MTradingGlobal

MTradingGlobal

Gold buyers attack a three-week-old resistance line as the market’s anxiety underpins the metal’s haven demand. However, the US Nonfarm Payrolls (NFP) remains awaited for fresh clues as the same will pave the ground for Fed tapering, which in turn could portray the US dollar strength and weigh on the gold prices. Technically, the immediate resistance line near...

MTradingGlobal

Brent oil prices consolidate the heaviest daily loss since late August, not to forget reversal from November 2014 levels, while picking up bids to $81.70 during early Thursday. The oil benchmark refreshed the multi-day top the previous day but overbought RSI joined firmer USD to drag the quote towards the first negative daily closing in six days. However, the...

MTradingGlobal

RBNZ leads the developed-world central banks with a 0.25% rate hike on Wednesday but couldn’t lift the NZDUSD prices. The reason can be linked to the broad US dollar strength amid risk-off mood and firmer Treasury yields. Technically, the Kiwi pair’s failures to cross the 10-DMA hurdle joined the bearish MACD signals and downward sloping RSI line to weigh on the...

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Although the Reserve Bank of Australia (RBA) matched wide forecasts of inaction on early Tuesday, the Aussie central bank’s concerns over economic growth, due to the pandemic-led local lockdowns, weigh on the AUD/USD prices. Also challenging the quote buyers are the headlines from China and concerning the US stimulus, as well as debt ceiling extension. That said,...

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GBPUSD retreats below 50-EMA during early Monday as the market’s risk-off mood favors the USD bulls. In addition to the sour sentiment and failures to cross 50-EMA, a six-week-old horizontal area and a descending resistance line from September 14, respectively around 1.3610 and 1.3635 levels, will challenge the GBPUSD buyers amid bearish MACD and steady RSI. Even...

MTradingGlobal

Having offered a clear break of the late 2020 supports, now resistances around 1.1600, EURUSD is all in for further weakness. The current consolidation during early Friday could be linked to oversold RSI conditions. However, the bears keep the fort, targeting March 2020 tops surrounding 1.1500. In a case where the quote refrains from bouncing off 1.1500, June 2020...

MTradingGlobal

Although gold fades bounce off six-week-old horizontal support surrounding $1,724, a downward sloping trend line from August 26, near $1,721, becomes a short-term key level for the bears to watch amid weak RSI. Should the quote drops below $1,721, the $1,700 threshold may become an intermediate halt during the fall towards the yearly low. It’s worth noting that...

MTradingGlobal

Brent oil consolidation the early week’s oversold RSI conditions while dropping back below $78.00 on Wednesday. However, an ascending support line from August 23 and 100-SMA, respectively around $76.70 and $75.00, will challenge the quote’s further weakness. Even if the British oil benchmark drops below $75.00, a horizontal line comprising multiple levels marked...

MTradingGlobal

USDCAD drops to the lowest level since September 10 during the six-day downtrend on early Tuesday. The Loonie pair’s failure to stay past the key resistances above 1.2800 joins a downward sloping RSI line to direct USDCAD towards a 100-day EMA level near 1.2540. However, the quote’s further weakness will be challenged by the 50% Fibonacci retracement level near...

MTradingGlobal

AUDUSD reverses Friday’s pullback from the key moving average while picking up bids to 0.7286 during early Monday. In doing so, the Aussie bulls brace for another battle with the 200-SMA level of 0.7305. However, any further upside needs to cross the previous week’s top surrounding 0.7315 to extend the run-up towards the mid-month peak surrounding 0.7345-50. In a...

MTradingGlobal

EURUSD struggles to extend the strongest recovery in a month as anxiety over Evergrande test pair buyers ahead of a speech from Fed Chairman Jerome Powell. With this, the currency major steps back from the weekly resistance line, which in turn suggests further weakness towards the 1.1700 threshold. However, the quote’s downside past 1.1700 will not hesitate to...

MTradingGlobal

GBPUSD recovers from the monthly bottom as the cable traders await the Bank of England’s (BOE) Quarterly Inflation Report (QIR). Given the bullish hopes from the “Old Lady,” the quote may keep the latest rebound. However, it needs to provide a daily closing above an ascending trend line from July 20, near 1.3630 to keep the buyers hopeful. Also challenging the...

MTradingGlobal

Risk-on mood helps gold extend the early-week rebound towards the key upside resistance area during early Wednesday. In addition to the confluence of 200-EMA, a descending trend line from September 03 and a five-week-old support line, fears of the Fed’s tapering also challenge gold buyers. Should the Fed refrains from providing any signals to the 2021 taper,...

MTradingGlobal

NZDUSD refreshed monthly low, before bouncing off 50-DMA during the four-day downtrend. Not only the short-term moving average but 38.2% Fibonacci retracement of the May-August decline also challenges the pair sellers around the 0.7000 threshold. Should the quote drops below the 0.7000 mark, 23.6% Fibonacci retracement level of 0.6920 and July lows near 0.6880 can...

MTradingGlobal

Alike other major currency pairs, USDCAD respects the broad US dollar strength while rising to the fresh high of the month. Adding to the upside pressure is the Federal Elections in Canada, even if the results are less likely to offer any entertainment. That said, the quote heads towards a two-month-old resistance around 1.2810 with the bullish MACD contrasting...

MTradingGlobal

While major currency pairs dropped notably the previous day, as Fed tapering concerns propelled the US dollar, the GBPUSD remained far from bear’s reach despite refreshing weekly low. The reason could be linked to a one-month-old rising channel. The cable pair teases the channel’s support, surrounding 1.3785, by the press time of early Friday. Even if the quote...

MTradingGlobal

Gold keeps losses rolling for the second consecutive day, extending Tuesday’s U-turn from 200-DMA amid the initial European session on Thursday. While the descending RSI and bearish MACD favors sellers, a monthly rising support line near $1,785 challenges the commodity’s further downside. A clear break of the same will direct the quote towards the late-August...

MTradingGlobal

Despite recently bouncing off a monthly low, AUDUSD remains pressured around 20-DMA during early Wednesday. The risk-barometer pair dropped the most in a week while flashing a bearish candlestick on the daily chart. The anticipated declines also gain support from the absence of the oversold RSI conditions. However, July’s low of 0.7288 acts as a trigger for the...