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Technical Analysis

GBPUSD: The risk of a price drop lurksThe GBP/USD exchange rate is hovering around 1.2680 on Wednesday as markets seek new impetus from the Federal Reserve (Fed) as investors gradually shy away from high-interest rate cut bets. Data on US Gross Domestic Product (GDP) inflation and Personal Consumption Expenditures (PCE) Price Index will be released this week. Data from the United Kingdom remains sparse this week, with the market focusing on important figures to update expectations of interest rate cuts by the Fed. As a result, GBPUSD is struggling to rise, with both short-term and medium-term corrections indicating a downward trend. The currency pair has already broken below the support level of 1.267. In the event that the next support level at 1.265 is breached, the possibility of a decline below 1.262 is entirely plausible as there will be no significant support points to prop up GBPUSD.
Short
by RKarina
USDJPY: SELL OR BUY?Hello dear friends! Today, USDJPY continues to be limited below the resistance level of 150.750 in the early trading hours of the new week. This currency pair is declining due to the decrease in US Treasury bond yields, amid cautiousness and concerns about inflation data in the United States. However, the recent appreciation of the US dollar may limit the downside of USD/JPY as long as the support level of 149.700 is well maintained, thus the possibility of a recovery for USDJPY is still considered high.
by RKarina
EURUSD - Stable trading above the psychological level of 1,080Hello everyone, let's discuss EURUSD today with RKarina! Currently, the EURUSD currency pair is trading quite calmly and there haven't been many price changes, with trading levels around 1.083 USD from the beginning of the week until now. Looking at the prospects from today's short-term analysis chart: This currency pair has experienced a pullback above the 0.5 - 0.618 Fibonacci level, indicating that the selling side seems to have an advantage during this period. However, it is still operating weakly as the price continues to hover and align with the two EMA lines, namely the 34 and 89. If everything goes well and meets expectations, after a slight sideways movement, this currency pair will aim for the next target at the resistance level of 1.086. Let's wait and see the results!
Long
by RKarina
Bull cross keeps Gold buyers hopeful ahead of Fed InflationThe price of spot Gold (XAUUSD) defends the previous day’s rebound from a weekly low despite lacking momentum around $2,035 early Thursday. In doing so, the yellow metal portrays the market’s anxiety ahead of the US Federal Reserve’s (Fed) preferred inflation gauge, namely the US Core Personal Consumption Expenditure (PCE) Price Index. It should be noted that the sluggish MACD signals and steady RSI near 50.00 also depict the trader’s lack of conviction. However, the 50-SMA pierces off the 200-SMA from below and portrays a bullish moving average crossover, namely the Bull Cross, which in turn suggests a short-term upside bias of the market. The same highlights $2,042 as an immediate resistance ahead of an eight-week-old horizontal area surrounding $2,062-66 that holds the key to the bullion’s further advances. In a case where the quote remains firmer past $2,066, the late 2023 peak of around $2,088 and the $2,100 round figure will lure the XAUUSD bulls. On the flip side, an area comprising the 50-SMA and the 200-SMA, around $2,028-26, restricts short-term declines in the Gold price. Following that, the $2,010 level and the previous monthly low of around $2,001 could test the XAUUSD bears before giving them control. In that case, the monthly bottom surrounding $1,984 and the late 2023 trough near $1,973 will be imperative to watch as the final defenses of the buyers. Overall, the Gold buyers are in command ahead of the key US data but the upside room appears limited.
OANDA:XAUUSD
by MTradingGlobal
Xauusd todayHey everyone, let's delve into the current gold prices! During the previous trading session, the price of gold remained steady, ranging from $2022 to $2025. Investors are eagerly awaiting fresh economic data from the United States in order to assess the future direction of interest rates as determined by the Federal Reserve (Fed). At the moment, gold finds itself in a temporary stalemate, torn between expectations regarding interest rates and the demand for a safe haven amidst geopolitical tensions. The latest minutes from the Fed's policy meeting have revealed a general concern among policymakers regarding the risks associated with premature interest rate cuts, which has exerted significant pressure on gold. In my opinion, there is a possibility that gold prices could rise to a range of $2040 - $2042 before experiencing a correction if it reaches the limit of its downward trend.
OANDA:XAUUSDShort
by RKarina
2
Gold price today: Trading is quietHello everyone, gold traded relatively calmly today at a high level after breaking out of the previous downtrend. Today, the price of gold was supported by the decline in US Treasury bond yields. As a result, the US dollar (USD) weakened as the US Dollar Index (DXY), which tracks this currency against six other currencies, fell by 0.05%. From the analysis chart: Gold is trading sideways as XAU/USD has been unable to surpass the psychological resistance level of $2,035 for the past 12 days. However, the upward trend is still intact, and if buyers reclaim the $2,035 level, it could open up an opportunity to challenge the psychological level of $2,050.
