2024-02-27 • Updated
In the early hours of Tuesday, the US Dollar faces challenges in maintaining its strength against major currencies, with the US Dollar Index struggling to surpass the 104.00 mark. Investors are eagerly anticipating the release of key economic data, including January Durable Goods Orders and the Conference Board's Consumer Confidence Index for February. Additionally, the economic calendar includes reports such as the Housing Price Index for December and manufacturing indexes from both the Richmond Fed and Dallas Fed for February. Despite a modest recovery in the benchmark 10-year US Treasury bond yield from Monday's losses, it remains just below 4.3%. US stock index futures are trading slightly lower following minor losses in major equity indexes on Monday. Forecasts indicate a potential 4.8% decline in Durable Goods Orders for January, following no change in December. Later in the day, Federal Reserve Vice Chair for Supervision Michael Barr is scheduled to address the risks associated with counterfeit credit in a speech.
The daily timeframe chart of EURUSD shows price retracing after breaking below the previous low and the trendline support. The current price action is approaching the supply zone at the 88% of the Fibonacci retracement. The confluence of a trendline resistance along with the supply zone and the Fibonacci level provides a strong confirmation for a likely sell entry.
Analyst’s Expectations:
Direction: Bearish
Target: 1.07516
Invalidation: 1.09355
GBPUSD is currently approaching a confluence of resistance trendlines, along with the pivot zone and the 76% of the Fibonacci retracement. Based on these confluences, I expect to see prices slide towards 1.24900.
Analyst’s Expectations:
Direction: Bearish
Target: 1.25887
Invalidation:1.28341
After breaking the trendline support on the daily timeframe, AUDUSD seems to have completed its retracement, and under bearish pressure from the supply zone and the 76% of the Fibonacci retracement. Considering the confluence of the trendline resistance, supply zone, and the Fibonacci levels, I expect to see prices push lower till the 23% of the Fibonacci retracement.
Analyst’s Expectations:
Direction: Bearish
Target: 0.64867
Invalidation: 0.66260
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
You can access more of such trade ideas and prompt market updates on the telegram channel.
During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
The Australian Dollar (AUD) rebounds on Monday, despite a slight dip in the US Dollar (USD) and higher US Treasury yields. Investors are eyeing Australian monthly Consumer Price Index (CPI) data for February and US Gross Domestic Product (GDP) for Q4 2023. The AUD gains momentum as the ASX 200 Index rises, especially in mining and energy sectors. Additionally, the Aussie...
Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.
Your request is accepted.
A manager will call you shortly.
Next callback request for this phone number
will be available in
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
Don’t waste your time – keep track of how NFP affects the US dollar and profit!
|
