Technical Analysis
Gold braces for the third consecutive weekly loss as it challenges a six-month-old bullish trend channel formation.
A gradual shrinking of EURUSD upside moves prints a six-month-old rising wedge bearish chart pattern, currently between 1.1120 and 1.0690.
NZDUSD fails to justify the RBNZ’s 0.25% rate hike as it drops the most in a week after the Interest Rate Decision.
After repeated failures to cross the 100-DMA, the AUDUSD pair again attacks an 11-week-long ascending support line.
NZDUSD managed to ignore the US Dollar strength in the last week amid hawkish expectations from the RBNZ.
A clear downside break of the nearly two-month-old ascending trend line and 200-EMA keeps the Gold price on the bear’s radar.
AUDUSD remains pressured inside a two-week-old descending triangle after posting heavy losses in the last week.
USDCAD again fails to remain beyond the 200-DMA, suggesting another attempt in breaking an upward-sloping support line from November 2022, close to 1.3320 at the latest.
GBPUSD portrays a bullish megaphone trend widening formation as the Cable traders await the UK employment report on Tuesday.
A clear downside break of 200-SMA and a six-week-old ascending trend line allowed EURUSD bears to cheer the biggest weekly loss since September 2022.
Gold price eyes the first weekly loss in three as it retreats inside a 15-week-old rising wedge.
After taking out the 1.2580 key resistance, GBPUSD bulls jostle with the 78.6% Fibonacci retracement of its March-September 2022 downturn, around 1.2685.
EURUSD broke a five-week-old ascending support line as US Consumer Price Index (CPI) for April looms.