Get started

Trading-forex

USDJPY crosses 200-SMA to refresh 12-week high, focus on 152.00USDJPY has reached its highest point since July 31, rising for the third straight day after breaking the 200-day Simple Moving Average (SMA) early Wednesday. However, a seven-month-old resistance zone around 151.85-152.00 limits further gains of the Yen pair. Bulls need a strong push The US Dollar’s strength and bullish MACD signals keep buyers hopeful. Yet, overbought RSI conditions and tough resistance mean a significant boost is necessary for further upward movement. Without this, the pair could quickly drop below the 200-SMA, leading to short-term selling. Key technical levels to watch In addition to the 200-SMA support at 151.35 and the resistance zone around 151.85-152.00, several important technical levels are crucial for USDJPY traders. The 50% Fibonacci level near 150.80 will attract sellers if the price drops below the 200-SMA, along with the key threshold at 150.00. A drop to around 149.40 is possible if sellers gain control, and if the price falls past this level, September’s high of 147.20 and the 23.6% Fibonacci level at 144.85 will come into focus. On the upside, a close above 152.00 could encourage buyers to target the 61.8% Fibonacci level, or Golden Ratio, near 153.40. If momentum continues, potential targets may include June’s low of 154.55 and the 78.6% level at 157.20. Decisive move ahead… While buyers seem in control, the struggle to surpass key resistance amid overbought conditions and upcoming PMI data could lead to a necessary pullback. Traders should proceed with caution as the next moves in USDJPY will be crucial.
by MTradingGlobal
Bitcoin: BTCUSD bulls struggle amid overbought RSI, $70,100 eyedOn Monday morning, Bitcoin (BTCUSD) experienced slight losses after reaching a three-month high. This movement highlights overbought RSI conditions, indicating weak upside momentum beneath the horizontal resistance area established since early June. Buyers remain hopeful Despite overbought RSI conditions and facing key resistance, Bitcoin (BTCUSD) buyers remain optimistic. The pair is holding above last week’s breakout from a descending resistance line, which is now acting as support around $67,700. Additionally, bullish MACD signals suggest strong buyer momentum. Key technical levels to watch The horizontal resistance around $70,100 is a key barrier for Bitcoin bulls. They should also monitor the $70,000 threshold and recent highs near $72,000 as additional hurdles. If BTCUSD breaks through, the yearly peak near $73,800 and the $75,000 mark will attract buyers' attention. If Bitcoin (BTCUSD) breaks below the former support at around $67,700, it could trigger a short-term decline. Key levels to watch include the previous monthly high near $66,500 and the 200-SMA support around $63,300. If prices fall below $63,300, the next significant support is at $62,500. A move past that could lead to a drop towards the psychological level of $60,000 and potentially a monthly low of around $58,870. Upside potential remains intact Overall, Bitcoin (BTCUSD) buyers are likely to remain in control despite the challenges at key resistance. However, a price pullback is possible if the US Dollar strengthens from this week’s PMIs and Durable Goods Orders data.
BITSTAMP:BTCUSD
by MTradingGlobal
Bitcoin: BTCUSD surpasses 200-SMA barrier, focus on $65,450Bitcoin (BTCUSD) rises to a five-week high, crossing the 200-day Simple Moving Average (SMA) during a slow trading session on Monday, largely affected by holidays in Japan, the US, and Canada. Notably, Bitcoin formed a Doji candlestick on the weekly chart, hinting at a potential reversal of its losses from late September. Further upside appears lucrative In addition to the weekly Doji candlestick and Bitcoin's recent move above the key moving average, a bullish crossover on the MACD and a strong RSI (14) support BTCUSD buyers. Key technical levels to watch With Bitcoin (BTCUSD) successfully trading above the 200-SMA, buyers are gearing up for a challenge against a four-month-old descending resistance line near $65,450. The previous monthly high of around $66,500 also poses a barrier; breaking through this level could open the door for Bitcoin bulls to target the $70,000 mark, which was tested in July. Conversely, sellers should watch for a drop below the 200-SMA, currently around $63,350. If this happens, the 50% Fibonacci retracement level from the June-August decline and an upward-sloping support line from early August, located near $60,800 and $58,750 respectively, will be crucial for buyers to defend. US Dollar consolidation adds strength to bullish bias In addition to the technical indicators, a quiet economic calendar this week and mixed data from the previous week could lead to the US Dollar’s retreat, which may help boost Bitcoin (BTCUSD) prices.
