USDCAD posted the biggest daily slump in six years on Friday and pushed back the bulls. The bears, however, have a long way to cover before taking control as a 15-month-old rising trend line, around 1.3330 by the press time, defends the upside expectations. Even if the quote breaks the said key support, the 61.8% Fibonacci retracement of August-October upside,...
AUDUSD rebounds inside a three-week-old falling wedge bullish chart formation and it becomes more important for the short-term buyer’s return as the quote is around the 2.5-year low. It should, however, be noted that only an upside break of 0.6290 hurdle won’t be enough to convince bulls as a horizontal area surrounding 0.6345-65 appears a tough nut to crack for...
AUDUSD fails to extend the previous day’s corrective bounce off the two-year low as a 12-day-old resistance line joins the 61.8% Fibonacci Expansion (FE) of April-August moves, around 0.6530, to recall the bears. The nearly oversold RSI conditions, however, challenge the pullback moves, which in turn suggest limited downside and highlight the 78.6% FE level near...
Despite falling heavily after the US inflation, the AUDUSD bounced off a two-month-old support line as nearly oversold RSI pushed back the bears. The recovery, however, remains below a two-week-old horizontal hurdle surrounding 0.6770-80, which in turn joins bearish MACD signals to challenge the optimists. If the Aussie pair crosses the 0.6780 hurdle, it can...
USDJPY prints a three-week run-up as it pierces the previous multi-day top to print the highest levels since 1998. Considering the RSI (14) uptrend, not overbought, as well as the bullish MACD signals, the quote is likely to approach the 140.00 threshold. It should be noted that the RSI could turn overbought at that level, given the minor space available, which in...
AUDUSD broke a one-month-old bullish channel after witnessing a downbeat Aussie Wage Price Index. The south-run also gained support from the softer jobs report for July. Even so, a convergence of the 200-SMA and 50% Fibonacci retracement of the July-August upside, near 0.6900, restricts the immediate downside of the pair. It’s worth noting, however, that the RSI...
Gold remains firmer around one-month high, staying successfully above the $1,787-88 confluence comprising the 50-DMA and a five-month-old descending trend line. The same joined firmer RSI and bullish MACD signals to keep buyers hopeful of further upside. However, the $1,800 threshold could challenge the upside momentum before directing the bulls towards the...
MGL trade possibilities for buy. Weekly sideways. Travelling from day support to day resistance.
Despite the recent rebound, AUDUSD holds onto the downside break of fortnight-old support amid an absence of oversold RSI, which in turn hints at the pair’s likely to rush towards refreshing yearly low. However, the latest bottoms surrounding 0.6850 and 0.6830 may act as intermediate halts during the fall. That said, the 61.8% Fibonacci Expansion (FE) of June...
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Gold fades bounce off monthly horizontal support ahead of Fed Chair Jerome Powell’s key testimony. That said, gradually declining RSI (14) and bearish MACD signals add strength to the downside bias. Should the gold sellers manage to conquer the aforementioned support around $1,805, a downward trajectory towards the yearly low of $1,786 appears imminent. However,...
AUDUSD gyrates inside the one-week-old symmetrical triangle after the RBA Minutes and Governor Philip Lowe’s speech. Given the RBA’s hawkish bias and recently firmer RSI, the Aussie pair is likely to cross the stated triangle to the upside, which in turn highlights 0.7015 as immediate resistance. However, the 200-SMA level surrounding 0.7065, as well as the early...
EURUSD holds onto its bearish bias, despite bouncing off an immediate support line. That said, a sustained trading below the 200-SMA and previous support line from late May keeps bears hopeful of breaking the nearby trend line support, around 1.0450. Following that, multiple levels surrounding 1.0400 could test the downside momentum before directing the quote...
A clear downside break of the fortnight-old support line, favored USDJPY bears in the last few days. However, a convergence of the 100-EMA and 38.2% Fibonacci retracement of May 24 to June 14 upside, around 132.00, seemed to have triggered the latest rebound. Also acting as short-term key support is a horizontal area comprising tops marked during late April and...
After failing to cross the 200-day EMA, AUDUSD broke a three-week-old support line and the 50-day EMA as traders await the Reserve Bank of Australia’s (RBA) second rate hike of 2022. Given the steady RSI and recently bullish MACD signals, the quote is likely to rebound towards the 200-day EMA hurdle surrounding 0.7270. However, a clear run-up beyond the previous...
EURUSD’s corrective pullback remains below 21-DMA, as well as a two-week-old ascending trend line, suggesting a further downside towards the lower end of the latest range between 1.1120 and 1.0900. However, the 23.6% Fibonacci retracement (Fibo.) of February-March downside acts as an intermediate halt around 1.0980. While the bearish MACD and downward sloping RSI...
AUDUSD extends pullback from the 0.7430-40 horizontal area comprising multiple tops marked since October 2021. Given the recently steady RSI and the volatile MACD signals, not to forget Ukraine-led risk aversion and downbeat comments from RBA Governor Lowe, the upside momentum is likely to fade again. Even if the quote manages to cross the 0.7440 hurdle, the late...
EURUSD braces for the first positive week in six, despite recently drop back to a two-week-long symmetrical triangle during early Friday. Given the bullish MACD signals and firmer RSI, the major currency pair is up for crossing the aforementioned triangle’s resistance line, near 1.1105. Even so, the 200-SMA and a seven-week-old horizontal area, respectively around...