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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
XAUUSD H4 6 March 2024 XAU/USD, H4 6 March 2024 Gold prices have extended their upward trajectory, surging by over 4% throughout March. The precious metal's ascent is largely attributed to the prevailing risk-off sentiment in the market, intensifying ahead of the Federal Reserve Chair Jerome Powell's testimony scheduled for today and tomorrow. Additionally, the growing financial risk associated with a potential pullback in equity markets has further bolstered demand for gold as a safe-haven asset. Investors are closely monitoring Powell's remarks for insights into the Fed's stance amid heightened market uncertainty. Gold prices have risen and are currently holding below its all-time high levels. Suggesting the bullish momentum remains strong for the gold. Resistance level: 2140.00, 2155.00 Support level: 2117.90, 2088.20
FX:XAUUSDLong
by top_fx
DOLLAR_INDX,DXY H4 6 March 2024DOLLAR_INDX, H4 6 March 2024 The Dollar Index faced downward pressure, currently slipping below 103.85. Investors seem to be swayed by recent lacklustre economic data from the United States, indicating a potential slowdown in economic growth. This sentiment prevails despite expectations of relatively hawkish testimony from Federal Reserve Chair Jerome Powell scheduled for today and tomorrow. Powell's testimony is anticipated to introduce higher volatility to the Dollar Index as market participants keenly await insights into the central bank's stance amid economic challenges. The dollar index traded eased from its short-term support level at 103.85, suggesting a shift in the index's momentum. Resistance level: 104.50, 104.95 Support level: 103.70, 102.90
TVC:DXY
by top_fx
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
Tesla is in tight range; bracketingInteresting setup on NASDAQ:TSLA Price was bracketing for the last four days. The high level context is certainly bullish (daily uptrend, strong market) but bulls met strong resistance as they tried to close gap from January 24th. Two possible ways to play it LONG: either from range bottom with profit target at range high and above; or wait for bullish break out and go with it if it holds. Regardless of what you do always wait for confirming signals before commencing trade Disclaimer I don't give trading or investing advices, just sharing my thoughts
NASDAQ:TSLALong
by hermes_trisme
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