<p>On the daily chart below, we can
see that the price is again approaching the broken <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-trendlines-20220406/“>trendline</a> that now may act as support for
the buyers. The last bounce stalled at the red long period <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-moving-averages-20220425/“>moving
average</a> and the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>resistance</a> at 4061 where the sellers piled
in and then increased the selling pressure as <a target=“_blank“ href=“https://www.forexlive.com/news/ka-powell-20230308/“>Fed
Chair Powell</a> signalled a possible 50 bps hike and a higher
terminal rate. </p><p>Yesterday we got another selloff,
but it’s not yet clear why that happened, although many are attributing it to
problems with a regional <a target=“_blank“ href=“https://www.forexlive.com/news/why-is-the-market-in-a-full-fledged-flight-to-safety-mode-20230310/“>US
bank</a> that sparked fears of contagion. Anyway, all eyes will be on today’s <a target=“_blank“ href=“https://www.forexlive.com/news/preview-february-non-farm-payrolls-by-the-numbers-20230309/“>NFP
report</a>. </p><p>In the 4
hour chart below, we can see that after stalling at the resistance at 4061 and
the 50% <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-using-fibonacci-retracements-20220421/“>Fibonacci
retracement</a> level, the market sold off pretty aggressively due
to Powell’s comments. The moving averages crossed to the downside and the
sellers leant on the red long period moving average to extend the selloff even
further into the NFP report. </p><p>We now
may get a pullback as some position may be squared ahead of the event. The
moving averages will act as resistance but the direction will most likely be
decided by the data. </p><p>In the 1 hour chart below, we can
see that yesterday the price rallied into the downward trendline as <a target=“_blank“ href=“https://www.forexlive.com/news/us-weekly-initial-jobless-claims-211k-vs-195k-expected-20230309/“>jobless
claims</a> missed expectations and then sold off as the stock market opened. It
could have been just positioning into a strong NFP report or the fear of
contagion due to the regional bank problems. </p><p>Hard to explain. The plan for the
traders seems clear today: if the data beats expectations, we should see the
sellers in control and push the price lower. On the other hand, if the data
misses expectations we may see a rally towards the 4061 resistance. </p>

This article was written by ForexLive at www.forexlive.com.

<p style=““ class=“text-align-justify“>After falling below its January lows on Tuesday, GBP/USD looked poised for a further downside move but buyers have been resilient enough to stay in the game as we a turnaround over the past few sessions. And after a slightly better January monthly GDP reading earlier today <a target=“_blank“ href=“https://www.forexlive.com/news/uk-january-monthly-gdp-03-vs-01-mm-expected-20230310/“ target=“_blank“ rel=“follow“>here</a>, the pound is starting to move higher in European morning trade.</p><p style=““ class=“text-align-justify“>GBP/USD is now on the move back towards 1.2000 with the 100-day moving average (red line) at 1.2014 providing added resistance for the latest rebound. Break above and buyers will start to seize back control of the pair but keep below and sellers will stay interested to try and angle for another downside push.</p><p style=““ class=“text-align-justify“>The final hurdle this week is going to come from the US jobs report at 1330 GMT later in the day. That, considering the dollar – and major currencies in general – are looking rather sanguine to the risks and concerns brought up in broader markets at the moment.</p>

This article was written by Justin Low at www.forexlive.com.

