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CL OIL H4 5 March 2024CL OIL, H4 In the latest session, oil prices saw a decline of over 1.3%, following a surge prompted by OPEC+'s announcement to extend its supply cut measures. The downturn is attributed to profit-taking activities among traders as oil prices neared their highest point since last November. Market participants are closely monitoring the ongoing developments from China's People's Congress meeting, with updates from the event anticipated to significantly influence oil price trends. Oil prices have declined to their support level of 78.65 level, which is at a potential rebound level. Suggesting the bullish momentum is easing. Resistance level: 78.65, 81.20 Support level: 75.20, 71.80
TVC:USOILLong
by top_fx
USDJPY H4 5 March 2024 USD/JPY, H4 The USD/JPY pair continues to move within a broad sideways range as traders await a catalyst to determine the pair's direction. The recently released Tokyo Core CPI reading, which came in at 2.5%, aligning with market expectations and marking an increase from the previous 1.8%, has sparked speculation of a potential rate hike from the Bank of Japan (BoJ). This development could lead to a strengthening of the Japanese Yen. USD/JPY ticked up slightly but remains trading within its sideways range, given a neutral signal for the pair. Resistance level: 150.80, 151.70 Support level: 149.40, 147.60
by top_fx
EURUSD H4 5 March 2024EUR/USD, H4 The Euro remains in a holding pattern as investors await crucial monetary policy decisions from the European Central Bank later this week. Anticipated to maintain steady interest rates, the ECB faces the challenge of easing inflation. ECB Vice President Luis de Guindos emphasises the need for more data on Eurozone inflation, currently at 2.6%, before considering rate adjustments. Investors remain attentive to ECB decisions for potential trading signals. EUR/USD is trading higher while currently testing the resistance level. Suggesting the pair might extend its gains after breakout. Resistance level: 1.0865, 1.0954 Support level: 1.0765, 1.0710
Long
by top_fx
GBPUSD H4 5 March 2024GBP/USD, H4 The Pound Sterling maintains a positive trajectory, supported by an optimistic economic outlook articulated by UK Prime Minister Rishi Sunak. Sunak emphasized that the UK economy is on the right track, hinting at potential tax cuts in the upcoming budget. Despite the lack of clarity on budget details, investors are advised to vigilantly monitor developments for nuanced trading signals. GBP/USD is trading higher while currently testing the resistance level. Suggesting the pair might extend its gains after breakout Resistance level:1.2710, 1.2785 Support level: 1.2635, 1.2530
Long
by top_fx
XAUUSD H4 5 March 2024XAU/USD, H4 Gold prices have undergone a significant rally, approaching the historic high at $2146.80. The surge is fueled by market sentiment speculating on the potential for the Federal Reserve's first rate cut in June. Investors eagerly await cues from both Wednesday's testimony by Powell and Friday's Non-Farm Payrolls report to assess the likelihood of a June rate cut. The precious metal has long been favoured during times of lower interest rates, and current market dynamics are reinforcing its appeal as a safe-haven asset. Gold prices have broken above the uptrend channel and continue to gain, suggesting that gold is trading with an extremely strong bullish momentum. Suggesting the bullish momentum is gaining. Resistance level: 2117.90, 2140.00 Support level: 2088.20, 2068.80
FX:XAUUSDLong
by top_fx
DOLLAR_INDX,DXY H4 5 March 2024DOLLAR_INDX, H4 The Dollar Index hovered within a remarkably tight range as investors braced for significant events in the week ahead. All eyes are on the Federal Reserve Chair, who is scheduled to testify before Congress. Market participants widely speculate that the Fed Chief will emphasise the central bank's commitment to its monetary tightening stance. The expectation is that there will be no haste in adjusting rates downward until there's clear evidence that inflation has sustainably settled below the 2%target. The Dollar Index traded flat, giving no clues for the upcoming movement. Resistance level: 104.50, 104.95 Support level: 103.70, 102.90
TVC:DXY
by top_fx
BTC/USDT 1HInterval Chart ReviewHello everyone, I invite you to a quick review of the current situation of BTC in the USDT pair, taking into account the one-hour interval. As you can see, the price is climbing along the local upward trend line. As you can see, the price is still growing dynamically, and the four-year cycle of bitcoin may change, but here we will lay out a trend based fib extension grid, thanks to which we can see how the price has reached a very important resistance zone from $67,644 to $69,962, and when it positively leaves this zone the increase may reach around $73,055. Looking the other way, however, if we saw a reversal of the trend, this would have a positive impact on the RSI and STOCH indicators, which at the moment are clearly depleted. The price decline may reach the support level of $65,671, and then a support zone is visible around $63,490 to $62,350.
