04 Mar, 2024
5 minutes
Daily Technical Analysis March 4th 2024
1. EUR/USD Analysis:
News Summary:
As inflation falls across the board towards the European Central Bank's 2% target, at a time when energy prices are falling and the European economy is stagnating, Morgan Stanley points out that the ECB is accelerating and deepening its interest rate reduction cycle to make up for the huge output gap in the euro zone, which will cause the euro to depreciate. This view goes against consensus expectations that EURUSD will move higher in 2024 and 2025.
Trend Analysis:
We can see EUR/USD H4 fell and rebounded, and then reached above the 48 hours moving average. The MACD double line and the energy column formed a golden cross near the zero axis. The buy limit could be employed, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [1.0740]
Key Resistance Levels: [1.0920]
Pivot Points [1.0800]
2. Gold Analysis:
News Summary:
Gold price approached the $2,100 mark, setting a new closing record at $2,083, the highest level since late December last year and rising for a second consecutive week as markets braced for an upcoming week filled with significant macroeconomic risks. The rally began last Thursday with a break above initial resistance at $2,050, owing to the Fed's preferred inflation measure (PCE) showing modest gains in consumer prices.
Trend Analysis:
We can see gold has risen strongly and is far away from the 48 hours moving average on H4 chart. In addition, the MACD double line and the energy column have expanded above the zero axis. The buy limit could be placed, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [2060]
Key Resistance Levels: [2120]
Pivot Points [2070]