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Since the pair touches the upper line of Bollinger Bands, we can assume that it should fall till it reaches the 50-period moving average of 1.2140. The move below this level will drive the euro lower to the next support of 1.2100. Resistance levels are 1.2180 and 1.2220.
The British pound dropped below the key support of 1.3700, but the 50-hour moving average constrained the further falling. It’s more likely to reverse up as it could be just a natural selling after the breakout above 1.3700. If it rises above 1.3740, the way up to 1.3750 will be open.
XAU/USD is trying to break down the support of $1 860 but has failed to do it so far. If it manages to do so, it will plunge to the 50-period moving average of $1 850. On the flip side, the move above yesterday’s high of $1 875 will push the pair up to $1 885.
The aussie may turn to the upside now as it touches the 50- and 100-period moving averages at 0.7730. The move above yesterday’s high of 0.7780 will drive the pair up to 0.7800. Support levels are 0.7730 and 0.7690.
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.
Non-farm payrolls, the most awaited economic report, will be out on March 5 at 15:30 MT time.
Australian GDP rose by 3.1%, exceeding analysts’ forecasts of 2.5%. The Australian dollar climbed after the release, but then joined its peers in falling against the USD.
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.
Non-farm payrolls, the most awaited economic report, will be out on March 5 at 15:30 MT time.
BoA has tracked signs of the upcoming stock market sell-off. While more expensive and at-risk stocks are set to fall, value stocks should survive.
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