by cryptodailyuk
DOLLAR_INDX,DXY H4 4 March 2024DOLLAR_INDX, H4 The Dollar Index faced a decline last Friday as the market's risk sentiment underwent a shift. Discouraging ISM manufacturing PMI readings weighed on the dollar, prompting investors to sell the currency and turn their attention to riskier assets. Throughout the upcoming week, several members of the Federal Reserve are scheduled to deliver speeches. These addresses are anticipated to provide insights into the Fed's potential monetary moves, influencing the trajectory of the dollar's strength. The Dollar Index has declined but has found support at near 103.85, suggesting the bullish trend remains intact. Suggesting a neutral signal for the dollar index. Resistance level: 104.50, 104.95 Support level: 103.70, 102.90
TVC:DXY
by top_fx
USDJPY H4 4 March 2024USD/JPY, H4 USD/JPY experiences uncertainty due to mixed monetary policy statements from Bank of Japan members. While Hajime Takata signals a potential exit from ultra-loose policy with the inflation target in sight, Governor Kazuo Ueda provides a contradictory view, emphasising the need for confirmation in a positive wage-inflation cycle. This mixed sentiment continues to fuel uncertainty for the USD/JPY pair. USD/JPY is trading lower following the prior retracement from the resistance level. Suggesting the pair might extend its losses since the RSI stays below the midline. Resistance level: 150.80, 151.70 Support level: 149.40, 147.60
Short
by top_fx
AUDUSD H4 4 March 2024AUD/USD, H4 AUD/USD remains range-bound amid a weakening US Dollar, providing support for the pair. However, the Australian dollar faces challenges due to lower-than-expected economic performance in Australia. Consumer price inflation in January stagnates at a two-year low, contributing to expectations of unchanged interest rates. Investors await crucial Australian data releases, including the Services Purchasing Managers Index (PMI) for February and Gross Domestic Product (GDP) for Q4 2023, for additional trading signals. AUD/USD is trading higher while currently testing the resistance level. Suggesting the pair might extend its gains after breakout. Resistance level: 0.6535, 0.6615 Support level: 0.6484, 0.6410
Long
by top_fx
EURUSD H4 4 March 2024EUR/USD, H4 The EUR/USD pair has discovered a support base around 1.0800 levels, initiating a rebound and making strides to surpass its prior high. The surge is predominantly attributed to the dollar's depreciation, prompted by lacklustre U.S. PMI readings that led investors to shed dollar positions. Attention is now firmly fixed on the European Central Bank's (ECB) upcoming interest rate decision scheduled for this Thursday, with market expectations leaning toward the maintenance of unchanged interest rates. EUR/USD is supported at above 1.0800 and recorded a rebound, suggesting the buying power is gaining. Suggests a neutral signal for the pair. Resistance level: 1.0865, 1.0954 Support level: 1.0775, 1.0770
by top_fx
GBPUSD H4 4 March 2024GBP/USD, H4 GBP/USD staged a rebound from support levels amid a weakening US Dollar, triggered by disappointing ISM Manufacturing PMI data. Despite recent economic challenges, certain Fed members maintain a hawkish stance. San Francisco Fed President Mary Daly cautions against hasty rate cuts, emphasising potential risks to economic performance. Concurrently, Cleveland Fed President Loretta Mester dismisses expectations of a prolonged disinflation trend from the previous year, reinforcing confidence in the ongoing positive trajectory of the US economy and indicating a reluctance to implement earlier interest rate cuts. GBP/USD is trading higher following the prior rebound from the support level. Suggesting the pair might extend its gains since the RSI stays above the midline. Resistance level:1.2710, 1.2785 Support level: 1.2635, 1.2530
Long
by top_fx
XAUUSD H4 4 March 2024XAU/USD, H4 Gold prices experienced a substantial surge, reaching their highest level since December. The weakened dollar, influenced by the latest PCE reading aligning with market expectations and lower than the previous figure, contributed to the bullish momentum in gold. Investors closely monitored the ongoing ceasefire talks in Cairo, Egypt, amidst escalating tensions in the Middle East, adding an additional layer of complexity to the precious metal's movements. Gold prices have broken above the uptrend channel and gained an early 2% in the last session, suggesting that gold prices are trading with strong bullish momentum. Suggests the bullish momentum is strong. Resistance level: 2088.00, 2118.00 Support level: 2068.80, 2049.90
FX:XAUUSDLong
by top_fx
CLOIL, USOIL H4 1 March 2024CL OIL, H4 Oil prices face resistance and fail to break above crucial levels due to a lack of market catalysts amid global economic uncertainties. Downbeat economic data from both the US and Eurozone contribute to a dimmed global economic outlook. Additionally, Eurozone inflation dips further, adding to the prevailing uncertainties in the oil market. Oil prices are trading lower following the prior retracement from the resistance level, suggesting the commodity might extend its losses since the RSI retreated sharply from overbought territory. Resistance level: 78.65, 81.20 Support level: 75.20, 71.35
TVC:USOILShort
by top_fx
