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AUDUSD H4 14 March 2024AUD/USD, H4 14 March 2024 AUD/USD edged higher as markets anticipated a potential Federal Reserve interest rate cut in June, despite sticky inflation data. Contrastingly, the Reserve Bank of Australia (RBA) hints at potential rate hikes amidst elevated inflammation levels, signalling divergent monetary policies between the two central banks. AUD/USD is trading higher while currently testing the resistance level. Suggesting the pair might extend its gains Resistance level: 0.6645, 0.6680📉 Support level: 0.6585, 0.6535📈
Long
by top_fx
EURUSD H4 14 March 2024EUR/USD, H4 14 March 2024 EUR/USD experienced modest gains, supported by US Dollar depreciation. However, market sentiment remains mixed as investors weigh macroeconomic outlooks in the Eurozone and the United States. Anticipation builds ahead of potential borrowing cost adjustments by the European Central Bank (ECB) and the Federal Reserve (Fed) in June. EUR/USD is trading higher while currently testing the resistance level.Suggesting the pair might extend its gains after breakout Resistance level: 1.0960, 1.1095📉 Support level: 1.0865, 1.0765📈
by top_fx
GBPUSD H4 14 March 2024GBP/USD, H4 14 March 2024 Pound Sterling saw a modest rebound post UK GDP data release, which met market expectations. According to the Office for National Statistics, the UK economy returned to expansion in January, rising by 0.20% after contracting 0.10% in December, which aligned with the market expectations. Despite returning to growth in January, Pound Sterling remained relatively subdued amidst ongoing volatility. Market participants await additional catalysts before taking decisive positions. GBP/USD is trading higher following the prior rebound from the support level. Suggesting the pair might extend its gains toward resistance level. Resistance level: 1.2865, 1.2940📉 Support level: 1.2770, 1.2710📈
Long
by top_fx
1
XAUUSD H4 14 March 2024🔖XAU/USD, H4🔖 14 March 2024 Amidst prevailing market caution ahead of crucial US economic data releases, gold prices rebounded from support levels, extending their bullish trajectory. Lingering risk aversion prompted investors to seek refuge in safe-haven assets, contributing to heightened demand for gold. Gold prices are trading higher following the prior rebound from the support level. However, Suggesting the commodity might experience technical correction. Resistance level: 2235.00, 2350.00📉 Support level:2150.00, 2080.00📈
FX:XAUUSD
by top_fx
DOLLAR_INDX,DXY H4 14 March 2024💵 DOLLAR_INDX, H4 💵 14 March 2024 The Dollar Index retreated from resistance levels as market participants absorbed higher-than-expected Consumer Price Inflation (CPI) data, prompting profit-taking strategies ahead of upcoming US economic releases. Attention now turns to pivotal Producer Price Index (PPI) and retail sales figures for insights into the economy's trajectory and potential interest rate adjustments. The Dollar Index is trading lower following the prior retracement from the resistance level. Suggesting the index might extend its losses. Resistance level: 103.05, 103.70📉 Support level:102.55, 102.10📈
TVC:DXYShort
by top_fx
1
AUD/USD H4 13 March 2024AUD/USD, H4 13 March 2024 The Australian dollar, while experiencing a slight retreat from its recent bullish momentum against the U.S. dollar, continues to follow an upward trajectory in the AUD/USD pair. Traders are carefully positioning themselves ahead of the Reserve Bank of Australia (RBA) interest rate decision scheduled for next week. Market expectations lean towards the RBA adopting a relatively hawkish stance, considering Australia's high inflation rate and stable GDP growth. The AUD/USD pair has found support and traded sideways after easing slightly from its recent peak. Suggesting the bullish momentum is easing. Resistance level: 0.6617, 0.6660📉 Support level: 0.6560, 0.6535📈
Long
by top_fx
EURUSD H4 13 March 2024EUR/USD, H4 13 March 2024 The EUR/USD pair has showcased resilience, managing to strengthen against the dollar even as the latter saw an upswing in the previous session fueled by a robust CPI reading. The euro's buoyancy can be largely attributed to a hawkish stance adopted by several members of the European Central Bank (ECB), indicating a reluctance to consider a rate cut in the near term. This position is further supported by recent regional economic data surpassing expectations, suggesting that the ECB's tightening monetary policy could persist for extended periods. This scenario highlights the euro's strength amidst signals of the ECB's more cautious and prolonged approach to monetary tightening. EUR/USD has eased from its bullish trend but remains in an uptrend trajectory. Suggesting that the bullish momentum is drastically easing. Resistance level: 1.0955, 1.1040📉 Support level: 1.0865, 1.0775📈
Long
by top_fx
