MTradingGlobal

MTradingGlobal

With Fed’s Powell joining the league of the ECB policymakers to placate the bond bears, who ultimately failed, EURUSD bears cheer downside break of 100-day SMA for the first in over four months. However, February lows seem to question the further weakness of the pair ahead of the key US employment data for February, led by the NFP. While it is mostly expected to...

MTradingGlobal

Gold’s sustained trading below a horizontal area established since May 2020 gained support from Treasury yields rally to direct bears towards a falling trend line from August, currently around $1,680. However, the $1,700 threshold can offer an intermediate halt whereas double bottoms marked during May and June of 2020, near $1,670 could test the gold sellers...

MTradingGlobal

In addition to a sustained downside break of the one-month-old support line, portrayed last Friday, the weekly falling trend line also suggests a bearish bias for the GBPUSD prices ahead of the key UK annual budget announcement, up for publishing around 12:30 GMT. It should, however, be noted that British Chancellor Rishi Sunak is up for releasing the heavy...

MTradingGlobal

Silver finally follows gold while breaking short-term support confluence near $26.30, which in turn drags it towards late January lows. Although oversold RSI on four-hour (4H) chart probes the metal sellers, a sustained break of the key support, coupled with the bearish MACD suggests further downside of the commodity prices. As a result, the $25.50 and the $25.00...

MTradingGlobal

Although 100-SMA defends cable buyers, bearish MACD and hopes of the US dollar’s further recovery, following the $1.9 trillion covid stimulus, seem to favor the GBPUSD sellers. As a result, the bears should wait for a clear downside break of 1.3915 to initial fresh selling positions. Following that, 1.3780-75 and the previous month’s low of 1.3563 will be in the...

MTradingGlobal

With the fears of reflation propelling global Treasury yields and the US dollar, gold remains depressed near the three-month-old horizontal support. With the bond rout less likely to fade soon, coupled with the US dollar’s expected run-up on recently welcome fundamentals, gold is up for extra south-run. However, a clear downside break of $1,760 becomes necessary...

MTradingGlobal

Although reflation risk propels EURUSD near one-month high, the quote battles the key hurdle from early December 2020 that probed the bulls during late-January. Not only the key resistance but the cautious sentiment ahead of the preliminary readings of the US Q4 GDP, expected 4.1% versus 4.0% forecast, could also offer near-term direction to the quote. While...

MTradingGlobal

Gold sellers eye 50-SMA re-test, currently around $1,800, during the latest weakness below 100-SMA. However, any further downtrend needs to break February 18 low near $1,788 to refresh the monthly low, also the lowest since June 2020, around $1,760. The bearish sentiment takes clues from a monthly resistance line as well as a downward-sloping RSI line. Though,...

MTradingGlobal

Trading sentiment on the floor remains quite depressing as markets await Fed Chair Powell’s half-yearly testimony. However, the bullish chart formation on the four-hour play keeps Brent oil buyers hopeful, despite the latest pullback from $66.76. It should, however, be noted that the oil bulls need to stay away from $63.40 and $62.90 supports comprising 50-SMA as...

MTradingGlobal

Despite recently easing to 1.4015, GBPUSD keeps the early-day run-up to the fresh top since April 2018. The cable’s latest pullback could be traced from its failures to defy an ascending channel formation since February 02. However, the bears aren’t likely to return until witnessing a clear downside break of the stated channel’s support as well as 200-SMA. That...

MTradingGlobal

Following its failure to break the November 2020 bottom, gold prices finally slipped to the lowest since July during early Friday. However, the metal bounced off quickly from the $1,760.55 low and remains sluggish off-late. This suggests the bulls’ inability to cheer the oversold RSI conditions while bears also await confirmation. As a result, a clear break below...

MTradingGlobal

With the multiple failures to clear one-month-old horizontal resistance, EURUSD is ready to drop back to the monthly low near 1.1950. However, the 1.2000 psychological magnet can offer an intermediate halt during the fall. It should also be noted that the EURUSD weakness past-1.1950 needs a stronger US dollar to break November 2020 peak surrounding 1.1920 and...

MTradingGlobal

Although oversold RSI conditions placate gold bears around $1,790, a sustained trading below the $1,800 threshold joins expected further recovery in the US dollar to challenge the upside momentum. However, the quote’s further declines will have to break a descending trend line from mid-January, at $1,772 now, to revisit the November 2020 low near $1,765. On a...

MTradingGlobal

Despite recently easing from the yearly high, AUDUSD stays well beyond the 50-day SMA, not to forget being inside the ascending triangle, amid the absence of overbought RSI conditions. As a result, the buyers are hopeful of crossing January’s peak near 0.7820, which in turn enables the optimists to eye 61.8% Fibonacci Expansion (FE) level around 0.7910 during the...

MTradingGlobal

Successful trading beyond the 29-month-old resistance line, not to forget the 50% Fibonacci retracement level of the GBPUSD pair’s June 2016 to March 2020 downturn, favor the cable bulls to eye the 1.4000 psychological magnet as it refreshes the highest levels since April 2018. It should, however, be noted that the quote’s sustained trading beyond the 1.4000 mark...

MTradingGlobal

Gold sellers embrace weekly low while declining for the second day in a row, currently down 0.13% around $1,823, during the early Friday. In doing so, the quote extends reversal from 200-day SMA while eyeing further losses towards the key horizontal support around $1,765, tested in November. During the fall, the $1,800 threshold and the monthly bottom around...

MTradingGlobal

Following its run-up to a fresh high since January 2020, Brent Oil wavers around $61.25 amid overbought RSI and sluggish markets. Given the fresh headlines suggesting US-China tension, coupled with the US stimulus gridlock, the commodity has reasons to look for a pullback. However, the yearly peak surrounding $60.26, followed by the $60.00 threshold, can test the...

MTradingGlobal

Although gold buyers are primed for breaking the five-week-old resistance line, the recent tops near $1,848-49, as well as 200-bar SMA near $1,863, stay ready to test the upside momentum. Also acting as the key resistance is the area surrounding $1,875 that comprises the late January highs. It should, however, be noted that a clear upside break of $1,875 will not...