USDJPY H4 1 March 2024USD/JPY, H4 The Japanese yen experiences initial surges in Asian trading hours following indications from Bank of Japan policymakers hinting at an eventual exit from ultra-easy policies. The central bank sets its sights on achieving the long-sought 2% inflation goal, contemplating a shift in its easing monetary policy later this year. However, market scepticism prevails as investors await concrete actions to match verbal commitments. USD/JPY is trading higher following the prior rebound from the support level. Suggesting the pair might extend its gains toward resistance level since the RSI rebounded sharply from oversold territory. Resistance level: 150.80, 151.70 Support level: 149.40, 147.60
Short
by top_fx
AUDUSD H4 1 March 2024AUD/USD, H4 The Australian dollar recently faced a notable decline, breaking a bearish pattern due to a strengthening U.S. dollar. However, a positive turn occurred with the release of better-than-expected Chinese PMI data, indicating an improved economic performance in China. This positive news provided support for the Australian dollar, allowing it to recover during the Friday trading session in the Asia market. The AUD/USD pair has declined from its symmetric triangle pattern but has found support at above 0.6485 levels. The RSI remains hovering in the lower region while the MACD crosses below the zero line, suggesting the bearish momentum is easing. Resistance level: 0.6535, 0.6617 Support level: 0.6484, 0.6410
Short
by top_fx
EURUSD H4 1 March 2024EUR/USD, H4 The EUR/USD pair has pulled back from its technical rebound observed in the previous session but found support at the 1.0800 level. The U.S. dollar strengthened following the release of the U.S. Personal Consumption Expenditures (PCE) index, which aligned with market expectations, hinting that a Federal Reserve rate cut might not be imminent. This outcome has influenced the dollar's resurgence. Concurrently, market participants are now keenly awaiting the release of the Eurozone's Consumer Price Index (CPI) data scheduled for today. EUR/USD declined but is currently supported at above 1.0800 levels, given a neutral signal for the pair. The RSI has been hovering in the lower region while the MACD is on the brink of breaking below the zero line, suggesting the bearish momentum has overwhelmed the bullish momentum. Resistance level: 1.0865, 1.0954 Support level: 1.0775, 1.0770
by top_fx
GBPUSD H4 1 March 2024GBP/USD, H4 The GBP/USD currency pair has wiped out all the gains it made from the previous session's rebound, indicating that it is currently exhibiting bearish momentum. The U.S. Personal Consumption Expenditures (PCE) index, meeting market expectations at 2.4%, signals that inflation remains persistent in the country. Concurrently, the broader market sentiment has shifted to largely discount the possibility of a rate hike in June, which has subsequently bolstered the strength of the dollar. Furthermore, traders are closely watching the release of the UK's Manufacturing Purchasing Managers' Index (PMI) due today, as it is anticipated to provide insights into the Sterling's economic strength and potentially influence the currency pair's movement. The GBP/USD pair declined and erased all its previous gain, suggesting a bearish bias for the pair. The RSI is gradually moving lower while the MACD is on the brink of breaking below the zero line, suggesting the pair is trading with bearish momentum. Resistance level:1.2635, 1.2710 Support level: 1.2530, 1.2437
Short
by top_fx
XAUUSD H4 1 March 2024XAU/USD, H4 Gold prices stage a rebound as downbeat US economic data prompts investors to seek refuge in dollar-denominated gold. The focus shifts from subdued US inflation expectations to escalating geopolitical tensions in the Middle East, rekindling the safe-haven appeal of the precious metal. Gold prices are trading higher following the prior breakout above the resistance level. MACD has illustrated increasing bullish momentum, while RSI is at 60, suggesting the commodity might extend its gains since the RSI stays above the midline. Resistance level: 2055.00, 2080.00 Support level: 2035.00, 2015.00
PEPPERSTONE:XAUUSDLong
by top_fx
DOLLAR_INDX,DXY H4 1 March 2024DOLLAR_INDX, H4 The Dollar Index maintains a steady position as the US Core PCE Price Index registers a decline to 2.4% on a yearly basis in January, in line with market projections. Despite the dip, the impact on the Dollar's performance against other currencies is limited, as attention turns to additional economic indicators, including disappointing Initial Jobless Claims and Chicago PMI figures. The Dollar Index is trading higher following the prior rebound from the support level. MACD has illustrated increasing bullish momentum, while RSI is at 61, suggesting the index might extend its gains since the RSI stays above the midline. Resistance level: 104.50, 104.95 Support level: 103.70, 102.90
TVC:DXYLong
by top_fx
BTC/USDT 1HInterval Short-TermHello everyone, let's take a look at the BTC to USDT chart on a one hour time frame. As you can see, the price dynamically broke down from the local upward trend line. After unfolding the Trend Based Fib Extension saitka, there is strong support at the level of $60,463, and further support is visible at the level of $58,440. Looking the other way, you can see resistance at $62,343, and then the important level of $63,539. There was some room for the RSI indicator to decline further, while the STOCH indicator approached the lower limit, which could have resulted in the correction slowing down.