BITSTAMP:BTCUSD
by MTradingGlobal
Bitcoin: BTCUSD tests 7-Week uptrend as September wraps upAfter three weeks of gains, Bitcoin (BTCUSD) kicks off the NFP week on a down note. It’s testing the 50-SMA support and approaching the lower end of its seven-week uptrend. Along with the US employment report for September, including the key Nonfarm Payrolls (NFP), Monday's speech by Federal Reserve Chairman Jerome Powell will be crucial for market watchers. Stay tuned! Buyers are struggling to gain traction, while sellers are still holding back Whether it's pre-event nerves or month-end consolidation, Bitcoin buyers are struggling to gain market acceptance as the key week begins. Bearish MACD signals and the price's inability to hold above the 61.8% Fibonacci retracement from July to August are tempting short-term sellers. However, a quick drop in the RSI (14) and strong support levels below make it tough for bears to regain control. Technical levels to watch In the short term, the bottom of the bullish channel around $64,050 is a key support level for potential sellers. Below that, the 200-SMA near the $60,000 mark acts as the last line of defense for buyers. If Bitcoin (BTCUSD) falls below $60,000, a gradual decline toward the monthly low around $52,500 could be on the horizon. For a rebound, Bitcoin needs to break past the 61.8% Fibonacci retracement level at about $65,650. If successful, the monthly high of $66,500 and the upper boundary of the bullish channel around $68,900 will attract buyers. If Bitcoin moves past $68,900, it could quickly surpass $70,000 and aim for the yearly high of around $73,800 set in March. Pullback in prices expected Looking ahead, a potential bounce in the US Dollar and some price consolidation could lead to a pullback in BTCUSD. However, the overall bullish trend is likely to continue.
BITSTAMP:BTCUSD
by MTradingGlobal
USDJPY: Bears flex muscles within five-week-old triangleThe USDJPY currency pair has fallen for the first time in five days after hitting a resistance level on a one-month-old chart pattern. This drop reflects a shift to safer investments as traders await important economic data and deal with the return of full trading activity after a long weekend in the US and Canada. Buyers losing ground Along with the change in market sentiment, a few technical indicators suggest the USDJPY might keep falling. The Relative Strength Index (RSI) is moving out of the overbought zone, and the MACD is showing less bullish momentum. However, sellers need to see the price drop below 144.20 to gain control. Technical levels to watch The important support level is 144.20. If the price falls below this, it might continue to drop. The 100-day simple moving average (SMA) at 146.10 is another key level that limits immediate losses. Additional support levels are 144.00 and the August low of around 143.40. If the price drops further, it could target the seven-month low of 141.70 and the psychological level of 140.00. On the contrary, an upside break of the stated triangle’s top line, currently around 147.30, isn’t an open invitation to the USDJPY buyers as the 200-SMA hurdle of 148.80 acts as an extra upside filter. Also challenging the Yen pair buyers is mid-August swing high near 149.40 and the 150.00 round figure. What next? The USDJPY is likely to continue falling and might hit new lows for the year. However, the sellers need confirmation from upcoming US economic data and a break below the key support level of 144.20.
