InvestMacro

Article By RoboForex.com

USDCHF, “US Dollar vs Swiss Franc”

In the H4 chart, USDCHF is trading above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the price is expected to break 7/8 and then continue growing towards the resistance at 8/8. Still, this scenario may no longer be valid if the price break 6/8 to the downside. After that, the instrument may correct downwards to reach the support 5/8.

As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue the ascending tendency.

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD is trading inside the “oversold area”. In this case, the price is expected to break -1/8 and then continue growing to reach the resistance at 1/8. However, this scenario may no longer be valid if the price falls and breaks -2/8 to the downside. After that, the lines in the chart will be redrawn, thus helping us to define new targets.

In the M15 chart, the price may break the upside line of the VoltyChannel indicator and, as a result, continue growing.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After completing the ascending structure at 1.2112, EURUSD has finished the descending wave towards 1.2044, thus forming a new consolidation range around 1.2077. Possibly, the pair may grow to reach 1.2125 and then return to 1.2077 to test it from above. If later the price breaks this range to the downside, the market may start another decline with the target at 1.2000; if to the upside – resume trading upwards to reach 1.2250.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has finished the ascending structure at 1.4000 along with the correction towards 1.3920, thus forming a new consolidation range between these two levels. If later the price breaks this range to the downside, the market may start another decline with the target at 1.3821; if to the upside – resume trading upwards to reach 1.4166.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is still consolidating below 73.93. Possibly, today the pair may fall to reach 73.13 and then return to 73.93 to test it from below. Later, the market may resume trading downwards with the target at 72.72.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has expanded its consolidation range up to 107.00. Today, the pair may start another growth towards 107.25 and then form a new descending structure to break 106.60. After that, the instrument may continue trading downwards with the target at 105.42.

USDCHF, “US Dollar vs Swiss Franc”

After completing the ascending wave at 0.9175 and breaking it to the upside, USDCHF has formed a continuation pattern there. Possibly, the pair may grow to reach 0.9220 and then fall to break 0.9128 to the downside. Later, the market may continue trading downwards with the target at 0.9050.

AUDUSD, “Australian Dollar vs US Dollar”

After finishing the ascending wave at 0.7838, AUDUSD has completed the correction towards 0.7725; right now, growing to return to 0.7838. After that, the instrument may break this level and then form one more ascending structure with the target at 0.7950.

BRENT

Brent has completed the ascending wave at 64.00; right now, it is consolidating around this level. Later, the market may break this range to the upside and form one more ascending structure to reach 65.80. After that, the instrument may fall to test 64.00 from above and then resume moving upwards with the target at 69.00.

XAUUSD, “Gold vs US Dollar”

Gold is moving downwards. After reaching 1702.70 and then growing to test 1771.00, the asset is expected to complete this descending wave by falling towards 1699.00. Later, the market may resume growing with the first target at 1760.60.

BTCUSD, “Bitcoin vs US Dollar”

After finishing the ascending wave at 52000.00, BTCUSD is falling towards 47470.00. After that, the instrument may grow to break 52000.00 and then continue trading upwards with the target at 60000.00. However, if the price breaks 47470.00 to the downside, the market may start another decline with the target at 42700.00.

S&P 500

After breaking 3850.5 to the downside, the S&P index has reached the downside border of the range at 3782.0. Today, the asset may grow to return to 3850.5. If later the price breaks this range to the upside, the market may start another growth with the target at 3977.0; if to the downside – form a new descending structure towards 3660.0.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2088
• Prev Close: 1.2062
• % chg. over the last day: -0.22%

Tuesday’s bullish momentum did not continue on Wednesday. The controversy surrounding the Brexit deal has put pressure on the European currency. But at the same time, negative data from ISM and ADP lowered Friday’s expectations regarding the labor market, and the dollar also came under pressure. Accordingly, EUR/USD turned up in a narrow range, where the strengths of the bulls and bears were approximately equal.

