MTradingGlobal

MTradingGlobal

The Reserve Bank of Australia’s (RBA) keeping of September tapering on the table, despite covid woes at home, offered over 40 pips of immediate upside to the AUD/USD pair on the announcement. However, the quote remained below a one-month-old horizontal hurdle surrounding 0.7400–7410 and seems to ease of late. Although firmer RSI and RBA’s hawkish title favor...

MTradingGlobal

Despite bouncing off a four-month low during the last week, silver buyers need validation from the 200-SMA level near $25.85 to retake the controls. Following that, July’s top near $26.75 and June’s peak surrounding $28.30 will be on the bull’s radar. In a case where silver stays firmer above $28.30, the $30.00 psychological magnet will be in the focus of the...

MTradingGlobal

Brent oil prices ease from the two-week top during early Friday. However, the British oil benchmark holds onto the three-week-old resistance breakout, marked the previous day. Given the firmer oscillators offering additional signals for upside momentum, a monthly horizontal area surrounding $76.25 is up for a challenge. However, any further advances become...

MTradingGlobal

The post-Fed rally of EURUSD pokes a two-week-old resistance line as bulls brace for the preliminary figures of the US Q2 GDP, up for publishing later today. While the stimulus news and FOMC constitute a double whammy attack on the US dollar, suggesting the upside of the adjacent hurdle near 1.1860, bulls are likely to remain unconvinced until the quote stays...

MTradingGlobal

Although US dollar weakness ahead of the Fed’s verdict put a bid under gold prices, a confluence of 100 and 50-SMA becomes a tough nut to crack for the bulls around $1,807-08. Even if the gold buyers manage to cross the $1,808, a two-week-old downward sloping trend line near $1,810 will be another hurdle before confirming an upside to the month’s top surrounding...

MTradingGlobal

AUDUSD refreshes intraday low under 0.7400 threshold as covid woes escalate in Australia, taking down the overall risk sentiment amid pre-Fed cautious mood. The same reverse the Aussie pair’s breakout of a three-week-old resistance line, portrayed the previous day, by staying below a broad horizontal resistance area since July 09. Hence, the quote is likely to...

MTradingGlobal

USDCAD holds onto a three-week-old support line, also staying between 50 and 100-SMAs of late. Even so, the gradually rising RSI line and an impending cross-over of the MACD line to the signal line keep buyers hopeful. However, a clear upside break of 50-SMA level near 1.2610 becomes necessary for the bulls to battle the 1.2680 and the 1.2730 resistances. On the...

MTradingGlobal

Gold prices remain pressured towards 100-DMA retests, reversing the previous day’s bounce, as the US dollar stays firmer and the market sentiment improves ahead of the key PMI data for July. Even so, the yellow metal stays inside the $1,795 to $1,825 trading range, comprising 100-DMA and 200-DMA in that order. It should be noted that the firmer PMIs are less...

MTradingGlobal

EURUSD holds onto the previous day’s bounce off three-month low, though with a lesser pace, towards a downward sloping resistance line from June 25 ahead of Thursday’s European Central bank (ECB) monetary policy. Although the policymakers are expected to stand pat, comments over the economic outlook will be the key to break the immediate hurdle surrounding 1.1810....

MTradingGlobal

Brent oil buyers jostle with 100-DMA while extending the previous day’s rebound from a two-month low, not to forget an ascending support line from late March. Given the RSI recovery from the oversold region, coupled with the bounce off the key support line, the commodity prices may extend the latest upside beyond the immediate DMA hurdle of above $69.00. However,...

MTradingGlobal

Delta covid variant keeps pushing more parts of Australia under local lockdowns, dragging AUDUSD to refresh yearly low and ignore RBA Minutes and PBOC inaction on early Tuesday. It should, however, be noted that the bears are at the test as the oversold RSI conditions and a horizontal line comprising highs marked during late 2020 challenges further declines above...

MTradingGlobal

Looming concerns over the Delta covid variant probes the UK’s total unlock on July 19 as the infections jump to the highest since January. The same drag the GBPUSD prices to break the monthly rising channel, confirming the bearish flag chart pattern in turn. Given the MACD conditions also supporting the sellers and the RSI line having a bit gap from the oversold...

MTradingGlobal

Gold prices recently pulled back from 50% Fibonacci retracement amid overbought RSI conditions on the four-hour chart. However, the commodity remains inside a monthly rising channel and the MACD signals are bulls as well, which in turn keeps gold buyers hopeful, Hence, a clear upside break of $1,834 immediate hurdle will propel the quote to the stated channel’s...

MTradingGlobal

AUDUSD rebound remains capped below 50-SMA, the hurdle that guards the upside momentum for the last one week, inside a monthly falling wedge bullish chart pattern. Although steady RSI and sluggish MACD probes the pair traders, receding reflation fears following the Fed Chair Powell’s testimony seem to keep the pair buyers hopeful. Additionally, the Aussie jobs...

MTradingGlobal

NZDUSD registers the strongest intraday gains in three months after the Reserve Bank of New Zealand (RBNZ) announced plans to tapering bond purchases from late July. The kiwi pair’s ability to confirm bullish chart pattern, falling wedge, as well as a sustained break of 100-SMA, also back the buyers to aim for a 13-day-old horizontal resistance near 0.7095....

MTradingGlobal

Silver prices remain pressured inside a short-term bearish chart pattern, rising wedge, amid the early Tuesday’s trading. In doing so, the bright metal also justifies the pullback from the one-week-old resistance line. Hence, the bears are firming the grips but need conviction. For that matter, the sellers await a clear downside break of $25.90 to confirm the...

MTradingGlobal

Brent oil struggles to keep bounce off 200-SMA above $76.00 as sellers attack 50-SMA amid early Monday. However, MACD is about to positive while RSI is strong as well, not to forget the black gold’s sustained trading above the key SMA. Hence, oil buyers are bracing for a leap towards the monthly resistance line around $79.00, which in turn will refresh the...

MTradingGlobal

USDCAD struggles to defend a four-day uptrend ahead of the monthly employment data for Canada. The Loonie pair currently pokes a confluence of 61.8% Fibonacci retracement and an ascending trend line from early May. That said, the pair pierced the 1.2545-50 key hurdle the previous day but couldn’t stay beyond the same on daily closing amid overbought RSI...