MTradingGlobal

MTradingGlobal

EURUSD bounces off an ascending support line from November 2020 amid oversold RSI during early Thursday. However, sellers remain hopeful as MACD keeps flashing bearish signals ahead of the ECB’s special meeting. The bloc’s central bank is widely expected to repeat support for easy money policies, likely extending the latest corrective pullback towards a...

MTradingGlobal

Gold rises for the fifth straight day even as market sentiment dwindles. In doing so, the yellow metal keeps the previous day’s upside break of 100-DMA amid recovering oscillators. This in turn joins the market’s cautious mood ahead of the FOMC minutes. Given the US dollar pullback adding to the aforementioned catalysts, gold prices remain ready to battle a...

MTradingGlobal

Despite pouring cold water on the face of monetary policy adjustment hopes, the Reserve Bank of Australia (RBA) manages to keep AUDUSD at the front of the G10 gainers. The Aussie central bank refrained from widely teased yields targets while also signaling a plan for further bond purchases during Tuesday’s monetary policy meeting. However, downbeat US dollar and...

MTradingGlobal

Although US traders cheer extended weekend on Monday, UK PM Boris Johnson’s unlock plan details may help GBPUSD to entertain the markets. That said, the quote bounced off mid-April lows the previous day to regain the status above a five-month-old support line. However, the recovery moves recently fade around a downward sloping trend line from June 16. Hence, bulls...

MTradingGlobal

Gold extends early week recovery from March tops to poke 50-EMA ahead of the key US employment data. The expected recovery in the headline Nonfarm Payrolls (NFP), coupled with the forecasts of downbeat Unemployment Rate, keep weighing on the metal prices. However, firmer RSI and MACD’s teasing of bulls may propel gold prices in case of a negative surprise from the...

MTradingGlobal

Although the weekly falling trend line probes Brent oil buyers of late, the commodity prices remain inside an ascending trend channel from May 27, not to forget staying beyond 100-SMA. The same joins an upbeat RSI line to keep buyers directed towards an immediate resistance line of $76.00. However, any further upside will be questioned by the stated channel’s...

MTradingGlobal

Gold justifies a downswing from 100-DMA and a 61.8% Fibonacci retracement break around $1,757 during early Wednesday. It should, however, be noted that a horizontal line from mid-March could test the bears around $1,755 amid nearly oversold RSI conditions, suggesting a corrective pullback. Failing to do so will make the quote vulnerable to decline towards the...

MTradingGlobal

Despite bouncing off intraday low, EURUSD remains below immediate hurdles, namely 50-SMA and weekly rising trend line. Also keeping the pair sellers hopeful are the downbeat MACD and RSI conditions. Hence, the latest corrective pullback could be ignored unless the quote stays below the short-term resistance line around 1.1985. Although a breakout of 50-SMA level...

MTradingGlobal

Despite failing to cross the previous support line from May 13, AUDUSD holds onto bounce off 50-SMA amid early Monday. Given the pair’s risk barometer status amid the current cautious markets, AUDUSD is likely to remain heavy. Hence, a clear downside break of 50-SMA level surrounding 0.7570 should back the bears targeting the yearly low of 0.7478. During the fall,...

MTradingGlobal

Silver’s first weekly gain in four portrays the metal’s gradual recovery from 200-DMA and 61.8% Fibonacci retracement April-May upside. Not only the price but the RSI line also inches up from the oversold area, which in turn suggesting the firmer bullish bias. However, 100-DMA near $26.55 becomes the key hurdle to convince the silver buyers. It’s worth noting that...

MTradingGlobal

Sluggish markets and wobbling Treasury yields keep EURUSD below the key EMA amid a quiet session on early Thursday. However, the scheduled release of the US Durable Goods Orders for May probes the pair sellers as Fed policymakers and chatters over President Biden’s stimulus have already poked safe-haven demands of the US dollar. Technically, the currency pair...

MTradingGlobal

AUDUSD pares weekly gains while easing to 0.7543 amid early Wednesday. The pair earlier benefited from the Fed’s rejection to rate hike and tapering before the US dollar picked up safe-haven bids. Additionally, weighing on the quote could be risk-negative headlines from China and cautious sentiment ahead of US PMIs. Hence, failures to cross the key moving average,...

MTradingGlobal

Gold’s rebound from seven-month-old horizontal support fades below 100-DMA during early Tuesday. The failure to extend the corrective pullback joins bearish MACD signals to keep gold sellers hopeful ahead of the key testimony by Fed Chairman Jerome Powell. However, a clear break of $1,760 becomes necessary to tease the bears. Also challenging the metal’s downside...

MTradingGlobal

GBPUSD remains pressured around mid-April lows, down for the fifth consecutive day, amid early Monday. Although oversold RSI conditions recently probe the cable bears, a clear downside break of 100-day SMA and an ascending support line, now resistance, from January 18 favor the pair bears. Hence, a horizontal area comprising March-April lows surrounding 1.3670...

MTradingGlobal

EURUSD fades bounce off 61.8% Fibonacci retracement of November 2020 to January 2021 upside amid fresh selling pressure witnessed ruing early Friday. However, oversold RSI conditions test the quote’s further selling below the key Fibo. level surrounding 1.1885. In a case where the bears dominate past 1.1885, the early March’s low near 1.1835 and the 1.1800 round...

MTradingGlobal

USDCHF extends Fed-led rally to the fresh high since May 06 even as the Swiss National Bank (SNB) reiterated status-quo during early Thursday. The pair seems to prepare bulls for the bi-annual SNB press conference while heading towards a convergence of 100-day SMA and 50% Fibonacci retracement January-April upside. Given the upbeat RSI conditions, not oversold,...

MTradingGlobal

Gold struggles for a clear direction, after a three-day south-run, during early Wednesday. Even so, the yellow metal stays on the bears’ radar while keeping the downside break of a 2.5-month-old support line, now resistance, around $1,860 by the press time. Hence, sellers are directed towards 200-day SMA (DMA) level near $1,840 during further downside. However,...

MTradingGlobal

Although AUDUSD keeps Monday’s recovery moves around 0.7700, the pair bulls have a bumpy road ahead. That said, a 100-day SMA level of 0.7725 and a monthly falling trend line near 0.7760 probes the short-term recovery moves amid sluggish MACD. It should also be noted that an absence of directional signals from the RSI also challenges the pair’s corrective bounce...