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Forex Trading

EURUSD on the upside as NFP looms.

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Momentum on the EURUSD 4-hour chart remains on the upside and the world’s most popular currency pair is currently trading above the 50, 100, and 200 Simple Moving Averages. Moreover, the Relative Strength Index is below 70, thus outside overbought conditions.”

July’s high of 1.1909 is still in play and it is closely followed by the round 1.20 level. Higher above, 1.2040 and 1.2110. These points, which were last seen in 2018 are the next tentative targets. Support awaits at the daily low of 1.1855, followed by 1.1780, a temporary peak on the way up. Next, 1.1735 and the robust 1.17 line await EUR/USD.

The Bank of England will announces its rate decision this afternoon. The GBP is a stronger out-performer in recent times, the risks are that if the BOE mentions something about negative interest rates. It could send the strength of the GBP into a meltdown considering the lingering possibility of a no-deal Brexit.

Note : This is not a trading strategy, neither is it a signal.

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Forex Trading

Gold aiming for new highs.

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Gold is ready to take out a powerful resistance at $1862, which is the intersection of the previous day high and Fibonacci 38.3% one-day.

Up next, a dense cluster of major resistance levels is put up around $1862, where the Fibonacci 23.7% one-week, SMA100 four-hour and SMA100 one-hour coincide.

The buyers will then target the SMA50 one-day at $1870.

Meanwhile, a lack of healthy support levels makes gold look vulnerable, with an immediate cushion seen around $1848, which is the convergence SMA100 and 50 one-hour and SMA10 four-hour.

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Forex Trading

XAUUSD eyeing upside above $1916

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Risk sentiments joins the precious metal’s ability to stay beyond 50-day Simple moving average to attack the 100-day Simple moving average level of usd1,904.54. However, any further upside will eye for a multi-day-old resistance line around usd1,917.

Should gold buyers manage to cross usd1,918 on a daily closing basis, November’s high near usd1,965/67 will be in the spotlight.

Meanwhile, a downside break of 50-day simple moving average, at usd1,871 now, will attack an upward sloping trend line from November 30, currently around usd1,843.

If at all the commodity sellers dominate past-usd1,843, the monthly low near usd1,776 may return to the charts

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Forex Trading

Gold sees heavy loss.

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The precious metal picks up bids around usd1,840, up 0.21% intraday, during early Thursday. The yellow metal marked the heaviest losses since November 24 the previous day but 200- hourly moving average triggered the much-awaited bounce.

The U-turn gains support from the receding strength of negative monthly average convergence divergence signals to suggest further upside towards 100-hourly moving average , at usd1,852 now.

However, a downward sloping trend line from Tuesday, near usd1,857 now, will challenge gold buyers ahead of highlighting the recent top surrounding usd1,876 on their radars.

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