3660. Following that, January 14 swing low near 1.3700 will gain the market’s attention as the RSI might have turned...
Be it increasing chatters over a 0.50% rate hike by the Fed in March or the US, EU and the UK’s signals for Russia’s imminent invasion of Ukraine, the US dollar has everything needed to consolidate early February’s losses. The same dragged EURUSD during the last week, which portrayed multiple tops around 1.1480 before ending the week by resting on 200-SMA. Given...
GBPUSD stays ready to reverse the month-start bearish signal, initially triggered by the 50-SMA’s break below 200-SMA, as markets await the preliminary reading of the UK Q4 GDP. However, the monthly resistance line and a descending trend line from January 20, respectively around 1.3585 and 1.3610, guard the quote’s short-term upside. During the pair’s run-up...
USDCAD remains chopped inside a 140-pip trading range in the last two weeks, recently fading the bounce off the lower end comprising 200-SMA. Given the steady RSI and a pullback in oil prices, Canada’s key export, the Loonie pair is up for further recovery. However, comments from the Bank of Canada (BOC) Governor Tiff Macklem will be crucial to watch for intraday...
After a rollercoaster ride on the BOE moves, GBPUSD bears flex muscles with eyes on Thursday’s UK Q4 GDP. The week’s start has already confirmed a rising wedge bearish pattern but the sellers need validation from 50-SMA 1.3490. Theory suggests a sustained downtrend past 1.3490 will recall 1.3330-25 levels on the chart. However, 61.8% Fibonacci retracement (Fibo.)...
Although USDCAD buyers keep lurking around an upward sloping trend line from June, failures to stay decisively above the 200-DMA keep sellers hopeful of breaking the 1.2450 support. Adding to the bearish bias are the downbeat MACD and RSI conditions. That said, 61.8% Fibonacci retracement (Fibo.) of June-December 2021 advances, near 1.2370, is likely next support...
EURUSD extends the run-up beyond 200-SMA to cross a two-month-old horizontal area surrounding 1.1385 post-US inflation data. Given the price-positive signals from the MACD and RSI, the major currency pair is likely to keep the recent rebound. However, a sustained run-up beyond 1.1385 becomes necessary for the pair buyers to challenge the mid-November peak near...
A clear downside break of 50-SMA, as well as November’s peak, near 115.50 challenges the USDJPY pair’s recent rebound. However, 100-SMA and an upward sloping support line from December 03, respectively around 114.80 and 114.40, will restrict the yen pair’s additional losses, backed by nearly oversold RSI conditions. Should bears conquer the stated trend line...
GBPUSD keeps the 50-DMA breakout to battle the 100-DMA as traders await final readings of UK Services PMI for December, as well as the US ISM Services PMI for the said month. Although the key DMA breakout and bullish MACD hints at the cable pair’s further upside, a clear run-up beyond the 100-DMA level surrounding 1.3555 becomes necessary for the bulls to rise...
GBPUSD bulls cheer clear upside break of 50-DMA to poke six-week top, amid bullish MACD signals. However, a short-term horizontal hurdle close to 1.3515 joins nearly overbought RSI conditions to probe further upside. Even if the quote manages to stay past 1.3515, the 100-DMA and a descending trend line from June, respectively around 1.3570 and 1.3640, will...
EURUSD seesaws around 200-SMA inside a six-week-old symmetrical triangle, suggesting the buyer’s return. However, a clear upside break of 1.1350 becomes necessary for the bulls before knocking the late November swing highs surrounding 1.1380-85. It should be noted, though, that a sustained run-up beyond 1.1385 enables the pair to rally towards November 15 swing...
GBPUSD bulls fail to cheer a clear upside break of the monthly horizontal resistance, now support, as the 50-DMA challenges immediate upside. Given the easing bearish bias of MACD and firmer RSI, the prices are likely to extend the corrective pullback beyond the 50-DMA level surrounding 1.3450. However, a broad bearish trend established since June remains intact...
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...
EURUSD 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...
USDCAD 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...
Upbeat 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...
Market’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,...
GBPUSD’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....