by MTradingGlobal
Gold: Buyers await triangle breakout, Fed inflationGold prices are currently stable within a triangle pattern that's been forming for a week. Traders are waiting for the US Core PCE Price Index data for August, which is the Federal Reserve's preferred measure of inflation. Gold prices have been fluctuating around last week’s record high, and technical indicators like RSI and MACD suggest mixed signals. Buyers are optimistic… Even though gold doesn’t have strong upward momentum right now, last week’s rebound from a key support level, combined with weak US data and a dovish Fed outlook, keeps buyers hopeful. Uncertainty about the global economy and central banks cutting rates also supports this optimism. Key technical levels to watch… Gold’s movement is currently limited between $2,530 and $2,504. If it breaks above $2,530 and stays above the recent peak of $2,532, it could move towards $2,600. The triangle pattern suggests an intermediate target of around $2,590. Meanwhile, a downside break of the stated triangle’s bottom line, close to $2,504, will need validation from the $2,500 psychological magnet and the previous resistance line stretched from mid-July, now support around $2,472, to convince Gold sellers. Even so, a two-month-old ascending trend line surrounding $2,427 will act as the final defense of the buyers. What next? Gold is on a positive path and could reach new highs, especially amid the dovish Fed outlook. Even if the upcoming US inflation data is strong, it might only cause a short-term dip, which could be a new buying opportunity.
OANDA:XAUUSD
by MTradingGlobal
Rising wedge portrays EURUSD buyer’s exhaustion ahead of US dataEURUSD is bouncing back after a big drop, as traders wait for the University of Michigan’s Consumer Sentiment Index and Inflation Expectations for August. This bounce reverses the previous day’s decline from the highest level of 2024 and moves off the bottom of a four-week bearish chart pattern called rising wedge. The RSI indicates that the recent price increase might continue, but the MACD suggests weakening buyer interest. For sellers to take control, they need to break below the wedge’s bottom line at around 1.0960 and the 50-SMA support at 1.0946. If they succeed, they might face challenges at the 200-SMA and an upward trend line near 1.0875 and 1.0830, respectively. After that, the price could drop toward the wedge’s theoretical target of around 1.0700. On the other hand, the 1.1000 level is attracting buyers, with the recent high of 1.1050 in sight. The top line of the wedge near 1.1055 could also act as resistance. Future resistance points include December and July 2023 highs near 1.1140 and 1.1275, and the 1.1200 level might provide a resting point for buyers. Overall, the EURUSD pair is struggling to gain momentum in a bearish pattern ahead of US economic data. Sellers need confirmation from both technical and fundamental factors to take control.
by MTradingGlobal
EURUSD rebounds from key EMAs as bearish channel, US NFP eyedEURUSD remains mildly bid around 1.0830 early Thursday as it defends the previous day’s recovery from the 200-day and 100-day Exponential Moving Averages (EMAs) after the US Federal Reserve’s (Fed) dovish halt of the benchmark rates. It’s worth noting, however, that bearish MACD signals and a week-long descending trend channel challenge the Euro pair buyers ahead of the top-tier activity and employment clues from the US, scheduled for publishing later today and on Friday. That said, the steady RSI (14) line hints at a continuation of the latest rebound. As a result, the bulls should wait for a clear upside break of the stated channel’s top line, close to 1.0855 at the latest, and the US ISM PMIs and Nonfarm Payrolls (NFP) data for conviction. Following that, the quote’s gradual run-up toward the 1.0900 threshold can’t be ruled out. However, an upward-sloping resistance line from early April, near 1.0950 by the press time, followed by the 1.1000 threshold, will be tough nuts to crack for the buyers to crack. On the flip side, an area comprising the 100 and 200 EMAs surrounding 1.0810-800 restricts the short-term downside of the EURUSD pair. If the Euro bears manage to smash the stated EMAs on a daily closing basis, the falling channel’s bottom line will act as the final defense of the sellers around 1.0785. It’s worth noting that the 61.8% and 78.6% Fibonacci ratios of the pair’s April-July rise, respectively near 1.0730 and 1.0670, could act as intermediate halts during the pair’s weakness past 1.0785 and on the way to the yearly low marked in April around 1.0600. Overall, EURUSD is likely to remain firmer but the room towards the north appears limited. Also challenging the pair buyers is the cautious mood ahead of the US ISM PMI and employment figures for July.
