US Dollar Outlook Ahead of March NFP
As we await the publication of the Nonfarm payrolls on the 10rd of March, the technical side of things does not seem to favor the US Dollar. Let's see how the Dollar looks up from the technical side of things.
US Dollar
On the Daily timeframe, the US Dollar can be seen approaching a rally-base-drop supply zone. The 88% of the Fibonacci retracement and the 100-Day moving average serve as additional confluences for the bearish sentiment. Should this be the case, we can expect bullish price action from the XXX-USD pairs.
EURUSD
EURUSD, on the Daily timeframe, is approaching a drop-base-rally demand zone from the previous break above the marked high. The demand zone falls within 88% of the Fibonacci retracement, and we can also see trendline support just within reach of the current price action. On this note, my sentiment here is bullish.
Analysts’ Expectations:
Direction: Bullish
Target: 1.07230
Invalidation: 1.04550
GBPUSD
Similar to the price action on EURUSD, GBPUSD is also approaching a demand zone, where is also trendline support. In this case, however, the added confluence of the 100 and 200-day moving averages exists.
Analysts’ Expectations:
Direction: Bullish
Target: 1.2300
Invalidation: 1.1800
XAUUSD
Gold has presented us with a similar scenario as we have already discussed. Similar confluences and sentiments as well.
Analysts’ Expectations:
Direction: Bullish
Target: $1910
Invalidation: $1787
CONCLUSION
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