It’s mixed bag for currencies as key data disappoints. The US Dollar is experiencing weakness, impacting several currency pairs. Inflation data and central bank decisions will be key factors in the coming days. Bitcoin and Ethereum is experiencing a strong rally, driven by various positive factors.



  • 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)



  • 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



  • 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



  • 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

The markets are cautiously optimistic, with many currencies and assets experiencing neutral movement. However, there are underlying bullish and bearish factors at play, and the direction of the markets could change quickly depending on upcoming data releases and events.

Categories: Market News

Leave a Reply