by cryptodailyuk
BTC/USDT 1H Short-Term Chart ReviewHello everyone, I invite you to check the current situation on BTC in the USDT pair, taking into account the one-hour interval. First, we will use the yellow line to determine the upward trend line from which the price has broken down, currently creating a falling triangle in which we can see a movement towards closing the triangle. At this point, it is worth turning on EMA Cross 10 and 30, because they indicate the moment of confirmation of the transition to a local downtrend, which can potentially be used to play a short-term short. Now we can move on to marking support areas in case the correction deepens. And here, after deploying the Trend Based Fib Extension tool, we can determine a strong support zone from $50,752 to $50,272, which for now keeps the price from falling further. Looking the other way, when we unfold the grid again, we can determine this time the zone of main resistance for price increases. And here you can see the zone from $52,020 to $52,400. Only when the price comes out on top and then tests positively will we be able to observe further increases. When we look at the RSI indicator, we can see a movement in the lower part of the range, which can potentially translate into increases, while on the STOCH indicator, a similar movement takes place in the lower part, which again gives room for local growth.
by cryptodailyuk
Trading Through Turbulence: EUR/USD Strategies Amid U.S. Fiscal The current economic indicators, alongside commentary from key Federal Reserve officials, suggest a cautious approach towards the EUR/USD pair. With the U.S. showing no immediate intent to cut interest rates due to a robust labor market and unresolved inflation targets, traders should prepare for potential dollar strength and volatility in the currency markets. The anticipation of a "hard landing" for the U.S. economy further complicates the landscape, warranting a strategic approach to trading the EUR/USD pair. 1. U.S. Interest Rate Outlook: Federal Reserve Bank of Atlanta President Raphael Bostic's recent statements highlight a significant resistance to cutting interest rates in the near term. The robustness of the U.S. labor market and the economy, coupled with inflation not convincingly on track to meet the 2% target, suggests that the dollar might remain strong. Bostic's remarks underscore the uncertainty surrounding inflation, indicating that the Fed is not yet convinced that inflationary pressures are sufficiently under control to warrant a change in monetary policy. This stance is crucial for EUR/USD traders, as interest rate expectations are a primary driver of currency movements. The Fed's cautious approach may bolster the dollar, creating resistance against EUR gains. 2. Market Reactions and Treasury Movements: The reaction to Bostic’s comments was immediate, with Treasuries falling and holding their decline, reflecting market adjustments to the expectations of continued strong U.S. monetary policy. Conversely, Jupiter Asset Management's move to increase its Treasury holdings to a record suggests a hedging strategy against a potential economic downturn. For EUR/USD traders, these dynamics indicate a flight to safety and potential volatility, with a strong dollar scenario possibly prevailing in the short term. 3. Equity Market Inflows and Implications for the Dollar: Significant inflows into global equity funds, especially following substantial sell-offs in U.S. stocks by Japanese and Chinese funds, hint at a complex investment landscape. The S&P 500 and Nasdaq futures' rise indicates investor optimism or speculative positioning, potentially impacting the dollar by influencing risk sentiment. For the EUR/USD, this could mean short-term bullish signals for the dollar, especially if equity market strength translates into confidence in the U.S. economy. 4. Inflation Concerns and Labor Market Strength: The anticipated high CPI and potential for a similarly high Producer Price Index (PPI) could extinguish hopes for an interest rate cut, further strengthening the dollar. The persistent strength of the U.S. labor market suggests that inflation may not be easily tamed, reinforcing the Fed's cautious stance on rate cuts. For EUR/USD traders, this means monitoring U.S. economic indicators closely, as signs of sustained inflation or labor market overheating could prompt adjustments in trading strategies, favoring the dollar. The EUR/USD trading environment is marked by uncertainty, with a robust U.S. economy and unresolved inflation concerns suggesting a cautious approach. Traders should remain vigilant, adapting strategies to navigate potential volatility and the implications of U.S. monetary policy on currency movements.
Short
by Wiiso
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