GBP/USD:

• The GBP/USD pair remains in a downtrend, but the decline is slow and choppy.
• The recent attempt to break above the 1.2627 mark failed, indicating possible selling pressure.
• A descending corridor on the chart suggests a potential for further decline.
• However, the correlation with the EUR/USD is currently weak, making it difficult to predict GBP’s movement based on the Euro’s performance.
• Overall: Bearish bias, but currently in a holding pattern.
• Factors to Consider: Correlation with EUR/USD, weak economic data in Germany and the EU.

Key Levels

• Resistance: 1.2627
• Support: 1.2500, 1.2039 (target for the downtrend)

EUR/USD:

• The EUR/USD is expected to be under pressure due to potentially weak Eurozone inflation data.
• The pair is currently trading within a defined price range.
• A break below 1.0780 could indicate further downside potential.
• Bulls need to overcome 1.0890 for a potential trend reversal.
• Overall: Bearish bias, but near-term direction unclear.
• Factors to Consider: Eurozone inflation data (expected to fall), ECB policy meeting (March 18th), Fed rate expectations (three cuts priced in for 2024).

Key Levels

• Resistance: 1.0890, 1.0948
• Support: 1.0780, 1.0760

USD/CAD:

• The USD/CAD is hovering near support at 1.3569.
• Canada’s GDP data is expected to be positive, which could support the Canadian dollar.
• A break below 1.3533 could signal further weakness in the USD/CAD.
• Overall: Neutral, with potential upside if Canada’s GDP meets expectations.
• Factors to Consider: Canada’s GDP data (expected to expand by 0.8%), BoC policy meeting (March 6th), Fed rate expectations (three cuts priced in for 2024).

Key Levels

• Resistance: 1.3615, 1.3651
• Support: 1.3569, 1.3533

AUD/USD:

• The AUD/USD is facing resistance at 0.6526.
• Weak retail sales data from Australia is putting pressure on the AUD.
• The RBA is expected to maintain rates, limiting downside potential for the AUD.
• Overall: Neutral, with slight downside pressure.
• Factors to Consider: RBA policy meeting (March 18th), Canada’s GDP data (expected to expand by 0.8%).

Key Levels

• Resistance: 0.6526, 0.6599
• Support: 0.6487, 0.6453

Gold (XAU/USD):

• Gold is facing resistance at a daily cloud and a weekly short-term trend.
• A breakout below 2,024 – 2,015 could indicate further weakness.
• Bulls need to break above 2,032 – 2,038 to regain control.
• Overall: Neutral, with potential downside if bulls fail to break above resistance.

Key Levels

• Resistance: 2,032 – 2,038, weekly short-term trend (2,031)
• Support: 2,024 – 2,015, monthly short-term trend, weekly medium-term trend (1,977)

Bitcoin (BTC):

• Bitcoin is in a strong uptrend, nearing its all-time high.
• Technical indicators are overwhelmingly bullish.
• The sentiment is also bullish, with expectations of a Federal Reserve rate cut and the Bitcoin halving event.
• Overall: Strong bullish momentum, nearing all-time high.
• Factors to Consider: Bitcoin ETF hype, Bitcoin halving (54 days away), Fed rate cut expectations, market sentiment.

Key Levels

• Resistance: $64,000 (next target for bulls), all-time high ($69,000)
• Support: $50,000 (strong support level)

Ethereum (ETH):

• Ethereum is also on an uptrend, approaching its historical highs.
• Technical indicators and sentiment are bullish for Ethereum.
• The question of whether Ethereum can overtake Bitcoin in market capitalization (the flippening) remains unanswered.

Key Levels

• Resistance: Next target for bulls (unspecified), historical highs ($3,600)
• Support: around $3,300