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200-EMA defends Gold buyers on US NFP dayGold stays on the bear’s radar as it reverses the previous weekly gains, the first in five, ahead of the all-important US employment report for February. It’s worth noting, however, that the 200-EMA level surrounding $1,805 puts a floor under the metal price, a break of which could set the ball rolling towards the 50% Fibonacci retracement of November 2022 to February 2023 upside, also comprising the mid-November peak surrounding $1,787. In a case where the quote remains weak past $1,787, late November’s bottom near $1,731 appears the last defense for the bulls. On the flip side, the 38.2% Fibonacci retracement level close to $1,830 holds the key to Gold’s buyer’s entry. However, a broad nine-week-old horizontal area between $1,857 and $1,865 seems a tough nut to crack for the metal bulls. Should the bullion manages to remain firmer past $1,865, a run-up toward the $1,900 threshold becomes smooth. Following that, the multi-month high marked in February at around $1,960 could gain the buyer's attention. Overall, the Gold price is likely to remain weak amid hawkish Fed expectations and downbeat MACD signals. However, the RSI line teases with the oversold territory and hence the quote’s further downside is likely having a little room towards the south.
OANDA:XAUUSD
by MTradingGlobal
GBPUSD eyes further downside ahead of crucial US/UK data GBPUSD holds a confirmed place in the bear’s radar after breaking an important support line from mid-November, as well as the 200-DMA, as traders await the UK data dump and the US jobs report. That said, a daily closing below the 50% Fibonacci retracement level of the Cable pair’s upside from November 2022 to January 2023, near 1.1795, becomes necessary to witness the quote’s further declines amid the nearly oversold RSI and downbeat MACD signals. In that case, the late October 2022 swing high and the 61.8% Fibonacci retracement level, around 1.1645-40, may lure the pair sellers. Should the quote remains bearish past 1.1640, the 78.6% Fibonacci retracement level of 1.1422 and the November 09 bottom of around 1.1330 might act as intermediate halts before directing it to the late 2022 low of 1.1144. On the contrary, GBPUSD recovery may initially aim for the 200-DMA level of around 1.1910 ahead of challenging the 1.1950 support-turned-resistance comprising the previous support line from November 17 and 38.2% Fibonacci retracement level. Following that, the 1.2000 psychological magnet and a downward-sloping resistance line from late January, near 1.2090, will be in focus. It’s worth observing that the Cable pair’s successful trading beyond 1.2090, as well as crossing the 1.2100 threshold, could help the bulls to retake control. Overall, GBPUSD is likely to decline further unless crossing the 1.2100 hurdle.
by MTradingGlobal
USDJPY eases from key hurdle to the north ahead of BoJ, NFPUSDJPY marked the first weekly loss in three as the key Bank of Japan (BoJ) Monetary Policy Meeting and the US Nonfarm Payrolls (NFP) looms. The Yen pair’s latest retreat could be cited as a failure to cross the 200 and 100-DMA. Adding strength to the pullback move could be the overbought RSI (14). However, the bullish MACD signals and a three-day-old ascending support line, around 134.15 by the press time, challenge the quote’s immediate downside. Following that, the 78.6% Fibonacci retracement level of the pair’s May-October 2022 run-up, near 131.75, could lure the bears before directing them to the 130.00 psychological magnet and the last January’s low, close to 127.20. Meanwhile, the 100-DMA and the 200-DMA guard the USDJPY pair’s immediate recovery moves near 136.80 and 137.30 respectively. It’s worth noting that the risk-barometer pair’s successful run-up beyond 137.30 isn’t an open invitation to the bulls as the 50% and 38.2% Fibonacci retracement levels could challenge the further advances around 139.15 and 142.20 in that order. Overall, USDJPY bulls are running out of steam ahead of BoJ Governor Haruhiko Kuroda’s last monetary policy show, as well as the key US jobs report for February.
