It looks like there’s a nice trade setup in WTI oil. The price rebounded from the 100-day MA in the 54.50 area last week.
Daily Market Analysis
NZD/USD ran into the resistance of the line connecting February highs.
The shares of HP lost more than 10% in February. It was reasonable to expect that the first week of March would bring some relief.
USD/CAD was rejected down by the resistance in the 1.3460 area. The pair is now trading below the weekly pivot point at 1.3385.
GBP/CAD made an attempt last week to rise to the 200-week MA in the 1.7750 area but then turned down and closed around 1.7460
EUR/JPY has made a spectacular decline this week because of the weaker euro.
GBP/USD is consolidating ahead of the release of the US nonfarm payrolls figures at 15:30 MT time.
The last support is located at 0.7020.
There are reasons to think that the upcoming move will be to the downside.
USD/CAD recovered last week from the 2018 support line in the 1.3150/00 area.
GBP/CHF got capped last week by the descending 200-week MA at 1.3320.
CAD/JPY failed to close last week around the high of 85.20.