AUDUSD reverses the previous day’s losses while a bounce off 50-day and 100-day SMA confluence near 0.7730-25. Given the normal RSI conditions and strong support, the quote is expected to keep the recovery moves while trying to cross the key resistance line, around 0.7770, for one more time. While a clear break above 0.7770 enables the buyers to aim for 0.7815,...
Not only failures to cross the support-turned-resistance line during the previous week’s bounce but bearish MACD and weak RSI, not oversold, also favors EURUSD bears as global markets prepare for the Fed decision on Wednesday. However, 61.8% Fibonacci retracement of November 2020 to January 2021 upside, around 1.1885, offers immediate support to the quote before...
AUDUSD wavers around 11-week-old support during early Tuesday, recently bouncing off the monthly low. However, the pair’s sustained trading below an ascending trend line from November 02 and 50-day SMA keeps sellers hopeful. While fresh selling should begin following a daily closing below the immediate support line, at 0.7650 now, the yearly bottom around 0.7560...
Although reflation risk propels EURUSD near one-month high, the quote battles the key hurdle from early December 2020 that probed the bulls during late-January. Not only the key resistance but the cautious sentiment ahead of the preliminary readings of the US Q4 GDP, expected 4.1% versus 4.0% forecast, could also offer near-term direction to the quote. While...
Despite recently easing to 1.4015, GBPUSD keeps the early-day run-up to the fresh top since April 2018. The cable’s latest pullback could be traced from its failures to defy an ascending channel formation since February 02. However, the bears aren’t likely to return until witnessing a clear downside break of the stated channel’s support as well as 200-SMA. That...
With the multiple failures to clear one-month-old horizontal resistance, EURUSD is ready to drop back to the monthly low near 1.1950. However, the 1.2000 psychological magnet can offer an intermediate halt during the fall. It should also be noted that the EURUSD weakness past-1.1950 needs a stronger US dollar to break November 2020 peak surrounding 1.1920 and...