In this Analysis, we will delve into the Daily (D) timeframe to gain a comprehensive view of the current state of XAUUSD, USOIL, GBPUSD, EURUSD and BTCUSD for Today, 21st February, 2024.
Additionally, we will briefly touch on a fundamental factor influencing its price.
GBPUSD TECHNICAL ANALYSIS: 21st FEBRUARY, 2024
PRICE ACTION:
Scenario 1 (Short): Observationally, one might note a trend where short positions are initiated below 1.25990.
Scenario 2 (Long): From an optimistic viewpoint, it could be noted that long positions may typically start above Trendline Resistance.
Quick Fundamental:
During the European trading session on Tuesday, GBPUSD rose above 1.2650 but later gave back some of its gains. The currency pair was last observed fluctuating within a narrow range, trading near 1.2620.
GBPUSD DAILY CHART:
XAUUSD TECHNICAL ANALYSIS: 21st FEBRUARY, 2024
PRICE ACTION:
Scenario 1 (Short): It could be observed that there might be potential for short positions if the pivot level falls below $2010.428.
Scenario 2 (Long): In a contrasting view, there might be potential for long positions if the level rises above $2051.62, which could interest those with an optimistic outlook.
Quick Fundamental:
Gold took advantage of declining yields and pushed higher on Tuesday. As we reach mid-week, XAUUSD maintains its position, trading slightly higher for the day at approximately $2030.
XAUUSD DAILY CHART:
EURUSD TECHNICAL ANALYSIS: 21st FEBRUARY , 2024
PRICE ACTION:
Scenario 1 (Short): There’s a scenario where some traders might think about
short positions if the value goes below 1.07244.
Scenario 2 (Long): In a different view, particularly for those more optimistic,
The idea of considering long positions could come into play if the value stays above the trendline resistance.
Quick Fundamental:
EURUSD gained from the weakness in the USD and moved above the 1.0800 mark on Tuesday. It remains stable above this level during the early hours of Wednesday in Europe.
EURUSD DAILY CHART:
USOIL(WTI) TECHNICAL ANALYSIS: FEBRUARY 21st, 2024
PRICE ACTION:
In Scenario 1, there’s a tendency for short positions
when the price falls below $76.02.
In Scenario 2, it’s often observed that long positions are considered
when the price exceeds $78.65, especially among optimists.
Quick Fundamental:
Western Texas Intermediate (WTI), the benchmark for US crude oil, hovered around $77.10 on Wednesday. WTI prices have seen a slight decline as investors capitalize on the recent increase in crude oil prices. Nevertheless, growing geopolitical tensions in the Middle East are likely to limit the fall in WTI prices.
The International Energy Agency (IEA) recently updated its forecast for oil demand growth in 2024, predicting a slower increase. The agency now anticipates a rise in global oil demand of 1.22 million barrels per day (bpd) for the year, which falls short of OPEC’s projection of 2.25 million bpd. This adjustment, coupled with concerns over global demand, is exerting downward pressure on WTI prices.
USOIL DAILY CHART:
BTCUSD (BITCOIN) TECHNICAL ANALYSIS: FEBRUARY 21st, 2024
PRICE ACTION:
Scenario 1 (Short): If one were looking at potential market movements, a scenario might involve contemplating short positions if the value were to drop below $50,380.55 and break below Trendline Support.
Scenario 2 (Long): In a situation where market optimism prevails, one hypothetical approach could be to consider long positions if the value stays above $50,380.55
Quick Fundamental:
Bitcoin’s current value is 23% below its peak of $69,000. Despite a 242% increase in Bitcoin’s value over the past 15 months, there appears to be a noticeable lack of participation from retail investors. Caution is advised for investors if Bitcoin struggles to surpass the $52,000 to $53,000 resistance zone. The path Bitcoin has taken is remarkably surprising, with milestones such as ETF approvals and a shift towards crypto regulation by various countries. However, the retail enthusiasm that fueled previous surges is missing this time around, as indicated by low search interest on Google Trends.
Source : forexfactory.com | babypips.com | fxstreet.com
Source: Fxstreet.com | Tradingview.com
