MTradingGlobal

MTradingGlobal

Gold slides beneath a four-week-old rising support line while extending the previous day’s fall amid a firmer US Dollar early Thursday. That said, the bullion marked the biggest daily loss in a week and snapped a three-day winning streak on Wednesday. It should be noted that the quote’s latest support break joins the bearish MACD signals and steady RSI to keep...

MTradingGlobal

AUDUSD makes rounds to mid-0.6600s early Wednesday despite witnessing better-than-forecast Monthly Consumer Price Index (CPI) data from Australia. In doing so, the Aussie pair flirts with a horizontal support zone comprising multiple levels marked since early January, close to 0.6645-40. The pair’s latest weakness could be linked to the bearish MACD signals and a...

MTradingGlobal

GBPUSD rises for the third consecutive day while refreshing the two-month high. In doing so, the Cable pair cheers a pullback in the US Dollar, as well as the recent hawkish commentary from the Bank of England (BoE) officials. However, the overbought RSI (14) conditions will join a downward-sloping resistance line from July 2023, close to 1.2810 by the press time,...

MTradingGlobal

USDJPY snaps a three-day winning streak early Monday even as markets lack momentum amid holidays in the US and the UK. In doing so, the Yen pair pares the previous weekly gains as mixed concerns about the Bank of Japan’s (BoJ) next move join a cautious mood ahead of this week’s key inflation clues from Japan and the US. It should be observed that the USDJPY...

MTradingGlobal

Gold licks its wounds at the lowest level in a fortnight after falling in the last three consecutive days. With this, the precious metal becomes vulnerable to post the biggest weekly fall since late September 2023. The downside bias takes clues from a clear break of a nine-week-old support line, now immediate resistance near $2,340, as well as the bearish MACD...

MTradingGlobal

EURUSD portrays a corrective bounce from the lowest level in a week, snapping a three-day losing streak, as traders await the first readings of the Eurozone and the US PMIs for May early Thursday. In doing so, the Euro pair also takes a U-turn from a convergence of the 100-SMA and previous resistance line stretched from late December 2023, close to 1.0810. The...

MTradingGlobal

NZDUSD prints the biggest daily jump in more than a week, as well as snaps a two-day losing streak, on the Reserve Bank of New Zealand’s (RBNZ) hawkish halt. That said, the RBNZ held the benchmark rates unchanged, as expected, but upwardly revised the forward rate guidance. The same pushed back the rate cut and signaled expectations of a rate hike during the year....

MTradingGlobal

USDJPY rises to the highest level in a week while crossing a downward-sloping resistance line from late April, now immediate support near 156.10, amid a four-day winning streak early Tuesday. In doing so, the Yen pair confirms an inverse head and shoulders bullish chart pattern by extending the previous week’s rebound from the 200-SMA. It’s worth noting that the...

MTradingGlobal

GBPUSD struggles to extend the biggest weekly gains since early March while confronting a five-week-old horizontal resistance area surrounding 1.2700-2710 early Monday. In doing so, the Pound Sterling takes clues from the overbought RSI (14) and the sluggish MACD signals while hovering near the upper end of the one-month-old rising wedge bearish chart formation....

MTradingGlobal

Gold price lacks clear directions after retreating from the highest level in a month while snapping a two-day winning streak. In doing so, the XAUUSD eased from a one-month-old horizontal resistance zone surrounding the $2,400 threshold. The pullback also gained strength from the US Dollar’s rebound. However, the bullion still carries an early-week breakout of a...

MTradingGlobal

AUDUSD bulls struggle to keep command at the highest level since January as a jump in the Aussie Unemployment Rate supersedes upbeat Employment Change data from the Pacific major and challenges the previous day’s run-up. That said, the risk-barometer pair marked the biggest daily rise in six months on Thursday after softer US inflation and Retail Sales numbers...

MTradingGlobal

EURUSD rises to the highest level in five weeks, up for the third consecutive day, as traders await the second reading of the Eurozone Q1 GDP and the US headline inflation number, namely the Consumer Price Index (CPI). In doing so, the Euro pair justifies the previous day’s successful clearance of the 200-SMA hurdle, backed by the upside RSI (14) line and the...

MTradingGlobal

GBPUSD regains upside momentum, after posting the first weekly loss in three, as buyers defend the previous week’s reversal from the 20-SMA to poke a downward-sloping resistance line stretched from early March, close to 1.2560 at the latest. The Cable pair’s recovery also takes clues from the bullish MACD signals and the upbeat RSI conditions, not overbought. With...

MTradingGlobal

USDJPY jostles with a fortnight-old horizontal resistance as buyers turn cautious ahead of this week’s US inflation and the first readings of Japan’s Q1 2024 GDP. In doing so, the Yen pair struggles to extend the previous week’s recovery from the 50-SMA. That said, the near-50 RSI levels join the receding strength of the bearish MACD signals to suggest a...

MTradingGlobal

EURUSD pares the biggest daily gains of the week while posting mild losses early Friday. Even so, the Euro pair remains on the way to posting a four-week uptrend as traders prepare for the European Central Bank (ECB) Monetary Policy Meeting Accounts, also known as the ECB Minutes, as well as the preliminary readings of the US UoM Consumer Sentiment Index and...

MTradingGlobal

GBPUSD stays defensive at the lowest level in a week, snapping a two-day losing streak, as the pair traders await the Bank of England’s (BoE) Monetary Policy Announcements, as well as the quarterly monetary policy report that makes the day a “Super Thursday”. It’s worth noting that the 100-SMA puts a short-term trading floor under the prices near 1.2480,...

MTradingGlobal

Gold price lacks bullish momentum despite staying positive on a weekly basis, after a two-week downtrend. While bearish MACD signals and a steady RSI (14) line suggest a continuation of the metal’s recent sideways performance, a one-month-old falling wedge bullish chart formation keeps the buyers hopeful. It’s worth noting that the 21-SMA resistance of $2,338 will...

MTradingGlobal

On Tuesday, the Reserve Bank of Australia (RBA) kept its monetary policy unchanged, as expected, and dragged the AUDUSD pair back from an intraday high. With this, the Aussie pair defies Friday’s breakout of a four-month-old descending resistance line, terming it the “false breakout” or “fakeout”. In addition to the fakeout, the RSI’s retreat from the overbought...