MTradingGlobal

MTradingGlobal

Although RBNZ Governor Adrian Orr could pull the NZDUSD prices back from a yearly low, not to forget mentioning the two-month-old support line, the New Zealand central bank’s refrain from a widely anticipated rate hike keeps the kiwi pair sellers hopeful. Also favoring the NZDUSD bears is the sustained downside break of 200-SMA and the previous support line from...

MTradingGlobal

Gold pierces the key horizontal resistance established in late June during a five-day consolidation of the August 08 fall. However, the RSI remains normal and MACD flashes bearish signals, which in turn probe the rebound. Even if the quote crosses the $1,790 hurdle on a daily closing basis, 50-DMA and a descending resistance line from June 01, respectively around...

MTradingGlobal

Escalating covid woes weigh on commodities while downbeat China data exerts additional pressure on the Brent oil prices during early Monday. Also favoring the oil sellers could be the quote’s U-turn from 50% Fibonacci retracement of early August upside, followed by a break of the one-week-old rising trend line. Hence, the Brent oil prices are all set for further...

MTradingGlobal

USDCAD struggles to extend the previous day’s rebound during early Friday. Inability to rise joins downbeat MACD and sluggish RSI to keep sellers hopeful. However, a convergence of 50-day and 100-EMA surrounding 1.2455-50 becomes a tough nut crack for the pair sellers. On an immediate basis, a daily closing below the 1.2500 threshold becomes necessary to confirm...

MTradingGlobal

GBPUSD fails to cheer upbeat UK GDP figures as market plays await fresh clues to confirm the Fed tapering chatters. Even so, the cable keeps the previous day’s rebound from 21-DMA amid firmer RSI, suggesting further recovery towards the 1.3900 round figure. However, a convergence of 21-DMA and a downward sloping trend line from June 11, around 1.3925-30, becomes...

MTradingGlobal

EURUSD remains pressured around the yearly lows as the pair traders await July month Consumer Price Index (CPI) data from the US. The major currency pair dropped to the lowest since March the previous day while declining for the eighth consecutive day. However, a downward sloping trend line from July 07, around 1.1700, restricts the quote’s immediate losses....

MTradingGlobal

Gold’s rebound from four-month low struggles around previous supports but the MACD recently flashed bearish signals and the RSI isn’t oversold as well. Hence, buyers are likely to remain unconvinced below the November 2020 bottom surrounding $1,765, a break of which could quickly recall the $1,800 threshold. Though, multiple stops around $1,833 could challenge the...

MTradingGlobal

After breaking an ascending support line from late June, now resistance, gold bears battle 200-HMA amid cautious market sentiment ahead of the US Nonfarm Payrolls (NFP) data. It’s worth noting that the sluggish MACD and downbeat RSI adds to the trading filters. Even so, hawkish expectations from the data may firm the tapering woes and back gold sellers should they...

MTradingGlobal

GBPUSD bears the burden of the US dollar rebound and the pre-BOE anxiety during the early Super Thursday. Although the Bank of England (BOE) policymakers aren’t expected to alter monetary policy, the widely anticipated dovish tilt in contrast to the Fed’s tapering woes seems to weigh on the quote of late. Even so, the bullish chart pattern keeps buyers hopeful....

MTradingGlobal

With the firmer Q2 jobs report, the RBNZ is all set to become the first developed nation central bank to announce a rate hike in 2021. The bullish consensus spread like a wildfire among the top-tier banks following the data, fueling the NZDUSD prices beyond a key hurdle from mid-June, which in turn confirmed a bullish formation suggesting a theoretical jump...

MTradingGlobal

Gold prices remain on the back foot amid anxious hours of early Thursday as markets wait for the ECB and the US Consumer Price Index (CPI) data. Although the ECB is less likely to become a major catalyst, the anticipated optimism of the bloc’s policymakers could offer intermediate bounce to gold prices. However, a stronger-than-expected beat of the US inflation...

MTradingGlobal

AUDUSD reverses the previous day’s losses while a bounce off 50-day and 100-day SMA confluence near 0.7730-25. Given the normal RSI conditions and strong support, the quote is expected to keep the recovery moves while trying to cross the key resistance line, around 0.7770, for one more time. While a clear break above 0.7770 enables the buyers to aim for 0.7815,...

MTradingGlobal

USDCAD reverses Friday’s losses inside a bullish chart pattern, falling wedge, on the daily play. However, buyers need a clear upside break of 1.2100, not to forget the previous support line from March 18 close to 1.2180, to retake controls. Following that, the USDCAD rally towards 50-DMA level near 1.2285 and then to the previous month’s top near 1.2350 can’t be...

MTradingGlobal

With the renewed chatters over the Fed’s next moves, backed by weekend comments from US Treasury Secretary Janet Yellen, the US dollar regains the safe-haven bids lost on Friday amid early Monday. This weighs down GBPUSD inside a two-week-old rectangle formation between 1.4250 and 1.4190. It should, however, be noted that the upbeat MACD could trigger the cable’s...

MTradingGlobal

The heaviest fall since late February couldn’t beat gold buyers as the metal stays above the key support line from March 31, near $1,851, on the key US NFP release day. Additionally important are the speeches of US President Joe Biden and Fed Chairman Jerome Powell. It should be noted that while MACD and RSI flash contrasting signals, bears will have a bumpy road...

MTradingGlobal

EURUSD extends the previous day’s downside break of an ascending support line from March 31 on early Thursday. In doing so, the currency pair prints the heaviest losses in over a week ahead of the key US ADP Employment Change and ISM Services PMI. Though, bullish MACD and upbeat RSI could trigger the quote’s bounce off 21-day SMA level of 1.2172, if not then April...

MTradingGlobal

Brent oil holds onto a weekly uptrend despite the previous day’s pullback moves. The British oil benchmark keeps the upside break of double-tops marked in May amid bullish MACD. As a result, the commodity buyers should stay hopeful to refresh the multi-month top, marked the previous day around $71.50. However, the following run-up needs validation from $72.30...

MTradingGlobal

AUDUSD bulls step back from a convergence of a three-week-old resistance line and 100-SMA following RBA’s hints to July action. The Aussie pair drops to 0.7735 before the European session amid cautious sentiment ahead of the US ISM Manufacturing PMI for May, expected to remain unchanged near 60.7 level. In addition to the 0.7760-65 resistance confluence, a...