Trading recommendations

• Support levels: 1.2023, 1.1952
• Resistance levels: 1.2113, 1.2179

The main scenario for EUR/USD is trading in a sideways range between 1.2113 and 1.2023. As a result of rapid movements in both directions within the day, the ADX fell to its lows, which indicated a lack of direction in the short term. However, selling is the priority in the medium term.

Alternative scenario: if the price manages to gain a foothold above the level of 1.2113, the pair may return to growth to 1.2179. A breakdown of 1.2023 will signal an increase in bearish pressure.

News feed for 2021.03.04:

• – The US Initial Jobless Claims at 15:30 (GMT+2).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.3950
• Prev Close: 1.3947
• % chg. over the last day: -0.02%

The sterling situation is identical to the euro. Brexit issues and the extension of the economic aid program, which turned out to be insufficient, put pressure on the British currency. At the same time, the pressure on the US dollar allowed the pair to close near the opening price.

Trading recommendations

• Support levels: 1.3857, 1.3775
• Resistance levels: 1.3997, 1.4224

The main scenario for GBP/USD is trading sideways between 1.3857 and 1.3997. The ADX continues to decline, which indicates a halt in movement in the short term. The absence of changes on the H4 indicates a possible long-term sideways movement of the pair.

Alternative scenario: if the pair consolidates above 1.3997, it may resume its growth. A breakdown of 1.3857 could trigger a further decline.

There is no news feed for today.

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 106.66
• Prev Close: 107.00
• % chg. over the last day: +0.32%

The dollar-yen renewed the weekly highs but failed to show significant growth. The bullish rally stopped after disappointing data from the US services sector. The stock market declined, and only the rise in the dollar index allowed the pair to close near 107.00.

Trading recommendations

• Support levels: 105.50, 104.92
• Resistance levels: 107.16, 107.50

The main scenario is trading in a sideways range between 107.16 – 106.66. In the short term, the pair may stop or go for a correction, as divergence is more and more clearly observed on the MACD. The ADX is still reacting to growth, which indicates the north direction as a priority. However, the bullish potential is fading and the overall signal is neutral.

The alternative scenario implies the price-fixing below 106.66. In this case, the pair may return to a decline to 105.50. A breakout of 107.16 could indicate further growth.

News feed for 2021.03.04:

• – The US Initial Jobless Claims at 15:30 (GMT+2).

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2632
• Prev Close: 1.2651
• % chg. over the last day: +0.15%

On Wednesday, the pair traded in a narrow sideways range, despite the strong fundamental background. Negative data in the US and the growth of oil could not significantly change the quotes. It looks like traders are waiting for the outcome of the OPEC + meeting, which will be held today in the midst of the European session.

Trading recommendations

• Support levels: 1.2592, 1.2467
• Resistance levels: 1.2745, 1.2763

The main scenario is trading in the sideways range between 1.2673 and 1.2592. The ADX is reacting to any northern spike, indicating the likelihood of a breakout of the upper range level. However, the MACD is near zero and the price is at the crossover of the moving averages. The overall picture is rather neutral with a slight northern priority.

Alternative scenario: if the price manages to gain a foothold above 1.2673, the pair may resume growth up to 1.2745. A breakdown of 1.2592 would strengthen the southern movement.

News feed for 2021.03.04:

• – The OPEC + meeting.

by JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

by JustForex

Wednesday was filled with different news backgrounds, both economic and political. ISM Service sector growth was the slowest over nine months. The European Union has announced that it will file a lawsuit against the UK for violating the terms of the Brexit deal. UK Treasury Secretary Rishi Sunak outlined his program of economic assistance, but some sectors of the economy considered it insufficient.

The US Institute for Supply Management services index fell to 55.3 from a nearly two-year high of 58.7 in January, according to the released data on Wednesday. The February indicator was weaker than the most pessimistic forecast in a survey of economists. The volume of new orders decreased the most (51.9 versus 61.8). It was followed by business activity (55.5 versus 59.9). The employment index in the sector also fell to 52.7 from 55.2 a month earlier.