OANDA:XAUUSD
by RKarina
GBP/USD: maintain good growth rateThe GBP/USD pair continues its upward momentum below the psychological barrier of 1.2700 in the early Asian trading session on Tuesday. The FOMC minutes indicated that the Fed has reaffirmed its data-dependent approach, leading to a more dovish outlook. This has weighed on the US Dollar (USD) and created a favorable environment for this currency pair. At the time of writing, GBP/USD is trading at 1.2685, up 0.02% for the day. My expectation is that the price will continue to rise after finding support at the 34 and 89 EMA levels.
by RKarina
NZDUSD drops 1.0% on RBNZ’s dovish halt, focus on 0.6080-70NZDUSD marks the biggest daily loss in two weeks as the Reserve Bank of New Zealand (RBNZ) announces monetary policy decision. That said, the RBNZ not only pushed back the concerns about rate hikes while keeping the practices unchanged but Governor Adrian Orr signaled the end of the rate hike trajectory in his press conference and drowned the New Zealand Dollar (NZD). With this, the quote extends the previous day’s U-turn from the 50-SMA hurdle while justifying a looming bear cross on the MACD. However, a convergence of the 200-SMA, an upward-sloping trend line from mid-November 2023 and a 50% Fibonacci ratio of the Kiwi pair’s October-December 2023 upside, near 0.6080-70, appears a tough nut to crack for the bears. Should the quote manage to remain bearish past 0.6070, the odds of witnessing a slump toward the 0.6000 psychological magnet can’t be ruled out. Meanwhile, the 38.2% Fibonacci retracement level and the 50-SMA will restrict the NZDUSD pair’s corrective bounce respectively near 0.6150 and 0.6180. Following that, the 0.6200 round figure and the monthly high of around 0.6220 will lure the Kiwi pair buyers. It should be noted that the quote’s sustained run-up beyond 0.6220 will need validation from the 0.6280 and the 0.6300 upside hurdles before targeting the late 2023 peak of around 0.6370. Overall, the RBNZ disappoints the Kiwi bulls and lures the pair bears but the downside room appears limited.
by MTradingGlobal
Gold price today February 27: Great leap forward?Dear beloved friends, yesterday's gold trading session was relatively calm with no significant fluctuations. At present, the price is still hovering around $2033 and maintaining support at $2025. In the short and medium term, the upward momentum of gold is still highly regarded. From today's chart, the two main targets for buyers are $2037 and $2041. Regarding predictions, the market is awaiting the release of the US Personal Consumption Expenditures (PCE) report. This crucial inflation data is expected to provide investors with further clues about the future direction of interest rates by the Federal Reserve. The report is scheduled to be released on Thursday, with a projected monthly increase of 0.4%. If the PCE data exceeds expectations, gold prices may decline. However, this precious metal is still expected to remain above $2000 per ounce.
OANDA:XAUUSDLong
by RKarina
XAUUSDHello dear colleagues, what do you think the closing price of gold will be today? Last night, the price of gold decreased despite the sharp decline in the US dollar. Normally, a weaker US dollar would support an increase in the price of gold. However, in the last session, it defied market norms with a decline in the USD due to forecasts showing durable goods orders in the US dropping from 0% in the previous month to -4.7% in January, and core durable goods orders falling from 0.6% to 0.2%. Despite gloomy economic forecasts, the stock market remains surprisingly optimistic. Globally, US and Japanese stocks have been continuously setting new records at the beginning of this year. With a 7% increase since the end of 2023, money is shifting from traditional safe havens like gold to stocks, potentially setting the stage for a recovery in the price of gold.
OANDA:XAUUSDShort
by RKarina
GBPUSD bulls keep the reins despite latest inactionGBPUSD stays defensive above 200-SMA after posting the first weekly gain in four, making rounds to 1.2680 early Tuesday. In doing so, the Cable pair defends last week’s upside break of the key SMA support, around 1.2660 by the press time, while also edging higher past a one-week-old rising support line, close to 1.2645 at the latest. Not only the pair’s ability to stay beyond the key SMA and an immediate support line, but an absence of the trend-negative oscillators also keeps the Pound Sterling buyers hopeful. It’s worth noting, however, that the quote’s sustained trading beneath 1.2645 will defy the bullish bias and make it vulnerable to aim for the monthly low surrounding 1.2520. On the other hand, the 1.2700 round figure guards the immediate upside of the GBPUSD pair amid a lack of major data/events, as well as due to the cautious mood ahead of today’s US Durable Goods Orders. That said, the Cable buyers target a downward-sloping resistance line from late December 2023, near 1.2740 as we write. In a case where the Pound Sterling manages to stay firmer past 1.2740, the yearly high of near 1.2785 and the late 2023 peak of 1.2830 will test the upside momentum targeting the 1.3000 psychological magnet. To sum up, the GBPUSD pair’s latest performance appears less important for the bears as far as the price stays beyond the key SMA and the short-term support line.
