MTradingGlobal

MTradingGlobal

GBPUSD posts a corrective pullback from the yearly low of around 1.3425 ahead of the UK data dump, comprising preliminary readings of the UK Q3 GDP. Even so, the cable pair needs a daily closing beyond September’s bottom of 1.3411, as well as the 50% Fibonacci retracement level near 1.3460, to convince short-term buyers. Even so, lows marked in July and 200-SMA,...

MTradingGlobal

EURUSD defies a three-day recovery ahead of the key US Consumer Price Index (CPI) data on early Wednesday. The major currency pair’s weakness could also be linked to the failures to cross the 200-SMA, bearish MACD signals and RSI retreat. Hence, the quote is likely to decline further towards monthly horizontal support near 1.1525-32. However, the yearly low around...

MTradingGlobal

Gold fades upside momentum after refreshing a two-month high on early Tuesday. In doing so, the yellow metal seesaws near an ascending trend line from October 22. Also challenging the gold buyers is the overbought RSI conditions and receding bullish bias of the MACD. Should the commodity prices rise beyond the $1,829 immediate hurdle, the double tops, marked...

MTradingGlobal

Despite failing to cross a convergence of the 200-SMA and a 50% Fibonacci retracement of June-August upside, the USDCAD pair remains above four-month-old horizontal support. Given the firmer RSI conditions, not overbought, the bullish momentum is likely to prevail for a while, which in turn can allow the pair buyers to cross the 1.2480 resistance confluence and...

MTradingGlobal

Having failed to sustain the early October bounce, EURUSD bears are on the way to testing the March 2020 high near the 1.1500 threshold on the day of the US Nonfarm Payrolls (NFP) release. It should be noted, though, that the lower line of a five-month-old falling wedge, around 1.1450 at the latest, will take the help of the RSI conditions to rebound. Hence, the...

MTradingGlobal

GBPUSD bears retake controls on the key Thursday comprising Bank of England (BOE) monetary policy meeting and important Brexit talks in Paris. Technical set-up hints at further weakness on the pair’s inability to rise past 50-DMA, coupled with the bearish MACD signals. However, a clear downside break of a five-week-long support line, near 1.3615, becomes...

MTradingGlobal

Gold refreshes weekly low, taking offers around $1,778 during early Wednesday. The yellow metal justifies a downside break of 100-SMA, suggesting further weakness towards a three-week-old support line near $1,775. However, 200-SMA acts as additional support around $1,770 to challenge bears before the Fed reveals the tapering surprise. Should the Fed matches or...

MTradingGlobal

AUDUSD slumps 60 pips on the Reserve Bank of Australia’s (RBA) end to the Yield Curve Control (YCC) measures. In doing so, the Aussie pair extends pullback from the 200-DMA, challenging a two-month-old broad horizontal support area between 0.7475 and 0.7450. Given the downward sloping RSI and hawkish hopes from the Fed, the quote may conquer the 0.7450 support to...

MTradingGlobal

GBPUSD portrays sluggish market conditions as the bears jostle with the 200-SMA following Friday’s heavy fall, amid the escalating Brexit woes. Even so, the quote’s downside break of the 100-SMA, near 1.3720, keeps the bears hopeful of the further weakness of the cable pair. That said, lows marked during late September and early October, respectively around 1.3600...

MTradingGlobal

A two-month-old support line break joins the failures to keep rebound from 20-DMA to favor Brent oil sellers. However, a clear downside break of the $84.00, comprising the immediate moving average support, becomes necessary. Following that, a fall towards $80.00 becomes imminent. Should the oil sellers keep reins past $80.00, the mid-September high near $76.40...

MTradingGlobal

Gold extends the bounce off monthly support while picking up the bids near $1,801 during the early Thursday. In doing so, the yellow metal pokes a one-week-old descending resistance line inside a one-month-long rising channel bullish formation. Also keeping the gold buyers hopeful is the quote’s sustained trading beyond 200-SMA and firmer oscillators. Hence, the...

MTradingGlobal

EURUSD bears take a breather around weekly low, after a two-day downtrend, during early Wednesday. Although risk-on mood helps the EURUSD to consolidate weekly losses, the likely firmer US Durable Goods Orders print keeps the bears hopeful. Additionally, the quote’s sustained trading inside a broad falling wedge since early June and a recent drop below 10-DMA...

MTradingGlobal

GBPUSD buyers await for Brexit headlines as the Cable gyrates inside a bullish flag chart pattern on the four-hour play. The European Union (EU) diplomats aren’t likely to get a warm welcome in London on their arrival for Brexit talks. The reason could be linked to the comments from UK’s Brexit policymaker David Frost, conveying his discomfort with the bloc...

MTradingGlobal

Upbeat sentiment helps AUDUSD bulls to battle the key upside hurdle around July highs. The buyers are likely to gain from a firmer RSI line, not overbought, as well as bullish MACD signals but 20-SMA and the upper line of the weekly falling triangle’s resistance line, near 0.7500. In a case where the quote rises past 0.7500, the recent top near 0.7545 and the late...

MTradingGlobal

Gold prints four-day uptrend, tracking monthly support line amid early Friday. However, a convergence of the 100 and 200-DMAs near $1,795 offers a tough nut to crack for the bulls. Should the quote rise past $1,795, the mid-September peak near $1,809 may offer an intermediate halt during the run-up targeting the $1,834 crucial resistance, marked twice in 2021....

MTradingGlobal

Although Breakout-Pullback-Continuation (BPC) formation backs EURUSD bulls inside an eight-day-old rising channel, 200-EMA probes the upside momentum of late. Hence, a clear break of the stated moving average hurdle, near 1.1665 by the press time, becomes necessary to defy the sellers’ hopes. Even so, the upper line of the stated channel, near 1.1700 will be a...

MTradingGlobal

With downbeat UK inflation figures pouring cold water on the face of BOE hawks, GBPUSD eases from 100-DMA, consolidating the previous day’s gains below 1.3800. For now, the 1.3700 mark, comprising multiple levels marked since late September, question the pair’s further weakness. Also acting as a downside filter is the ascending support line from September 30, near...

MTradingGlobal

GBPUSD rises to a two-week high after confirming the bullish head-and-shoulders chart pattern the previous day. The cable pair stays bid around 1.3655 inside a short-term rising channel during early Monday. Given the confirmed bullish formation breakout and firmer MACD signals, the quote is likely heading towards the 200-SMA level near 1.3710. However, any further...