Technical Analysis (XAUUSD)

The Forex trading technical analysis indicates the price of gold (04th of March) was around 1710.7 USD/Ounce early today. Under 1-hour-chart technical analysis, it rebounded from the bottom as predicted yesterday (3rd), then it pulled back sharply from the higher resistance level. The candlestick is currently forming a bearish pattern. The Bollinger Bands are facing downwards, so it is likely to continue declining.

Currently, the short-swing upper resistance level lies between 1731.0~1733.0. The current support level lies between 1700.0~1702.0. Investors who wish to sell short could consider selling between 1718.0~1720.0 in the short-term and setting the stop loss above 1723.0.

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

Technical Analysis (EURUSD):

The price of EUR/USD (04th of March) was around 1.20620 early today. Under 1-hour-chart technical analysis, the candlestick rebounded as predicted yesterday (3rd), then it pulled back sharply. The candlestick is currently lying between the middle and lower Bollinger Bands. The bands are facing downwards, so it is likely to decline again.

Currently, the short-swing upper resistance level lies between 1.20800~1.20900. The current support level lies between 1.20000~1.20100. Investors who wish to sell short could consider selling between 1.20500~1.20600 in the short-term and setting the stop loss above 1.20750.

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

Technical Analysis (GBPUSD):

The price of GBP/USD (04th of March) was around 1.39474 early today. Under 1-hour-chart technical analysis, the candlestick surged and rebounded as predicted yesterday (3rd), then it pulled back sharply. The candlestick is currently forming a bearish pattern, so it is likely to decline again.

Currently, the short-swing upper resistance level lies between 1.39700~1.39800. The current support level lies between 1.38700~1.38800. Investors who wish to sell short could consider selling between 1.39350~1.39500 in the short-term and setting the stop loss above 1.39600.

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

Technical Analysis (AUDUSD):

The price of AUD/USD (04th of March) was around 0.77734 early today. Under 1-hour-chart technical analysis, it rebounded during the session as predicted yesterday (3rd), then it pulled back from the resistance level. The candlestick is currently lying between the middle and lower Bollinger Bands. The bands are facing downwards, so it is likely to decline.

Currently, the short-swing upper resistance level lies between 0.78200~0.78250. The current support level lies between 0.77200~0.77250. Investors who wish to sell short could consider selling between 0.77850~0.77900 in the short-term and setting the stop loss above 0.78000.

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

Technical Analysis (USOUSD):

The price of USO/USD (04th of March) was around 61.11 this morning. Under 1-hour-chart technical analysis, the candlestick rebounded sharply after the pullback and reached the bottom yesterday (3rd). The candlestick is currently lying between the middle and upper Bollinger Bands. The bands are facing upwards, so it is likely to continue rebounding.

Currently, the short-swing upper resistance level lies between 62.70~62.80. The current support level lies between 59.30~59.40. Investors who wish to go long could consider buying between 61.15~61.30 in the short-term and setting the stop loss below 61.00.

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

Technical Analysis (Nas100):

The NASDAQ (04th of March) was around 12685.3 this morning. Under 1-hour-chart technical analysis, the candlestick is currently pulling back sharply after rebounding to the resistance level as predicted yesterday (3rd). The candlestick is currently lying between the middle and lower Bollinger Bands. The bands are facing downwards, so it is likely to continue pulling back.

Currently, the short-swing upper resistance level lies between 12800.0~12820.0. The current support level lies between 12500.0~12520.0. Investors who wish to sell short could consider selling between 12620.0~12650.0 in the short-term and setting the stop loss above 12680.0.

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

Economic Calendar (4th of March)

(Source: uk.investing.com)

 TimeCurrencyDataImportance
1.18:00EURUnemployment Rate (Jan)★★
2.18:00EURRetail Sales (MoM) (Jan)★★
3.20:30USDChallengers Job Cuts (Feb)
4.21:30USDInitial Jobless Claims★★★
5.23:00USDFactory Orders (MoM) (Jan)★★
6.23:30USDNatural Gas Storage

(Importance: maximum three stars ★★★)

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