Inflation in the sector stands for another index that the market is closely monitoring. This indicator continues to grow, reaching new peak results: 71.8 against 64.2 a month earlier. Against this backdrop, bond yields increased again. The Treasuries reached 1.49% in a flash and later stabilized at about 1.47%, which ultimately put pressure on the stock market.

The additional negative background is the aggravation of tensions between the UK and the EU. The announcement of filing a lawsuit against the UK for breaching the Brexit deal conditions was presented after the UK government waived customs checks at the border with Ireland until October.

The results of the day turned out to be extremely negative for the stock market. The sell-out of such giants as Apple Inc. and Amazon Inc. outweighed the growth of the energy sector. Nasdaq 100 fell to a two-month low, bringing its losses from its February peak to about 8%. The S&P 500 continued to decline for the second day in a row, hitting its weekly lows.

Main market quotes:

S&P 500 (F) 3,803.75 -13.00 (-0.34%)

Dow Jones 31,270.09 -121.43 (-0.39%)

DAX 14,080.03 +40.23 (+0.29%)

FTSE 100 6,675.47 +61.72 (+0.93%)

USD Index 91.015 +0.073 (+0.08%)

• – Australia Retail Sales (m/m) (Jan) at 02:30 (GMT+2);
• – US Initial Jobless Claims at 15:30 (GMT+2);
• – OPEC+ meeting.

by JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, after skyrocketing to 1.4241, GBPUSD is forming a mid-term descending pullback, which has already reached 23.6% fibo; right now, the pair is correcting. After completing this slight correction, the decline may continue to reach 38.2%, 50.0%, and 61.8% fibo at 1.3642, 1.3459, and 1.3273 respectively. A breakout of the high will result in a further uptrend towards the long-term fractal high at 1.4376.

The H1 chart shows that the short-term correctional ascending impulse has reached 23.5% after a convergence and may later continue towards 38.2% and 50.0% fibo at 1.4005 and 1.4050 respectively. A breakout of the low at 1.3859 will result in a further mid-term downtrend.

EURJPY, “Euro vs. Japanese Yen”

As we can see in the H4 chart, after breaking 61.8% fibo at 128.68 and then testing the post-correctional extension area between 138.2% and 161.8% fibo at 129.16 and 130.43 respectively, EURJPY has formed a pullback. At the moment, the pair is resuming its growth towards the above-mentioned area and may later continue the uptrend to reach 76.0% at 131.95.

In the H1 chart, the correctional downtrend has failed to reach 38.2% fibo at 128.10, meaning that the current growth is just a slight short-term pullback, which may be followed by another descending wave. A further downtrend may be heading towards 50.0% and 61.8% fibo at 127.53 and 126.95 respectively.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Article By RoboForex.com

LTCUSD, “Litecoin vs US Dollar”

LTCUSD is trading at 192.11; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s downside border at 180.05 and then resume moving upwards to reach 240.05. Another signal in favor of a further uptrend is a rebound from the descending channel’s upside. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 157.05. In this case, the pair may continue falling towards 135.05. To confirm further growth, the asset must break the upside border of a Double Bottom pattern and fix above 210.55.

EURUSD, “Euro vs US Dollar”

EURUSD is trading at 1.2079; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.2105 and then resume moving downwards to reach 1.1905. Another signal in favor of a further downtrend will be a rebound from the rising channel’s downside border. However, the bearish scenario may be canceled if the price breaks the cloud’s upside border and fixes above 1.2185. In this case, the pair may continue growing towards 1.2275.

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is trading at 0.7281; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.7305 and then resume moving downwards to reach 0.7075. Another signal in favor of a further downtrend will be a rebound from the rising channel’s downside border. However, the bearish scenario may be canceled if the price breaks the cloud’s upside border and fixes above 0.7415. In this case, the pair may continue growing towards 0.7505. To confirm further decline, the asset must break the support area and fix below 0.7210, thus indicating the completion of a Head & Shoulders reversal pattern.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

By Orbex

GER 30 recoups February losses

Easing Treasury yields have put a floor on global stock markets for now. The DAX 30 is making another attempt at February’s high of 14180 after it broke through intermediate resistance levels of 13990 and 14070.

