Last month I ventured that a suitable target for a possible Bear Flag would be 0.7250 & promptly on the last day before I was due to write my report for this past month we got there! There is some further support at 0.7239 & 0.7216 but the real stuff doesn't come in until the Middle Tine of the Jan - Feb Schiff Pitchfork that has been the driver of this market & that's currently at 0.7201! Below that nothing major until 0.7111 & the Dec 2007 low at 0.7087! Topside we have the Upper Tine of the previously mentioned SP but also the Lower Tine of the longer term 2012 - 2013 SP move! Interestingly these are coincident with each other next Tuedsay the 3rd of Mar so watch out for possible volatile or changing markets! Overall, all MAs point downwards so the bullet point stays the same! Be cautious - a lot of TAs are seeing some potential major changes during Mar!
Recommended Content
Editors’ Picks
AUD/USD holds positive ground above 0.6500 on weaker US Dollar
The AUD/USD pair extends recovery around 0.6525 during the early Asian session on Thursday. The Federal Reserve held its interest rates steady at 5.25–5.50% at its meeting on Wednesday, citing a “lack of further progress” in getting inflation back down to its 2% target.
EUR/USD jitters post-Fed with NFP Friday over the horizon
EUR/USD cycled familiar territory on Wednesday after the US Federal Reserve held rates as many investors had expected. However, market participants were hoping for further signs of impending rate cuts from the US central bank.
Gold prices skyrocketed as Powell’s words boosted the yellow metal
Gold prices rallied sharply above the $2,300 milestone on Wednesday after the Federal Reserve kept rates unchanged while announcing that it would diminish the pace of the balance sheet reduction.
Solana price dumps 21% on week as round three of FTX estate sale of SOL commences
Solana price is down almost 5% in the past 24 hours and over 20% in the last seven days. The dump comes as the broader crypto market contracts with Bitcoin price leading the pack as it slides below the $58,000 threshold to test the Bull Market Support Band Indicator.
The FOMC whipsaw and more Yen intervention in focus
Market participants clung to every word uttered by Chair Powell as risk assets whipped around in a frenetic fashion during the afternoon US trading session.