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Macro

USD/CAD Outlook (03 March 2022)Overall, USD/CAD is ranging across. Recently, USD/CAD broke below the key level of 1.27. Bank of Canada Governor Macklem will be holding an online press conference about the Economic Progress Report later at 0030 (GMT+8). During this time, there may be volatility in CAD. During the monetary policy meeting yesterday, the Bank of Canada (BoC) hiked interest rate by 0.25%. Currently, USD/CAD is bouncing off the support zone of 1.26100 and its next resistance zone is at 1.29200. Look for short-term buying opportunities of USD/CAD.
Long
by JinDao_Tai
USD Overview (03 March 2022)Yesterday, USD weakened against most major currencies except EUR, JPY and CHF. The ADP Non-Farm Employment Change data (Actual: 475K, Forecast: 378K, Previous: 501K revised from -301K) released yesterday indicated a higher than expected increase in jobs in February. The ISM Services PMI data (Forecast: 61.2, Previous: 59.9) will be released later at 2300 (GMT+8). During his testimony yesterday, FOMC Chairman Powell said that a 0.25% interest rate hike in March is still appropriate amid the ongoing Russian-Ukraine war. Also, he highlighted that if inflation in the U.S. continues to rise higher, the central bank may consider a 0.50% hike.
TVC:DXY
by JinDao_Tai
GBP/JPY Outlook (02 March 2022)Overall, GBP/JPY is ranging across. Recently, GBP/JPY broke the support zone of 153.800. Bank of England committee member Tenreyro and Cunliffe will be speaking tomorrow at 0230 (GMT+8) and 0400 (GMT+8) respectively. During these times, there may be volatility in GBP. Currently, GBP/JPY is testing to break below the key level of 153. Its next support zone is at 151.000 and the next resistance zone is at 153.800. Look for short-term selling opportunities of GBP/JPY if it breaks below the key level of 153.
Short
by JinDao_Tai
GBP/USD Outlook (02 March 2022)Overall, GBP/USD is ranging across. Recently, GBP/USD broke the support zone of 1.33800. Bank of England committee member Tenreyro and Cunliffe will be speaking tomorrow at 0230 (GMT+8) and 0400 (GMT+8) respectively. During these times, there may be volatility in GBP. Currently, GBP/USD is bouncing up from the key level of 1.33. Its next support zone is at 1.32200 and the next resistance zone is at 1.33800. Look for short-term selling opportunities of GBP/USD only when it trades below the key level of 1.33.
Short
by JinDao_Tai
EUR/JPY Outlook (02 March 2022)Overall, EUR/JPY is ranging across. Recently, EUR/JPY broke the support zone of 128.800. The eurozone CPI flash estimate y/y data will be released later at 1800 (GMT+8). - CPI Flash Estimate y/y (Forecast: 5.6%, Previous: 5.1%) - Core CPI Flash Estimate y/y (Forecast: 2.6%, Previous: 2.3%) Currently, EUR/JPY is bouncing up from the support zone of 127.500 and the next resistance zone is at 128.000. Look for short-term buying opportunities of EUR/JPY.
Long
by JinDao_Tai
AUD/USD Outlook (02 March 2022)Overall, AUD/USD is trending upwards. Recently, AUD/USD rejected the resistance zone of 0.073000. The Reserve Bank of Australia (RBA) kept interest rate unchanged at 0.10% during their monetary policy meeting yesterday. The central bank highlighted that the ongoing Russian-Ukraine war “is a major new source of uncertainty”. The RBA also mentioned that inflation in Australia has increased faster than expected but is still early to conclude if it is sustainably within the central bank’s 2-3% target. The Australian GDP q/q data (Forecast: 3.0%, Previous: -1.9%) will be released later at 0830 (GMT+8). The Australian Building Approvals m/m data (Forecast: -2.9%, Previous: 8.2%) will be released tomorrow at 0830 (GMT+8). AUD/USD’s next support zone is at 0.71000 and the next resistance zone is at 0.73000. Look for short-term selling opportunities of AUD/USD.
Short
by JinDao_Tai
USD/CAD Outlook (02 March 2022)Overall, USD/CAD is ranging across. Recently, USD/CAD broke above the key level of 1.27. The Canadian GDP m/m data (Actual: 0.0%, Forecast: 0.0%, Previous: 0.6%) released yesterday indicated no change in economic growth during last December. The Bank of Canada (BoC) will be announcing their monetary policy decision later at 2300 (GMT+8). It is expected that the central bank will be hiking interest rate by 0.25%. With inflation in Canada rising to a 30-year high level of 5.1%, it is possible that the BoC may be hiking interest rate by 0.50%. If so, CAD may receive a strong boost. USD/CAD’s next support zone is at 1.26100 and its next resistance zone is at 1.29200. Look for short-term buying opportunities of USD/CAD.
Long
by JinDao_Tai
USD Overview (02 March 2022)Yesterday, USD strengthened against most major currencies except JPY. The ISM Manufacturing PMI data (Actual: 58.6, Forecast: 58.0, Previous: 57.6) released yesterday indicated a slight increase in the expansion of the manufacturing sector in February. The ADP Non-Farm Employment Change data (Forecast: 378K, Previous: -301K) will be released later at 2115 (GMT+8). FOMC committee member Bullard will be speaking later at 2230 (GMT+8). Also, FOMC Chairman Powell will be testifying on the Semi-Annual Monetary Policy Report before the House Financial Services Committee later at 2300 (GMT+8). During these times, there may be volatility in USD.
TVC:DXY
by JinDao_Tai
AUD/USD Outlook (01 March 2022)Overall, AUD/USD is trending upwards. The Australian Retail Sales m/m data (Actual: 1.8%, Forecast: TBA, Previous: -4.4%) released yesterday indicated an increase in consumer spending. The Reserve Bank of Australia (RBA) will be announcing their monetary policy decision later at 1130 (GMT+8). It is expected that the central bank will keep interest rate unchanged at 0.10%. Focus on RBA’s view on the economic recovery in Australia and whether the ongoing geopolitical tension between Russia and Ukraine will have an impact on the Australian economy. The Australian GDP q/q data (Forecast: 3.0%, Previous: -1.9%) will be released tomorrow at 0830 (GMT+8). AUD/USD’s next support zone is at 0.71000 and the next resistance zone is at 0.73000. Look for short-term buying opportunities of AUD/USD.
Long
by JinDao_Tai
How Bitcoin Could Go to $3 million This Year (Elliott Wave)Bitcoin and many cryptocurrencies look like they are completing a contracting triangle with reverse alternation which began in 2018. On Bitcoin it looks like this could be the end of F-wave, right before we get the final blow-off wave-G. This wave could be as big as Wave-C from 2013, which is also equivalent to 161.8% of wave-d that began in 2020 and ended last year. The time target of waves D+E being equivalent in time to wave-F (big red boxes) means that we are at a major long-term inflection point this month. This could likely be linked to Biden's executive order related to "national security" and cryptocurrency, as well as a potential invasion of Ukraine by Russia. The EO could promote US cryptocurrency innovation and to compete with Russia and China and help him win votes for mid-terms while sanctioning Russian and Chinese central bank digital currencies which will be presented as an alternative to SWIFT when Russia is removed from SWIFT for invading Ukraine. If China invades Taiwan after the Olympics and is removed from SWIFT, then we could see China finalize their CBDC which has already been in public beta stage for the last year, and present it as an alternative to SWIFT and Russian CBDC's These factors as well as spiraling inflation could lead to speculative mania which sends Bitcoin to $3 million before seeing a massive crash that will take many years to fully recover from.
BNC:BLXLong
by Intuit
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