<p>Market picture</p><p>The crypto
market is suffering impressive losses, mirroring traditional markets flee from
risk, which has mainly hit the financial and tech sectors—total crypto
capitalisation is down 6.5% in the last 24 hours to 930 billion.</p><p>Bitcoin fell
below $20K (-7.9% in the last 24 hours), an emotionally significant level for
the first cryptocurrency. As expected, the drop below $21.5K accelerated the
sell-off. Bitcoin is currently testing its 200-day moving average, which
appears to be the last line of defence on the way to $18K. </p><p>Further
decline in risk-sensitive assets can punish early crypto optimists and raise
questions about whether we are in the ‘crypto spring’. The bulls have technically
oversold, and the fact that markets rarely quickly abandon 200-day MA.</p><p>News Background</p><p>US
authorities have moved to the Coinbase around 10,000 BTCs seized from the Silk
Road darknet marketplace. Market participants fear that the US authorities will
start selling off the bitcoins seized from cybercriminals.</p><p>Another
reason for the decline in the crypto market was the closure of Silvergate Bank.
Previously, there had been rumours that Silvergate Bank might reopen, but
management decided to close the bank and return deposits to customers.</p><p>The head of
the Commodity Futures Trading Commission (CFTC), Rostin Behnam, said that the
agency, not the SEC, should regulate Ethereum and stablecoins because they are
commodities. According to Behnam, he would only have allowed the launch of ETH
futures if he was firmly convinced that it was a commodity. Previously, SEC
chief Gary Gensler argued that all crypto assets except bitcoin are securities.</p><p>This article was written by <a target=“_blank“ href=“https://www.fxpro.com/“ target=“_blank“ rel=“follow“>FxPro</a>’s Senior Market Analyst Alex
Kuptsikevich.</p>

This article was written by FxPro FXPro at www.forexlive.com.

<p style=““ class=“text-align-justify“>The slight pushback from Fed chair Powell yesterday may have something to do with it but the flows today are not reflecting a coherent theme when viewed against broader market sentiment. <a target=“_blank“ href=“https://www.forexlive.com/terms/e/equities/“ class=“terms__main-term“ id=“9c7de710-0fba-425c-93e5-422427b92644″ target=“_blank“>Equities</a> are lower while Treasury yields are mixed, and that is failing to offer much for traders to work with at the moment.</p><p style=““ class=“text-align-justify“>The dollar is trading at the lows for the day across the board, as the key levels highlighted yesterday are all still in play right now (renamed for relevance):</p><ul class=“text-align-start vertical-align-baseline“><li class=“vertical-align-baseline“><a target=“_blank“ href=“https://www.forexlive.com/news/eurusd-nears-a-test-of-key-support-level-as-dollar-stays-poised-20230308/“ rel=“follow“ target=“_blank“ class=“article-link vertical-align-baseline“>EUR/USD near its 100-day moving average</a></li><li class=“vertical-align-baseline“><a target=“_blank“ href=“https://www.forexlive.com/news/usdjpy-looks-for-a-more-meaningful-upside-break-on-higher-bond-yields-20230308/“ rel=“follow“ target=“_blank“ class=“article-link vertical-align-baseline“>USD/JPY at its 200-day moving average</a></li><li class=“vertical-align-baseline“><a target=“_blank“ href=“https://www.forexlive.com/news/gbpusd-downside-in-focus-after-break-of-january-lows-20230308/“ rel=“follow“ target=“_blank“ class=“article-link vertical-align-baseline“>GBP/USD break of January lows but now reverting back to its 200-day moving average</a></li><li class=“vertical-align-baseline“><a target=“_blank“ href=“https://www.forexlive.com/news/usdchf-looks-for-a-bit-more-of-a-pullback-for-now-20230308/“ rel=“follow“ target=“_blank“ class=“article-link vertical-align-baseline“>USD/CHF coming up short at its 100-day moving average?</a></li><li class=“vertical-align-baseline“><a target=“_blank“ href=“https://www.forexlive.com/news/usdcad-comes-up-for-some-air-boc-in-focus-later-today-20230308/“ rel=“follow“ target=“_blank“ class=“article-link vertical-align-baseline“>USD/CAD holds break above 1.3700 post-BOC</a></li><li class=“vertical-align-baseline“><a target=“_blank“ href=“https://www.forexlive.com/news/audusd-in-troubled-waters-after-double-whammy-yesterday-20230308/“ rel=“follow“ target=“_blank“ class=“article-link vertical-align-baseline“>AUD/USD hanging on at the 21 November lows</a></li><li class=“vertical-align-baseline“><a target=“_blank“ href=“https://www.forexlive.com/news/nzdusd-downside-case-in-focus-after-yesterdays-plunge-lower-20230308/“ rel=“follow“ target=“_blank“ class=“article-link vertical-align-baseline“>NZD/USD still under key daily moving averages and 38.2 Fib</a></li></ul><p style=““ class=“text-align-justify“>