by MTradingGlobal
Gold extends pullback from all-time high towards sub-$2,400 zoneGold price remains pressured for the third consecutive day while extending the mid-week pullback from an all-time high. In doing so, the spot gold price (XAUUSD) retreats from a three-month-old ascending resistance line backed by the RSI’s U-turn from overbought territory. Apart from that, the US Dollar’s corrective bounce and receding bullish bias of the MACD signals also underpin odds favoring the bullion’s further profit booking. The same highlights a convergence of the 20-day Exponential Moving Average (EMA) and a three-week-long rising trend line, close to $2,395. It’s worth mentioning that the $2,400 threshold acts as immediate support while multiple peaks and troughs can challenge the sellers near $2,360 and $2,330-35. Above all, the precious metal bears remain off the table unless witnessing a daily closing beneath an ascending support line from early April, close to $2,300 by the press time. Also acting as the downside filter is the 100-EMA level of $2,296, a break of which will welcome bears with open arms. On the contrary, Gold buyers seek a clear upside break of the three-month-old horizontal support-turned-resistance surrounding $2,431-34 to retake control. Following that, the precious metal’s run-up toward May’s peak of $2,450 and then to the recent swing high near $2,484 can’t be ruled out. However, the RSI conditions and the aforementioned multi-day-old resistance line, at $2,486 as we write, might challenge the XAUUSD bulls past $2,484. Following that, the bullion will be able to pierce the $2,500 round figure. To sum up, further decline in the Gold price appears certain but the bullish trend is less likely to reverse.
OANDA:XAUUSD
by MTradingGlobal
Impending Golden Cross keeps EURUSD bulls hopeful ahead of ECBEURUSD retreats from the highest level in four months as traders await monetary policy announcements from the European Central Bank (ECB) early Thursday. In doing so, the Euro pair justifies the overbought RSI conditions. However, a successful break of a descending resistance line stretched from early January, now immediate support near 1.0890, joins the bullish MACD signals to keep the buyers hopeful. Even if the quote drops beneath 1.0890 resistance-turned-support, a convergence of the 50-SMA and 200-SMA, close to 1.0810-05, will be a tough nut to crack for the bears. It’s worth mentioning that the 50-SMA is approaching the 200-SMA from below and portrays a bullish moving average crossover called “Golden Cross”, which in turn suggests further upside of the major currency pair. Meanwhile, EURUSD bulls can aim for the 1.0980-1.1010 resistance zone during a fresh upside. Following that, 1.1040 and the 1.1100 threshold may act as intermediate halts while directing buyers toward the late 2023 peak of 1.1140. In a case where the Euro pair remains firmer past 1.1140, the odds of witnessing a run-up toward the previous yearly high of 1.1275 and then to the year 2022 top surrounding 1.1495 can’t be ruled out. Overall, EURUSD remains in the upward trajectory despite the pre-ECB pullback. However, the upside room appears limited unless the quote offers a daily closing beyond 1.1010. It should be observed that the ECB is likely to keep the monetary policy unchanged but bears are waiting for the signals of further rate cuts in 2024.
by MTradingGlobal
EURUSD approaches multi-month-old support ahead of Fed inflationEURUSD struggles to defend the first weekly gain in four as sellers appear more inclined to revisit an upward-sloping support line from early October 2023. That said, the Euro pair’s failure to keep Thursday’s rebound from the stated support line joins the bearish MACD signals to keep sellers hopeful ahead of the US Federal Reserve’s (Fed) preferred inflation gauge, namely the Core PCE Price Index. However, a daily closing beneath the aforementioned key technical support surrounding 1.0665 becomes necessary for the bears to tighten their grip. Following that, the quote becomes vulnerable to slump toward the yearly low marked in April around 1.0600. In a case where the downbeat RSI conditions and the stated 1.0600 support fail to stop the sellers, the prices could well aim for the year 2023 to bottom close to 1.0450. Meanwhile, EURUSD recovery remains elusive unless it stays beneath a convergence of the 200 and 100 SMAs, close to 1.0790 by the press time. That said, the 1.0750 and the 1.0800 thresholds are extra upside filters to watch during the quote’s fresh rise in case of the downside US data. It’s worth noting that the Euro pair’s successful run-up beyond 1.0800 will enable buyers to aim for the 50% Fibonacci retracement of late 2023 fall, around 1.0865, but a descending trend line from early January 2024, close to 1.0900, will challenge the upside afterward. Even if the quote manages to remain firmer past 1.0900, an 11-month-long falling resistance line near 1.0990 and the 1.1000 psychological magnet will be tough nuts to crack for the bulls. Overall, EURUSD bears keep the reins ahead of the key US data but the quote’s further downside hinges on the strong US inflation clues and a clear break of the 1.0665 support.
