Previous Trading Day’s Events (11.03.2024)
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Winners vs Losers
The week just started with pairs showing moderate volatility. The USD recovered a bit after a heavy fall last week. The USDJPY is leading with 0.53% gains this week as the JPY loses strength. Silver remains the top gainer for the month with 7.97% performance.
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News Reports Monitor – Previous Trading Day (11 Mar 2024)
Server Time / Timezone EEST (UTC+02:00)
- Midnight – Night Session (Asian)
No important announcements, no special scheduled releases.
Japan’s Final GDP report shows that it managed to avert technical recession as revised fourth-quarter data shows that the economy grew 0.4%.
- Morning–Day Session (European and N. American Session)
No important announcements, no special scheduled releases.
General Verdict:
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FOREX MARKETS MONITOR
EURUSD (11.03.2024) 15m Chart Summary
Server Time / Timezone EEST (UTC+02:00)
Price Movement
The EURUSD moved sideways with moderate volatility before the start of the European session but later dropped as the USD gained strength. With USD appreciation the pair rapidly fell to the support near 1.09140 before retracing to the 61.8 Fibo. This signals the end of the strong USD depreciation last week which caused a downward trend for the dollar index. After the strong U.S. labour data, a change in expectations for the Fed’s interest rate decisions took place. Delays are possible with the probability of no-change during the upcoming meeting in June 2024, getting higher.
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CRYPTO MARKETS MONITOR
BTCUSD (Bitcoin) Chart Summary
Server Time / Timezone EEST (UTC+02:00)
Price Movement
Bitcoin continues with the uptrend. It broke the 70K resistance aggressively yesterday and jumped further breaking all-time highs reaching near 73K USD. Intraday retracement followed and the question is, is there a stop to this hype? Bitcoin has been boosted by a flood of cash into new spot bitcoin exchange-traded funds and hopes that the Federal Reserve will soon cut interest rates.
Flows of capital into the 10 largest U.S. spot bitcoin exchange-traded funds slowed to a two-week low in the week to March 8th but still reached almost 2 billion USD, LSEG data showed.
Supply of bitcoin, which is limited to 21 million tokens, is set to get tighter in April when the so-called “halving” event takes place and this event tends to support the price.
The Financial Conduct Authority (FCA) became the latest regulator to pave the way for digital asset trading products after saying on Monday it will now permit recognized investment exchanges to launch crypto-backed exchange-traded notes. The UK regulator said these products would be only available for professional investors such as investment firms and credit institutions authorised to operate in financial markets.
Source:
https://www.reuters.com/technology/bitcoin-hits-new-record-high-above-70400-2024-03-11/
Crypto sorted by Highest Market Cap:
Crypto for the last 24 hours show amazing gains as the market continues to perform really well with demand growing every day. Ton coin is the top performer in the list above, for the last 24 hours with over 30% gains.
Source: https://www.investing.com/crypto/currencies
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EQUITY MARKETS MONITOR
NAS100 (NDX) 4-Day Chart Summary
Server Time / Timezone EEST (UTC+02:00)
Price Movement
On the 7th of March, the market moved to the upside as future borrowing costs could lower significantly. As predicted in our previous analysis, the index moved higher before the NFP report release on the 8th of March and soon later after the exchange opening (after 16:30) it fell rapidly and heavily to the support near 17,980 USD. On the 11th of March, the USD actually showed strength and indices fell further downwards with NAS100 reaching the support at 17,890 USD before retracing to the 30-period MA and back to the 18,000 USD level.
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COMMODITIES MARKETS MONITOR
USOIL (WTI) 4-Day Chart Summary
Server Time / Timezone EEST (UTC+02:00)
Price Movement
Demand from China looks to be lagging causing the dive, however, supplies have remained on the tighter side given OPEC’s production cuts and Russian sanctions slowing exports causing price resilience excluding the probabilities of sharp drops, keeping prices in balance. Crude oil retraced yesterday confirming our prediction as per the analysis on Trading view:
https://www.tradingview.com/chart/USOIL/QMjsyorN-USOIL-Retracement-11-03-2024/
Currently, the price returned to the MA and is kept in balance and settled at near 78 USD/b.
XAUUSD (Gold) 4-Day Chart Summary
Server Time / Timezone EEST (UTC+02:00)
Price Movement
On the 6th of March, support remained strong and the dollar depreciation pushed Gold to higher and higher levels reaching over 2,150 USD/oz. On the 7th of March, the RSI continued with lower highs but the USD weakening kept Gold stable and leaning more to the upside instead. On the 8th of March, Gold climbed further aggressively upon the NFP release and after it found resistance it retraced to the 61.8 Fibo Level. Currently, a stop in the upward trend is possible as the USD gained strength. Gold today got out of the short-term consolidation phase with a breakout to the downside. With the price moving below the MA, this could be a strong signal. The U.S. Inflation report will definitely shake the markets today and have a great effect on the dollar that might be eventually have more strength thus bringing Gold down.
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News Reports Monitor – Today Trading Day (12 Mar 2024)
Server Time / Timezone EEST (UTC+02:00)
- Midnight – Night Session (Asian)
No important announcements, no special scheduled releases.
- Morning–Day Session (European and N. American Session)
The U.K.’s Claimant Count Change is expected to be reported lower as well as, average earnings with a stable unemployment rate for the U.K. This shows a clear expectation of further labour market cooling. there is a high chance of an intraday shock concerning GBP pairs during that time at 9:00.
The US Federal Reserve doesn’t meet until March 20 for its next policy decision and all eyes are now on the CPI numbers for February. The U.S. inflation report (CPI) takes place on the same day at 14:30 and the USD pairs are expected to be affected by an intraday shock regardless if there is a surprise or not.
General Verdict:
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