FxPro: Daily Tech Analysis (March 5, 2024) pre

View the market insights of the Global Research Department at the Trading Center today. Explore new trading methods and China's regular foreign exchange platformopportunities from popular trading products.

EUR/USD   GBP/USD   Gold Spot   EUR/JPY   EUR/GBP   USD/CHF   Germany DAX Index Futures (Eurex)   Brent Crude (ICE)   UK FTSE 100 Index Futures

Kind reminder: Due to market fluctuations, prices may have crossed key points, rendering strategies ineffective.

Gold Spot Today: Expecting 2130.00.

Pivot Point:

2099.00

Trading Strategy:

Above 2099.00, bullish with a target price of 2130.00, followed by 2145.00.

Alternative Strategy:

Below 2099.00, bearish with a target price of 2088.00, followed by 2079.00.

Technical Review:

Above 2099.00, a bullish signal with an upward target of 2130.00.

GBP/USD Today: Bullish.

Pivot Point:

1.2665

Trading Strategy:

Above 1.2665, bullish with a target price of 1.2705, followed by 1.2720.

Alternative Strategy:

Below 1.2665, bearish with a target price of 1.2650, followed by 1.2630.

Technical Review:

Even though we can't rule out the possibility of continued adjustment, its duration should be limited.

EUR/USD Today: Bullish above 1.0835.

Pivot Point:

1.0835

Trading Strategy:

Above 1.0835, bullish with a target price of 1.0870, followed by 1.0885.

Alternative Strategy:

Below 1.0835, bearish with a target price of 1.0820, followed by 1.0795.

Technical Review:

RSI indicator lacks downward momentum

EUR/JPY Today: Bullish, with 163.01 as support, targeting 164.04.

163.01 as the pivot point.

Trading Strategy:

Bullish, with 163.01 as support, targeting 164.04.

Alternative Strategy:

A breakdown below 163.01 would indicate a continuing bearish trend, with target points at 162.63 and then 162.40.

Technical Review:

RSI indicator above the neutral zone of 50. MACD indicator is bullish as it resides below its signal line. Additionally, prices are above their 20-day and 50-day moving averages (currently at 163.32 and 163.25).

EUR/GBP Today: Bullish.

Pivot Point:

0.8545

Trading Strategy:

Bullish.

Alternative Strategy:

A fall below 0.8545 would indicate a continuing downward trend, with target points at 0.8534 and then 0.8528.

Technical Review:

RSI indicator above the neutral zone of 50. MACD indicator is bearish and resides above its signal line. Additionally, the price is below its 50-day moving average (0.8556) but above its 20-day moving average (0.8553).

USD/CHF Today: An uptrend.

Pivot Point:

0.8830

Trading Strategy:

Above 0.8830, bullish with a target price of 0.8870, followed by 0.8890.

Alternative Strategy:

Below 0.8830, bearish with a target price of 0.8815, followed by 0.8800.

Technical Review:

RSI indicator trending upwards.

Germany DAX Index Futures (Eurex)‎ (H4)‎ Today: Bullish.

Pivot Point:

17710.00

Trading Strategy:

Above 17710.00, bullish with a target price of 17800.00, followed by 17845.00.

Alternative Strategy:

Below 17710.00, bearish with a target price of 17670.00, followed by 17630.00.

Technical Review:

Even though we can't rule out the possibility of continued adjustment, its duration should be limited.

Brent Crude (ICE)‎ (K4)‎ Today: Under pressure.

Pivot Point:

83.35

Trading Strategy:

Below 83.35, bearish with a target price of 82.30, followed by 81.80.

Alternative Strategy:

Above 83.35, bullish with a target price of 84.00, followed by 84.35.

Technical Review:

RSI indicator is bearish with further room to move down.

UK FTSE 100 Index Futures Today: Very short-term (Intraday) support around 7625.00.

Pivot Point:

7625.00

Trading Strategy:

Above 7625.00, bullish with a target price of 7667.00, followed by 7684.00.

Alternative Strategy:

Below 7625.00, bearish with a target price of 7610.00, followed by 7592.00.

Technical Review:

The trend of the RSI indicator is complex, and caution is advised.

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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