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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
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