MTradingGlobal

MTradingGlobal

GBPUSD bulls cheer clear upside break of 50-DMA to poke six-week top, amid bullish MACD signals. However, a short-term horizontal hurdle close to 1.3515 joins nearly overbought RSI conditions to probe further upside. Even if the quote manages to stay past 1.3515, the 100-DMA and a descending trend line from June, respectively around 1.3570 and 1.3640, will...

MTradingGlobal

After multiple failed attempts to settle beyond the 200-SMA, gold prices conquered a two-week-long ascending support line. The bearish impulse takes clues from downbeat MACD signals and a slump in the RSI line. This helps the gold bears to aim for the area comprising multiple supports marked since November, around $1,764. It should be noted, however, that $1,784...

MTradingGlobal

EURUSD seesaws around 200-SMA inside a six-week-old symmetrical triangle, suggesting the buyer’s return. However, a clear upside break of 1.1350 becomes necessary for the bulls before knocking the late November swing highs surrounding 1.1380-85. It should be noted, though, that a sustained run-up beyond 1.1385 enables the pair to rally towards November 15 swing...

MTradingGlobal

GBPUSD bulls fail to cheer a clear upside break of the monthly horizontal resistance, now support, as the 50-DMA challenges immediate upside. Given the easing bearish bias of MACD and firmer RSI, the prices are likely to extend the corrective pullback beyond the 50-DMA level surrounding 1.3450. However, a broad bearish trend established since June remains intact...

MTradingGlobal

USDCAD sellers cheer a rising wedge bearish pattern confirmation at the yearly top amid downbeat MACD and RSI signals to keep the reins during the last days of 2021. However, a clear downside break of an ascending trend line from November 10, near 1.2735, followed by the 200-SMA surrounding 1.2715, becomes necessary to witness further losses. In that case, the...

MTradingGlobal

EURUSD remains within a small trading range ever since it refreshed the yearly low to 1.1186. That said, the monthly support line and gradually improving RSI challenge the bearish bias. However, the bulls have multiple hurdles to cross before convincing markets during thin volume and holiday season, which in turn makes it harder for buyers. Also adding to the...

MTradingGlobal

Sustained trading below the 200-SMA and monthly horizontal resistance keep gold sellers hopeful as markets brace for the last data dose ahead of Christmas fever. Even so, a clear upside break of the weekly resistance line, around $1,793, helps the buyers to battle the 200-SMA level surrounding $1,808, a break of which will direct the run-up to the stated...

MTradingGlobal

Despite defending 1.3170 multiple times since December 09, the GBPUSD pair’s failure to cross a five-week-old ascending trend line, not to forget 200-SMA, keeps sellers hopeful. Adding to the bearish bias are the downbeat MACD conditions. That said, the yearly low of 1.3160 adds to the downside filters, in addition to the 1.3170 multiple bounce point. Should the...

MTradingGlobal

Brent oil sellers cheer a clear downside break of 200-DMA and 50% Fibonacci retracement of March-October upside around 13-day low. While bearish MACD signals and descending RSI line, not oversold, favor the commodity sellers, an upward sloping trend line from March 23, around $68.70, is the key for the quote’s further downside. Should the commodity bears drop...

MTradingGlobal

USDCAD posted the highest daily close of 2021 on Friday, bouncing off 10-day EMA. However, an upward sloping trend line from July challenges the pair buyers amid nearly overbought RSI conditions, teasing a pullback. Should the 10-day EMA level of 1.2790 fails to trigger another bounce, a downward trajectory towards 50-day EMA near 1.2650 can’t be ruled out. During...

MTradingGlobal

Upbeat Aussie jobs report and hawkish moves of the Fed, as well as the BOE, pushes RBA towards a rate hike, favoring AUDUSD prices to consolidate losses posted since late October. To convince the buyers, the Aussie pair recently confirmed an inverse head-and-shoulders bullish chart pattern with a clear upside break of 0.7180. As per the theory, the breakout...

MTradingGlobal

Market’s surprise reaction to the hawkish Fed decisions keeps EURUSD traders cautious inside a short-term symmetrical triangle ahead of the ECB monetary policy meeting. Given the dovish expectations from the European Central Bank (ECB), EURUSD is likely to refresh the yearly low. In doing so, the quote needs a clear downside break of a three-week-old support line,...

MTradingGlobal

Gold traders prepare for the end of two-week-long choppy moves between 200-DMA and an ascending trend line from early October with eyes on the US Federal Reserve (Fed) decision. With the faster tapering and a hint to rate hike in 2022 expected, bears are hopeful. However, Omicron fears are up for throwing a wild card and can fuel the precious metal prices should...

MTradingGlobal

GBPUSD’s corrective pullback from the yearly low confirmed a five-week-old falling wedge bullish chart pattern before dropping back to the stated bullish pattern’s resistance line as the pair traders await the UK employment report for November. Should the jobs report trigger the pair’s bounce, the late October peaks past 1.3800 are likely theoretical targets....

MTradingGlobal

A sustained break of the 100-SMA and gradually rising RSI line keep EURUSD buyers hopeful as global markets await the key central bank announcements scheduled for the week. Although the European Central Bank (ECB) has more reasons to sound dovish and the Fed hawks are in full swing, Omicron threatens the market expectations and may throw a wild card. That said,...

MTradingGlobal

Having witnessed rejection from a convergence of the 200-DMA and a support-turned-resistance line from early August, gold traders eye a three-month-old horizontal area surrounding $1,760-58. The bearish bias gets support from MACD and RSI as both these indicators failed to back the early December bounce. It should be noted, however, that the metal’s weakness past...

MTradingGlobal

Despite refreshing yearly low, GBPUSD funnels down to the break-point of a bullish chart pattern called a falling wedge. Adding importance of the 1.3280 resistance level is the 61.8% Fibonacci retracement (Fibo.) of September 2020 to February 2021 upside and 10-DMA. Should the quote crosses the 1.3280 hurdle, theory suggests 1.3960 as a target. However, lows...

MTradingGlobal

A clear downside break of 100-SMA and monthly rising channel joins bearish MACD signals to keep USDCAD sellers hopeful as they brace for the Bank of Canada (BOC) Interest Rate Decision on Wednesday. It should, however, be noted that the RSI line inches closer to the oversold territory, suggesting a bumpy road to the south. That said, multiple tops marked during...