by MTradingGlobal
USDCAD is likely to decline further as 2023 beginsUSDCAD holds onto the late December downside break of the seven-week-old ascending support line, even if the 200-SMA challenges the bears. That said, the downbeat MACD and RSI conditions also favor the Loonie pair sellers as they attack the key SMA surrounding 1.3520. Additionally challenging the bears is the double bottoms marked around 1.3485-80 during the last week, a break of which could quickly drag prices towards the previous monthly low of around 1.3380. In a case where the quote remains bearish past 1.3380, November’s low of 1.3225 will gain the market’s attention. On the contrary, recovery moves need to cross the previous support line from early November, close to 1.3645-50 by the press time, to convince buyers. Even so, the double tops marked the last month at around 1.3700 will be a crucial challenge for the USDCAD optimists. It's worth noting that the pair’s run-up beyond 1.3700 won’t hesitate to challenge the yearly high marked in October around 1.3980. However, November’s peak near 1.3810 could act as a buffer during the anticipated run-up. Overall, USDCAD is likely to remain weak but the 200-SMA can challenge short-term sellers amid the holiday mood.
by MTradingGlobal
Gold seesaws near key hurdles to the northGold prices brace for the biggest weekly jump in three as it stays around the highest levels since mid-August. However, the metal still has some strong resistance ahead before offering a free ride to the bulls. Among them, a 5.5-month-old horizontal resistance area surrounding $1,805 gain major attention as RSI (14) approaches the overbought territory. Should the bullion prices remain firmer past $1,805, the 78.6% Fibonacci retracement level of June-September downside near $1,821 can act as a validation point for the rally targeting the mid-June swing high near $1,859 and then to the June’s peak of $1,879. Meanwhile, pullback moves remain invalid unless the gold price remains beyond the 61.8% Fibonacci retracement level surrounding $1,778. Following that, Monday’s high near $1,763 and 50% Fibonacci retracement level near $1,747 may test the bears ahead of highlighting the 15-week-old horizontal support zone near $1,728. It’s worth noting that the quote’s daily closing below $1,728 could invalidate the recovery hopes and recall the sellers targeting $1,700, as well as July’s trough near $1,680. Overall, gold is likely to witness further upside as it crossed November’s peak but further upside has limited room.
OANDA:XAUUSD
by MTradingGlobal
USDCAD buyers have a long road ahead as the key week beginsUSDCAD crossed a one-week-old resistance the previous day but stayed on the way to the first monthly loss in three inside a fortnight-long bearish channel. That said, the 100-SMA level surrounding 1.3725 acts as an immediate hurdle to test the pair buyers before directing them to the stated channel’s upper line, close to 1.3745 at the latest. Following that, there are multiple levels near 1.3840-50 which could challenge the upside move targeting a fresh yearly top, currently around 1.3980. It’s worth noting that the 1.4000 psychological magnet may offer an extra buffer to the north before giving control to the bulls. Alternatively, the resistance-turned-support near 1.3555 and a monthly horizontal support zone surrounding 1.3500-3495 could restrict the short-term downside of the USDCAD pair. Following that, the aforementioned channel’s lower line, around 1.3460, might act as the last defense for the buyers. It should be observed that September 22 swing low near 1.3410 and the 1.3400 round figure might check the bears ahead of directing them to the 61.8% Fibonacci retracement level of the September-October advances, at 1.3343. Overall, USDCAD consolidates monthly loss as traders brace for the key week including the Fed’s verdict, US NFP and Canadian employment numbers.
by MTradingGlobal
Gold sellers need validation from $1,685 and US NFPGold retreats towards $1,710 while fading the upside break of a seven-month-old resistance. In doing so, the yellow metal stays inside the bearish trend channel connecting levels marked since late April. That said, the latest pullback remains elusive until the quote remains beyond the aforementioned previous resistance line, around $1,685 at the latest. Following that, July’s low near $1,680 and the $1,650 level may probe the bears before directing them to the yearly bottom surrounding $1,615. It should be noted, however, that the bullion’s weakness past $1,615 will be by challenged the stated channel’s lower line, close to $1,608, quickly followed by the $1,600 round figure. Meanwhile, an upside clearance of the stated channel’s top-line, close to $1,742, could quickly propel the gold prices toward the $1,800 threshold. However, August month’s peak near $1,807 and the 200-DMA near $1,822 appear tough nuts to crack for the metal buyers afterward. In a case where the bullion remains firmer past $1,822, June’s peak of $1,878 and March’s trough close to $1,890 could lure the bulls. Overall, gold prices are likely to pare the recent gains considering the upbeat expectations from the US employment numbers. However, a clear downside break of $1,685 and the market’s reaction to the actual data should be watched carefully before jumping on the bear’s boat.
