The US dollar might see some strength due to mixed economic data and potential stability in US inflation. Major currencies and cryptocurrencies like EUR, GBP, and JPY remain under pressure.
EUR/USD
- Bearish trend likely to continue with potential decline below 1.0462
- Upward correction possible in the near term if US data comes out weak.
- Buy signals around 1.0866 with targets at 1.0898
- Sell signals around 1.0852 with targets at 1.0831
GBP/USD
- Downward trend expected with targets below 1.2039
- Potential increase up to 1.3140.
- Buy signals around 1.2671 with targets at 1.2710
- Sell signals below 1.2652 with targets at 1.2622
USD/JPY
- Mixed outlook due to conflicting inflation data and BoJ policy shift
- The Japanese yen continues to trade in a quiet range.
- Bank of Japan core inflation eased to 2.3% in February, but remains above target.
- The BoJ is considering raising interest rates to combat inflation.
- Support at 151.13, resistance at 151.64 and 151.86
- Verbal interventions by Japanese officials may not be enough to strengthen the yen
NZD/USD
- New Zealand’s economy is slowing down.
- The Reserve Bank of New Zealand may keep interest rates high to control inflation.
- This could put downward pressure on the New Zealand dollar (NZD).
- Bearish outlook, possible decline towards 0.5850/0.5910.
USD/CHF
- The Swiss franc (CHF) weakened after the Swiss National Bank (SNB) lowered interest rates.
- The SNB is expected to continue cutting.
- Bearish outlook, possible decline against USD and EUR due to SNB rate cuts.
- Targets for USD/CHF at 0.91 and 0.92.
AUD/USD
- Neutral outlook, possible rangebound trading with support at 0.6420 and resistance at 0.6598.
- Australian CPI data release on Wednesday could impact direction.
- Market expects RBA to maintain rates at 4.35%.
Gold
- Short-term bearish outlook, possible decline below $2,200 with support at $2,170 and $2,115.
- A break below the uptrend channel could lead to a larger decline.
Cryptocurrencies:
- BTC: Short-term bearish outlook, possible decline towards $60,984.19.
- XRP: Short-term bearish outlook, possible decline towards $0.563.
- ETH: Short-term bearish outlook, possible decline towards $3,054.42.
Key Events to Watch:
- US Consumer Confidence Index (today)
- Australian CPI data (tomorrow)
The market sentiment is cautious with a slight bearish bias. The direction of major currencies will likely depend on US data and central bank policies. Cryptocurrencies are also facing headwinds. Keep an eye on central bank pronouncements and economic data releases for further direction
Categories: Market News