The RSI is yet to enter the overbought zone, giving the price action enough headroom.

The short-term bullish trendline near the 20h and 30h moving averages is the immediate support. Further down, 13920 is a major support to keep the intraday sentiment optimistic.

EURJPY stays in uptrend

A 1.1% increase in core inflation as expected across the eurozone has put the single currency back on track. The pair has bounced off the resistance-turned-support area around 128.20, which coincides with a month-long rising trendline.

The breakout above 128.75 is likely to accelerate the bullish momentum as trend followers jump onto the bandwagon.

Should buyers lift the offers around 129.35 the price could advance towards the psychological level of 130.

XAU exhibits bullish divergence

Lower bond yields make gold shine again as the non-yielding metal becomes more attractive. The bullish RSI divergence after the price hit last June’s support (1710) was a reversal sign buyers have been looking for.

As the RSI achieves a higher high from the oversold area, price action followed suit by breaking above the short-term bearish trendline.

The bullish MA cross is the final confirmation that a U-turn is in the making. 1760 is the key resistance and a breakout could extend the recovery towards 1790.

By Orbex

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2047
• Prev Close: 1.2089
• % chg. over the last day: +0.35%

Yesterday, the euro partially regained its position after a two-day fall. This happened as the dollar index touched the daily moving average. This caused a pause in buying the greenback. The euro has returned to its previous trading range and is likely to stay there until next week.

Trading recommendations

• Support levels: 1.2023, 1.1952
• Resistance levels: 1.2179, 1.2222

The main scenario for EUR/USD is trading in a sideways range between 1.2101 and 1.2023. Tuesday’s northern momentum hardly changed anything. The older timeframes H4 and D1 indicate the likelihood of a further decline since important levels have not been broken. But there is a strong ADX reaction on the H1, which outperforms Monday’s bearish momentum. It indicates the likelihood of further growth, which may be limited by the SMA 100 moving average.

Alternative scenario: if the price manages to gain a foothold above the level of 1.2101, the pair may grow to 1.2179.

News feed for 2021.03.03:

• – The Eurozone Services Purchasing Managers’ Index (PMI) (Feb) at 11:00 (GMT+2);
• – The ADP United States Nonfarm Employment Change (Feb) (Feb) at 15:15 (GMT+2);
• – The US ISM Non-Manufacturing Purchasing Managers’ Index (PMI) (Feb) at 17:00 (GMT+2).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.3921
• Prev Close: 1.3949
• % chg. over the last day: +0.20%

Tuesday hardly changed the direction of the pair. The pullback turned out to be less than in the euro, which indicated the weakening of the bulls in the long term. Important economic data is expected today, including the PMI of the UK services sector reports. Also, the statement of the Minister of Finance Rishi Sunak on the support of the economy will be in focus.

Trading recommendations

• Support levels: 1.3857, 1.3775
• Resistance levels: 1.3997, 1.4224

The main scenario in GBP/USD is trading sideways between 1.3857 and 1.3997. The ADX has shown no reaction on the pullback, which indicates a false northward movement. The price on the hourly timeframe and on the H4 is stuck between the moving averages, which indicates an increased likelihood that the pair will stop near the current levels.

Alternative scenario: if the pair consolidates above 1.3997, it may resume its growth. A breakdown of 1.3857 could trigger a further decline.

News feed for 2021.03.03:

• – The UK Services Purchasing Managers’ Index (PMI) (Feb) at 11:30 (GMT+2);
• – The US ISM Non-Manufacturing Purchasing Managers’ Index (PMI) (Feb) at 17:00 (GMT+2).

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 106.66
• Prev Close: 106.86
• % chg. over the last day: +0.19%

The dollar-yen pair continues to grow steadily, despite the decline in the dollar index. At the same time, the pair received additional support from the stock market, where positive trends are observed again. Although the slowdown in growth is very noticeable, there are no signs of a reversal so far.

