MTradingGlobal

MTradingGlobal

EURUSD bears cheer a clear downside break of a two-month-old ascending trend line, as well as sustained trading below 50-DMA, to brace for 2021 bottom surrounding 1.1185. The MACD and RSI both support the bearish bias. However, the pair’s declines past 1.1185 have a bumpy road as March 2020 swing high near 1.1150 and 61.8% Fibonacci Expansion (FE) of late...

MTradingGlobal

While a year-long resistance line has been testing gold buyers for one week, a six-week-old rising wedge bearish chart pattern teases sellers as markets brace for the Fed’s verdict. Given the sluggish RSI and receding bullish bias of the MACD, bears await a downside break of the $1,828 mark, comprising 50-SMA and 61.8% Fibonacci retracement of November-December...

MTradingGlobal

USDJPY extends pullback from a four-year high, recently failed to keep the bounce off 113.50, amid downbeat MACD and RSI. That said, the yen pair’s further downside will poke the 100-DMA level of 113.25 but the previous resistance line from March 2021, around 112.80, could challenge the bears afterward. It should be noted, however, that a clear downside break of...

MTradingGlobal

GBPUSD keeps pullback from 200-DMA and 78.6% Fibonacci retracement (Fibo.) of September-December 2021 downside around a short-term crucial support convergence near 1.3540-35, including 100-DMA and 50% Fibo with eyes on monthly UK PMI data. That said, recently upbeat UK economics renews BOE rate hike concerns, which in turn could trigger the pair’s bounce from the...

MTradingGlobal

Gold buyers cheer a clear break of the 23.6% Fibonacci retracement (Fibo.) of August-November 2021, backed by a firmer oscillator, to brace for November’s peak of $1,877. However, multiple lows marked during mid-November around $1,850 will challenge immediate upside. Following that, the upper line of a five-week-old ascending trend channel, near $1,856, will act...

MTradingGlobal

EURUSD remains on the back foot so far during the current week, heading into the key ECB Monetary Policy Meeting Accounts. That said, the 200-SMA and an ascending trend line from November 24, respectively around 1.1320 and 1.1300, restrict the immediate downside of the major currency pair. Should the sellers manage to conquer the 1.1300 support, 1.1230 may offer...

MTradingGlobal

Although USDCAD buyers keep lurking around an upward sloping trend line from June, failures to stay decisively above the 200-DMA keep sellers hopeful of breaking the 1.2450 support. Adding to the bearish bias are the downbeat MACD and RSI conditions. That said, 61.8% Fibonacci retracement (Fibo.) of June-December 2021 advances, near 1.2370, is likely next support...

MTradingGlobal

Having reversed from the late October tops, GBPUSD pokes the key support lines around the mid-1.3600s. Given the receding bullish bias of the MACD and RSI retreat, the prices are likely to decline further. However, the UK employment data will be crucial to watch for clear direction. Should the cable pair stays below the stated 1.3650 support, odds of its gradual...

MTradingGlobal

AUDUSD justifies a bearish candlestick formation, namely Gravestone Doji, to post the biggest daily losses in a fortnight the previous day. RSI retreat adds strength to the latest declines, suggesting further weakness towards an upward sloping support line from December 20, around 0.7150. During the pair’s weakness past 0.7150, the 0.7080 level may offer an...

MTradingGlobal

EURUSD extends the run-up beyond 200-SMA to cross a two-month-old horizontal area surrounding 1.1385 post-US inflation data. Given the price-positive signals from the MACD and RSI, the major currency pair is likely to keep the recent rebound. However, a sustained run-up beyond 1.1385 becomes necessary for the pair buyers to challenge the mid-November peak near...

MTradingGlobal

Gold keeps the bounce off 23.6% Fibonacci retracement of November-December fall to cross the 100-SMA surrounding $1,805, backed by firmer RSI and higher-low formation. As MACD is also shifting in favor of the bulls, the metal prices are likely heading towards 61.8% Fibo. level near $1,830. However, a two-month-old horizontal resistance and tops marked during the...

MTradingGlobal

A clear downside break of 50-SMA, as well as November’s peak, near 115.50 challenges the USDJPY pair’s recent rebound. However, 100-SMA and an upward sloping support line from December 03, respectively around 114.80 and 114.40, will restrict the yen pair’s additional losses, backed by nearly oversold RSI conditions. Should bears conquer the stated trend line...

MTradingGlobal

Repeated failures to cross the 100-SMA dragged USDCAD traders to a decisive point with a “Head and Shoulders” bearish chart pattern luring sellers. However, a clear downside break of the neckline, around 1.2630, becomes necessary for conviction. Following that, a theoretical slump towards the 1.2300 level pops up on the chart. However, the 1.2600 round figure and...

MTradingGlobal

Having reversed from early November’s swing high, gold broke the key support around $1,795 comprising 200-SMA and a 13-day-old ascending trend line. The downside move gains support from bearish MACD signal to direct gold bears towards a two-month-old horizontal region surrounding $1,760. However, RSI does approach the oversold territory and can trigger...

MTradingGlobal

GBPUSD keeps the 50-DMA breakout to battle the 100-DMA as traders await final readings of UK Services PMI for December, as well as the US ISM Services PMI for the said month. Although the key DMA breakout and bullish MACD hints at the cable pair’s further upside, a clear run-up beyond the 100-DMA level surrounding 1.3555 becomes necessary for the bulls to rise...

MTradingGlobal

Having reversed from 50-DMA, EURUSD dropped beneath the 20-DMA and made seller’s way clear for a battle with a six-week-old support line, around 1.1260. However, cautious sentiment ahead of the key data/events tests the pair’s further downside. Even so, bearish MACD signals and a steady RSI line keep sellers hopeful to revisit the 2021 bottom surrounding 1.1185....

MTradingGlobal

Brent oil sees further downside after confirming short-term rising wedge bearish chart pattern the last week. However, oil traders turn cautious ahead of today’s OPEC+ JTC meeting and monthly print of the US ISM Manufacturing PMI. That said, a five-week-old horizontal area and 200-SMA, respectively around $77.20-76.80 and $76.25, restrict the immediate downside of...

MTradingGlobal

USDCAD bears are yet to provide a convincing sign of return despite Friday’s heavy fall. The 100-DMA, surrounding 1.2620, acts as an immediate hurdle to get more sellers on the board. However, the 200-DMA and an ascending support line from May, respectively around 1.2500 and 1.2420, become crucial challenges for the pair bears. Should USDCAD drop below 1.2420,...