MTradingGlobal

MTradingGlobal

A bullish triangle joins Thursday’s rebound to lure GBPUSD buyers as markets await the first estimates of the UK Q2 GDP. However, fears of recession and the 1.2815-25 resistance confluence restrict Cable prices. That said, a convergence of the 100-SMA and top line of a six-week-old descending triangle together constitute the 1.2800-05 key hurdle for the buyers....

MTradingGlobal

EURUSD bears appear running out of steam during the fourth weekly loss as it grinds near the key support confluence within a five-month-old bullish channel ahead of the US inflation. In doing so, the Euro pair seesaws between a three-week-old falling resistance line and a confluence of the 100-DMA and a rising support line from November 2022, respectively near...

MTradingGlobal

A clear downside break of the 10-month-old rising support line teases the AUDUSD bears as China releases mixed inflation data from July. Even so, an ascending trend line from early November 2022, close to 0.6470, could join the nearly oversold RSI to challenge the Aussie bears. Following that, a 78.6% Fibonacci retracement of October 2022 to February 2023 upside,...

MTradingGlobal

Gold Price fades bounce off an upward-sloping support line from late February by retreating from the 50-DMA hurdle, around $1,945 by the press time. Adding strength to the downside bias are the bearish MACD signals and a downward-sloping RSI (14), not oversold. With this, the XAUUSD is likely to break the stated support line, around $1,925 by the press time....

MTradingGlobal

USDJPY extended a pullback from a five-week-old horizontal resistance by slipping beneath monthly horizontal support and 200-SMA, despite the latest rebound, as markets sensed the Bank of Japan’s (BoJ) exit from the loose monetary policy and unimpressive US employment report. Also keeping the Yen sellers hopeful are the bearish MACD signals and downward-sloping...

MTradingGlobal

Failure to cross a nine-week-old horizontal resistance drags the Gold price back an upward-sloping support line from late February, close to $1,920 at the latest. Adding strength to the downside bias is the falling RSI line and bearish MACD signals. However, the RSI line is below 50.0 and suggests bottom-picking, which in turn highlights the stated trend line...

MTradingGlobal

A daily closing beneath the 1.2720 support confluence, now resistance, teases the GBPUSD bears as Bank of England (BoE) policymakers brace for another interest rate hike. Apart from a sustained break of the 50-DMA and five-month-old rising trend line, bearish MACD signals and the descending RSI line, not oversold, also keeps the Cable sellers hopeful of revisiting...

MTradingGlobal

NZDUSD slides beneath a two-month-old rising support line, extending late July’s downside break of the 200-EMA, as New Zealand released mixed second-quarter (Q2) employment data but the sentiment remains sour on US credit rating downgrade. With this, the Kiwi bears are all set to visit March’s low of around 0.6085. However, the late June swing low of around 0.6050...

MTradingGlobal

AUDUSD fades bounce off a three-week low while poking a two-month-old rising support line, now immediate resistance around 0.6730, on the Reserve Bank of Australia (RBA) Interest Rate Decision Day. Adding strength to the upside barrier is the 200-DMA hurdle surrounding the said 0.6730 level. Following that, a run-up towards the 50% Fibonacci retracement of...

MTradingGlobal

EURUSD dropped in the last two consecutive weeks as it fades bounce off a two-month-old rising support line. The recovery previously gained support from the RSI’s rebound from the overbought territory, as well as the looming bull cross on the MACD. However, a convergence of the 50-SMA and a fortnight-long falling resistance line, close to 1.1100-1105 at the...

MTradingGlobal

USDJPY appears well-set to reverse the previous weekly gains as it reverses from a three-week-old descending resistance line surrounding 141.00. Also adding strength to the downside bias could be the pair’s break of a fortnight-old support line’s break, as well as bearish MACD signals. However, the below 50.0 levels of the RSI challenges the Yen pair as US Dollar...

MTradingGlobal

Despite the Fed-inflicted volatility, the Gold price remains bullish as markets brace for the European Central Bank (ECB) monetary policy meeting. That said, successful trading beyond the 50-EMA and 200-EMA, respectively near $1,950 and $1,904, keeps the buyers hopeful. Also acting as short-term support is the 50% Fibonacci retracement of the pair’s February-May...

MTradingGlobal

AUDUSD fades bounce off 200-EMA, reversing from a one-week-old falling resistance line, as Australian inflation and the Federal Reserve (Fed) Interest Rate Decision decorate the calendar. Given the downbeat oscillators, as well as the Aussie pair’s placement within a two-month-old bearish triangle, the quote stays on the seller’s radar. However, a clear downside...

MTradingGlobal

EURUSD stays on the back foot ever since it reversed from a multi-month high the last week, despite the latest corrective bounce. The Euro pair’s south run also conquered the resistance-turned-support stretched from early February and gains support from the RSI’s pullback from overbought territory. Adding strength to the downside bias is the looming bear cross on...

MTradingGlobal

GBPUSD marked the first weekly loss in three while slipping beneath the 100-SMA and an upward-sloping support trend line stretched from late June. Adding strength to the downside were bearish MACD signals and the RSI line’s reversal from the overbought territory. However, the MACD teases a bull cross as the RSI hovers around the oversold territory, which in turn...

MTradingGlobal

Although the EURUSD is all set for the first weekly loss in four, despite refreshing the 17-month high, the buyers aren’t off the board as multiple supports stand tall to challenge the downside ahead of the key week comprising monetary policy meeting from the Fed and the ECB. That said, a three-month-old horizontal support area surrounding 1.1100-1090. Following...

MTradingGlobal

AUDUSD remains on the front foot while printing the first daily gains in five after strong Australian employment data. The pair’s latest upside also justifies the upward-sloping RSI line, not oversold, as well as the bullish bias of the MACD signals. With this, the quote is likely to extend the north run toward May’s peak of around 0.6820 ahead of targeting the...

MTradingGlobal

GBPUSD extends pullback from a 15-month high, marked the last week, as it awaits the UK’s headline inflation data for June, per the Consumer Price Index (CPI) gauge. The pair previously cheered the US Dollar weakness to refresh the multi-month high before the fears of British recession weighed on the prices. The upside momentum also took clues from a clear break...