MTradingGlobal

MTradingGlobal

GBPUSD bulls approach the key resistance line, stretched from mid-June, ahead of the UK’s employment numbers. The cable pair’s upside momentum takes clues from its successful trading beyond the 100-DMA, as well as the bullish MACD signals. However, nearly overbought RSI conditions could restrict further advances near an aforementioned resistance line, around...

MTradingGlobal

A clear downside break of the 100-DMA, as well as a daily closing below July’s peak, keeps USDJPY sellers hopeful. However, a convergence of the 61.8% Fibonacci retracement level of the May-October upside and an upward-sloping support line from May 24, around 136.00, appears a tough nut to crack for the bears. Following that, a slump toward the 200-DMA support of...

MTradingGlobal

GBPUSD’s rally post-US inflation data enabled it to poke the 100-DMA for the first time since late February. The pair’s further upside, however, appears limited as bulls brace for the UK’s Q3 GDP amid fears of witnessing a clear sign of recession. That said, the 100-DMA hurdle of 1.1665 and the upper line of a five-week-old bullish channel’s resistance line, near...

MTradingGlobal

Gold prices are so far up for the second consecutive week as traders await the key US inflation data. In addition to the CPI print, the metal’s further upside also hinges on a convergence of the 100-DMA and a two-month-old descending trend line, surrounding $1,716. A clear break of $1,716 could enable the bulls to aim for the 61.8% Fibonacci retracement level of...

MTradingGlobal

AUDUSD retreats to the upper line of a one-month-old symmetrical triangle. However, the RSI (14) suggests that the bulls are running out of steam. As a result, the upside momentum appears doubtful unless witnessing a successful break of the 0.6480 hurdle. Even so, multiple hurdles surrounding the 61.8% Fibonacci retracement level of the pair’s downside between...

MTradingGlobal

EURUSD extends the previous three-week uptrend as traders await Eurozone Retail Sales and the US inflation data. The quote’s latest upside could be portrayed by an upward-sloping trend channel. That said, the 78.6% Fibonacci retracement level of September 12-28 downside, near 1.0070, lures short-term buyers. In a case where a nearly overbought RSI fails to stop...

MTradingGlobal

USDCAD posted the biggest daily slump in six years on Friday and pushed back the bulls. The bears, however, have a long way to cover before taking control as a 15-month-old rising trend line, around 1.3330 by the press time, defends the upside expectations. Even if the quote breaks the said key support, the 61.8% Fibonacci retracement of August-October upside,...

MTradingGlobal

GBPUSD grinds lower so far during November, after posting the biggest monthly gains since July 2020. The intraday moves are slightly positive even if the bulls seem to run out of steam ahead of the Bank of England’s (BOE) monetary policy announcements on Thursday. That said, the buyers are safe unless the quote trades beyond the 1.1360 support confluence including...

MTradingGlobal

Despite retreating from the 100-DMA during the last week, EURUSD defends the upside break of the 50-DMA and five-month-old descending trend line as traders await the Fed’s verdict on Wednesday. The major currency pair’s latest rebound also gains support from the firmer oscillators. As a result, bulls are hopeful of overcoming the 100-DMA hurdle surrounding 1.0070....

MTradingGlobal

AUDUSD bounces off a one-month-old horizontal support while poking the 200-SMA on the day of the Reserve Bank of Australia’s (RBA) scheduled monetary policy announcements. While a clear downside break of the 0.6345-60 support area opens the door for the Aussie pair’s fresh yearly low, currently around 0.6170, an upward-sloping support line from October 13 could...

MTradingGlobal

USDCAD crossed a one-week-old resistance the previous day but stayed on the way to the first monthly loss in three inside a fortnight-long bearish channel. That said, the 100-SMA level surrounding 1.3725 acts as an immediate hurdle to test the pair buyers before directing them to the stated channel’s upper line, close to 1.3745 at the latest. Following that, there...

MTradingGlobal

Although a one-week-old ascending trend line challenges gold bears of late, repeated failures to cross the 200-SMA signals further hardships for buyers. Even if the quote rises past the 200-SMA hurdle of $1,668, the 50% Fibonacci retracement of the metal’s late August-September downturn, around $1,690, appears a tough nut to crack for the bulls. Additionally, the...

MTradingGlobal

EURUSD jostles with a four-month-old resistance line, as well as the 50-DMA, respectively around 0.9870 and 0.9900, as it lures buyers near a fortnight top. Given the firmer RSI and bullish MACD signals, the major currency pair is likely to refresh the monthly top, currently around the parity level. In doing so, September’s peak surrounding 1.0200 will be crucial...

MTradingGlobal

The US dollar’s decline versus most currencies on Friday allowed GBPUSD to bounce off a three-week-old support line. The recovery, however, needs validation from a monthly resistance line, around 1.1400 by the press time. Following that, the monthly high around 1.1490 may act as an intermediate halt before directing bulls towards September’s top surrounding...

MTradingGlobal

Gold braces for the second weekly loss but the bears appear hesitant around the yearly low. On the top of that, a bullish triangle formation and nearly oversold RSI suggest that the metal may witness a bounce. Hence, a convergence of the monthly horizontal resistance and the three-week-old descending trend line, forming part of the bullish triangle, around $1,643,...

MTradingGlobal

After staying off the bear’s radar during the first two days of the week, EURUSD returned to the red zone as it broke the weekly support line. The trend line breakdown joins downbeat oscillators to keep sellers hopeful of meeting an upward-sloping trend line support from September 28, around 0.9670. The quote’s further downside, however, will be challenged by the...

MTradingGlobal

GBPUSD seesaws around a monthly resistance line, after successfully crossing the 200-SMA, as buyers await the UK inflation data. In addition to the stated trend line hurdle surrounding 1.1330, the 78.6% Fibonacci retracement level of September 13-26 downside, near 1.1435 and the monthly peak of 1.1495 could challenge the quote’s further upside. It’s worth noting...

MTradingGlobal

AUDUSD rebounds inside a three-week-old falling wedge bullish chart formation and it becomes more important for the short-term buyer’s return as the quote is around the 2.5-year low. It should, however, be noted that only an upside break of 0.6290 hurdle won’t be enough to convince bulls as a horizontal area surrounding 0.6345-65 appears a tough nut to crack for...