MTradingGlobal

MTradingGlobal

USDJPY rose in the last four consecutive weeks even if the US Dollar Index (DXY) snapped a five-week uptrend, amid an increase in the near-term US Treasury bond yields and chatters about a delay in the Bank of Japan’s (BoJ) delay in ending the ultra lose monetary policy. It’s worth noting, however, that the technical signals are against the Yen pair buyers as the...

MTradingGlobal

EURUSD seesaws between a one-week-old rising support line and the 200-SMA resistance after rising to a three-week high the previous day. In doing so, the Euro pair portrays the market’s indecision ahead of the second-tier German statistics. Even so, the major currency pair is on the way to posting the biggest weekly gain in 2024. That said, the sluggish MACD...

MTradingGlobal

Gold price remains firmer for the fifth consecutive day while extending the previous week’s rebound from the 100-SMA within a nine-week-old bearish trend channel. In doing so, the XAUUSD buyers prod the 50-SMA upside hurdle while keeping eyes on the Federal Open Market Committee (FOMC) Meeting Minutes, up for publishing late Wednesday. Given the quote’s sustained...

MTradingGlobal

USDCAD prints a three-day winning streak despite mildly bid Oil price, bracing for the monthly Canada inflation numbers within a seven-week-old rising wedge bearish chart formation. In doing so, the Loonie pair extends last week’s rebound from a 200-bar Exponential Moving Average (EMA) backed by the price-positive RSI conditions and a looming bull cross on the...

MTradingGlobal

Market sentiment improved early Monday as China returned to trading after a week-long Lunar New Year holiday. With this, AUDUSD justifies its role as a risk barometer and cheers optimism at the biggest customer, namely China, by challenging a one-month-old bearish trend. However, the road towards the north appears long and bumpy before convincing the Aussie bulls....

MTradingGlobal

USDJPY snaps a two-day losing streak early Friday while challenging the previous day’s rising wedge bearish chart pattern’s confirmation. In doing so, the Yen pair justifies an upbeat RSI (14) line, as well as an impending bull cross on the MACD. It’s worth noting, however, that a clear upside break of 150.50 support-turned-resistance becomes necessary to defy the...

MTradingGlobal

EURUSD struggles to defend the previous day’s corrective bounce from a three-month low early Thursday. In doing so, the Euro pair seesaws around the key 1.0730-20 support zone comprising levels marked since early November. It’s worth noting that the RSI (14) line’s gradual recovery from the oversold territory joins the bearish MACD signals and the early February’s...

MTradingGlobal

GBPUSD licks its wounds around 1.2600 early Wednesday as traders await the UK inflation clues for January. That said, the Cable pair marked a stellar move the previous day, initially rising to a seven-day high before posting the biggest daily loss in a week while reversing from the 50-bar Exponential Moving Average (EMA). It should be noted that Tuesday’s reversal...

MTradingGlobal

Gold price stays pressured for the fifth consecutive day, licking its wounds around $2,018 early Tuesday, as traders brace for the all-important US Consumer Price Index (CPI) data for January, scheduled for release later in the day. In doing so, the XAUUSD justifies the previous day’s downside break of a two-month-old rising support line, now immediate resistance...

MTradingGlobal

NZDUSD drops the most among the G10 currency pairs while reversing the previous weekly gains, the first in four, as market players show a lack of conviction in the hawkish speech from Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr. It’s worth noting that a long holiday season in China also allowed the Kiwi pair traders to consolidate the previous week’s...

MTradingGlobal

GBPUSD snapped a two-day winning streak on Thursday while retreating from a previous support line stretched from November 22. It’s worth noting, however, that late Thursday’s corrective bounce in the Cable pair renewed bullish bias about the quote, especially amid the upbeat RSI conditions. With this, the support-turned-resistance line surrounding 1.2650...

MTradingGlobal

Gold price fades bounce off a two-month-old rising support line, failing to cheer the US Dollar’s weakness, as the 200-SMA hurdle again challenges the metal buyers ahead of the second-tier employment clues from the US. Not only the 200-SMA resistance surrounding $2,040 and the pre-data anxiety, steady RSI and sluggish MACD signals also challenge the XAUUSD buyers....

MTradingGlobal

On Tuesday, the USDJPY pair snapped a two-day winning streak while reversing from a 13-day-old horizontal resistance surrounding 148.80-90. The pullback move also justifies the upbeat RSI and bearish MACD signals. With this, the Yen pair is likely to decline further toward the 50-bar Exponential Moving Average (EMA) level of nearly 146.60. However, the 100-EMA of...

MTradingGlobal

AUDUSD prints the first daily gain in three while bouncing off the lowest level since mid-November after the Reserve Bank of Australia (RBA) kept the benchmark rates unchanged. The corrective bounce also justified the RSI (14) line’s rebound from the oversold territory. However, the bearish MACD signals and the previous week’s confirmation of the...

MTradingGlobal

EURUSD dropped to the lowest level in two months after Federal Reserve (Fed) Chairman Jerome Powell firmly pushed back the March rate cut. The same allowed the Euro pair to keep the previous day’s downside break of a 1.0810 support confluence comprising the 200-bar Exponential Moving Average (EMA) and a four-month-old rising trend line. Additionally keeping the...

MTradingGlobal

Gold price rose in the last four consecutive days while defending the early-week breakout of the 21-SMA and the 50-SMA. In doing so, the XAUUSD also jumped to the highest level in a month. However, the bullion failed to provide a daily closing beyond a downward-sloping resistance line, around $2,055-56 by the press time. It’s worth noting, though, that successful...

MTradingGlobal

GBPUSD remains pressured within a six-week-old descending triangle as market players await the Bank of England’s (BoE) monetary policy announcements. In doing so, the Cable pair justifies the US Federal Reserve’s (Fed) hawkish halt, as well as expectations suggesting the BoE’s rate cut in 2024. It’s worth noting, however, that the 50-SMA level of 1.2670 and an...

MTradingGlobal

EURUSD stays pressured within a three-week-old falling wedge bullish chart formation as the pair traders await the first readings of German and the Eurozone Gross Domestic Product (GDP) for Q4 2024 early Tuesday. In doing so, the quote fades the previous day’s corrective bounce off the stated pattern’s bottom line while portraying a third consecutive weekly loss...