OANDA:XAUUSD
by MTradingGlobal
Top 3 TradingView indicators for trading the NFPNFP or Non Farm Payrolls is one of the most important economic reports that forex, commodity, and stock traders follow because it can act as an indicator for health of the US economy. The NFP reports on the number of jobs added to the US economy in the previous month excluding those employed by farms, the federal government, non-profit organizations and private households. The NFP report is released on the first Friday of each month and can be responsible for some of the biggest movements in Forex and other assets. Trading the NFP before it even happens can be risky because of the high volatility and possible widening spreads. It can be safer to wait 15 to 30 minutes after the release of the NFP report and pair your technical analysis with the following 3 indicators. Top 3 indicators for trading the NFP: Auto Fibonacci Levels + Auto Trend Line Generator Retracements after the release of the NFP are not an uncommon occurrence as predicting the value of the NFP is frequently far off the mark. As the market digests the unpredictable NFP results it can set out to correct its wrong assumption. Trading the NFP during retracements could be tiring, especially if you are doing a lot of Fibonacci calculations. The Auto Fibonacci Levels + Auto Trend Line Generator Indicator helps you with this, by showing you the most important Fibonacci retracements points directly on your graph. Sessions & Days Of The Week Sometimes it is best to keep it simple. The Sessions & Days Of The Week Indicator is discreet but is an important indicator that will show you the day of the week and the start and end of each day. This gives you a wholistic view of the markets from a global perspective which can help you understand how behave in the days and hours leading up to, during, and after the NFP. The indicator is applicable over all time frames so keeping track of different times zone and session changes over is a cinch. Volatility Quality Index w/ Pips Filtering One of the oldest indicators that has been used by traders for years is VQ or Volatility Quality Indicators. This indicator can be vital for determining a bad (unsustainable) and good (sustainable) volatility caused by an NFP release and great when you need an additional confirmation before entering a trade.
by BlackBull_Markets
EURUSD rebound is at test near 0.9830 resistanceEURUSD defends the first weekly gain in three around the 20-year low during early Monday. The recovery also gains support from the RSI and the MACD. However, an downward sloping resistance line from September 12, around 0.9830 by the press time, challenges the immediate upside moves. In a case where the quote rises past 0.9830, the 200-SMA and the 61.8% Fibonacci retracement level of the pair’s August-September downturn, respectively near 0.9950 and 1.0050, could challenge the bulls. It’s worth noting that a two-month-old downward sloping trend line around 1.0090, quickly followed by the 1.0100 threshold, appears the defense of the pair sellers. Alternatively, the 50-SMA and the 23.6% Fibonacci retracement level, close to 0.9740 and 0.9730 in that order, could test the EURUSD pair’s pullback. Following that, the 0.9640 and the 0.9580 levels might poke the bears before giving them control. In that case, the latest trough surrounding 0.9540 should act as a buffer before highlighting the September 2001 peak near 0.9330. Overall, the EURUSD rebound is likely to extend for a while as traders await the key data from the US. However, the bearish trend isn’t challenged yet.
by MTradingGlobal
Gold eyes fresh yearly low, $1,660 in focusGold flirts with the $1,700 threshold as it approaches the yearly bottom ahead of the key US Nonfarm Payrolls (NFP) data. The yellow metal’s latest fall justifies bearish MACD signals. However, the RSI nears the oversold territory, which in turn suggests limited downside room. Hence, even if the quote breaks the yearly low of $1,680, the further declines could be smaller. This highlights the 61.8% Fibonacci Extension (FE) level from late April to early August, near $1,660. Even if the quote drops below the $1,660 support, a late March 2020 peak near $1,644 could act as an additional downside filter before dragging the bullion towards the $1,600 threshold. Alternatively, multiple swings of July portray the $1,700 as an immediate resistance ahead of the monthly downward sloping trend line, previous support near $1,710. Following that, the late August swing low near $1,727 and the 20-DMA surrounding $1,760 could gain the market’s attention. It’s worth noting that a daily closing beyond $1,760 will enable the bulls to aim for the previous monthly peak of $1,808. Overall, gold bears are likely to keep reins but the downside room is limited, which in turn suggests the brighter scope of recoveries in case the data disappoints.
