Yesterday’s Market Wrap
Today’s Market Expectations
Today the economic calendar is heavy, having started with the Bank of Japan meeting which held interest rates unchanged as expected, although inflation has been starting to creep in Japan as well. The UK GDP report for January showed a slight improvement after the 0.5% contraction in December. Later in the US session, we have the employment report from Canada which is expected to show an increase in the unemployment rate. In the US, the unemployment rate is expected to remain unchanged at 3.4%, while non-farm payrolls are expected to cool off to 224K in February after a massive surge to 517K in January.
Forex Signals Update
Yesterday there was a bit more volatility but overall the price action remained slow across most markets, with the USD continuing to slide lower, following Powell’s comments from Wednesday. We continued with the positive performance with three trading signals opened, all of which closed in profit.
Playing Both Sides in [[Gold]
XAU/USD – 60 minute chart
Will MAs Hold for EUR/GBP?
EUR/GBP – H4 chart
It seems like cryptocurrencies are in a retreating period now, after being bullish since early January. In the previous two months, we have seen some decent bullish price action in the crypto market, pushing BTC above $25,000, which was a good sign that the crypto winter might be over. But buyers have been unable to hold gains and this week the price in most crypto coins has been slipping lower.
The Slippery Slope Resumes for BITCOIN
Bitcoin has been retreating in the last two weeks, after being bullish since early January. The price slipped lower after buyers failed to hold gains above $25,000, but it was consolidating around $23,000 for several days. Yesterday though, the retreat resumed after Powell’s comments, which hurt risk sentiment.
BTC/USD – 240 minute chart
MAs Keeping ETHEREUM Down
Ethereum pushed above moving averages in January which soon turned into support, especially the 200 SMA (purple). But, buyers are having difficulties at the resistance zone below $1,800 and last week sellers pushed the price below the 50 daily SMA. So, let’s see if the 200 SMA will hold again now.