USDCAD bulls struggle to keep the reins at a five-month high as markets await the all-important Bank of Canada (BoC) Interest Rate Decision and the US ISM Services PMI for August. That said, the nearly overbought RSI and impending bear cross on the MACD checks buyers as they attack a convergence of an 11-month-old descending resistance line and a horizontal region...
AUDUSD bulls struggle to hold the forte after posting the first weekly gain in seven on the Reserve Bank of Australia (RBA) Interest Rate Decision Day. That said, the Aussie pair trades within a three-week-old bearish triangle, staying below the convergence of the 100-SMA and 50-SMA surrounding 0.6450 on the key day. It’s worth noting that the steady RSI and...
GBPUSD managed to confuse pair sellers last week by defending a one-month-long falling wedge bullish chart pattern despite declining in the later days. Also challenging the Cable pair’s downside is a weeklong rising support line, as well as a nearly oversold RSI (14) line. It’s worth noting, however, that the MACD still flashes the bearish signals and hence the...
Gold braces for the second consecutive weekly gain as it confronts the key resistances on the US Nonfarm Payrolls (NFP) day. Among them, the four-month-old descending trend line is the immediate challenge for the XAUUSD bulls around $1,945 ahead of the $1,955 crucial hurdle comprising the 100-SMA and the previous support line from late 2022. It’s worth noting that...
EURUSD extends recovery from the 200-DMA, as well as an upside break of a fortnight-old descending resistance line, as markets await the Eurozone inflation data and the Fed’s favorite inflation gauge, namely the US Core PCE Price Index. That said, the looming bull cross on the MACD and upbeat RSI (14), not overbought, also keep the Euro buyers hopeful. However, a...
GBPUSD remains on the back foot while justifying a downside break of a 5.5-month-old rising support line and the 100-SMA. Also keeping the Cable bears hopeful are the bearish MACD signals. However, the nearly oversold RSI conditions suggest limited room towards the south, which in turn highlights the 200-SMA level of around 1.2400 as the key support. It’s worth...
USDJPY again flirts with the 78.6% Fibonacci retracement of the October 2022 to January 2023 downturn within a five-month-long bullish channel. Though, the overbought RSI (14) and looming bear cross on the MACD signal pullback of the Yen pair. That said, the tops marked in late June and early July join the 21-DMA to highlight the 144.60-50 zone as a short-term key...
AUDUSD bears ran out of steam during the sixth week of the downtrend by positing the slimmest losses since mid-July. Even so, the Aussie pair faded bounce off a downward-sloping support line from early March, not to forget staying beneath a six-week-long descending resistance line. It’s worth noting that the nearly oversold RSI and the impending bull cross on the...
EURUSD prepares for the sixth consecutive weekly fall as ECB and Federal Reserve bosses prepare for the annual showdown at the Jackson Hole Symposium. That said, the Euro pair remains pressured within a one-month-old descending trend channel amid downbeat RSI and MACD conditions, which in turn suggest less downside room and highlights the stated channel’s bottom...
Gold braces for the first weekly gain in five while bouncing off the multi-month low marked earlier in the week, piercing the 200-DMA of late. The upside bias gains credence from a looming bull-cross on the MACD, as well as a recovery in the RSI (14) line from the oversold territory. However, a nine-month-old previous support line, close to $1,950, precedes a...
AUDUSD bears take a breather after a five-week downtrend, portraying a falling wedge bullish chart pattern around the yearly low. Adding strength to the hopes of recovery is an upward-sloping RSI line, not overbought, as well as the bullish MACD signals. However, an area comprising multiple lows marked since late May, around 0.6460-70, restricts the short-term...
GBPUSD gained buyer’s attention after snapping a four-week downtrend the last week. Adding strength to the upside bias is the Cable pair’s confirmation of the descending triangle bullish chart pattern. However, a clear upside break of the stated triangle’s upper line, close to 1.2740 by the press time, as well as successful trading beyond the 200-SMA hurdle of...
USDJPY posted a three-week winning streak but ended Thursday on a negative note. That said, a convergence of 50-SMA and a seven-week-old horizontal area surrounding 145.00-145.10 restricts the immediate downside of the Yen pair. Following that, the early-month high of around 143.90 and the 200-SMA level of around 142.15 will act as the final defense of the buyers....
Gold braces for the fourth weekly losses even as a one-month-old falling support line defends intraday buyers. That said, the recovery appears elusive unless crossing the 200-SMA level of around $1,940. Even so, multiple tops marked since late May, surrounding $1,985, constitute a strong resistance for the bulls to cross before taking control. Following that, a...
A daily closing beneath a nine-month-old rising support line, now resistance around 0.6480, keeps the AUDUSD bears hopeful of witnessing further downside even as the oversold RSI conditions prod the immediate declines. That said, the 78.6% Fibonacci retracement of October 2022 to February 2023 upside, near 0.6380, checks the bears while the last November’s bottom...
NZDUSD bears appear running out of steam after a four-week downtrend as the Kiwi pair portrays a one-month-old falling wedge bullish chart formation at the yearly low amid the oversold RSI (14) line. That said, the 10-DMA surrounding 0.6045 guards immediate recovery of the quote ahead of the key 0.6060 resistance comprising the top line of the stated wedge. In a...
GBPUSD remains on the back foot as the Cable bears attack the bottom line of a six-week-old bullish triangle after staying successfully beneath an ascending support line from early March, now resistance around 1.2830. That said, the bearish MACD signals keep the Cable sellers hopeful. However, the below 50.0 conditions of the RSI (14) line join a convergence of...
In addition to posting the fourth consecutive weekly losses, the EURUSD also ended the week on a negative note while piercing a 10-week-old rising support line, now immediate resistance around 1.0950. Also keeping the Euro sellers hopeful are the bearish MACD signals. However, the RSI (14) line is below 50.0 and suggests bottom-picking, which in turn highlights...