Forecasts & Analysis

It’s a bullish start to the day for the majors after yesterday’s late rally. Steering clear of the pivot levels would leave resistance levels in play.

It’s a relatively quiet start to the week. German industrial production figures will be in focus. Ahead of the open, trade data from the weekend and chatter from China will set the tone.

The direction of the market next week is likely to be determined by trader reaction to $2.706 to $2.622.

The potential market moving event this week occurred over the weekend when the U.S. Senate passed a $1.9 trillion coronavirus relief package.

We could see profit-taking this week as traders prepare for the release of the U.S. Federal Reserve’s monetary policy decisions on March 17.

Friday’s price action suggests the direction of the March U.S. Dollar Index on Monday will be determined by trader reaction to 92.310.

The closing price reversal bottom chart pattern indicates the direction of the index on Monday will be determined by trader reaction to 12797.00.

The direction of the April Comex gold market on Monday is likely to be determined by trader reaction to the major Fibonacci level at $1711.70.

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Commentary last week reported currency pairs EUR/USD 1.2061, AUD/USD 0.7657 and USD/CAD 1.2783 were located in crucial positions to determine much lower on a break or hold and travel higher. EUR/USD broke and traded 169 pips lower to 1.1892.