GBPUSD H4 13 March 2024GBP/USD, H4 13 March 2024 The Pound Sterling has managed to find support at 1.2780 levels, experiencing a modest rebound from its recent bearish trend. However, recent economic data from the UK has presented some challenges for the currency. Yesterday's release of average earning growth and the unemployment rate fell short of expectations, adding to the pressure on the Sterling. Meanwhile, the Dollar strengthened further as the CPI reading surpassed expectations. Traders are likely to closely monitor the upcoming UK GDP reading scheduled for today. This data will provide insights into the overall economic conditions in the country, potentially influencing the strength and direction of the Pound. GBP/USD has found support from its recent bearish trend at 1.2780 levels, suggesting a potential rebound at these levels. Suggests the bullish momentum is vanishing. Resistance level:1.2905, 1.2995📉 Support level: 1.2780, 1.2710📈
Long
by top_fx
DOLLAR_INDX H4 13 March 2024💵 DOLLAR_INDX, H4 💵 13 March 2024 The Dollar Index, consisting of major currencies, surged following the release of robust US inflation data. February's consumer price growth exceeded expectations, indicating persistent inflationary pressures that could complicate the Federal Reserve's rate decisions. Headline US consumer prices rose by 3.2% annually, surpassing forecasts of 3.1%, while core CPI data climbed to 3.8%, exceeding economists' projections at 3.7%, according to the US Bureau of Labor Statistics. The Dollar Index is trading higher while currently testing the resistance level. Suggesting the index might extend its gains after breakout. Resistance level: 103.05, 103.70📉 Support level:102.55, 102.10📈
TVC:DXYLong
by top_fx
CL OIL H4 11 March 2024 🛢 CL OIL, H4 🛢 11 March 2024 Crude oil prices experience a slight dip as apprehensions persist over soft Chinese demand. Despite OPEC+ extending supply cuts, China's conservative economic growth target of around 5% for 2024 raises concerns. Analysts emphasise the challenging outlook without additional stimulus measures. Attention shifts to major central banks' potential rate cuts, including the Federal Reserve and the ECB, as lower rates could stimulate oil demand by fostering economic growth. Oil prices are trading lower following the prior breakout below the previous support level. Suggesting the commodity might extend its losses. Resistance level: 78.00, 80.20📉 Support level: 75.95, 73.45📈
TVC:USOILShort
by top_fx
USDJPY H4 11 March 2024USD/JPY, H4 11 March 2024 The USD/JPY pair extends its aggressive decline, weighed down by a narrowing interest rate differential between the US and Japan. Growing anticipation of the Bank of Japan exiting ultra-dovish policies fuels market demand for the Japanese yen. Policymakers' emphasis on a positive wage cycle and the potential for inflation to surpass the 2% target further intensify expectations for a tightening monetary cycle. USD/JPY is trading lower while currently testing the support level. Suggesting the pair might enter oversold territory. Resistance level: 147.60, 149.40📉 Support level: 146.35, 145.05📈
Short
by top_fx
EURUSD H4 11 March 2024EUR/USD, H4 11 March 2024 The EUR/USD pair continues its upward momentum, primarily driven by the depreciation of the US Dollar. Despite the worse-than-expected US Unemployment rate and Average Hourly Earnings, triggering a significant sell-off in the Greenback, the Euro remains resilient. While the Eurozone lacks significant market catalysts, the unexpected recovery in Germany's Year-on-Year Producer Price Index (PPI) for January at-4.4%, surpassing expectations of-6.60%, further bolsters the Euro's strength against the Dollar. The EU Gross Domestic Product (GDP) aligns with market expectations at 0.0% for Q4. EUR/USD is trading higher while currently testing the resistance level. Suggesting the pair might enter overbought territory. Resistance level: 1.0965, 1.1100📉 Support level: 1.0865, 1.0770📈
Long
by top_fx
GBPUSD H4 11 March 2024 GBP/USD, H4 11 March 2024 Pound Sterling experiences a surge against the US Dollar, propelled by discouraging US Unemployment data. The US Bureau of Labor Statistics (BLS) reports soft wage growth and a notable spike in the Unemployment rate for February. Despite better-than-expected Nonfarm Payroll data, the pessimistic economic outlook fuels expectations of a Federal Reserve interest rate cut before the Bank of England, introducing a potential policy divergence. Market participants anticipate a Fed rate cut in June, while expectations for a BoE rate cut loom from August. 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, 1.2995📉 Support level: 1.2785, 1.2710📈
by top_fx
XAUUSD H4 11 March 2024 🔖XAU/USD, H4🔖 11 March 2024 Gold prices enjoy continued gains, propelled by a weakening US Dollar. A series of lacklustre US economic data, coupled with dovish statements from the Federal Reserve, diminish the appeal of the greenback. The focus shifts to forthcoming inflation reports, where a continued decline in US inflation may heighten expectations for Fed interest rate cuts, further supporting gold market demand. Gold prices are trading higher following the prior breakout above the previous resistance level. Suggesting the commodity might enter overbought territory. Resistance level: 2235.00, 2350.00📉 Support level:2150.00, 2080.00📈
PEPPERSTONE:XAUUSDLong
by top_fx
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