OANDA:XAUUSD
by MTradingGlobal
EURUSD portrays bearish set-up ahead of US NFPBe it an ascending triangle or a pullback from 200-SMA, EURUSD bears flex muscles as markets await the US Nonfarm Payrolls (NFP) for July. That said, the bearish triangle confirmation looms on the clear downside break of 1.0160, which in turn could direct the pair towards the yearly low near 0.9950. However, the 1.0090 and the 1.0000 parity level could offer intermediate halts during the fall. In a case where the pair sellers dominate below the 0.9950 trough level, the 61.8% Fibonacci Expansion (FE) of late June-July moves, near 0.9870 might join the likely oversold RSI conditions to hinder further downside. On the contrary, the 200-SMA and upper line of the monthly triangle offer a tough nut to crack for EURUSD buyers at around 1.0280. Following that, a run-up towards a horizontal area comprising multiple levels marked since mid-June, near 1.0358-65, could challenge the upside momentum. It’s worth noting, however, that the pair’s successful rise beyond 1.0365 could enable the bulls to aim for June’s high of 1.0588. Overall, EURUSD stays inside a bearish set-up with an absence of oversold RSI and bearish MACD signals amplifying the odds of the quote’s downside. However, it all depends upon how well the US employment data for July arrives. A negative surprise won’t hesitate to pamper bulls.
by MTradingGlobal
AUDUSD bulls flex muscles with eyes on RBABe it a weekly ascending trend channel of the bull cross, AUDUSD flashes upside signals ahead of the key monetary policy meeting of the Reserve Bank of Australia (RBA). That said, the bulls may retreat from the upper line of the stated channel, around 0.7040 by the press time. Even if the quote rises past 0.7040, the mid-June swing high near 0.7070 could challenge the additional run-up. It’s worth noting, however, that the pair’s run-up beyond 0.7070 enables it to challenge June’s peak of 0.7282, with the 0.7100 and the 0.7200 round figures likely to offer intermediate halts during the expected rise. Meanwhile, the 50-SMA and the channel’s support line together restrict the short-term AUDUSD downside to around 0.6930. following that, the 200-SMA, close to 0.6880, could challenge the pair bears. In a case where the prices remain weak past 0.6880, the 0.6760 and 0.6710 may act as the last defenses for the buyers, breaking which the south-run towards the yearly low of 0.6751 can’t be ruled out. Overall, AUDUSD is on the bull’s radar ahead of the key RBA. However, further upside may witness a pullback before challenging June’s peak.
by MTradingGlobal
Gold retains bearish bias ahead of US NFPGold remains inside a four-month-old descending trend channel despite a recent corrective bounce off the yearly low, mainly due to the oversold RSI. The recovery moves, however, failed to cross the 78.6% Fibonacci retracement of the metal’s upward trajectory from August 2021 to March 2022, near $1,755. In addition to the $1,755 hurdle, a horizontal area comprising lows marked since mid-May also restricts the quote’s short-term advances near $1,786. In a case where the bullion prices rally beyond $1,786, the 61.8% Fibonacci retracement and the stated channel’s upper line, respectively around $1,820 and $1,828, will lure the bulls. It’s worth noting that the upside momentum past $1,828 will need validation from the 200-DMA level surrounding $1,846 to welcome the buyers. On the contrary, an 11-month-long horizontal support zone near $1,721-17, restricts the precious metal’s immediate downside. Following that, the aforementioned channel’s lower line, around $1,681, could act as the last defense of gold buyers before directing the quote towards the previous yearly low of $1,667. Overall, gold prices may extend the latest rebound if today’s US Nonfarm Payrolls (NFP), or any of the June US jobs report data, disappoints the US dollar buyers. However, the bears can keep reins until the quote rallies past $1,846.