It’s hard to really jump in to say that the dollar rally on Tuesday has peaked this week, especially since <a target=“_blank“ href=“https://www.forexlive.com/news/payrolls-the-only-thing-that-matters-now-towards-the-end-of-the-week-20230309/“ target=“_blank“ rel=“follow“>markets are looking to the US jobs report tomorrow</a> as being one of the major hurdles to get through before the FOMC meeting later this month.</p><p style=““ class=“text-align-justify“>That’s not making it easy to really interpret the moves today I would say. Can Friday come already?</p>

This article was written by Justin Low at www.forexlive.com.

<p>On the daily chart below, we can
see that the sellers defended the 1.07 <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>resistance</a> and leant on the red long period
<a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-moving-averages-20220425/“>moving
average</a>. The big selloff was caused by <a target=“_blank“ href=“https://www.forexlive.com/news/ka-powell-20230308/“>Fed
Chair Powell</a>’s comments regarding the possibility of a 50 bps
hike at the March meeting and the willing to go above the projected terminal
rate in December 2022. The market interpreted this as a more hawkish stance and
the USD rallied across the board. </p><p>The downtrend for the EUR/USD
pair is still intact and the sellers are now eyeing the breakout of the 1.05
handle to target the next <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>support</a> at 1.02. Everything will come
down to the <a target=“_blank“ href=“https://www.forexlive.com/EconomicCalendar“>NFP report tomorrow</a> where a beat should lead to a
breakout and a bigger selloff and a miss should give the buyers again some
control. </p><p>On the 4 hour chart below, we can
see that the selloff after Powell led also to a breakout of the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-trendlines-20220406/“>trendline</a> before finding support at the
1.0533 level. The price is now consolidating just below the neckline at 1.0576
of the <a target=“_blank“ href=“https://www.forexlive.com/Education/chart-patterns-guide-20220125/“>double
top</a>.
Generally, once the neckline is broken, the target is the measured move from
the high to the neckline projected to the downside, so in this case it would be
1.0457, but we will need a strong NFP report to get there.</p><p>On the 1 hour chart below, we can
see that the sellers started to pile in when the violet trendline gave way in
anticipation of the double top working out. Powell’s comments just happened to
increase the momentum a lot and led to the breakout of both the blue trendline
and the neckline. </p><p>Now, the sellers should be
defending the resistance zone at 1.0576 where we can also find the 38.2% <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-using-fibonacci-retracements-20220421/“>Fibonacci
retracement</a> level. This little range created between 1.0533
and 1.0576 will define the next move based on the NFP data. Break above on a
miss and the buyers will be in control. Break below on a beat and the sellers
will lead the way. </p>

This article was written by ForexLive at www.forexlive.com.

