The 100% weekly Fibonacci retracement, i.e. full retracement of losses in Q1 2020, is the main technical reference here and still a very strong support. A clear break below this would probably need a new catalyst from the RBA on Tuesday or Thursday morning’s balance of trade. Usually, a single NFP is unlikely to have…
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$1,800 remains the main technical reference; the price is currently testing this zone. Based on TA, at least a temporary breakout is likely this week with ATR at about $15. Continuation upward is uncertain and probably looks unlikely for now given the presence of price within the value area between the fairly tightly bunched moving…
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From a technical point of view, a clear move back above $80 seems to be unlikely as of now given this area’s importance as a psychological resistance and buying saturation based on the slow stochastic. ATR of around $2.20 is now about half the peak in December, though, so a retest of $80 seems very…
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For the time being, the bias based on TA still seems to be towards the upside but a clear breakout above $1,800 might still be some way off. The latest attempt to move above this important psychological area was rejected on Friday, and with activity likely to drop in the runup to Christmas there probably…
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The current channel is narrow with $1,770 and $1,800 remaining in view as likely boundaries. The bias for gold based on fundamentals seems to be towards buying unless the Fed is very hawkish on Wednesday, but TA remains noncommittal. All three moving averages are above the price and momentum upon emergence from oversold (based on…
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‘The likely scenario as of now seems to be a sideways trend over the next few weeks,’ said Michael Stark, an analyst at Exness: ‘There’s obviously very strong buying demand in the area around $65, while there’s no clear fundamental driver for the price to retest recent highs. Traders are now looking for significant confirmed…
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Even before large losses at the end of last week, it already seemed fairly unlikely that the cartel would significantly boost production. With most members seemingly content with prices of Brent around $75-85 and various countries including Japan having released their strategic reserves of crude, there had been no clear calls among OPEC for increasing…
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September and October’s large upward movement seemed to be somewhat excessive, with the consolidation ongoing, but more gains are likely based on TA. ¥90 is an important psychological area that might trigger a bounce, and the 50 SMA slightly above this could also function as a support. The 100 SMA seems to be about to…
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Looking at the chart, a breakout in either direction still doesn’t seem especially likely. The double top around Mex$20.85 last month and earlier this month would usually be seen as a sell signal, but the main support around Mex$19.70 is also strong given that it has remained unbroken since February 2020 despite repeated testing since…
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AUDUSD’s uptrend seems to be resuming at the time of writing on the daily chart considering highs on 3 September and 20 and 28 October. The 50 SMA from Bands is about to complete a golden cross above the 100 SMA, but the 200 SMA is still an important resistance which the price is currently…
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