MTradingGlobal

MTradingGlobal

EURUSD fails to extend the corrective pullback from yearly low beyond 20-DMA and previous support from August. The inability to cross nearby hurdles joins bearish MACD signals and RSI retreat to keep sellers hopeful to revisit the recently flashed multi-day low under the 1.1200 threshold. During the fall, the 1.1200 round figure may offer an intermediate halt...

MTradingGlobal

USDJPY bulls struggle to extend Friday’s bounce towards the immediate hurdle surrounding 50-DMA, near 113.45. The lackluster momentum could also be witnessed through RSI conditions, which in turn favors odds of a pullback to 112.50-45 support confluence comprising the previous support line from March and a three-week-old falling trend line. It’s worth noting that...

MTradingGlobal

Despite marking a corrective pullback from a monthly low, gold prices remain below the key hurdles, namely an ascending trend line from August and a convergence of 50, 100 and 200 DMAs. The same joins downbeat RSI line and recently bearish MACD signals to keep gold sellers hopeful. That said, March’s high and April's low, around $1,756, seem to be at a hand’s...

MTradingGlobal

With the 200-DMA restricting the Brent oil’s rebound from an ascending support line from March, energy traders stay bearish ahead of the key OPEC+ decision. Although the cartel is more likely to stay on their previously decided path to ease supply-cut norms, the latest Omicron woes raise possibilities of a wild card move, considering the West versus Middle East...

MTradingGlobal

Despite bouncing off a four-week low, gold prices are vulnerable to further downside as sustained trading below the two-month-old support line, now resistance, joins the bearish cross-over of the 200-SMA to 50-DMA. That said, 78.6% Fibonacci retracement (Fibo.) of September-November upside, near $1,755, may restrict short-term declines of the yellow metal ahead of...

MTradingGlobal

GBPUSD struggles to defend 1.3270 support convergence, comprising a descending trend line from late July and 61.8% Fibonacci retracement (Fibo.) level of September 2020 to June 2021 upside. Even so, nearly oversold RSI conditions hint at a corrective pullback towards a short-term resistance line near 1.3375, a break of which will challenge the 20-DMA hurdle...

MTradingGlobal

Although EURUSD bears keep reins around the yearly, the odds of a corrective pullback can’t be ruled out considering the quote’s ability to stay beyond a three-week-old resistance line, now support, as well as 50-SMA. Also favoring the pair buyers is the firmer RSI line and recently bullish MACD signals. That said, November 18 swing high near 1.1375 acts as...

MTradingGlobal

Although oversold RSI joined 50% Fibonacci retracement (Fibo.) of September-November upside to challenge the silver bears during the early week, a sustained trading below the 200-SMA and a two-month-old support line hints at the commodity’s weakness. The failure to cross the previous support convergence, now resistance around $24.00, joins bearish MACD signals to...

MTradingGlobal

Gold extends the previous day’s bounce off an ascending support line from August towards 200-DMA amid a sluggish Asian session on Thursday. The yellow metal needs to provide a daily closing beyond $1,792 to direct buyers towards October’s peak of $1,814. However, any further upside moves will be challenged by a horizontal area comprising highs marked since July...

MTradingGlobal

A clear downside break of June 2020 swing high and 61.8% Fibonacci retracement (Fibo.) of March 2020 to January 2021 upside keeps EURUSD bears hopeful to visit a 20-pip horizontal region comprising March 2020 peak and June 2020 trough. However, oversold RSI conditions may challenge the pair bears afterward, if not then the 78.6% Fibo. level of 1.1000 should be on...

MTradingGlobal

Although supply crunch talks trigger Brent oil’s bounce off a two-month low the previous day, the black gold remains pressured towards re-testing the 100-day EMA level amid US push for more output and fresh covid woes from Eurozone. It should be noted, however, that the quote’s weakness past $77.85, comprising the stated EMA, won’t hesitate to challenge the 50%...

MTradingGlobal

Gold’s pullback from the yearly resistance gains supports from RSI retreat, suggesting further weakness in prices. However, a horizontal resistance-turned-support stretched from July, around $1,834, becomes the key hurdle for the sellers. Should the commodity prices drop below $1,834, October’s peak of $1,813 may offer an intermediate halt before directing the...

MTradingGlobal

GBPUSD’s gradual rebound from the yearly low is at test ahead of the UK Retail Sales as the pair portrays a bearish chart pattern on the four-hour timeframe. It should be noted, however, that the bullish MACD signals and firmer RSI conditions also keep the buyers hopeful. Hence, the pair traders should wait for a clear break of the wedge, currently between 1.3515...

MTradingGlobal

Firmer RBNZ Inflation Expectations for Q4 propels NZDUSD towards confirming falling wedge bullish formation, extending run-up towards the 200-SMA level of 0.7070 by the press time of early Thursday. It should be noted, though, that the 38.2% Fibonacci retracement (Fibo.) of September-October upside, near 0.7085, adds to the upside filter and may probe the bulls...

MTradingGlobal

Alike other major currencies, the broad US dollar strength could be well witnessed on the EURUSD chart that prints the lowest level since July 2020. In doing so, the quote slips below the 61.8% Fibonacci retracement of March 2020 to January 2021 upside, around 1.1300, which in turn joins the bearish MACD signals to keep sellers hopeful. However, oversold RSI...

MTradingGlobal

With the risk-on mood weighing on the US dollar and Treasury yields, gold buyers battle the yearly resistance line heading into the US Retail Sales release for October. Given the overbought RSI conditions and likely negative impact of the price pressure on US consumer spending, gold prices should step back from the key hurdle around $1,870. However, a positive...

MTradingGlobal

Alike other majors, GBPUSD also cheers US dollar pullback to bounce off yearly low during early Monday. Also favoring the corrective pullback is the 61.8% FE level of the cable pair’s moves from October 19 to November 09. Given the steady RSI line battling the bearish MACD signals, the pair’s rebound towards a two-week-old resistance line near 1.3500 can’t be...

MTradingGlobal

Brent oil fades bounce off 61.8% Fibonacci retracement (Fibo.) level of September-October upside, drops back below 200-SMA amid bearish MACD signals during early Friday. The UK benchmark for oil currently eyes 50% Fibo. level of $81.55 on the way to retest the early November trough surrounding $80.80. However, any further downside will be challenged by oversold...