SPOT GOLD extends recovery, boosted by weaker dollar / rising demand on Chinese New Year
Spot Gold stands at the front foot on Tuesday and extends recovery rally from $1307 (08 Feb correction low) to crack strong barriers at $1330 zone (Fibo 38.2% of $1366/$1307 bear-leg / converged 10/30 SMA’s).
Weaker dollar on signs of…
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WTI OIL consolidates within daily cloud; eyes crude inventories data for fresh signals
WTI oil is holding within tight range on Tuesday, extending consolidation above new five-week low at $58.06, posted after steep fall last week.
The price remains within daily cloud following Monday’s recovery attempt which spiked to $60.81…
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AUDUSD – extended recovery faces strong resistances at 0.7890/0.7910 zone
The Australian dollar extends bounce from 0.7758 low (09 Feb) where steep descend from 0.8135 faced strong headwinds from supports provided by 200SMA and rising daily cloud.
Recovery extends into third day but shows signs of losing…
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EURUSD – near-term bias remains with bulls for recovery extension
The Euro remains constructive on Tuesday and cracked pivotal barrier at 1.2326 (Fibo 38.2% of 1.2522/1.2205 bear-leg), signaling stronger upside after completion of Doji reversal pattern on daily chart.
Recovery needs to break above…
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Cable stands at the front foot ahead of UK inflation data
Cable remains positive in early Tuesday's trading and pressures Monday's high at 1.3875, but recovery attempts from Friday's low at 1.3764 so far did not show stronger gains and remain capped by broken ascending 30SMA (currently at 1.3873).…
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USDJPY – fresh bears broke below 108 and pressuring key support at 107.31
The pair accelerated lower in late Asian / early European trading and eventually broke below strong 108.28/00 support zone.
Fresh weakness of the dollar comes on signs of stabilization in global equity market which prompted investors into…
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USDTRY accelerates lower; pressured by thickening daily cloud; reversal pattern is forming on daily…
The USDTRY pair stands at the back foot on Monday and eases to 3.80 support (Fibo 38.2% of 3.7280/3.8446 upleg), pressured by thickening daily cloud which twisted last week and limited rally from 3.7280
Reversal signal is forming on daily…
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USDCAD – widening daily cloud marks strong obstacle and may limit fresh upside attempts
The USDCAD edged higher and tests 1.2600 barrier (daily cloud base) at the beginning of US session on Monday.
The pair shows signs of regaining traction after strong upside rejection at 1.2687 and close in red on Friday, which signaled…
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COPPER bounces from 2-mth low on Monday; Chinese Lunar New Year in focus
Copper edged higher on Monday, bouncing from two-month low at $3.0250, posted on Friday, in extension of steep three-day fall.
Weaker dollar and oversold daily techs helped the metal, but recovery was limited for now, as traders remain…
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SPOT GOLD bounces on Monday but recovery was so far limited; US data eyed for fresh signals
Spot Gold is in recovery mode at the beginning of the week and attempting to break above two-day congestion on Thu/Fri which was shaped in double-Doji.
Weaker dollar on signs of stabilization in global stocks inflated the yellow metal, but…
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