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DOLLAR_INDX, H4 11 March 2024 💵 DOLLAR_INDX, H4 💵 11 March 2024 The US Dollar grapples with losses as key employment indicators present a mixed picture. The disappointing unemployment rate and hourly earnings figures contrast with a robust non-farm payroll report, leaving the greenback in a delicate position. Bloomberg reports reveal that Federal Reserve Chair Jerome Powell and colleagues are moving closer to revising their inflation strategy. Powell emphasises the need for "just a bit more evidence" before considering a shift in the central bank's approach. His recent congressional testimony suggests a potential willingness to cut interest rates in the short term, pending further confirmation of inflation trends toward the 2% target. The Dollar Index is trading lower following the prior breakout below the previous support level. Suggesting the index might enter oversold territory. Resistance level: 103.70, 104.50📉 Support level:102.10, 101.35📈
TVC:DXYShort
by top_fx
GMXUSDT Faces Retest of Weekly Resistance: Breakout or RejectionGMXUSDT is poised for a retest of a critical resistance level on the weekly chart at $59.3517. This resistance zone has been tested seven times on the daily chart, with the last two attempts accompanied by decent buying pressure. Technical Analysis: Resistance: $59.3517 (Weekly) Support: $40.1870 Volume: Increased buying pressure on recent touches of resistance Key Observations: GMXUSDT is approaching a crucial resistance level on the weekly chart. A breakout above this level could signal further upward momentum. The repeated tests on the daily chart, particularly with the recent buying pressure, suggest a potential upcoming breakout. If the price manages to overcome the resistance, the next resistance level on the daily chart is $71.745. Conversely, if the price fails to break above resistance, it could find support at $40.1870. Conclusion: The upcoming price action for GMXUSDT hinges on its ability to overcome the key weekly resistance level. A successful breakout could lead to a surge towards $71.745, while a rejection might trigger a pullback towards the $40.1870 support zone. This information is for educational purposes only and should not be considered financial advice. Please conduct your own research before making any investment decisions.
Long
by behnoudt
🛢 CL OIL, H4 🛢 8 March 2024 🛢 CL OIL, H4 🛢 8 March 2024 Oil prices have faced challenges in sustaining upward momentum, despite factors that traditionally might boost prices, such as the easing strength of the dollar and potential dovish policy shifts from the Federal Reserve. However, there was a slight rebound in oil prices in the latest trading session, attributable to a temporary supply disruption. A critical pipeline, which facilitates the transport of oil from Canada to the U.S., experienced a temporary shutdown, causing a brief uptick in prices due to the immediate impact on supply. Oil prices have found support at their crucial liquidity zone at near $78.70. Suggests a neutral signal for oil. Resistance level: 81.20, 84.10📉 Support level: 78.65, 75.20📈
TVC:USOIL
by top_fx
USDCAD H4 8 March 2024 USD/CAD, H4 8 March 2024 The Canadian Dollar experienced a notable resurgence as the market absorbed the hawkish sentiments emanating from the Bank of Canada. In its most recent monetary policy decisions, the BoC opted to maintain its interest rates at 5%, with the Bank rate and deposit rate held at 5.25% and 5%, respectively. The central bank affirmed its commitment to quantitative tightening, citing Canada's robust economic performance compared to other major regions. USD/CAD is trading lower while currently testing the support level. Suggesting the pair might enter oversold territory. Resistance level: 1.3535, 1.3620📉 Support level: 1.3430, 1.3345📈
Short
by top_fx
EURUSD, H4 8 March 2024 EUR/USD, H4 8 March 2024 EUR/USD pair extended its gains, reaching multi-week highs amidst heightened selling pressure on the US Dollar. The weakened greenback was fuelled by disappointing readings from the US labor market, creating a favourable environment for the Euro. Despite the European Central Bank's (ECB) overall dovish stance, the momentum of the EUR/USD pair remained unaffected, as demand for the Dollar continued to wane. The ECB's outlook included a 1.5% growth projection for the European economy in 2025 and 1.60% in 2026, driven by robust consumption and investment. EUR/USD is trading higher while currently testing the resistance level. Suggesting the pair might enter overbought territory. Resistance level: 1.0965, 1.1040📉 Support level: 1.0865, 1.0770📈
Long
by top_fx
GBP/USD, H4 8 March 2024 GBP/USD, H4 8 March 2024 GBP/USD made significant gains buoyed by optimism surrounding the UK's budget announcement. Chancellor of the Exchequer, Jeremy Hunt, revealed positive forecasts from the Office for Budge Responsibility (OBR), anticipating a 0.80% economic growth in 2024-- 0.50% higher than the previous autumn forecast. Hunt announced a tax rate cut in employees' National Insurance from 10% to 8%, signalling further confidence in the economic trajectory. Despite the tax cut, Hunt expressed assurance that the UK's debt level would stabilise and projected a gradual reduction to 94.3% by 2028-29, down from the current level above 100%. GBP/USD is trading higher following the prior breakout above the previous resistance level. Suggesting the pair might experience technical correction. Resistance level:1.2905, 1.3000📉 Support level: 1.2785, 1.2710📈
