Weekly Forecast (March 13 – 17, 2023)
Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level 1,0691, which will be followed by moving up to resistance level 1,0804.
Downtrend scenario
The downtrend may be expected to continue, while market is trading below resistance level 1,0691, which will be followed by reaching support level 1,0532.
Monthly Forecast, February – March 2023
Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level 1.0926, which will be followed by moving up to resistance level 1.0926 and 1,1032.
Downtrend scenario
The downtrend may be expected to continue, while market is trading below resistance level 1.0804, which will be followed by reaching support level 1,0481 and if it keeps on moving down below that level, we may expect the market to reach support level 1,0222.
All information provided by Anton Kolhanov is for informational purposes only. Information provided is not meant as investment advice nor is it a recommendation to buy or sell any trading instrument. Anton Kolhanov is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained. You should do your own thorough research before making any investment decisions and seek advice from an independent financial advisor.
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EUR/USD: The path of least resistance is to the downside near 1.0300
The EUR/USD pair weakens to near 1.0315 during the early European session on Monday. The expectation that the European Central Bank will further cut the interest rate this year undermines the Euro against the Greenback.
GBP/USD holds steady above 1.2400; upside potential seems limited amid bullish USD
The GBP/USD pair struggles to capitalize on Friday's modest recovery gains and oscillates in a range, above the 1.2400 mark at the start of a new week. Spot prices, meanwhile, remain close to the lowest level since April 2024 touched last week and seem vulnerable to prolonging over a three-month-old downtrend on the back of a bullish US Dollar.
Gold price moves away from multi-week high on hawkish Fed expectations
Gold price turned lower for the second straight day on Monday, though the downside seems limited. The Fed’s hawkish signal remains supportive of elevated US bond yields and exerts some pressure. Geopolitical risks and trade war fears might continue to offer support to the safe-haven XAU/USD.
Bitcoin, Ethereum and Ripple show signs of bullish momentum
Bitcoin’s price is approaching its key psychological level of $100,000; a firm close above would signal the continuation of the ongoing rally. Ethereum price closes above its upper consolidation level of $3,522, suggesting bullish momentum. While Ripple price trades within a symmetrical triangle on Monday.
Week ahead – US NFP to test the markets, Eurozone CPI data also in focus
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