
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
Don’t waste your time – keep track of how NFP affects the US dollar!
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The market sentiment is mixed, but there are still interesting movements on the market.
EUR/USD is headed up after a huge slump. The move above the 38.2% Fibonacci retracement level of 1.1765 will push the price to the 200-period moving average of 1.1790, which coincides with the 50 moving average on the daily chart. On the flip side, the move below the 100-period moving average of 1.1730 will push the euro lower to the 23.6% Fibo level of 1.1705. Keep an eye on EU news as there will be today the EU summit meeting and a speech of ECB’s President Lagarde.
XAU/USD has been trading in an ascending channel since late September. Now gold is touching its bottom, that’s why we may expect the price to reverse from it and move upwards. If it closes above $1 900, the way towards the resistance of $1 920 will be open. Support levels are $1 890 and $1 875.
The stock index is sharply falling. It has just crossed the support of $3 470, clearing the way towards $3 445. The move below this level will open doors to the key psychological mark of $3 400, which S&P 500 has failed to break a few times in September. Resistance levels are $3 500 and $3 520.
The British pound is trading sideways around 1.3000. If it bounces off it, it may jump to the 50.0% Fibonacci level, where the pair may meet the strong resistance. On the flip side, the move below the area of 1.2980-1.3000 will push the price to the 100-period moving average of 1.2900.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
The European Central Bank publishes its monetary policy statement that includes an announcement of the interest rate on March 11, at 14:45 MT time.
Fed Chair Jerome Powell will testify today at 19:05 MT time. This event is crucial for traders as the tone of the speech may set the risk tone for the markets for the next two weeks.
Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
The European Central Bank publishes its monetary policy statement that includes an announcement of the interest rate on March 11, at 14:45 MT time.
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