by top_fx
XAUUSD, H4 8 March 2024 🔖XAU/USD, H4🔖 8 March 2024 Gold prices are sustaining their bullish rally and are currently testing another resistance level at the $2160 mark. The surge in gold prices is primarily attributed to the weakening of the dollar, influenced by the dovish message delivered by Jerome Powell during the testimony. However, the prevailing optimism in equity markets and the cryptocurrency market suggests a growing risk appetite among traders, which could potentially limit the continued rally of gold. Gold prices have been trading with strong bullish momentum but are currently held at near $2160, another resistance level. Suggesting the bullish momentum is easing. Resistance level:2190.00, 2210.00📉 Support level: 2140.00, 2117.90📈
FX:XAUUSDLong
by top_fx
DOLLAR_INDX,DXY H4 8 March 2024💵 DOLLAR_INDX, H4 💵 8 March 2024 The Dollar Index has undergone a substantial decline for a second consecutive session. This can be attributed to the messaging from the Federal Reserve chief during the testimony, indicating that the U.S. central bank is approaching its targeted inflation rate of 2%, and the Fed is on the verge of adjusting its monetary tightening policy. This development has heightened speculation about a potential rate cut in June, significantly impacting the strength of the dollar, causing it to depreciate. The dollar index has broken another support level, suggesting the dollar is trading with strong bearish momentum. Suggesting the bearish momentum is gaining. Resistance level: 103.70, 104.50📉 Support level: 102.00, 101.35📈
TVC:DXYShort
by top_fx
CL OIL, H4 7 March 2024CL OIL, H4 7 March 2024 Oil prices have rebounded from their liquidity zone and maintained their previous high levels, forming a double top price pattern. The dovish stance from the Fed's testimony has provided support for higher oil prices. Additionally, the weekly U.S. oil reports falling short of expectations suggest an improvement in oil demand in the U.S., contributing to the positive momentum in the oil market. Oil prices have rebounded but formed a double-top price pattern, suggesting a potential trend reversal for oil prices. Suggests the oil prices remain trading with bullish momentum. Resistance level: 81.20, 84.10📉 Support level: 78.65, 75.20📈
TVC:USOILLong
by top_fx
USD/JPY, H4 7 March 2024 USD/JPY, H4 7 March 2024 The Japanese yen demonstrates resilience, outperforming other currencies amid hawkish expectations surrounding the Bank of Japan. Speculation of a potential interest rate increase surfaces as the country experiences a robust economic recovery. In contrast, Federal Reserve Chairman Jerome Powell hints at the prospect of interest rate cuts in the US if economic momentum persists, curbing the appeal of the dollar. USD/JPY is trading lower following the prior breakout below the previous support level. Suggesting the pair might enter oversold territory. Resistance level: 149.40, 150.80📉 Support level: 147.60, 146.35📈
Short
by top_fx
1
AUD/USD, H4 7 March 202AUD/USD, H4 7 March 2024 AUD/USD benefits from additional US Dollar losses, aligning with a significant pullback in US Treasury yields amid speculation about an anticipated interest rate cut by the Federal Reserve in June. Ongoing developments in China warrant scrutiny, with potential stimulus measures providing temporary relief. Sustained positive economic indicators and a revival in the Chinese economy are crucial factors for fostering a robust upward trend in AUD/USD, further supported by rising commodity prices. Investors should remain attentive to these dynamics for potential trading signals. AUD/USD is trading higher while currently testing the resistance level. Suggesting the pair might extend its gains after breakout. Resistance level: 0.6575, 0.6615📉 Support level: 0.6535, 0.6485📈
Long
by top_fx
EURUSD, H4 7 March 2024EUR/USD, H4 7 March 2024 The Euro has strengthened against the dollar, reaching its highest level in over a month, propelled by a weakening dollar. Anticipation surrounds the upcoming ECB interest rate decision, with the market expecting the ECB to maintain a stance of being "in no hurry" to cut interest rates in its policy statement. This sentiment has led the Euro to trade robustly against the dollar. The EUR/USD pair has broken from its weeks-long sideways trajectory, and a break from the above suggests a bullish bias signal for the pair. Suggesting that bullish momentum is gaining. Resistance level: 1.0954, 1.1040📉 Support level: 1.0866, 1.0775📈
Long
by top_fx
