Analysis for March 3rd, 2015
EUR USD, “Euro vs US Dollar”
Euro is trying to continue its descending movement, which it started last week. The price has broken the 4/8 level, and if later bears are able to stay below the 3/8 level, the market may continue falling towards the 1/8 one.
As we can see at the H1 chart, after breaking the 0/8 level, the pair is trying to stay inside “oversold zone”. During a local correction last Friday, I opened an additional sell order. In the future, the price may break the -2/8 level. In this case, the lines at the chart will be redrawn.
USD CAD, “US Dollar vs Canadian Dollar”
Canadian Dollar has rebounded from the 6/8 level several times, which means that the market may start another ascending movement. Super Trends have formed “bullish cross”, thus confirming that the pair is expected to start growing.
At the H1 chart, the price is moving in the middle. If the pair is able to stay above the 5/8 level during the day, it may continue growing towards the 8/8 one or even higher.
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Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
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Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.