<p class=“MsoNormal“><a target=“_blank“ href=“https://www.zulutrade.com/?utm_source=News&amp;utm_medium=online&amp;utm_campaign=FXCentrum&amp;utm_id=ZT“ target=“_blank“ rel=“follow“>ZuluTrade</a>, the award-winning Finvasia Group social wealth management and social trading platform, has announced a new partnership with FxCentrum, a Seychelles based innovative brokerage firm.</p><p class=“MsoNormal“>This partnership creates more opportunities for traders seeking to diversify their portfolio and, at the same time, explore new cutting-edge tools that the XOH-powered FXCentrum trading platform has to offer. </p><p class=“MsoNormal“>Through its platforms, FXCentrum offers exposure to multiple markets and asset classes, including Forex, Stocks, Indices, and Commodities. Traders with a taste for automated and social investing can enjoy a distinct advantage with ZuluTrade, which is now available to all FXC traders. This integration plays a strategic part in FXCentrum’s organic growth and product diversification, allowing the brokerage to upscale and increase conversion rates across different verticals. </p><p class=“MsoNormal“>ZuluTrade adds the social trading element to FXCentrum’s FSA-regulated trading environment, offering traders of all levels to learn how to trade by copying the successful positions of professional traders and even launch their own strategies and trade ideas as they gain experience. </p><p class=“MsoNormal“>What the social trading leader brings new to FXC is social wealth management, an innovative concept whereby investors are given full control over their capital – as they can start and stop investing in a particular strategy at any time. In addition, ZuluTrade’s “protective shield”, ZuluGuard, scans every trader’s behaviour in real time and removes all strategies that have deviated from the expected loss profile.</p><p class=“MsoNormal“>Greeting the partnership with FXCentrum, Finvasia Group CEO and Co-founder and ZuluTrade CEO Tajinder Virk said: “ZuluTrade welcomes FXCentrum to its growing ecosystem. Our vision is to provide traders with a transparent, broker-agnostic social wealth management environment allowing them to reach their goals. By joining forces with FXCentrum, we make a step forward towards reaching our goal: making ZuluTrade the social wealth management platform of choice for investors worldwide.”</p><p class=“MsoNormal“>As it continues to expand across geographies, ZuluTrade is expected to release new products and services in the upcoming months. However, no official statements have been made. </p><p class=“MsoNormal“>To learn more about the company and its broker partnerships, visit <a target=“_blank“ href=“https://www.zulutrade.com/?utm_source=News&amp;utm_medium=online&amp;utm_campaign=FXCentrum&amp;utm_id=ZT“ target=“_blank“ rel=“follow“>ZuluTrade</a> website</p>

This article was written by ForexLive at www.forexlive.com.

<ul><li>S&amp;P 500 futures -0.4%</li><li>Nasdaq futures -0.6%</li><li>Dow futures -0.2%</li><li>Eurostoxx -0.7%</li><li>Germany DAX -0.6%</li><li>France CAC 40 -0.6%</li><li>UK FTSE -0.8%</li></ul><p style=““ class=“text-align-justify“>There’s not much in terms of catalysts as broader markets are waiting on the US jobs report tomorrow before firming up any convictions.</p><p style=““ class=“text-align-justify“>That said, bond yields are holding steady during the session so far. 10-year Treasury yields are sitting back close to the 4% threshold, seen at 3.995% currently. Meanwhile, 2-year yields while slightly lower are still sitting above the 5% mark – now seen at 5.038%.</p><p style=““ class=“text-align-justify“>Adding to that, bond yields in Europe are also looking perky and looking to fresh cycle highs. 2-year German bond yields are up 1.2 bps to 3.345%, hovering at its highest levels since October 2008.</p><p style=““ class=“text-align-justify“>However, when you look over to the major currencies space, it’s hard to find a matching theme. The dollar is lower across the board with USD/JPY leading the drop, down 0.8% to 136.20 at the moment.</p><p style=““ class=“text-align-justify“>The non-farm payrolls data can’t come soon enough.</p>

This article was written by Justin Low at www.forexlive.com.

