MTradingGlobal

MTradingGlobal

Alike all major currency pairs, NZDUSD also benefits from the broad US dollar weakness during the early Tuesday. In doing so, the pair buyers attack an upward sloping resistance line from January 13, currently around 0.7260. Should the kiwi bulls manage to cross the immediate hurdle, backed by upbeat MACD, the quote may not hesitate to challenge the multi-month...

MTradingGlobal

Despite marking a corrective pullback from a two-month low on Friday’s mixed US employment data, EURUSD bears aren’t disappointed as the bounce fizzles on Monday. Also favoring the bears is a downward sloping trend line from January 06. It should, however, be noted that fresh selling should wait for a clear downside break of 100-day SMA, at 1.1960 now, before...

MTradingGlobal

Not only a downside break of an ascending trend line from March but a daily closing below 200-day EMA and January low also favor gold bears on Friday. Although the pre-NFP trading dullness triggered consolidation from a nine-week low, the yellow metal keeps the previous day’s breakdown of the key technical levels. As a result, the bullion sellers currently eye a...

MTradingGlobal

GBPUSD refreshes a two-week low on the key “Super Thursday” dominated by the Bank of England’s (BOE) quarterly moves. With the increased hopes of BOE’s hawkish comments, based on the UK’s vaccinations, GBPUSD may bounce off the key SMA support. However, the weekly resistance line near 1.3650 could restrict further recovery moves before recalling the 1.3700...

MTradingGlobal

Despite recent bounces off the short-term support line, gold keeps the previous day’s breakdown of ascending triangle formation, suggesting the metal’s further weakness until it trades below the triangle’s support, at $1,849 now. As a result, fresh selling can be witnessed on a downside break of the immediate horizontal line around $1,829, which in turn sets the...

MTradingGlobal

Despite no change in RBA’s interest rate announcement, AUDUSD remains depressed below a short-term bearish chart formation. The reason could be traced from the RBA statement suggesting the downward pressure on the inflation target, which in turn pushed the Aussie central bank to extend the Quantitative Easing (QE) beyond the current expiry of April by the same...

MTradingGlobal

Although an ascending trend line from March keeps challenging gold sellers, 100-day SMA raise bars for the bull’s entry. Considering the improvement in RSI conditions and upbeat MACD, gold is likely to follow silver’s jump to the highest since August. However, a clear break above the 100-day SMA level near $1,880 becomes necessary for the bulls. It’s worth...

MTradingGlobal

With the market spiral full of talks over Gamestop-led fund diversion to silver weighing on risks, the white metal trims the previous day’s gains on Friday. The commodity rose the most since early December on Thursday while extending its bounce off 100-day SMA beyond 21-day SMA. The upside move also gained support from bullish MACD and upbeat RSI. Also supporting...

MTradingGlobal

Fed’s dovish halt and ECB policymakers hint favoring further negative rates dragged EURUSD below 50-day SMA for the first time since early November the previous day. The bears are currently eyeing a horizontal area comprising lows marked during December and the present month, around 1.2060-50. However, the preliminary readings of the US Q4 GDP can exert additional...

MTradingGlobal

Despite battling with 200-HMA, gold stays inside a bullish chart formation on a key day. Also favoring the metal buyers is a one-week-old rising trend line and likely US dollar weakness due to the expected dovish comments from the US Federal Reserve. However, sustained trading beyond $1,855 becomes necessary for the bulls to target $1,875 and then head towards the...

MTradingGlobal

With the recent risk-off mood favoring the US dollar’s strength, GBPUSD breaks the support line of a short-term head-and-shoulders bearish chart pattern on the hourly (H1) play. However, a sustained close below the neckline, currently around 1.3645 will be needed to confirm the south-run targeting the previous week’s low near 1.3520. However, the 1.3600...

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Although coronavirus (COVID-19) strains probe the commodities off-late, Brent oil’s latest U-turn from 100-SMA favors the energy bulls. Also keeping the oil buyers hopeful is a short-term descending triangle formation on the four-hour chart. However, a falling trend line from last Wednesday around $55.70 can offer immediate resistance to the quote ahead of...

MTradingGlobal

With the virus-led risk-off weighing on the Antipodeans, not to forget the surprise drop in the Aussie retail sales, AUDUSD sellers attack an upwards sloping support line from Monday, currently around 0.7733. While expectations of the continuous cautious sentiment favor the pair’s further weakness, the 0.7700 round-figure and lower line of a descending trend...

MTradingGlobal

Gold rises to the fresh high in two weeks following a stellar rise on Wednesday. In doing so, the yellow metal crosses 50% Fibonacci retracement of its November-January upside amid upbeat RSI and MACD conditions. Also favoring the bullion could be the market optimism backed by Joe Biden’s arrival in the White House as the 46th President of the US. Even so, 100-SMA...

MTradingGlobal

With the US dollar on a pullback move since the week’s start, EURUSD buyers revisit the previous support line stretched from December 02 ahead of US President-elect Joe Biden’s inauguration ceremony. Although Treasury Secretary Janet Yellen has already favored further stimulus, Biden’s first words as the 46th US President will be the key. As a result, any upside...

MTradingGlobal

Gold's reluctance to close below an ascending trend line from March enables it to confront a 200-day moving average (DMA). However, the RSI conditions as well as the one-week-old lower high pattern favor the sellers. As a result, gold bears are targeting a fresh move below the previously stated support line, at $1,820 now, to revisit the 1,800 threshold. Though,...

MTradingGlobal

While extending Friday’s corrective pullback near the lowest since April 2018, USDCAD probes one week high. However, a confluence of 200-SMA and a falling trend line from November 13, 2020, can challenge the bulls. Although MACD suggests further upside past-1.2790 resistance confluence, the 1.2800 round-figure and the monthly top near 1.2835 will add to the upside...

MTradingGlobal

AUDUSD fades the previous day’s upside momentum as risks turn heavy amid the coronavirus (COVID-19) fears. The quote steps back from a downward sloping trend line from last Wednesday while staying inside an ascending trend channel formation established from December 17. Also portraying the bull’s dominance is the pair’s successful trading above 200-SMA. As a...