MTradingGlobal

MTradingGlobal

GBPUSD holds a confirmed place in the bear’s radar after breaking an important support line from mid-November, as well as the 200-DMA, as traders await the UK data dump and the US jobs report. That said, a daily closing below the 50% Fibonacci retracement level of the Cable pair’s upside from November 2022 to January 2023, near 1.1795, becomes necessary to witness...

MTradingGlobal

After stalling a four-month winning streak in February, EURUSD prints mild gains so far in March. That said, the major currency pair’s latest recovery takes place from the 1.0540 support confluence comprising the 200-day Exponential Moving Average (EMA) and a three-month-old ascending support line. The upside momentum also takes clues from the upward-sloping RSI...

MTradingGlobal

USDJPY marked the first weekly loss in three as the key Bank of Japan (BoJ) Monetary Policy Meeting and the US Nonfarm Payrolls (NFP) looms. The Yen pair’s latest retreat could be cited as a failure to cross the 200 and 100-DMA. Adding strength to the pullback move could be the overbought RSI (14). However, the bullish MACD signals and a three-day-old ascending...

MTradingGlobal

Gold braces for the first weekly gain in five but stays within the key moving average envelope as traders eye Fed Chair Jerome Powell’s testimony and the US NFP data, up for release in the next week. It’s worth noting, however, that the bears appear to run out of steam, per the RSI and MACD conditions. As a result, a clear upside break of the 50-Exponential Moving...

MTradingGlobal

EURUSD began the month of March on a positive note by crossing a one-month-old descending trend line, as well as poking the 1.0690 resistance confluence including the 200-EMA and 61.8% Fibonacci retracement of the January-February upside. The recovery also justified bullish MACD signals. However, the RSI (14) retreated from the overbought territory and triggered...

MTradingGlobal

GBPUSD holds onto the Brexit deal-inspired gains inside a one-month-old bullish chart formation called a falling wedge, following a sustained rebound from a fortnight-old descending trend line. Adding strength to the upside bias are the bullish MACD signals. However, nearly overbought RSI challenges the theoretical north-run targeting 1.2600. That said, the...

MTradingGlobal

USDCAD bulls struggle to defend the two-week-old winning streak ahead of the Canadian GDP data. However, the Loonie pair stays beyond the fortnight-long support line, as well as the key moving averages, to keep buyers hopeful. That said, a horizontal area comprising multiple levels marked since early October 2022, around 1.3700 appears the key upside hurdle for...

MTradingGlobal

Even if sustained trading below the 100-DMA and a three-month-old ascending trend line become necessary for the AUD/USD bears, a daily closing below the 200-DMA and an upward-sloping previous support line from October 2022 signals the pair’s further decline. Further, the bearish MACD signals and downbeat RSI adds strength to the downside bias. Hence, the sellers...

MTradingGlobal

NZDUSD dribbles around a seven-week low as the Reserve Bank of New Zealand (RBNZ) announced a 0.50% rate hike on Wednesday. In doing so, the Kiwi pair fades the previous week’s bounce off 200-DMA amid a nearly oversold RSI (14). That said, bearish MACD signals and an early February reversal from a six-month-old ascending resistance line keep the sellers hopeful of...

MTradingGlobal

GBPUSD stays defensive inside a three-month-old ascending triangle, following the previous week’s rebound from the 200-DMA. Even so, downbeat oscillators join lower high formations to keep the sellers hopeful ahead of monthly PMI data from Britain. That said, the stated triangle’s lower line precedes the key moving average to challenge the Cable pair bears around...

MTradingGlobal

AUDUSD braces for the first monthly loss in four despite Friday’s rebound from the 61.8% Fibonacci retracement of its December 2022 to early February highs. A clear downside break of the two-month-old ascending trend line joins a two-week-old descending trend line to favor sellers. Adding strength to the bearish bias are the downbeat oscillators. The corrective...

MTradingGlobal

Gold extends the early February fall towards two-month-old horizontal support near $1,825-23, despite posting the indecisive closing in the last week. The bearish bias also gains strength from the clear downside break of an ascending trend line from early November and the 50-DMA, as well as the bearish MACD signals. However, the nearly oversold RSI (14) hints at...

MTradingGlobal

AUDUSD bounces off 50-DMA, following a retreat from the 3.5-month-old previous support line. The recovery moves fail to justify the downbeat oscillators and Aussie data, which in turn keep sellers hopeful. That said, a daily closing below the stated short-term moving average, around 0.6880 by the press time, could convince the Aussie bears. However, the 200-DMA...

MTradingGlobal

GBPUSD holds onto the recovery from an early February rebound from a three-month-old ascending support line, staying beyond the 100-day EMA to lure more bids. Adding strength to the upside bias is the upward-sloping RSI (14) line and the recently upbeat MACD signals. However, the previous support from early November, near 1.2265, acts as an immediate hurdle to...

MTradingGlobal

Be it sustained trading below the 3.5-month-old ascending trend line or the bearish MACD signals and downbeat RSI (14), not oversold, the EURUSD pair has it all to lure bears as first readings of Eurozone Q4 GDP and US CPI for January loom. Even so, the pair’s latest run-up beyond the 50-DMA hurdle seems to challenge the bears. That said, the quote’s fresh selling...

MTradingGlobal

USDJPY snapped a three-week uptrend as traders await Japan's Q4 GDP and the US Consumer Price Index (CPI) with mild losses by the end of Friday. While a U-turn from the 50-DMA played a major role in calling bears, the bulls aren’t off the table as the pair remains beyond the previous resistance line from late November, around 129.00. Even if the pair breaks the...

MTradingGlobal

GBPUSD pares the early-week recovery from 78.6% Fibonacci retracement of January 06-23 upside while taking a U-turn from the 200-SMA hurdle. The pullback also take justifies the downbeat RSI and MACD conditions, suggesting further declines towards 61.8% and 78.6% Fibonacci retracement levels, around 1.2070 and 1.1970 in that order. It’s worth noting, however, that...

MTradingGlobal

EURUSD fades bounce off the 10-week-old ascending support line as the weekly resistance line and the 200-SMA challenge buyers. Adding strength to the downside bias are the bearish MACD signals and downbeat RSI (14). As a result, the quote is likely to return to the bear’s table after a four-month absence. That said, a downside break of the stated support line,...