by MTradingGlobal
USDJPY pokes key resistance amid mixed market, light calendarUSDJPY struggles to defend a two-day winning streak and the weekly gains while jostling with a seven-week-old symmetrical triangle’s resistance line early Monday. In doing so, the Yen pair also prints an inability to cross a broad resistance zone comprising tops marked since late April, around 158.00-158.50. However, the quote’s sustained trading beyond the 200-bat Exponential Moving Average (EMA) and the upbeat RSI (14) line keep buyers hopeful beyond witnessing a clear downside break of 156.00. Even so, the aforementioned triangle’s bottom line and an upward-sloping trend line support from late March, respectively near 155.60 and 153.40, will act as the final defense of the bulls before giving control to the bears. Meanwhile, fresh buying in the USDJPY pair will gain momentum beyond 158.50, which in turn could direct buyers toward the 160.00 psychological magnet. However, the latest multi-year peak of 160.20 and the year 1990’s high of near 160.40 could poke the Yen pair buyers afterward. If the quote remains firmer past 160.40, the odds of witnessing a gradual run-up toward the late 1986 peak of 164.50 and then to the 1978 low of 177.00 can’t be ruled out. Overall, the USDJPY remains in a bullish trajectory despite recent inaction.
by MTradingGlobal
Gold stays bullish despite recent pullback, focus on $2,400 Gold price lacks clear directions after retreating from the highest level in a month while snapping a two-day winning streak. In doing so, the XAUUSD eased from a one-month-old horizontal resistance zone surrounding the $2,400 threshold. The pullback also gained strength from the US Dollar’s rebound. However, the bullion still carries an early-week breakout of a descending resistance line from April 12, now immediate support around $2,365. Additionally, keeping the buyers hopeful are the bullish MACD signals and the upbeat RSI (14) line. With this, the quote is likely to prevail on the bull’s radar and can gain more upside strength on crossing the $2,400 hurdle. In that case, the $2,418 and $2,431 will lure the bulls before directing them towards refreshing the all-time high by targeting the $2,500 threshold. It’s worth noting that the Gold price weakness past the resistance-turned-support line of $2,365 won’t open the doors for the sellers as the 21-SMA and an upward-sloping trend line from mid-March, respectively near $2,336 and $2,318, will challenge the commodity’s south-run. Should the precious metal remain bearish past $2,318, the $2,300 round figure and the monthly low of nearly $2,277 will be the final defense of the buyers. Following that, the XAUUSD’s fall toward the late March swing high of $2,222 can’t be ruled out.
OANDA:XAUUSD
by MTradingGlobal
AUDUSD probes month-long bearish channel on China’s returnMarket sentiment improved early Monday as China returned to trading after a week-long Lunar New Year holiday. With this, AUDUSD justifies its role as a risk barometer and cheers optimism at the biggest customer, namely China, by challenging a one-month-old bearish trend. However, the road towards the north appears long and bumpy before convincing the Aussie bulls. That said, the stated falling channel’s top line, close to 0.6555, guards the immediate run-up of the pair ahead of the 200-bar Exponential Moving Average (EMA). Following that, a horizontal area comprising multiple levels marked since early January, between 0.6620 and 0.6640, appears a tough nut to crack for the bulls before taking control. On the contrary, the AUDUSD pairs’ retreat will aim for the 0.6500 round figure before convincing the bears to target the monthly low of near 0.6440. It’s worth noting, however, that the bottom line of a one-month-long descending trend channel, close to 0.6430 at the latest, will restrict further downside of the pair. In a case where the quote remains weak past 0.6430, a slew of support levels around 0.6400, 0.6340 and 0.6320 will try pushing back the bearish moves. However, the pair’s downside past 0.6320 will make it vulnerable to slump toward the previous yearly low surrounding 0.627. Overall, AUDUSD is likely to extend the latest rebound as upbeat sentiment joins firmer MACD and RSI signals. However, the room towards the north appears limited and the upside is also dependent on the RBA and FOMC Minutes.