OANDA:XAUUSD
by MTradingGlobal
Gold wavers around the last defense for bears ahead of US NFPGold prices seesaw around the monthly top after crossing a five-week-old resistance line, as well as a weekly hurdle. The recently bullish MACD signals and firmer RSI also favor the buyers as they attack the 200-SMA level surrounding $1,872, the last defense for bears. Should the US Nonfarm Payrolls (NFP) manage to propel the quote beyond $1,872, an upward trajectory towards the $1,900 threshold can’t be ruled out. Following that, the late April swing high and 61.8% Fibonacci retracement of the April-May downturn, near $1,920, should gain the market’s attention. On the contrary, strong NFP prints could weigh on the gold prices and drag it back below the resistance-turned-support around $1,853. In that case, the 23.6% Fibonacci retracement level and the latest swing low, respectively near $1,835 and $1,828, could lure the gold bears. It’s worth noting that the precious metal’s downside past $1,828 won’t hesitate to break the $1,800 threshold before targeting May’s bottom of $1,786. Overall, gold prices are likely to rise further as global markets await the US employment data for May.
OANDA:XAUUSD
by MTradingGlobal
EURUSD teases bears ahead of US ADP Employment dataEURUSD fades three-week-old recovery as it remains below a downward sloping trend line from early February, around 1.0745 by the press time. Also keeping sellers hopeful is the RSI retreat and a downside break of the 1.0690 support-turned-resistance confluence, comprising an ascending support line from May 13 and 10-DMA. That said, the bears seem approaching 23.6% Fibonacci retracement (Fibo.) of the February-May downturn, around 1.0620, becomes imminent. In a case where the pair remains pressured below 1.0620, monthly horizontal support close to 1.0470-60 appears the last defense of sellers. On the contrary, a successful break of the multi-day-old resistance line, near 1.0745, becomes necessary to recall buyers. Even so, a validation from the 38.2% Fibo. level surrounding 1.0785, as well as March’s low of 1.0805, becomes necessary to convince EURUSD bulls. However, the pair’s run-up beyond 1.0805 won’t hesitate to challenge the late April swing high around 1.0935. Overall, EURUSD bulls seem running out of steam but the bears need clear signals and are challenged by the US data’s presence as well.
Short
by MTradingGlobal
Gold buyers remain hopeful to regain $1,900 on NFP dayDespite reversing the post-Fed rally, gold prices remain beyond a three-day-old ascending support line, around $1,870 by the press time, ahead of the US Nonfarm Payrolls (NFP) release on Friday. In addition to the capacity to stay beyond immediate support, firmer RSI and bullish MACD signals also keep buyers hopeful as markets brace for the key data. That said, late April’s swing high around $1,920 acts as an immediate hurdle for the metal to knock before targeting the $1,930 crucial resistance, comprising 200-SMA and upward sloping trend line from April 26. Should the scheduled data allow the quote to cross $1,930, backed by an absence of overbought RSI conditions, $1,960 could return to the charts. On the contrary, pullback moves remain less important until gold remains above $1,870. Following that, the weekly low surrounding $1,850 may test the bears. If at all the bullion prices drop below $1,850, a nine-month-old rising support line around $1,835 will be crucial to watch as a daily closing beneath the same could open doors for the south-run targeting the sub-$1,800 zone. Overall, gold is due for a short-term recovery before an important piece of US economics.
