Best Forex Technical Analysis By Capital Street FX

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Daily FX Analysis – Forex market updates with expert analysis.​

Introduction​

The AUD/USD faces downward pressure around 0.6500 as the US Dollar stabilizes, influenced by mixed market sentiment and Australian economic data. The focus remains on China’s NPC meeting and the Fed’s Powell. Meanwhile, GBP/USD gains on the BoE Chief Economist’s hawkish comments, and EUR/USD strengthens ahead of the ECB meeting. NZD/USD retreats near 0.6100, impacted by a stable US Dollar and a higher-than-expected trade deficit in New Zealand. Fed rate cut probabilities for March, May, and June are 5.0%, 26.8%, and 53.8%, respectively.

Markets In Focus Today – AUD/USD​

AUD/USD Stays On The Defensive Toward 0.6500 As The US Dollar Stalls Decline.​

AUD/USD is on the defensive toward 0.6500 in the Asian session on Monday. The pair is feeling the pull of gravity, as the US Dollar consolidates its previous losses. A mixed market mood and Australian economic data also weighed on the Aussie. China’s NPC meeting and Fed’s Powell are in focus. There is a mixed action in the global market as S&P 500 futures are down in the European session while risk-perceived currencies are performing better against the US Dollar. The US Dollar Index, which measures the US Dollar’s value against six rival currencies, falls slightly to 104.00. In the June meeting, market expectations for rate cuts by the Fed remain firm as the annual core inflation data grew at the slowest pace of 2.8% in their years. However, the Federal Reserve (Fed) is still not ready to unwind the restrictive policy stance sooner as they need more confidence that inflation will return to the 2% target.

Technical Overview With Chart :​

Moving Averages :​

Exponential :​

• MA 10 : 0.6523 | Negative Crossover | Bearish
• MA 20 : 0.6533 | Negative Crossover | Bearish
• MA 50 : 0.6562 | Positive Crossover | Bullish

Simple :​

• MA 10 : 0.6533 | Negative Crossover | Bearish
• MA 20 : 0.6521 | Negative Crossover | Bearish
• MA 50 : 0.6602 | Positive Crossover | Bullish

RSI (Relative Strength Index): 45.3393 | Neutral Zone | Neutral

Stochastic Oscillator : 45.4502 | Buy Zone | Positive

Resistance And Support Levels :​

• R1 : 0.6580 R2 : 0.6620
• S1 : 0.6453 S2 : 0.6413

Overall Sentiment: Bearish Market Direction: Sell​

Trade Suggestion: Limit Sell: 0.6534 | Take Profit: 0.6465 | Stop Loss: 0.6581

GBP/USD​

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Daily FX Analysis – Explore forex as major pairs rally, and await data.​

Introduction​

EUR/USD climbs above 1.0850 in the European session amid a cautiously optimistic market sentiment ahead of Fed Chair Powell’s testimony and US jobs data. Investors await the EU Retail Sales report as they tread carefully before key macroeconomic events. GBP/USD regains momentum above 1.2700, anticipating UK Chancellor Jeremy Hunt’s Budget Report, while USD/CAD eyes the BoC rate decision. The Australian Dollar rebounds despite weaker GDP data, influenced by fluctuations in the S&P/ASX 200 Index and developments in the US Dollar and Fed Powell’s testimony.

Markets In Focus Today – EUR/USD​

EUR/USD Rises Above 1.0850 Ahead Of US Data, Fed’s Powell.​

EUR/USD is picking up fresh bids above 1.0850 in European trading on Wednesday, as the US Dollar licks its wounds amid a cautiously optimistic market mood ahead of Fed Chair Powell’s testimony and US jobs data. EU Retail Sales report is eyed as well. EUR/USD trades in a tight channel above 1.0850 in the European morning on Wednesday as investors move to the sidelines ahead of key macroeconomic events. Although EUR/USD edged higher during the European trading hours on Tuesday, it failed to gather bullish momentum in the second half of the day as the US Dollar (USD) benefited from the souring market mood.

Technical Overview With Chart :​

Moving Averages :​

Exponential :​

• MA 10 : 1.0837 | Positive Crossover | Bullish
• MA 20 : 1.0827 | Positive Crossover | Bullish
• MA 50 : 1.0836 | Positive Crossover | Bullish

Simple :​

• MA 10 : 1.0839 | Positive Crossover | Bullish
• MA 20 : 1.0805 | Positive Crossover | Bullish
• MA 50 : 1.0859 | Positive Crossover | Bullish

RSI (Relative Strength Index): 57.0348 | Buy Zone | Bullish

Stochastic Oscillator : 82.4103 | Buy Zone | Neutral

Resistance And Support Levels :​

• R1 : 1.0876 R2 : 1.0924
• S1 : 1.0722 S2 : 1.0674

Overall Sentiment: Bullish Market Direction: Buy​

Trade Suggestion: Stop Buy: 1.0858 | Take Profit: 1.0913 | Stop Loss: 1.0822

GBP/USD​

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