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EURUSD heads to 1.1880 key resistance ahead of US GDPThe 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 below 1.1880, comprising multiple levels marked since June 22. The same 1.1880 level also forms the breakout of rounding top bullish pattern and the confirmation of the same will not hesitate to challenge the late June’s peak surrounding 1.1975. Meanwhile, pullback moves can re-test the 1.1800 threshold but the mid-July lows near 1.1770 will challenge any further weakness. Also acting as the downside filter is the monthly bottom close to 1.1750, a break of which will direct EURUSD sellers to the yearly low of 1.1704. It’s worth observing that the pair’s recovery moves reach the key levels but the RSI is also approaching the overbought territory, suggesting another pullback should the data renew USD buying.
Short
by MTradingGlobal
$GBPUSD - Ending diagonal and Head and ShouldersHi guys! 👋🏻 🔔 GBPUSD is about to complete the Ending diagonal pattern to end this correction move. 🔔 There is a Head and Shoulders pattern which is clearly traced on this 4H chart, so keep an eye on that too. 🔔 There are no clear signs of a strong bullish reversal for Pound, although as seen on a larger time frame, it's most likely that GBPUSD will continue the correction further. ✊🏻 Good luck with your trades! ✊🏻 If you like the idea hit the 👍🏻 button, follow me for more ideas.
Short
by azizelliott
2
Brent oil battles 100-DMA to keep bounce off key support lineBrent 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, the $70.00 threshold and May’s high $70.40, followed by March’s top surrounding $72.00, could challenge the oil bulls from time to time. On the contrary, a daily closing below the stated support line, near $68.70, will aim for 61.8% Fibonacci retracement of March–June advances close to $67.30. If at all the Brent bears remain dominant past $67.30, May’s bottom surrounding $64.65 becomes crucial support as it holds the key to the further downside towards the March month’s low of $60.44. Overall, oil prices tease key technical juncture and hence today’s closing will be important to watch.
TVC:UKOILLong
by MTradingGlobal
GBPUSD confirms bearish flag on UK “Freedom Day”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 area, the quote is likely to extend the south-run towards the 1.3700 threshold and then to April’s low near 1.3670. However, any further downside will not hesitate to refresh the yearly low, currently around 1.3450. Meanwhile, corrective pullback beyond the channel’s support line, now resistance around 1.3780 will aim for the 1.3800 round figure. Though, a downward sloping trend line from June 23, near 1.3875, will be a tough nut to crack for the GBPUSD bulls afterward. Even if the cable buyers manage to cross the 1.3875 hurdle, the stated channel’s resistance line and 200-SMA, respectively around 1.3925 and 1.3945 will challenge the pair’s further upside.
Short
by MTradingGlobal
Technical Analysis: Gold buyers brace for $1,850Gold 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 resistance line near $1,850 but any further upside may have to take a breather. Should the yellow metal keeps rising past $1,850, 61.8% Fibonacci retracement level of $1,853 and the mid-June tops surrounding $1,870 will challenge the north-run. On the contrary, the latest pullback aims 38.2% Fibonacci retracement level of $1,814 but a confluence of channel support and 100-EMA, around $1,807 could trigger a fresh bounce. In a case where the gold defies the bullish chart pattern with a downside break of $1,807, the $1,800 threshold and 23.6% Fibonacci retracement level near $1,790 may entertain sellers ahead of directing them to the previous month’s low near $1,750.
OANDA:XAUUSDLong
by MTradingGlobal
AUDUSD battles with 50-SMA inside monthly falling wedgeAUDUSD 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 report and mostly upbeat prints of China data dump also signal the quote’s upside moves towards 0.7540 resistance on the break of 50-SMA near 0.7480. However, the 0.7500 threshold can act as an intermediate whereas a clear run-up beyond 0.7540 will confirm the bullish chart formation to cross the 0.7600 hurdle. Meanwhile, pullback moves may seesaws around 0.7450 and 0.7430 before recalling the 0.7400 round figure to the chart. It’s worth noting that the quote’s weakness past 0.7400 will be tested by the wedge’s support line near 0.7390. Should the AUDUSD bears keep reins below 0.7390 October 2020 top near 0.7240 will be in the spotlight.
