Technical Analysis (XAUUSD)

The Forex trading technical analysis indicates the price of gold (02nd of March) was around 1724.6 USD/Ounce early today. Under 1-hour-chart technical analysis, it rebounded from deep as predicted yesterday (1st), then it pulled back sharply after surging to the resistance level. The candlestick is currently forming a bearish pattern, so it is likely to decline again after rebounding to the resistance level.

Currently, the short-swing upper resistance level lies between 1735.0~1737.0. The current support level lies between 1708.0~1710.0. Investors who wish to sell short could consider selling between 1718.0~1720.0 in the short-term and setting the stop loss above 1725.0.

Forex Trading Market Analysis for Gold
Forex Trading Market Analysis for Gold

Technical Analysis (EURUSD):

The price of EUR/USD (02nd of March) was around 1.20494 early today. Under 1-hour-chart technical analysis, the candlestick rebounded slightly from deep yesterday (1st), then it plummeted again during the session. The candlestick is currently showing a bearish pattern, so it is likely to continue dropping.

Currently, the short-swing upper resistance level lies between 1.20600~1.20700. The current support level lies between 1.20000~1.20100. Investors who wish to sell short could consider selling between 1.20350~1.20450 in the short-term and setting the stop loss above 1.20550.

Forex Trading Technical Analysis for EURUSD
Forex Trading Technical Analysis for EURUSD

Technical Analysis (GBPUSD):

The price of GBP/USD (02nd of March) was around 1.39234 early today. Under 1-hour-chart technical analysis, it rebounded as predicted yesterday (1st), then it plummeted again after surging to the resistance level. The candlestick is currently forming a bearish pattern, so it is likely to continue falling.

Currently, the short-swing upper resistance level lies between 1.39500~1.39600. The current support level lies between 1.38500~1.38600. Investors who wish to sell short could consider selling between 1.39150~1.39250 in the short-term and setting the stop loss above 1.39350.

Forex Trading Technical Analysis for GBPUSD
Forex Trading Technical Analysis for GBPUSD

Technical Analysis (AUDUSD):

The price of AUD/USD (02nd of March) was around 0.77690 early today. Under 1-hour-chart technical analysis, it rebounded from deep as predicted yesterday (1st), then it dropped sharply after surging to the resistance level. The candlestick is currently lying below the middle Bollinger Band. The bands are facing downwards, so it is likely to continue dropping.

Currently, the short-swing upper resistance level lies between 0.77850~0.77900. The current support level lies between 0.76950~0.77000. Investors who wish to sell short could consider selling between 0.77550~0.77600 in the short-term and setting the stop loss above 0.77680.

Forex Trading Technical Analysis for AUDUSD
Forex Trading Technical Analysis for AUDUSD

Technical Analysis (USOUSD):

The price of USO/USD (02nd of March) was around 60.27 this morning. Under 1-hour-chart technical analysis, it plummeted again after rebounding to the resistance level from deep yesterday (1st). The candlestick is currently lying between the middle and lower Bollinger Bands. The bands are facing downwards, so it is likely to continue dropping.

Currently, the short-swing upper resistance level lies between 60.40~60.50. The current support level lies between 58.70~58.80. Investors who wish to sell short could consider buying between 59.80~60.00 in the short-term and setting the stop loss above 60.25.

Forex Trading Technical Analysis for US Oil
Forex Trading Technical Analysis for US Oil

Technical Analysis (Nas100):

The NASDAQ (02nd of March) was around 13318.0 this morning. Under 1-hour-chart technical analysis, the candlestick rebounded as predicted yesterday (1st). It is currently pulling back after the surge and lying between the middle and the upper Bollinger Bands. The bands keep facing upwards, so it is likely to continue rebounding.

Currently, the short-swing upper resistance level lies between 13380.0~13400.0. The current support level lies between 13060.0~13080.0. Investors who wish to go long could consider buying between 13210.0~13230.0 in the short-term and setting the stop loss below 13170.0.

Forex Trading Market Analysis for NASDAQ
Forex Trading Market Analysis for NASDAQ

Economic Calendar (2nd of March)

(Source: uk.investing.com)

 TimeCurrencyDataImportance
1.00:30JPYUnemployment Rate (Jan)
2.04:30AUDRBA Rate Statement★★★
3.04:30AUDRBA Interest Rate Decision (Mar)★★★
4.08:00GBPNationwide HPI (MoM) (Feb)★★
5.09:55EURGerman Unemployment (Feb)
6.09:55EURGerman Unemployment Rate (Feb)★★
7.11:00EURCPI (YoY) (Feb)★★★
9.14:30CADGDP (MoM) (Dec)★★★

(Importance: maximum three stars ★★★)

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