MTradingGlobal

MTradingGlobal

After three consecutive weeks of upside, silver had a sober start to the current week as it marked the first negative daily closing in four. However, the latest anti-risk headlines, mainly concerning odds over the Russian invasion of Ukraine, help XAG/USD to refresh its monthly high. Also, the bright metal remains above a 13-day-old support line amid firmer RSI...

MTradingGlobal

EURUSD keeps pullback from 50-SMA to kick-starts the key week comprising preliminary PMIs for February, as well as the second readings of US Q4 GDP. Recently keeping sellers hopeful is Friday’s downside break of a short-term support line, now resistance around 1.1335. Despite the latest corrective pullback, the below 50 RSI and bearish MACD signals, the quote is...

MTradingGlobal

GBPUSD stays beyond a downward sloping resistance line from January 20, now support around 1.3590. Despite the recent pullback, the trend line breakout joins upbeat RSI and MACD signals to direct buyers towards the late January tops surrounding 1.3660. Following that, January 14 swing low near 1.3700 will gain the market’s attention as the RSI might have turned...

MTradingGlobal

AUDUSD justifies its risk-barometer status, also backed by an upbeat Aussie jobs report for January, during Thursday. The Aussie pair stays above the 50-DMA amid upbeat RSI and MACD conditions, suggesting further advances. However, the 100-DMA and a downward sloping trend line from mid-November 2021, around 0.7240-45, becomes a tough nut to crack for the pair...

MTradingGlobal

Gold marked a stellar decline after refreshing eight-month top on Tuesday, forming a double top around $1,880. Not only the bearish chart pattern but RSI divergence also warrants the buyer’s caution as the higher high in prices accompanies lower-high of the RSI line. Hence, odds of a pullback towards the 200-DMA level of $1,807 can’t be ruled out if the quote...

MTradingGlobal

Amid escalating tensions concerning the Russian invasion of Ukraine, crude oil prices rally to a multi-month high. However, overbought RSI conditions recently triggered the quote’s pullback near an upward sloping trend line from July 2021. That said, a six-week-old support line near $92.00 precedes the 21-DMA surrounding the $90.00 psychological magnet restricts...

MTradingGlobal

Be it increasing chatters over a 0.50% rate hike by the Fed in March or the US, EU and the UK’s signals for Russia’s imminent invasion of Ukraine, the US dollar has everything needed to consolidate early February’s losses. The same dragged EURUSD during the last week, which portrayed multiple tops around 1.1480 before ending the week by resting on 200-SMA. Given...

MTradingGlobal

GBPUSD stays ready to reverse the month-start bearish signal, initially triggered by the 50-SMA’s break below 200-SMA, as markets await the preliminary reading of the UK Q4 GDP. However, the monthly resistance line and a descending trend line from January 20, respectively around 1.3585 and 1.3610, guard the quote’s short-term upside. During the pair’s run-up...

MTradingGlobal

Gold extends a fortnight-long recovery to stay comfortably beyond the 200-SMA and a horizontal area from early January. The run-up joins bullish MACD signals to suggest further upside but the overbought RSI line pushes buyers to remain cautious until witnessing sustained trading above $1,830. In addition to the key hurdle, gold traders should also keep their eyes...

MTradingGlobal

USDCAD remains chopped inside a 140-pip trading range in the last two weeks, recently fading the bounce off the lower end comprising 200-SMA. Given the steady RSI and a pullback in oil prices, Canada’s key export, the Loonie pair is up for further recovery. However, comments from the Bank of Canada (BOC) Governor Tiff Macklem will be crucial to watch for intraday...

MTradingGlobal

After a rollercoaster ride on the BOE moves, GBPUSD bears flex muscles with eyes on Thursday’s UK Q4 GDP. The week’s start has already confirmed a rising wedge bearish pattern but the sellers need validation from 50-SMA 1.3490. Theory suggests a sustained downtrend past 1.3490 will recall 1.3330-25 levels on the chart. However, 61.8% Fibonacci retracement (Fibo.)...

MTradingGlobal

AUDUSD marked a notable U-turn from the 50-DMA by the end of the key week. As RSI and MACD conditions back the recent weakness, another south-run towards breaking the 0.7000 psychological magnet can’t be ruled out. However, a convergence of the downward sloping trend line from August and 61.8% FE level of June 2021 and January 2022 moves, near 0.6920, become...

MTradingGlobal

Having reacted to ECB and BOE announcements, gold traders keep their eyes on the US monthly jobs report for January during early Friday. Given the latest negative surprise from the ADP Employment Change, today’s Nonfarm Payrolls (NFP) becomes the key for gold prices as the metal seesaws around the 200-DMA, near $1,806 by the press time, ahead of the release. That...

MTradingGlobal

EURUSD extends bounce off a 19-month low, also comprising 61.8% Fibonacci Expansion (FE) of late September 2021 to early January 2022 moves, as traders await European Central Bank (ECB) monetary policy decision. With the recently high inflation and record low Unemployment Rate in Eurozone, the policy hawks are likely to dominate, which in turn could propel the...

MTradingGlobal

AUDUSD bulls stay hopeful as the Reserve Bank of Australia (RBA) ends QE, despite posting initial losses due to rejection of the immediate rate hike concerns. The upside momentum ignores recently cautious RBA Governor Philip Lowe’s comments while staying above a three-week-old descending resistance line, near 0.7115. That said, the 50-DMA level around 0.7170 acts...

MTradingGlobal

Silver prints corrective pullback around three-week low, bouncing off 78.6% Fibonacci retracement (Fibo.) of December 15 to January 20 upside. It’s worth noting, however, that the MACD remains bearish and the RSI is off the oversold territory while silver prices keep a downside break of a seven-week-old ascending trend line. As a result, XAGUSD bears remain...

MTradingGlobal

A corrective pullback on Friday failed to lift GBPUSD beyond 50-DMA, not to forget a fortnight-old descending trend line. However, nearly oversold RSI conditions can challenge the cable pair’s sellers until breaking the 23.6% Fibonacci retracement (Fibo.) of September-December 2021 downside, near 1.3330. Should the quote remains weak past 1.3330, the 1.3280 level...

MTradingGlobal

A clear upside break of 20-DMA enables USDJPY bulls to challenge the two-month-old horizontal resistance area, surrounding 115.50-60. Following that, the monthly peak, also the highest levels since January 2017, near 116.35, will be in focus. Although RSI conditions may provide headwinds to the yen pair around the multi-day top, any further advances will not...