Long
by MTradingGlobal
Total Market Cap At The Crossroads This chart speaks very loud and clear. We are nearing the end of the road before we see very decisive action. No more floating and dragging out the inevitable. If Crypto is going to rise again it has until the end of the month at most. All signs point downward and at this point, you should absolutely prepare for the worst. The next move is going to be a strong and rapid one. It will leave many portfolios into a wasteland if its breaks down from here. Denial will no longer be an option and the path will be crystal clear. The fact there are still so many bullish outlooks even after looking at so many Bearish Trends tells us there is still hope in the market. It has not reached a point of reversal because the sentiment hasn't completely changed. You have to remember, Cryptocurrencies are a speculative market. Yes, some of them have real on-book value and BTC has an attractive record but at the end of the day, it's all speculation. A hope that one day they will be completely implemented into our day-to-day lives. This day has not come and the vast majority have never once used Bitcoin or any cryptocurrency in a transaction a single time. Crypto is only as valuable as we make it. There will come a point speculation meets reality and this is when Crypto will truly shine if it is deemed so. Until then, nothing is certain and many will not flock to Crypto as a safe heaven in this environment. Realistically there are many other alternatives and we could be seeing this taking effect now. It has now been 80+ days since BTC has made a new high; It has never in the history of Bitcoin corrected for this long in a Bull Run and made new all-time highs in the same year. (There is a first for everything) The S2F model has been one of the main pillars of hope for the bulls but at this point, it is growing more and more away from the movements. It has held very strong value for the past 12 years and just as BTC has never had a Bull Run cut so short in 12 years, we could potentially see the same for the S2F. There are clear deviations from the predicted paths and something is stirring up the markets. If the Bull Run is cut short, there was an underlining reason for this to occur in such a strong fashion. UST's movements have been very strange over the last few weeks and the beloved Meme stocks have been taking a big hit. More Alt Coins being created every week/month than you can count. Everyone who came in from the outside this year for Cryptocurrencies is still waiting for this moon shot. Influencers pushing pumps and dumping every chance they get. Crypto trading has become a trend. Greed Greed Greed. The strongest factor in corrections. Until the greedy are liquidated, this market can't truly recover. The question is... Who is more greedy? The Bulls or the Bears? The coming days/weeks will be the ultimate decider of the path forward. Good Luck Everyone! Happy Trading!
CRYPTOCAP:TOTAL
by NoOneWhoIsSomeone
13
XAUSUSD > Will Go Breakout from Consolidation Zone!!!Hey Friend, I hope you feel generous and kind to smash the like and share a comment with me below. much appreciated Analysis on #Gold as you can the market is stuck between 1794-1815, but here the idea, I believe buyers are in control of this market for the time being. look how the buyers are buying every drop or dip and the buying are getting higher and higher which tells me gold will move up to test 1821- 1825 but I have no reason currently to believe it will move beyond 1821 - 1825 especially after the blowout CPI data yesterday. Guys do not let 5-10 dollars move in the gold market wipes you out. Check today analysis below⠀ >>“ Do More of What Is Working and Less of What Doesn't"
OANDA:XAUUSDLong
by TheTradersAvenue
21
NZDUSD confirms falling wedge bullish formation on RBNZ moveNZDUSD 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. However, the quote’s further upside needs a daily closing beyond the 0.7100 threshold to aim for early June’s low surrounding 0.7125. Meanwhile, 100-SMA and the upper line of the stated wedge, respectively around 0.7010 and 0.6990, could challenge the kiwi pair’s pullback moves. In a case where the NZDUSD prices stabilize below 0.6990, a downward sloping support line near 0.6910 and the 0.6900 round figure may entertain the bears before directing them to the September 2020 tops near 0.6800. Overall, RBNZ’s ability to join the BOC signals further upside for the NZDUSD.
Long
by MTradingGlobal