British Pound Against the Yen in a Negative State: Opportunities to Short GBPJPY

Forex

Summary:

The British pound against the yen is currently in a negative state, and traders should consider shorting GBPJPY if a clean breakout occurs with a subsequent retest. However, it is important to remain cautious and monitor the market closely before making any decisions.

SELL GBPJPY

Close Time

CLOSED

163.200

Entry Price

161.500

164.500

198.651 -0.499 -0.25%

1.5

Pips

Profit

161.500

163.185

Exit Price

163.200

Entry Price

164.500

British Pound Against the Yen in a Negative State: Opportunities to Short GBPJPY_1

The British pound against the yen has been in a negative state recently, with the price reaching a strong resistance level of 164.500 and experiencing a retest of the area. Additionally, a very negative candle has formed on the daily chart with a clear downward trend. This has caused significant pressure from the sellers, leading to a potential drop in market prices to the 161.50 level in the first stage and possibly even further to level 160.0

British Pound Against the Yen in a Negative State: Opportunities to Short GBPJPY_2

In the 4-hour timeframe, a symmetrical triangle has formed, indicating that a price breakout is imminent. If the breakout is clean and a retest follows, this could present opportunities for investors to short GBPJPY.

While it may be tempting for some traders to enter the market now, it is important to exercise caution and wait for a clear indication of a price breakout before making any moves. It is also important to keep an eye on any news or events that may affect the market, such as economic indicators or political developments.

Trade recommendation

Sell GBPJPY

Entry price: 163.200

Stoploss: 164.5

Take profit: 161.5

Exp: 21 March

Risk Warnings and Disclaimers

You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.

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King Ten

Commodity

Summary:

Without supportive data, gold may just surge higher shortly under the Fed's mouthpiece.

SELL XAUUSD

Close Time

CLOSED

1845.40

Entry Price

1820.00

1865.00

2691.80 +33.11 +1.25%

15.1

Pips

Profit

1820.00

1843.89

Exit Price

1845.40

Entry Price

1865.00

Fundamentals

Spot gold moved slightly higher during the Asian session on Friday (March 3rd) and is currently trading around $1843/oz. Last week's initial claims released last night fell again, indicating continued strength in the labor market. However, the USD fell slightly after the Fed's dovish expression briefly appeased the market, which caused gold to rebound from yesterday's position near 1830, with gold eventually closing near 1835.5. In the early session today, gold prices continued last night's rally after stronger buying power, with the session once breaking through the March 1st high of 1844.46 in the afternoon to 1844.66.

Regarding data: US initial jobless claims were 190,000 last week, while the expected number was 195,000, and the previous number was 192,000. On the week of February 18th, the continuing jobless claims were 1,655,000, while the expected number was 1,665,000. Besides, Eurozone February CPI rose 8.5% YoY, while the expected growth was 8.2%, with January's final value of 8.6%. Meanwhile, the core HCPI of the Eurozone rose 5.6% YoY, higher than expected, while the unemployment rate was 6.7% in January, compared to the 6.6% expected.

Fed: Bostick demonstrated the willingness to keep raising interest rates by 25 bps at the March meeting. However, it will be linked to the updated economic data. If the data is stronger than expected, it would be necessary to adjust expectations for future interest rate movements. Furthermore, there is still a long way to go before prices return to stability, while the Fed may suspend the rate hike in late summer this year. Although the Fed's dovish expression briefly appeased the market, the market believes that the data may prompt the Fed to continue to raise interest rates, and it is proved by the continuous rising of U.S. treasury bond rates.

Generally, last night's data reflected strong employment again. Although the Fed's dovish expression briefly appeased the market, the market believes that the data may prompt the Fed to continue to raise interest rates, and it is proved by the continuous rising of U.S. treasury bond rates. Thus, gold may just surge for a short period.

Technical Analysis

Referring to the daily chart, the MACD indicator turns to form a golden cross, while the 5-day SMA also shows an upward pattern. Nevertheless, gold exhibits a head and shoulders pattern, with the head pressure level at 1848. If gold fails to break above effectively, it will decline back to 1830. But if gold stays above the 20-day SMA of 1843, it is possible to accumulate upward momentum to break above the head position, which is also in the upper area of the recent oscillating channel. Then, the next resistance will be in the 55-day SMA near 1860, and gold will not reverse the recent depreciation unless this position is recovered.The initial support below is near yesterday's low at 1830, with the 5-day SMA in the vicinity. The next point for consideration will be the high of December 5th (1810), and gold will plummet further if this support is lost. Moreover, further support will be at 1800, and the 100-day SMA is near as well.

For gold, it is recommended to buy low and sell high between1825-1850. XAUUSD: Descending Trend Maintains Under Double-Top Pattern _1

Trading Recommendations

Trading direction: Short

Entry price: 1845.000

Target price: 1865.000

Stop loss: 1825.000

Support: 1830.000/1810.000

Resistance: 1848.000/1860.000

Risk Warnings and Disclaimers

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Warren Takunda

Forex

Summary:

NZDCAD chart in the 1-hour time frame is showing promising signs for bulls. With the support of the key level of 0.84500 and the bullish flag pattern on the daily chart, investors may want to consider entering into long positions on the pair. However, as always, it is important to remain vigilant and keep a close eye on market developments that could impact the price.

BUY NZDCAD

Close Time

CLOSED

0.84500

Entry Price

0.85500

0.83500

0.83400 +0.00648 +0.78%

14.9

Pips

Profit

0.83500

0.84649

Exit Price

0.84500

Entry Price

0.85500

In the 1-hour time frame, the NZDCAD chart has been showing promising signs for bulls. After managing to break through the descending channel and the key level of 0.84500, the price has now made a pullback to this level. I expect this level to act as a support level, providing a solid foundation for the upward trend to continue.

Looking ahead, if the price continues to grow, there are two key targets that can be envisioned: 0.85500 and 0.86500. These levels will represent important resistance zones that the price will need to overcome in order to continue its upward trajectory.

On the daily chart, the market has created a bullish flag. This is a pattern that typically occurs after a strong upward move and signals a continuation of the trend. The flag is characterized by a sharp, upward move followed by a consolidation period, which is what we are currently seeing in the NZDCAD market. This consolidation is likely to be followed by another sharp upward move, which could take the price to new heights.

there are always risks to consider when investing in the financial markets. In the case of the NZDCAD, one risk to watch out for is any sudden shift in market sentiment that could lead to a reversal in the current bullish trend. Additionally, geopolitical events and macroeconomic data releases could also impact the price of the currency pair.

Trade recommendation

Buy NZDCAD

Entry price: 0.84500

Stoploss: 0.83500

Take profit : 0.8550

Expiration : march 21

Risk Warnings and Disclaimers

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Eva Chen

Forex

Central Bank

Economic

Summary:

The initial value of CPI in February in the eurozone was recorded at 8.5%, which was higher than the market expectation of 8.20%. Compared with January, the overall annual inflation may slow down slightly, even if it does exceed expectations, but the main conclusion here is that what we are seeing is the core annual inflation soaring again, which will prove the ECB policymakers' tougher remarks correct.

BUY EURUSD

Close Time

CLOSED

1.05700

Entry Price

1.07500

1.04700

1.07837 +0.00555 +0.52%

6.3

Pips

Profit

1.04700

1.05763

Exit Price

1.05700

Entry Price

1.07500