Technical Analysis (XAUUSD)

The Forex trading technical analysis indicates the price of gold (05th of March) was around 1697.5 USD/Ounce early today. Under 1-hour-chart technical analysis, it rebounded slightly after reaching the bottom as predicted yesterday (4th), then it pulled back again. The candlestick is currently forming a bearish pattern. The Bollinger Bands continue facing downwards, so it is likely to continue falling.

Currently, the short-swing upper resistance level lies between 1708.0~1710.0. The current support level lies between 1680.0~1682.0. Investors who wish to sell short could consider selling between 1700.0~1702.0 in the short-term and setting the stop loss above 1705.0.

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

Technical Analysis (EURUSD):

The price of EUR/USD (05th of March) was around 1.19743 early today. Under 1-hour-chart technical analysis, the candlestick continued falling sharply as predicted yesterday (4th), it is currently lying between the middle and lower Bollinger Bands. The bands continue facing downwards and expanding, so it is likely to decline again.

Currently, the short-swing upper resistance level lies between 1.20000~1.20100. The current support level lies between 1.19200~1.19300. Investors who wish to sell short could consider selling between 1.19600~1.19700 in the short-term and setting the stop loss above 1.19850.

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

Technical Analysis (GBPUSD):

The price of GBP/USD (05th of March) was around 1.38949 early today. Under 1-hour-chart technical analysis, the candlestick declined again after rebounding to the resistance level as predicted yesterday (4th), it is currently forming a bearish pattern, so it is likely to drop again.

Currently, the short-swing upper resistance level lies between 1.39100~1.39200. The current support level lies between 1.38300~1.38400. Investors who wish to sell short could consider selling between 1.38800~1.38900 in the short-term and setting the stop loss above 1.39000.

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

Technical Analysis (AUDUSD):

The price of AUD/USD (05th of March) was around 0.77198 early today. Under 1-hour-chart technical analysis, it rebounded again as predicted yesterday (4th), then it dropped sharply after reaching the resistance level. The candlestick is currently lying between the middle and lower Bollinger Bands. The bands continue facing downwards, so it is likely to decline again.

Currently, the short-swing upper resistance level lies between 0.77600~0.77700. The current support level lies between 0.76500~0.76600. Investors who wish to sell short could consider selling between 0.77050~0.77150 in the short-term and setting the stop loss above 0.77250.

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

Technical Analysis (USOUSD):

The price of USO/USD (05th of March) was around 64.12 this morning. Under 1-hour-chart technical analysis, the candlestick skyrocketed after pulling back to the bottom as predicted yesterday (4th), it also broke out the swing high. The candlestick is currently lying between the middle and upper Bollinger Bands. The bands are facing upwards, so it is likely to rebound again after a pullback.

Currently, the short-swing upper resistance level lies between 64.90~65.00. The current support level lies between 62.70~62.80. Investors who wish to go long could consider buying between 63.20~63.40 in the short-term and setting the stop loss below 63.00.

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

Technical Analysis (Nas100):

The NASDAQ (05th of March) was around 12439.9 this morning. Under 1-hour-chart technical analysis, the candlestick dropped sharply again after rebounding to the resistance level as predicted yesterday (4th), it is currently lying between the middle and lower Bollinger Bands. The bands are facing downwards and expanding, so it is likely to continue pulling back.

Currently, the short-swing upper resistance level lies between 12540.0~12560.0. The current support level lies between 12230.0~12250.0. Investors who wish to sell short could consider selling between 12460.0~12480.0 in the short-term and setting the stop loss above 12520.0.

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

Economic Calendar (5th of March)

(Source: uk.investing.com)

 TimeCurrencyDataImportance
1.08:45EURFrench Current Account (Jan)
2.09:30GBPHalifax House Price Index (MoM) (Feb)★★
3.14:30USDUnemployment Rate (Feb)★★★
4.14:30USDNonfarm Payrolls (Feb)★★★
5.14:30USDTrade Balance (Jan)★★

(Importance: maximum three stars ★★★)

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