Forex Top Team

EUR/USD (Euro/US Dollar) – Strong Sell – Technical Analysis (15-minute chart) March 8, 2024


EUR/USD pair is showing subtle movements near 1.0950. Market participants are awaiting the release of the US February labor market report, which could significantly influence the currency pair’s direction. A slowdown in non-farm payrolls, unchanged unemployment rate, and a slowdown in the growth rate of average hourly earnings are anticipated. Additionally, macroeconomic statistics from the EU will be evaluated, with Germany’s producer price index showing slight increases and industrial production showing signs of recovery.

GBP/USD (British Pound/US Dollar) – Buy The GBP/USD pair is trading with little movement near the 1.2800 resistance level, showing noticeable gains throughout the week. This is attributed to the decline in the US dollar following remarks from the FRB chairman in Congress. The FRB maintains a cautious approach towards transitioning to monetary easing until a slowdown in price inflation is confirmed. UK budget reports and construction PMI are also providing some support for the pound.

AUD/USD (Australian Dollar/US Dollar) – Buy The AUD/USD pair is testing a breakout at 0.6630, showing significant upward momentum. Support for the Australian dollar continues from remarks by the FRB chairman and positive statistics from China. While Australia’s trade balance has improved due to increased exports, it fell short of expectations.

USD/JPY (US Dollar/Japanese Yen) – Sell The USD/JPY pair is testing a breakdown at 147.80, showing uncertain downward movement. Factors such as remarks from the FRB chairman in Congress and a decrease in household spending in Japan are putting some pressure on the yen. However, there are also expectations regarding changes in Japan’s monetary policy direction.

XAU/USD (Gold/US Dollar) – Buy The XAU/USD pair is showing a ranging trend near 1.2160 after reaching new highs. Gold is supported by uncertainty surrounding the Federal Reserve’s interest rate policy and increasing geopolitical risks. Today, updated data on GDP and employment levels in the Eurozone, as well as labor market reports from the US and Canada, will be released.

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