MTradingGlobal

MTradingGlobal

USDCHF prints a five-day uptrend to refresh the yearly high at around 0.9460. The pair’s latest upswing took place from the 21-DMA and monthly support line. However, the overbought RSI and April 2021 peak near 0.9475 challenge the pair buyers ahead of a speech from the Swiss National Bank (SNB) Chairman Thomas Jordan. Even if the quote rises past 0.9475, an upward...

MTradingGlobal

AUDUSD renews its monthly low during early Monday as mixed data from the biggest customer China joins the risk-off mood. However, a five-week-old horizontal support area surrounding 0.7365-60 tests the pair sellers. Adding to the downside filters is an upward sloping trend line from late February, around 0.7310 by the press time. It should be noted, however, that...

MTradingGlobal

USDCAD’s rebound from a weekly low fails to cross the 200-SMA hurdle amid a holiday-thinned trading session on Friday. Not only the 200-SMA level surrounding 1.2630 but a downward sloping trend line from March 08, near 1.2660, also challenge the pair’s upside momentum. It’s worth noting that the quote’s upside past 1.2660 needs validation from the monthly high...

MTradingGlobal

AUDUSD keeps the bounce off 200-SMA despite mixed jobs report as market sentiment improves during early Thursday in Asia. However, a convergence of the 100-SMA and one-week-old horizontal resistance, around 0.7500, appears a tough nut to crack for the pair buyers. In a case where the pair rises past the 0.7500 hurdle, 0.7540 and 0.7580 may act as intermediate...

MTradingGlobal

Gold refreshed its monthly high as strong US inflation underpins the safe-haven demand for the metal. In doing so, the bullion also justifies late March’s rebound from 61.8% Fibonacci retracement of January-March upside, as well as the ability to stay beyond the 21-DMA. However, the precious metal is yet to cross a seven-week-old horizontal resistance zone, around...

MTradingGlobal

EURUSD fades Friday’s rebound ahead of the key US Consumer Price Index (CPI) data for March. Steady RSI and bearish MACD signals also support the bearish bias. That said, the 1.0845-35 region offers immediate support to the currency major ahead of directing it to the latest multi-month low surrounding the 1.0800 threshold. In a case where EURUSD bears remain...

MTradingGlobal

Be it double tops marked in March or the oversold RSI conditions, AUDUSD bears have a tough time keeping the reins. That said, the 0.7425-20 horizontal area puts a floor under the pair’s immediate downside, a break of which will direct bears toward the 0.7380-85 support confluence including the 200-SMA and 50% Fibonacci retracement level of the February-April...

MTradingGlobal

Gold prices have been in a choppy range between $1,915 and $1,950 since the start of April. In doing so, the metal observes a short-term triangle formation, suggesting a further sideways grind. However, sustained trading below the 200-SMA and sluggish oscillators keep sellers hopeful. That said, a clear downside break of the stated triangle’s support, around...

MTradingGlobal

A one-month-old horizontal area probes EURUSD bears amid oversold RSI conditions, portraying a corrective pullback towards the late March low near 1.0945. However, a convergence of the 50-SMA and 100-SMA, as well as bearish MACD signals, can challenge sellers afterward. In a case where the SMA confluence fails to stop buyers, 1.1120 and the last monthly peak...

MTradingGlobal

Despite refreshing a 10-month high the previous day, AUDUSD failed to provide a daily closing beyond the monthly resistance line, around 0.7600 by the press time. The resultant pullback moves currently battle October 2021 high while teasing the bears. That said, overbought RSI conditions add strength to the latest retreat, which in turn suggests the quote’s...

MTradingGlobal

GBPUSD struggles to defend 1.3100 inside a one-week-old symmetrical triangle. Even so, an impending bear cross and failure to cross the horizontal resistance since late February during the latest upswing keep sellers hopeful. That being said, a clear downside break of the 1.3100 threshold, also comprising the stated triangle’s support line, becomes necessary for...

MTradingGlobal

Be it a clear bounce off the 50% Fibonacci retracement (Fibo.) of an upswing from mid-March or sustained trading beyond the one-week-old rising trend line, not to forget the 50-SMA, USDJPY has it all to revisit the multi-year top poked during late March. That being said, the 124.00 threshold may offer an intermediate halt during the run-up targeting the recent top...

MTradingGlobal

Gold struggles to defend Thursday’s daily closing the 21-DMA, the first in two weeks. Even so, firmer RSI, not overbought, keeps gold buyers hopeful to battle a one-month-old horizontal resistance area surrounding $1,975-80. Should gold buyers cross the 1,980 hurdle, the $2,000 threshold will be in focus. That being said, a daily closing beyond the $2,000 round...

MTradingGlobal

EURUSD’s corrective pullback remains below 21-DMA, as well as a two-week-old ascending trend line, suggesting a further downside towards the lower end of the latest range between 1.1120 and 1.0900. However, the 23.6% Fibonacci retracement (Fibo.) of February-March downside acts as an intermediate halt around 1.0980. While the bearish MACD and downward sloping RSI...

MTradingGlobal

Be it the March PMIs or US Durable Goods Orders, not to forget the key NATO meeting, Thursday has it all to trigger market volatility. Gold has already printed a bear cross but the 200-SMA has been defending bulls so far, suggesting a tough fight between the buyers and sellers. However, lower-high formation since the early days of March, as well as sluggish MACD...

MTradingGlobal

GBPUSD’s sustained break of the one-month-old horizontal resistance, near 1.3265-70, keeps buyers hopeful ahead of the UK CPI data for February. That said, a run-up towards the 200-SMA level surrounding 1.3370 becomes imminent due to the breakout and firmer MACD signals even as RSI tests the bulls. Following that, the monthly peak of 1.3436 will challenge the...

MTradingGlobal

AUDUSD extends pullback from the 0.7430-40 horizontal area comprising multiple tops marked since October 2021. Given the recently steady RSI and the volatile MACD signals, not to forget Ukraine-led risk aversion and downbeat comments from RBA Governor Lowe, the upside momentum is likely to fade again. Even if the quote manages to cross the 0.7440 hurdle, the late...

MTradingGlobal

Silver’s U-turn from 50-SMA gains support from downbeat RSI, not oversold, to direct the sellers towards a monthly support line of around $24.50. While the MACD conditions hint at the receding bearish bias and suggest a bounce off the stated trend line support, the 200-SMA level surrounding $24.30 acts as a last defense for the bulls. Should the bright metal drop...