Technical Analysis (XAUUSD)

The Forex trading technical analysis indicates the price of gold (08th of March) was around 1701.2 USD/Ounce early today. Under 1-hour-chart technical analysis, it rebounded after fluctuating slightly in the swing low last Friday (5th). The candlestick is currently forming a bullish candlestick. The Bollinger Bands are facing upwards, so it is likely to continue rebounding.

Currently, the short-swing upper resistance level lies between 1720.0~1723.0. The current support level lies between 1685.0~1688.0. Investors who wish to go long could consider buying between 1705.0~1707.0 in the short-term and setting the stop loss below 1701.0.

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

Technical Analysis (EURUSD):

The price of EUR/USD (08th of March) was around 1.19181 early today. Under 1-hour-chart technical analysis, the candlestick continued declining as predicted last Friday (5th). The candlestick is currently fluctuating around the middle Bollinger Band. The bands continued to face downwards, so it is likely to decline again.

Currently, the short-swing upper resistance level lies between 1.19500~1.19600. The current support level lies between 1.18900~1.19000. Investors who wish to sell short could consider selling between 1.19200~1.19300 in the short-term and setting the stop loss above 1.19450.

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

Technical Analysis (GBPUSD):

The price of GBP/USD (08th of March) was around 1.38406 early today. Under 1-hour-chart technical analysis, the candlestick declined again after rebounding to the resistance level as predicted last Friday (5th). It is currently forming a bearish pattern, so it is likely to drop again.

Currently, the short-swing upper resistance level lies between 1.38500~1.38600. The current support level lies between 1.37800~1.37900. Investors who wish to sell short could consider selling between 1.38200~1.38300 in the short-term and setting the stop loss above 1.38400.

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

Technical Analysis (AUDUSD):

The price of AUD/USD (08th of March) was around 0.76942 early today. Under 1-hour-chart technical analysis, it dropped sharply again as predicted last Friday (5th), then it rebounded from deep. The candlestick is currently fluctuation around the middle Bollinger Band. The bands continued facing downwards, so it is likely to drop again.

Currently, the short-swing upper resistance level lies between 0.77200~0.77250. The current support level lies between 0.76300~0.76350. Investors who wish to sell short could consider selling between 0.76900~0.76950 in the short-term and setting the stop loss above 0.77050.

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

Technical Analysis (USOUSD):

The price of USO/USD (08th of March) was around 66.72 this morning. Under 1-hour-chart technical analysis, it continued skyrocketing as predicted last Friday (5th), it also broke out the swing high. The candlestick is currently fluctuating in the swing high, so it is likely to pull back.

Currently, the short-swing upper resistance level lies between 68.40~68.50. The current support level lies between 65.90~66.00. Investors who wish to sell short could consider selling between 67.90~68.10 in the short-term and setting the stop loss above 68.30.

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

Technical Analysis (Nas100):

The NASDAQ (08th of March) was around 12728.6 this morning. Under 1-hour-chart technical analysis, the candlestick dropped sharply again after rebounding to the resistance level as predicted last Friday (5th). It is currently lying between the middle and lower Bollinger Bands. The bands continued facing downwards and expanding, so it is likely to continue pulling back.

Currently, the short-swing upper resistance level lies between 12700.0~12720.0. The current support level lies between 12370.0~12390.0. Investors who wish to sell short could consider selling between 12560.0~12580.0 in the short-term and setting the stop loss above 12620.0.

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

Economic Calendar (8th of March)

(Source: uk.investing.com)

 TimeCurrencyDataImportance
1.00:50JPYCurrent Account n.s.a. (Jan)★★
2.07:45CHFUnemployment Rate n.s.a. (Feb)★★
3.08:00EURGerman Industrial Production (MoM) (Jan)★★
4.10:30EURSentix Investor Confidence (Mar)
5.16:00USDWholesale Trade Sales (MoM) (Jan)

(Importance: maximum three stars ★★★)

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