Trading recommendations

• Support levels: 105.50, 104.92
• Resistance levels: 106.94, 107.50

The main scenario is trading in a sideways range between 106.94 – 106.31. In the short term, the pair may stop or go for a correction, as a divergence has formed on the MACD. But the ADX has reacted to a slight gain in the Asian session, which indicates the risk of a breakout of the resistance level. Since the technical signals are mixed, the overall signal is neutral.

An alternative scenario implies the price-fixing below 106.30. In this case, the pair may return to a decline to 105.50. A breakout of 106.94 could indicate further growth.

News feed for 2021.03.03:

• – The ADP United States Nonfarm Employment Change (Feb) at 15:15 (GMT+2);
• – The US ISM Non-Manufacturing Purchasing Managers’ Index (PMI) (Feb) at 17:00 (GMT+2).

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2643
• Prev Close: 1.2633
• % chg. over the last day: -0.08%

On Tuesday, the pair continued to decline, which looked more like a resumption of the southern trend. Oil quotes fell, but this did not prevent the pair from closing in the red, as the oil prices were still higher than in January. It put pressure on the USD/CAD quotes.

Trading recommendations

• Support levels: 1.2608, 1.2467
• Resistance levels: 1.2745, 1.2763

The main scenario is selling. Tuesday’s southern impulse reversed the mid-term direction completely. The price has consolidated below the moving averages, and the ADX has begun to react to the decline again.

Alternative scenario: if the price gains a foothold above 1.2653, the pair may resume growth to 1.2745.

News feed for 2021.03.03:

• – The US ISM Non-Manufacturing Purchasing Managers’ Index (PMI) (Feb) at 17:00 (GMT+2);
• – The US Crude Oil Reserves at 17:30 (GMT+2).

by JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

By Orbex

USDCAD awaits GDP catalyst

Canada’s GDP figure could dictate the loonie’s short-term direction as the pair just bounced off the eleven-month long bearish trendline.

A solid reading could keep the US dollar subdued as the RSI cools off from the overbought area. As the 20-hour MA dips further below the 30-hour one, an indication of accelerating momentum, 1.2550 is the next target in sight.

However, a close above the trendline (1.2730) may turn the tide, especially if backed by disappointing data.

GBPUSD dips after overheating

Amid broader market risk aversion, the pound’s retreat came after signs of over-extension. The long wick, a failure to close above 1.4200 when the price was near a three-year high and the RSI in the overbought zone was a sign of exhaustion. The subsequent sell-off occurred as traders took chips off the table. There are some buying interests around 1.3850, but the support-turned-resistance 1.4100 is a potent supply level. A second wave of sell-off may push the price towards 1.3770.

AUDUSD rebounds from bullish trendline

The aussie has found support as surging house prices raised expectations of an interest rate hike soon rather than later.

The pair saw strong bids near the area of congestion around 0.7700, a psychological price tag along the bullish trendline from last March.

The RSI divergence signaled a loss in the downward momentum as the indicator started to bottom out. A break above 0.7800 could confirm the bullish bias and convince more buyers to chase the gains. 0.7900 would be the target should the pair recoup recent losses.

By Orbex

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the descending impulse continues. After forming several reversal patterns, such as Hammer, close to the horizontal support level, XAUUSD is reversing and may later correct towards the resistance area. In this case, the correctional target will be at 1770.00. At the same time, an opposite scenario implies that the price may continue its decline towards 1685.00 without reversing and correcting.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the pair is still correcting within the uptrend. By now, NZDUSD has formed several reversal patterns, such as Hammer, close to the support level. The upside target may be the resistance area at 0.7350. However, an alternative scenario implies that the price may continue its decline towards 0.7180 without reversing and correcting.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the asset is forming another correctional wave. Right now, after forming several reversal patterns, such as Hammer, not far from the support area, GBPUSD may correct and reach the resistance area at 1.4090. After that, the instrument may continue moving upwards. Still, there might be an alternative scenario, according to which the asset may fall to reach 1.3800 and test the channel’s downside border before resuming its growth.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.