The Weekly Report
SMART TRADING. SMART TRADERS
UPDATED: MON, MAR 08, 2021
This Weeks Coverage:
EURUSD, GBPUSD, AUDUSD, NZDUSD, DXY, DJI
EURUSD – Decline to Persist
The Euro’s uptrend has hit a roadblock with weak European fundamentals colliding with rallying US Treasury Bond Yields.
EURUSD Hourly Chart – Short Term Outlook
In the short term, we have Hourly resistance at 1.2015 but I personally think it will struggle to bounce back to 1.1950.
A breach of 1.1900 opens up a move towards 1.1750 this week.
EURUSD Daily Chart – Long Term Outlook
The Euro’s uptrend has hit a roadblock and it is now on the way back down towards 1.1550 after breaking Daily support at 1.2050.
AUDUSD – Decline to Persist
The strong USD sentiment is dominating price action and has pushed the Aussie down through 0.7720 Daily support.
AUDUSD Hourly Chart – Short Term Outlook
In the short term, we have a ‘double-barrelled’ resistance level around 0.7740-50 level.
Keep an eye out for RBA Governor Lowe’s speech on Tuesday.
AUDUSD Daily Chart – Long Term Outlook
After breaking down through 0.7720 Daily support I’m expecting the Aussie to at least test the previous low at 0.7550. There’s a good chance for a deeper correction should the US CPI data come in strong this week.
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