<p>On the daily chart below, we can
see that after bouncing from the key <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>support</a> level at 32684, the price
rallied towards the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>resistance</a> at 33538. The sellers leant on
that level and the red long period <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-moving-averages-20220425/“>moving
average</a> before the big selloff caused by <a target=“_blank“ href=“https://www.forexlive.com/news/ka-powell-20230308/“>Fed
Chair Powell’s</a> comments on a possible 50bps hike at the March
meeting and a higher terminal rate. </p><p>The price is now again at the key
support level and the breakout will come down to the NFP report tomorrow. If
the data beats expectations, we should expect the breakout and a bigger selloff
with the first target being at 31800. In case the data misses forecast, we
should expect another rally probably towards the resistance at 33538. </p><p>On the 4 hour chart below, we can
see more closely how the rally stalled at the resistance at 33538 where we had
also the daily long period moving average and the 50% <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-using-fibonacci-retracements-20220421/“>Fibonacci
retracement</a> level of the entire downward move. </p><p>That was a strong level that
buyers couldn’t break and folded as soon as Powell sounded more hawkish than
expected. The moving averages are now crossed to the downside and will act as
resistance in case we get a pullback before the data. </p><p>In the 1 hour chart below, we can
see that he price <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-divergence-20220429/“>diverged</a> with the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-macd-20220427/“>MACD</a> right at the support and we got
a pullback. This should be a sign of uncertainty before the data release. The
pullback may extend to the 32937 level where we can also find the 38.2%
Fibonacci retracement level just above. </p><p>That’s going to be a good resistance
zone for the sellers and one that buyers will need to break decisively if they
want to target the resistance at 33538. Anyway, the data will guide the market,
so watch out for tomorrow. </p>

This article was written by ForexLive at www.forexlive.com.

<ul><li>Prior -5.7%</li><li>Market index 201.5 vs 188.5 prior</li><li>Purchase index 154.4 vs 138.8 prior</li><li>Refinance index 437.9 vs 444.0 prior</li><li>30-year mortgage rate 6.79% vs 6.71% prior</li></ul>

This article was written by Justin Low at www.forexlive.com.

<p style=““ class=“text-align-justify“>After the Powell-induced volatility yesterday, markets are adopting a calmer approach so far today. Looking at the bond market first, 2-year yields in the US are up 3 bps to 5.040% while 10-year yields are flat at 3.972% currently. That is seeing equities fare slightly better with S&amp;P 500 futures up 8 points, or 0.2%, while European indices are little changed at the moment.</p><p style=““ class=“text-align-justify“>Meanwhile, the dollar is trading more mixed across the board with light changes for the most part. I’ve summed up the technical predicaments for dollar pairs in my earlier posts below:</p><ul><li><a target=“_blank“ href=“https://www.forexlive.com/news/eurusd-nears-a-test-of-key-support-level-as-dollar-stays-poised-20230308/“ target=“_blank“ rel=“follow“>EUR/USD nears a test of key support level as dollar stays poised</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/usdjpy-looks-for-a-more-meaningful-upside-break-on-higher-bond-yields-20230308/“ target=“_blank“ rel=“follow“>USD/JPY looks for a more meaningful upside break on higher bond yields</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/gbpusd-downside-in-focus-after-break-of-january-lows-20230308/“ target=“_blank“ rel=“follow“>GBP/USD downside in focus after break of January lows</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/usdchf-looks-for-a-bit-more-of-a-pullback-for-now-20230308/“ target=“_blank“ rel=“follow“>USD/CHF looks for a bit more of a pullback for now</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/usdcad-comes-up-for-some-air-boc-in-focus-later-today-20230308/“ target=“_blank“ rel=“follow“>USD/CAD comes up for some air, BOC in focus later today</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/audusd-in-troubled-waters-after-double-whammy-yesterday-20230308/“ target=“_blank“ rel=“follow“>AUD/USD in troubled waters after double whammy yesterday</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/nzdusd-downside-case-in-focus-after-yesterdays-plunge-lower-20230308/“ target=“_blank“ rel=“follow“>NZD/USD downside case in focus after yesterday’s plunge lower</a></li></ul><p style=““ class=“text-align-justify“>That being said, despite the calmer mood now, we may see things kick into gear later on once Wall Street steps into the fray and when we get to the US ADP employment data. It’s all about <a target=“_blank“ href=“https://www.forexlive.com/news/the-landmines-ahead-of-the-fomc-policy-meeting-decision-later-this-month-20230308/“ target=“_blank“ rel=“follow“>navigating through the field of landmines</a> now.</p>

This article was written by Justin Low at www.forexlive.com.