29 Feb, 2024
5 minutes
Daily Technical Analysis February 29th 2024
1. EUR/USD Analysis:
News Summary:
The ECB's Governing Council said that while it would be premature to cut interest rates in March, it would not be inappropriate to start discussing monetary policy easing at next week's meeting. The euro zone economy stagnated last quarter and growth faces downside risks. The core inflation has fallen, and there are signs wage growth is now slowing as well. Therefore, the overall economic environment is not inconsistent with discussion of interest rate cuts.
Trend Analysis:
We can see EUR/USD fell and rebounded and ran near the 48 hours moving average on H4 chart, while the MACD double line and histogram bar converged near the zero axis. The buy stop could be used, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [1.0700]
Key Resistance Levels: [1.0930]
Pivot Points [1.0800]
2. Gold Analysis:
News Summary:
The dollar index remained weak, hovering near a three-week low, making gold more attractive to overseas buyers. A slight pickup in inflation data will put pressure on the gold market, but central bank buying has provided good support for gold at the $2,000 level. FED officials are unlikely to change their stance until more data is released, and gold could climb higher in the fourth quarter when rate cuts are put into action.
Trend Analysis:
We can see gold rebounded after gaining support and ran above the 48 hours moving average on H4 chart. In addition, the MACD double line and the energy column gradually converged above the zero axis. The buy limit can be placed, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [2020]
Key Resistance Levels: [2050]
Pivot Points [2027]