Analysis for March 4th, 2014
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is still moving close to the 6/8 level. If price rebounds from it, pair will start new ascending movement. I’ll increase my long position as soon as pair breaks Super Trends upwards.
At H1 chart, price rebounded from the -1/8 level and left “oversold zone”. Considering that Super Trends are still influenced by “bearish cross”, I’m trading very carefully. The first target for bulls is at the 5/8 level: if they break it, price will continue moving upwards.
CAD CHF, “Canadian Dollar vs Swiss Franc”
Pair is still being corrected; bears are supported by H4 Super Trend. Price is already moving below the 3/8 level, so the next target for bears is at the 0/8 one.
Pair is moving in the middle of H1 chart. If later price is able to stay below the 4/8 level, I’ll increase my long position. Later, after reaching the 0/8 level, pair may start new correction.
XAG USD, “Silver vs US Dollar”
Silver is still being corrected, that’s why I’m staying out of the market. I’ve got only a pending by order, placed near local maximum. Probably, pair may test the 6/8 level. If price rebounds from it, bulls will return to the market.
At H1 chart, price rebounded from the 7/8 level. “Bullish cross”, formed by Super Trends, was broken by bears. Possibly, current correction may be stopped by the 4/8 level and price rebounds from it.
Before you enter foreign exchange and stock markets, you have to remember that trading currencies and other investment products is trading in nature and always involves a considerable risk. As a result of various financial fluctuations, you may not only significantly increase your capital, but also lose it completely. Therefore, our clients have to assure RoboForex that they understand all the possible consequences of such risks, they know all the specifics, rules and regulations governing the use of investment products, including corporate events, resulting in the change of underlying assets. Client understands that there are special risks and features that affect prices, exchange rates and investment products.
Recommended Content
Editors’ Picks
AUD/USD regains the constructive outlook above the 200-day SMA
AUD/USD advanced strongly for the second session in a row, this time extending the recovery to the upper 0.6500s and shifting its focus to the weekly highs in the 0.6580-0.6585 band, an area coincident with the 100-day SMA.
EUR/USD keeps the bullish performance above 1.0700
The continuation of the sell-off in the Greenback in the wake of the FOMC gathering helped EUR/USD extend its bounce off Wednesday’s lows near 1.0650, advancing past the 1.0700 hurdle ahead of the crucial release of US NFP on Friday.
Gold stuck around $2,300 as market players lack directional conviction
Gold extended its daily slide and dropped below $2,290 in the second half of the day on Thursday. The benchmark 10-year US Treasury bond yield erased its daily losses after US data, causing XAU/USD to stretch lower ahead of Friday's US jobs data.
Bitcoin price rises 5% as BlackRock anticipates a new wave of capital inflows into BTC ETFs from investors
Bitcoin (BTC) price slid to the depths of $56,552 on Wednesday as the cryptocurrency market tried to front run the Federal Open Market Committee (FOMC) meeting. The flash crash saw millions in positions get liquidated.
FOMC in the rear-view mirror – NFP eyed
The update from May’s FOMC rate announcement proved more dovish than expected, which naturally weighed on the US dollar (sending the DXY to lows of 105.44) and US yields, as well as, initially at least, underpinning major US equity indices.