by MTradingGlobal
XAUUSD: price increase but not sure yet!Hello traders, what do you think about GOLD? The fear of risk has driven the demand for US government bonds, contributing to the prolonged weakness of US Treasury bond yields across the yield curve. The slight decrease in US Treasury bond yields helps limit the adjustment of Gold prices. In the coming days, the momentum of the US Dollar and US Treasury bond yields, along with the risk sentiment, will impact Gold price action as traders consider the US New Home Sales data for trading cues. Gold is supported and has been growing as it touches the bottom of a descending channel. It is expected to decrease back to the channel bottom after reaching the resistance zone.
OANDA:XAUUSD
by RKarina
XAUUSD: Breakout on last day of tradingDear friends, what are your thoughts on gold after a challenging week? Let's also strategize for the upcoming week. Looking back at the recent period, the price of gold has mainly been fluctuating around the range of $2022 to $2028, despite some news affecting gold, but not significantly. Until last Friday afternoon, gold experienced a significant volatility, with prices dropping straight to $2016 and then rebounding strongly to reach $2041. In the context of some officials from the Federal Reserve stating that they are not in a hurry to lower interest rates due to high inflation, financial investors are expecting a rate cut by the Fed in June 2024. As a result, the US dollar weakened against many other currencies, boosting today's gold prices. Currently, the precious metal has stabilized at around $2035, making this weakness a corrective wave after breaking through $2033. It is expected that next week, gold will continue to decline further towards the range of $2031 and $2028, as indicated by Fibonacci before the price resumes its upward trend.
OANDA:XAUUSD
by RKarina
EURUSD: SELL?The EUR/USD pair is trading with a softer tone as the US dollar (USD) modestly rebounds in early Asian trading on Monday. The market will be paying attention to the US PCE inflation data for January this week, which could cause some volatility. At the time of writing, EUR/USD is trading at 1.0818, down 0.01% on the day. With the possibility of forming a head and shoulders pattern and a bearish price, I expect that after the price receives support and increases to the specified level, it will decrease with the target specified on the chart.
Short
by RKarina
What's changed in the gold price this week?Hello everyone, RKarina is delighted to meet you all again. Let's discuss our strategy for the new week for XAUUSD! Currently, at the opening of the trading session, gold is moving quite steadily at around 2033 USD, with no change in direction compared to the last closing at 2035 USD. In terms of prospects: From a technical analysis perspective: the Bollinger Band indicates two notable levels to watch out for in the near future, with a peak at 2055 USD and a support level at 1990 USD. In terms of market news: The European Central Bank maintaining its stance on interest rate cuts and a significant allocation of the Euro could put pressure on the USD. This will have a positive impact on the price of gold, as the interest rate adjustment period is coming to an end and gold could increase to 2050 USD by the end of the week. What about you? What do you think will be the movement of gold? Will it continue to rise or fall?
OANDA:XAUUSD
by RKarina
USDJPY bulls lack momentum as US, Japan inflation clues loomUSDJPY rose in the last four consecutive weeks even if the US Dollar Index (DXY) snapped a five-week uptrend, amid an increase in the near-term US Treasury bond yields and chatters about a delay in the Bank of Japan’s (BoJ) delay in ending the ultra lose monetary policy. It’s worth noting, however, that the technical signals are against the Yen pair buyers as the nearly overbought RSI (14) line joins the bearish MACD conditions. Also challenging the upside momentum is the quote’s retreat from a week-old horizontal resistance around 150.80. Even if the pair crosses the immediate upside hurdle, he previous yearly high of 151.90 and an ascending resistance line from late December 2023, forming part of a rising wedge bearish chart formation near 153.80, will be tough nuts to crack for the bulls. On the contrary, the USDJPY pair’s pullback remains elusive unless the price stays above the lower line of a 10-week-old rising wedge bearish chart formation’s bottom line, close to 149.80 at the latest. Following that, a quick fall to January’s top surrounding 148.80 can’t be ruled out. However, the 100-bar and 200-bar Exponential Moving Averages (EMAs) will test the Yen pair bears near 147.10 and 145.00 respectively before directing the quote toward the theoretical target of the rising wedge confirmation, namely around 139.40. It should be It should be observed that the 140.00 threshold and the mid-2023 swing low of near 137.25 act as additional downside filters to watch. Overall, the USDJPY pair lacks upside momentum but the bears need confirmation from the short-term rising wedge chart formation before taking control. Also important are the initial inflation clues from Japan and the US.
by MTradingGlobal