2023-02-28 • Updated
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.
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, 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
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
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
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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