OANDA:XAUUSDLong
by MTradingGlobal
Gold stays bullish beyond $1,875 level, focus on US NFP, UkraineGold seesaws around weekly tops after poking $1,951 during early Friday. In doing so, the bullion remains well above short-term key supports ahead of crucial US jobs data. Also keeping gold buyers hopeful is the ongoing Russia-Ukraine standoff. That said, overbought RSI conditions and recently easing bullish bias of the MACD hint at gold’s extended pullback towards June 2021 peak of $1,916, a break of which will direct the sellers towards a monthly support line near $1,906 and then to the $1,900 threshold. However, a convergence of the 21-DMA and multiple levels marked since mid-November 2021, around $1,877-75, will keep the gold bears away. It should be noted, though, that a clear downside break of $1,875 will make the precious metal vulnerable to portray a bearish trend with January’s peak of $1,853 acting as the next support. Meanwhile, a successful upside beyond the weekly top near $1,950 becomes necessary before directing gold buyers towards the latest peak of $1,974, also the highest level since September 2020. During the bullion’s run-up beyond $1,974, the $2,000 round figure and $2,015 may act as buffers ahead of highlighting the year 2020 top close to $2,075. Overall, gold buyers remain in the driver’s seat but a pullback can’t be ruled out if the US dollar gets favorable numbers of the US Nonfarm Payrolls (NFP).
OANDA:XAUUSD
by MTradingGlobal
Gold flirts with 200-DMA as markets await US NFPHaving reacted to ECB and BOE announcements, gold traders keep their eyes on the US monthly jobs report for January during early Friday. Given the latest negative surprise from the ADP Employment Change, today’s Nonfarm Payrolls (NFP) becomes the key for gold prices as the metal seesaws around the 200-DMA, near $1,806 by the press time, ahead of the release. That said, the bearish bias also takes clues from late January’s downside break of a short-term key support line, now resistance around $1,820. Hence, gold prices remain on the seller’s radar until the quote crosses the $1,820 hurdle. Also acting as important resistance is the 23.6% Fibonacci retracement (Fibo.) of August-November 2021 upside, near $1,827, followed by the previous month’s peak of $1,853. Alternatively, a positive surprise by the NFP, which is widely anticipated, could drag gold towards January’s bottom surrounding $1,780. However, multiple supports around $1,760 and December 2021 low of $1,751 will challenge gold sellers afterward. It should be observed that the bullion’s downside past $1,751 will need validation from 61.8% Fibo. level close to $1,747 before directing bears towards September’s low of $1,721. Overall, gold buyers run out of steam ahead of crucial US data and the downside is expected to gain strength on NFP’s positive surprise.
OANDA:XAUUSD
by MTradingGlobal
Gold bears eye $1,756 as market braces for US NFPDespite marking a corrective pullback from a monthly low, gold prices remain below the key hurdles, namely an ascending trend line from August and a convergence of 50, 100 and 200 DMAs. The same joins downbeat RSI line and recently bearish MACD signals to keep gold sellers hopeful. That said, March’s high and April's low, around $1,756, seem to be at a hand’s distance. However, 23.6% Fibonacci retracement of January-August downside and September’s bottom, respectively around $1,736 and $1721, could challenge the quote from reaching the $1,700 threshold. Meanwhile, the support-turned-resistance line near $1,788 precedes the stated DMA confluence of $1,792 to challenge short-term gold buyers. Following that, the $1,800 round figure and the 50% Fibo. level of $1,813 may entertain them before directing the upside moves to $1,834 horizontal area comprising tops marked in July and September. In a case where the gold bulls manage to cross the $1,834 level, the yearly resistance line near $1,862 will be in focus.
OANDA:XAUUSDShort
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
Gold needs $1,780 breakout to recall buyers on NFP dayGold buyers attack a three-week-old resistance line as the market’s anxiety underpins the metal’s haven demand. However, the US Nonfarm Payrolls (NFP) remains awaited for fresh clues as the same will pave the ground for Fed tapering, which in turn could portray the US dollar strength and weigh on the gold prices. Technically, the immediate resistance line near $1,761 guards the quote’s nearby advances ahead of convergence of 200-SMA and the short-term horizontal area surrounding $1,780. Should the bulls manage to cross the $1,780 hurdle, the $1,800 threshold and $1,808 levels may entertain them before September’s top near $1,834. Alternatively, pullback moves may fade around $1,745 but any more weakness will be challenged by two-month-old horizontal support near $1,724. Also acting as a downside filter to the yearly low of $1,678 is the $1,700 round figure. It should be observed that the RSI hints at further recovery moves but MACD needs a fundamental boost to regain traction.
OANDA:XAUUSD
by MTradingGlobal