GBPUSD, H4 7 March 2024GBP/USD, H4 7 March 2024 GBP/USD sustains an upward trajectory, driven by the US Dollar's depreciation. Despite the optimism, uncertainties loom ahead of the UK's 2024 budget announcement before the election, with market anticipation for potential tax rate cuts. Detailed plans remain elusive, prompting investors to vigilantly monitor developments for nuanced trading signals. GBP/USD is trading higher following the prior breakout above the previous resistance level. Suggesting the pair might experience technical correction. Resistance level:1.2785, 1.2905📉 Support level: 1.2710, 1.2635📈
by top_fx
XAUUSD, H4 7 March 2024XAU/USD, H4 7 March 2024 Gold prices have surged to their all-time high levels and are currently testing the possibility of breaking above this threshold. The bullish momentum observed in gold throughout March can be attributed to the market sentiment indicating that the Federal Reserve may be considering a pivot from its current monetary policy. Simultaneously, the Bank of Japan (BoJ) is also potentially contemplating a shift in its monetary policy, raising concerns about a reduction in global liquidity. In such an environment, gold emerges as a favoured safe-haven asset for investors looking to position themselves amidst uncertainties in central bank policies. Gold prices have risen and are attempting to break beyond their all-time highs.Suggesting that the bullish momentum remains strong. Resistance level: 2155.00, 2170.00📉 Support level: 2140.00, 2117.90📈
FX:XAUUSDLong
by top_fx
DOLLAR_INDX, H4 7 March 2024DOLLAR_INDX, H4 7 March 2024 The Dollar Index has descended to its lowest point in a month, currently trading below 103.50 levels. The dollar faced significant downward pressure primarily due to the dovish stance communicated in Powell's testimony that began yesterday. Powell indicated an expectation that the U.S. central bank will initiate rate cuts this year. Traders are closely monitoring the upcoming Non-Farm Payrolls (NFP) report scheduled for Friday, as it may offer insights into the potential timing of the Federal Reserve's rate-cutting actions. The dollar index traded eased from its crucial liquidity zone and plunged to its one-month high, suggesting a bearish bias for the dollar. Suggesting that bearish momentum is gaining. Resistance level: 103.70, 104.50📉 Support level: 102.90, 102.00📈
TVC:DXYShort
by top_fx
CL OIL H4 6 March 2024CL OIL, H4 6 March 2024 Oil prices experienced a downturn, facing substantial pressure from the prevailing risk-off sentiment in the market, particularly in anticipation of the Federal Reserve Chair Jerome Powell's testimony scheduled for today. The heightened uncertainty has led to minimal volatility in oil prices as traders await the outcomes of the ongoing China People's Congress meeting, recognizing the potential impact of China's policies on oil prices. Oil prices have declined to their support level of 78.65, which is a potential rebound level. Suggesting a bearish momentum is forming. Resistance level: 81.20, 84.10 Support level: 78.65, 75.20
TVC:USOILShort
by top_fx
USDJPY H4 6 March 2024USD/JPY, H4 6 March 2024 The USD/JPY pair continues to trade within a consolidation range, fluctuating between the 150.80 and 149.75 levels. Notably, Mitsubishi UFJ Financial Group, Japan's largest bank, is reportedly adjusting its positions in anticipation of a potential move by the Bank of Japan (BoJ) in March. Senior management at the bank has suggested that there is a 50% chance the BoJ may shift its monetary policy, a move that could have significant implications for Japanese government bonds and the strength of the Japanese Yen. USD/JPY eases slightly but remains trading sideways within its consolidation range. Suggesting bearish momentum may be forming. Resistance level: 150.80, 151.70 Support level: 149.40, 147.60
Short
by top_fx
AUDUSD H4 6 March 2024AUD/USD H4 6 March 2024 AUD/USD maintains a steady stance amidst mixed market sentiment in Australia. The ongoing downtrend in the US Dollar offers a potential bullish push for AUD/USD, yet uncertainties surrounding the Chinese economy, a significant trade partner for Australia, present headwinds. While potential stimulus measures in China may offer temporary relief, the sustainability of economic conditions remains uncertain. Investors are urged to closely monitor further developments for trading signals. AUD/USD is trading higher following the prior rebound from the support level. Suggesting the pair might extend its gains in short-term since the RSI rebounded sharply from oversold territory. Resistance level: 0.6535, 0.6570 Support level: 0.6485, 0.6450
Long
by top_fx
GBPUSD H4 6 March 2024GBP/USD H4 6 March 2024 The Pound Sterling hovers near a crucial resistance level, finding support in the weakening trend of the US Dollar. Wednesday's spotlight includes the UK S&P Global Construction PMI and Federal Reserve (Fed) Chairman Jerome Powell's testimony. UK Chancellor Jeremy Hunt's insights into the Spring Budget, featuring a proposed national insurance cut, are pivotal for investors navigating potential trading signals. Diligent monitoring of budget updates is advised. GBP/USD is trading higher while currently testing the resistance level. Suggesting the pair might experience technical correction since the RSI retreated sharply from overbought territory. Resistance level:1.2710, 1.2785 Support level: 1.2635, 1.2530
by top_fx