MTradingGlobal

MTradingGlobal

AUDUSD stays within a three-week-old bullish channel, poking the upside hurdle, on the RBA day. It’s worth noting that the 200-EMA adds strength to the top line of the state channel, around 0.6815-20 by the press time. Given the firmer oscillator, the bulls are likely to keep the reins. However, a clear upside break of the 0.6820 hurdle becomes necessary for the...

MTradingGlobal

USDJPY marked the first weekly gain in five while luring bulls to cross the 100-bar Exponential Moving Average (EMA). The upward trajectory could also be witnessed by a one-week-long ascending trend channel, as well as a successful break of a downward-sloping trend line from early March. The RSI retreat, however, challenges the Yen pair buyers of late. That said,...

MTradingGlobal

EURUSD braces for the biggest weekly gains since early January even as it eases from a 2.5-month-old horizontal resistance area surrounding 1.0930 ahead of this week’s top-tier data, namely the Eurozone and US inflation clues. That said, a fortnight-long ascending support line joins firmer oscillators to keep Euro pair buyers hopeful of crossing the critical...

MTradingGlobal

Gold price seesaws around the top line of a five-month-old bullish channel, recently supported by the 10-day EMA. It’s worth noting, however, that the smaller gap towards the north joins descending RSI (14) line and easing bullish bias of the MACD signals to keep XAUUSD sellers hopeful. However, a clear downside break of the 10-day EMA, around $1,955 by the press...

MTradingGlobal

Following its bounce off YTD low, the AUDUSD pair crossed an important resistance line from early February, now support. The Aussie pair’s further advances, however, remained gradual and portray a 13-day-old bullish channel. That said, the quote picks up bids inside the aforementioned bullish chart formation ahead of Australia’s monthly Consumer Price Index (CPI)...

MTradingGlobal

USDJPY struggles to defend the first positive week in five, grinding lower inside a falling wedge bullish chart formation. It should be noted that the bullish MACD signals and upward-sloping RSI (14) line, not overbought, keep buyers hopeful despite the latest weakness of the Yen pair. However, a sustained break of the 50-SMA hurdle surrounding 131.85 becomes...

MTradingGlobal

GBPUSD confirmed a rising wedge bearish chart pattern on Friday, despite posting another weekly gain and marking an intraday run-up of late. However, the absence of an oversold RSI suggests that the Cable pair could drift lower. That said, the 50-SMA and a two-month-old previous resistance line, respectively near 1.2200 and 1.2170, can restrict the short-term...

MTradingGlobal

Gold teased bears earlier in the week by defying the bullish channel but the follow-on bounce off the $1,934-36 zone renewed buying interest in the yellow metal. However, a clear upside break of $2,000 becomes necessary for the XAUUSD buyers for conviction. Also acting as an upside filter is the aforementioned channel’s lower line, close to $2,011 at the latest....

MTradingGlobal

GBPUSD pokes a 10-month-old descending resistance line as the Cable bulls brace for the Bank of England (BoE) updates. Given the pair’s successful trading above the key DMAs and a clear rebound from the 61.8% Fibonacci retracement of the May-September 2022 downturn, the buyers are likely to overcome the stated trend line resistance, currently around 1.2340. The...

MTradingGlobal

EURUSD stays firmer for the fourth consecutive week as traders prepare for the key Federal Reserve monetary policy meeting on early Wednesday. The major currency pair’s latest run-up could be linked to a successful break of the 200-SMA. However, a 12-day-old ascending triangle can join the overbought RSI and a horizontal area comprising multiple hurdles marked...

MTradingGlobal

USDCAD justifies a downside break of a five-week-old ascending trend channel, as well as downbeat RSI and MACD signals, despite marching towards the 61.8% Fibonacci retracement level of October-November 2022 downside, near 1.3690 ahead of the Bank of Canada (BoC) Consumer Price Index (CPI) for February. Should the inflation gauge suggests further rate hikes from...

MTradingGlobal

USDJPY marked the biggest weekly loss since early January despite trading within a one-week-long descending triangle. Apart from the bullish chart formation, sluggish MACD and nearly oversold RSI (14) also challenge the Yen pair sellers. That said, the stated triangle’s bottom line, around 131.40, acts as immediate support for the bears to watch before targeting...

MTradingGlobal

Having successfully bounced off the 200-day EMA, the Gold buyers poke a four-month-old support-turned-resistance line as bulls await final clues for the next week’s Fed meeting. Given the overbought RSI conditions, the metal buyers appear to run out of steam and can keep struggling with the immediate hurdle surrounding $1,930. Even if the quote crosses that...

MTradingGlobal

EURUSD posted the biggest daily slump in six months as Credit Suisse headlines fanned risk aversion on Wednesday. The fall, however, needs validation from the 1.0555-50 support confluence, comprising the 100-DMA and 14-week-old ascending support line, as well as the European Central Bank’s (ECB) Monetary Policy Meeting. That said, a clear break of 1.0550,...

MTradingGlobal

AUDUSD confirmed a falling wedge bullish chart pattern during the early days and is keeping the breakout so far during Wednesday. The RSI (14) line’s gradual rebound from the oversold territory adds strength to the upside bias. However, a convergence of the 100 and 200 DMAs, around 0.6770 at the latest, appears a tough nut to crack for the Aussie buyers to keep...

MTradingGlobal

Despite rising in the last four consecutive days, the GBPUSD bulls take a breather ahead of the key UK jobs report and the US Consumer Price Index (CPI) data. That said, the three-week-old descending resistance-turned-support-line, around 1.2140 at the latest, restricts the immediate downside of the Cable pair. Following that, the 200-SMA level surrounding 1.2100...

MTradingGlobal

USDJPY marked a second consecutive weekly loss, as well as broke an ascending trend channel, as BoJ Governor Haruhiko Kuroda departs after the decade-long workmanship. The bearish break also gains attention as the quote slips beneath the 100-SMA for the first time in more than a month. However, the nearly oversold RSI and 200-SMA, around 133.30 at the latest,...

MTradingGlobal

Gold stays on the bear’s radar as it reverses the previous weekly gains, the first in five, ahead of the all-important US employment report for February. It’s worth noting, however, that the 200-EMA level surrounding $1,805 puts a floor under the metal price, a break of which could set the ball rolling towards the 50% Fibonacci retracement of November 2022 to...