tradingconmike

tradingconmike

OANDA:XAUUSD has been stuck in a consolidation around the key 1985 level for almost two weeks as the market got a bit overstretched following the Israel-Hamas war outbreak. The geopolitical risk seems to be waning as we haven’t seen any bigger escalation and the Hezbollah leader even distanced himself from the terrorist operation in Gaza. On the macro side, real...

tradingconmike

The last week was incredible for the TVC:SPX with the index rallying for five consecutive trading days. The bulk of the rally came after the FOMC rate decision where the Fed left interest rates unchanged and Fed Chair Powell delivered less hawkish than expected remarks. The S&P 500 then extended the gains into the weekend after the NFP report missed forecasts...

tradingconmike

The OANDA:XAUUSD bid into an intraday high just shy of $2,005 on Friday following the worst read on US Nonfarm Payrolls (NFP) in almost 3 years, but Gold bids recovered to the midrange of the day's trading to finish up near $1,992.50. The US NFP report missed expectations, showing the US added only 150 thousand jobs in October compared to September's bumper...

tradingconmike

On the daily chart, we can see that the FX:USDJPY pair shoot higher following the disappointing BoJ policy decision and came close to touch the cycle high around the 152.00 handle. The price since then started to roll over as Treasury yields continued to fall following weaker US data. We can also notice that the price continues to diverge with the MACD, which is...

tradingconmike

On the daily chart, we can see that the FX:USDCAD has been diverging with the MACD trading into the key 1.3862 resistance. This is generally a sign of weakening momentum often followed by pullbacks or reversals. In this case, the price sold off and it even broke below the bottom trendline. This is a bad omen for the buyers as it opened the door for a bigger drop...

tradingconmike

On the daily chart, we can see that the FX:GBPUSD pair is currently breaking out of the trendline. The buyers are likely to pile in with a defined risk below the most recent low and target the 1.23 resistance. The sellers, on the other hand, are likely to wait around the 1.23 handle to step in with a defined risk above it and position for a drop into the 1.1840 level.