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XAUUSD turning point bull and bear read the caption It's been a rather straightforward rebound since testing the 100-day moving average (red line) for gold. That sees price run up to $2,030 as buyers look to keep the bounce going. The next key level to watch will be the trendline resistance closer to $2,050 currently. Not much has changed from yesterday but this has been one of the more interesting charts in trading this week. As such, do keep the following consideration in mind as gold looks to track higher for the time being
OANDA:XAUUSDLong
by Mrsam36
Usdchf ready to fall read the caption Usdchf falling chart High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading
Short
by Mrsam36
Audusd pump above go buy read the caption committee also pushed back slightly about when the first rate cut will happen. Jay Powell noted that the Fed will be less likely to start cutting in March as many analysts were expecting. The Fed is battling a situation of high inflation and strong economic growth. The AUD/USD pair has rebounded slightly from its lowest point this month. It now sits slightly below the key resistance at 0.6541, where it has failed to move above recently. This price is along the neckline of the inverse head and shoulders pattern that has formed recently
Long
by Mrsam36
Gbpusd down dips below read the caption On the 4 hour chart, we can see more closely the rangebound price action which is often hard to trade due to its erratic nature. The best strategy is generally to sit out and wait for a clear breakout supported by aThe GBP/USD pair retreated slightly after the latest US inflation data. According to the Bureau of Labor Statistics (BLS), the headline Consumer Price Index (CPI) rose by higher than the expected 2.7%. Core inflation rose by 3.8%, higher than the expected drop to 3.6%. These numbers mean that inflation is still high in the country and that it will likely struggle to get to Fed’s target of 2.1%. It has remained between 3.2% and 3.3% in the past few months as the Fed has maintained rates at a 22-year high fundamental catalyst although one can also “play the range” by sell at support and selling at resistance.
Short
by Mrsam36
Gbpusd slip on the floor hit on the bottom read the caption Hot US inflation report justified the Fed’s pushback against early and aggressive interest rate cut expectations, triggering a fresh rally in the US Treasury bond yields and the US Dollar. In light of this, GBP/USD reversed sharply from the weekly high of 1.2681 to as low as 1.2572 The correction in the currency pair gained momentum on Wednesday after the annual CPI inflation in the UK remained unchanged at 4.0% in January, against the market forecast of an increase to 4.2%. reported month, missing estimates of 5.3%.
Short
by Mrsam36
xauusd will hit below 1950 read the caption On the flip side, the 100-day SMA, currently around the $1,993-1,992 area, could act as immediate support ahead of the $1,985 region, or a two-month low touched on Wednesday. This is followed by the very important 200-day SMA, currently pegged near the $1,967 area, which if broken decisively will be seen as a fresh trigger for bearish trades. The Gold price might then accelerate the fall towards an intermediate support near the $1,955-1,951 zone en route to the November 2023 low, around the $1,938-1,935 region.
OANDA:XAUUSDShort
by Mrsam36
Audusd like a snake but snake go down read the caption The AUDUSD fell sharply yesterday, and that selling continued in the Asian session today. However after reaching into a key swing area between 0.6445 and 0.6455, momentum slowed, the price bottomed and a rebound was started. That move has now taken the price of 0.64912. Just ahead is a broken 61.8% retracement of the move-up from the October low to the December high. That level comes at 0.64992 (let's call it 0.6501). Moving above that level would have traders looking toward a swing area near 0.6524 and the 100-day moving average of 0.65325
Short
by Mrsam36
Uadchf move up here is opportunity read the caption The USDCHF moved sharply higher yesterday after the stronger-than-expected CPI. The move to the upside extended above the 50% retracement of the move down from the October high. That level comes in at 0.8789. The 100-day moving average. That level comes in at 0.8805, and the 200-day moving average. The level comes in at 0.88464 The breaks of those key targets tilted the bias more in favor of the buyers. The best-case scenario going forward is for the 200-day moving average to hold support. Stay above 0.88465 is the most bullish scenario.
Long
by Mrsam36