
The Reserve Bank of Australia will make a rate statement on March 2, at 5:30 MT time.
The US dollar has been dipping for the seventh day in a row, while the euro and the pound edged higher.
EUR/USD has approached the resistance of 1.1890, which it has failed to cross several times. Therefore, we can expect the pullback from it, but it shouldn’t be lower than Wednesday’s low of 1.1855. If it manages to break it, the way to the 50-period moving average of 1.1830 will be clear.
The British pound behaves as the euro’s twin. It has approached the key resistance of 1.3300, which it’s likely to fail to cross. The move below the 50-period moving average of 1.3220 will drive the pair lower to the next support of 1.3165.
XAU/USD has bounced off the support of $1 860. The long tails of the candlesticks below its bodies and higher highs mean that the momentum is bullish. So, we can assume the price can rise until it reaches the resistance of $1 882. If it manages to break it, it may jump to $1 900. Support levels are $1 860 and $1 850.
The Australian dollar is edging higher. Since it bounces off the 61.8% Fibonacci level of 0.7260, the doors towards the next 78.6% Fibo level of 0.7325 are open now. The move above it will drive the aussie to the psychological mark of 0.7400. Support levels are 0.7260 and 0.7225.
Follow Canada’s core retail sales at 15:30 MT time!
The Reserve Bank of Australia will make a rate statement on March 2, at 5:30 MT time.
Non-farm payrolls, the most awaited economic report, will be out on March 5 at 15:30 MT time.
Stock indices S&P 500 and Nasdaq are falling for seven days in a row. The New Zealand dollar skyrocketed to almost two-years highs. Fed’s Powell held a meeting yesterday and said that the central bank wouldn’t tight its easing policy anytime soon.
The giant chip maker exceeded analysts’ expectations. Even with a global GPU shortage!
OPEC will hold a meeting on March 4, where it should announce its decision on further oil output.
The risk-on is back on the market as investors focus on the projections for a stronger-than-expected economic rebound and the Fed’s pledge to prolong support for the rest of the year.
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