MTradingGlobal

MTradingGlobal

AUDUSD managed to rebound from a two-year low on Friday, snapping a six-day downtrend and portraying a falling wedge bullish chart pattern. However, downbeat data from China and fresh fears of covid resurgence push the risk-barometer pair to reverse the previous day’s recovery moves during early Monday. Even so, the RSI’s bullish divergence, confirmation of the...

MTradingGlobal

USDJPY remains pressured around a two-week low, despite the latest rebound from 127.50, after the yen pair slipped beneath an upward sloping support line from March-end. The south-run recently broke 100-SMA and is well on the way to the 127.00-126.90 zone comprising 200-SMA and multiple levels marked in a month. It’s worth noting that the pair’s downside past...

MTradingGlobal

GBPUSD remains guarded, despite all the difficulties, ahead of the preliminary readings of UK Q1 2022 GDP. In doing so, the cable pair portrays a falling wedge bullish chart pattern at the lowest levels since June 2020. Given the likelihood of firmer UK growth numbers and anticipated positive news from Brexit, not to forget the wedge near multi-month low, the...

MTradingGlobal

Gold’s failure to rebound from $1,850 joins bearish MACD signals to keep sellers hopeful as markets await the key US inflation numbers. However, a convergence of an ascending support line from August 2021 and 200-DMA appears a tough nut to crack for bearish as RSI nears the oversold territory. It should be noted, however, that a clear downside past $1,835 will...

MTradingGlobal

Although the weekly channel restricts EURUSD moves while other major currency pairs portray heavy selling against the USD, the bearish flag formation joins downbeat MACD and RSI signals to keep sellers hopeful. Additionally favoring the pair bears is the sustained trading below a descending trend line from March, as well as the 200-SMA and a six-week-old...

MTradingGlobal

Although a fortnight old rising channel portrays the bull’s command over Brent oil, backed by the fears of a supply crunch, the commodity prices have failed to portray a notable run-up. On top of that, the quote is heading towards a short-term key hurdle surrounding $115.70, comprising a horizontal line from late March and the upper-end of the mentioned channel....

MTradingGlobal

Despite reversing the post-Fed rally, gold prices remain beyond a three-day-old ascending support line, around $1,870 by the press time, ahead of the US Nonfarm Payrolls (NFP) release on Friday. In addition to the capacity to stay beyond immediate support, firmer RSI and bullish MACD signals also keep buyers hopeful as markets brace for the key data. That said,...

MTradingGlobal

GBPUSD stays near the two-year low, despite the post-Fed rebound, as cable traders brace for the Bank of England’s (BOE) 0.25% rate hike. Given the latest hawkish moves from the RBA and the Fed, the “Old Lady’s” heavier-than-expected measures to tame inflation won’t be a surprise. In that case, the pair will witness the much-awaited rebound from the 61.8%...

MTradingGlobal

EURUSD holds onto the one-week-old sideways grind ahead of the key Federal Open Market Committee (FOMC). As a 0.50% rate hike is well-known, as well as priced-in, the Fed will have to supersede market expectations to stay ahead of the curve and keep US dollar on the throne. In that case, the 100% Fibonacci Expansion (FE) of February-March, around 1.0485, holds the...

MTradingGlobal

AUDUSD bulls cheer the Reserve Bank of Australia’s (RBA) 25 basis points (bps) rate hike in early Tuesday. The recovery moves also justify the RSI rebound from oversold territory, as well as pierce a downward sloping resistance line from April 21, near 0.7100 by the press time. Considering the RBA’s hawkish moves, backed by firmer technicals, the Aussie pair is...

MTradingGlobal

On Friday, silver prices closed at the lowest levels last seen during early February while portraying a seven-day downtrend. Not only that, but the bright metal also ended up breaking the key support line stretched from mid-December 2021. The south-run, hence, gets validation to challenge a four-month-old horizontal area surrounding $21.90. However, oversold RSI...

MTradingGlobal

USDCAD refreshed a seven-year high on Thursday before reversing from a downward sloping trend line from December 2021. The overbought RSI condition on the daily chart also seemed to have challenged the pair bulls. However, the Loonie pair’s ability to stay well beyond the 200-DMA amid bullish MACD signals hints at the quote’s strength. Hence, a clear break of the...

MTradingGlobal

Gold sellers cheer firmer US dollar and a sustained break of the three-month-old ascending trend line at the lowest levels in nine weeks ahead of the key US Q1 2022 GDP data. However, a convergence of the 100-DMA and 61.8% Fibonacci retracement (Fibo.) level of December 2021 to March 2022 upside, surrounding $1,875, appears a tough nut to crack for the metal...

MTradingGlobal

AUDUSD rebounds from a two-month low, also snapping a four-day downtrend, by cheering a strong quarterly inflation data at home. The recovery moves could also be linked to the oversold RSI and a U-turn from 78.6% Fibonacci retracement of the January-April upside. However, the Aussie remains below the key moving averages and the Fibo levels and the MACD signals are...

MTradingGlobal

Despite a refreshing two-year low, EURUSD prices remain above a five-month-old downward sloping support line. Adding strength to the recovery hope is Emmanuel Macro’s victory in French Presidential Elections and nearly oversold RSI. That being said, the 10-DMA level surrounding 1.0810 challenges the corrective pullback before directing buyers towards the monthly...

MTradingGlobal

GBPUSD extends pullback from 1.3090 ahead of the key UK data, as well as a speech from the BOE Governor Andrew Bailey, during early Friday. The downside bias also gains support from the sluggish RSI and MACD, which in turn suggests the pair’s further weakness towards the support line of a six-week-old triangle, near 1.2990 at the latest. Following that, the...

MTradingGlobal

Despite bouncing off 100-SMA, gold prices fail to reject the rising wedge bearish chart pattern confirmation portrayed on Tuesday. The downbeat RSI and MACD conditions also support the recent pullback targeting the 100-SMA level of $1,945. Following that, the monthly low surrounding $1,890 will gain the market’s attention ahead of the theoretical target of the...

MTradingGlobal

EURUSD licks its wounds around a two-year low during a cautiously optimistic Asian session on Wednesday. In doing so, the major currency pair takes a U-turn from the 61.8% Fibonacci Expansion (FE) of February-April moves. However, a downward sloping trend line from March 31 challenges the quote’s corrective pullback near 1.0830 ahead of a broad resistance zone...