by MTradingGlobal
Gold buyers attack key resistance line on NFP dayGold price rose in the last four consecutive days while defending the early-week breakout of the 21-SMA and the 50-SMA. In doing so, the XAUUSD also jumped to the highest level in a month. However, the bullion failed to provide a daily closing beyond a downward-sloping resistance line, around $2,055-56 by the press time. It’s worth noting, though, that successful trading beyond the key SMAs joins the upbeat RSI and MACD conditions to keep the metal buyers hopeful of crossing the stated upside hurdle. On the same line are the expectations of witnessing a downbeat US Nonfarm Payrolls (NFP) number, which in turn can further weaken the US Dollar and fuel the precious metal. That said, a daily closing beyond $2,056 becomes necessary for the Gold buyers to aim for the late December swing high surrounding $2,088. Following that, the $2,100 threshold will act as the final defense of the XAUUSD sellers ahead of directing the prices toward the record high marked in late 2023 around $2,150. Meanwhile, surprisingly strong US employment data and a run-up by the US Dollar, as well as the Treasury bond yields, can drag the Gold price back to the stated SMA confluence, around $2,032-30 by the press time. In a case where the quote prints a daily closing beneath $2,030, the previous monthly low of around $2,000 and December’s bottom of $1,973 will lure the XAUUSD bears. Overall, Gold buyers are likely to keep the reins unless today’s US employment data bolsters the US Dollar.
OANDA:XAUUSD
by MTradingGlobal
Gold eyes first weekly loss in four ahead of NFP, $2,010 eyedGold price stays defensive while keeping the previous day’s recovery within a seven-week-old ascending triangle, floating above 100-SMA during early Friday. In doing so, XAUUSD braces for the first weekly loss in four. However, a steady RSI (14) line and an impending bull cross on the MACD suggest a continuation of the latest rebound, which in turn highlights a one-week-old falling resistance line, around $2,067 at the latest. Following that, the $2,090 level comprising the stated triangle’s top line will be crucial to watch as the metal’s sustained trading beyond the same will allow the metal buyers to challenge the all-time high marked during late 2023. On the contrary, the 100-SMA level surrounding $2,040 restricts the immediate downside of the Gold Price. However, the XAUUSD sellers remain off that table unless the commodity slides beneath the aforementioned triangle’s bottom line, close to $2,010 at the latest. Should the quote remain bearish past $2,010, the $2,000 threshold may test the sellers before directing them to the previous monthly low of around $1,973. In a case where the bears keep the reins past $1,973, the mid-November swing low of nearly $1,931 should gain the market’s attention. Overall, the Gold price is likely to remain sluggish, slightly positive, but a surprise fall beneath the $2,010 won’t hesitate to welcome bears.
OANDA:XAUUSD
by MTradingGlobal
DXY: DXY technical analysis todayThe three major US stock indices continued to eke out small gains while bonds rebounded from Monday’s corrective move lower, pushing yields down again. Several Fed speaks turned out hawkish still despite last week’s dovish pause and data weakness seen in the labour and services sectors. Fed Logan said inflation still remains too high. Fed Waller said the spike in yields was an “earthquake” for the bond market, while Fed Bowman said it was too soon for policy makers to know the full effects of the recent rise. Earlier in European and Asian sessions, stocks ended in the red as weaker than expected China exports stoke fear growth in the economic giant is cooling much more than expected. Futures are pointing to mixed openings in the Asia markets today. • Global bonds rebounded and drove yields lower again by and large. The UST curve shifted lower by 2-9bps across the curve led by the long ends, bull flattening the curve. 10Y European bond yields also fell about 8-10bps with the German bunds losing 8bps to 2.66% while the UK gilts shed 10bps to 4.27%
TVC:DXYLong
by TheForexFamily
1