<p>On the daily chart below, we can
see the big rally in gold since the last Thursday. Everything started with <a target=“_blank“ href=“https://www.forexlive.com/news/us-weekly-initial-jobless-claims-211k-vs-195k-expected-20230309/“>jobless
claims</a> where we saw the first miss after several months of strong beats and
the treasury yields fell as the market started to look at a possible turn in
the jobs market. </p><p>On Friday, the <a target=“_blank“ href=“https://www.forexlive.com/news/us-february-non-farm-payrolls-311k-vs-205k-expected-20230310/“>NFP
report</a> showed a higher-than-expected unemployment rate and lower than expected
wage gains. This caused an extension of the selloff in yields that intensified
as the <a target=“_blank“ href=“https://www.forexlive.com/news/fdic-takes-control-of-silicon-valley-bank-20230310/“>Silicon
Valley Bank</a> failed. The market started to fear another banking
crisis and we saw risk aversion across the board. </p><p>On Monday, the risk sentiment
remained on the backfoot and the market repriced lower future interest rates
expectations with rate cuts by the end of the year and at some point even no
hike at the March FOMC meeting. All these events decreased real yields and gave
gold the tailwind to rally. The <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-moving-averages-20220425/“>moving
averages</a> have now crossed to the upside in a sign that we may be in front of
another rally that could extend beyond the 2000 level.</p><p>On the 4 hour chart below, we can
see that the price is now pulling back from stretched longs. The best level for
the buyers would be the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>support</a> at 1864 with the 50% <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-using-fibonacci-retracements-20220421/“>Fibonacci
retracement</a> level. One reason for the bigger pullback may be
that the <a target=“_blank“ href=“https://www.forexlive.com/news/us-february-cpi-60-yy-vs-60-expected-20230314/“>US
CPI</a> report
yesterday showed that inflation is still too high in US and the Fed may be
forced to keep hiking even if there are stresses elsewhere. </p><p>On the 1 hour chart below, we can
see that we may have a bullish <a target=“_blank“ href=“https://www.forexlive.com/Education/chart-patterns-guide-20220125/“>flag
pattern</a> if the price manages to break the upper band of the channel. Buyers
will want to wait for the breakout to start piling in and push the price to new
higher highs. Sellers may want to lean on the 1902 level to position short
targeting the 1864 support. That will be the last line of defence for the
buyers. </p>

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

<p style=““ class=“text-align-justify“>The pair was trading around 1.0730 earlier in the day but has seen a dramatic turn as soon as European markets opened. The worries involving Credit Suisse and European banks are seeing sellers take over, with price tumbling to 1.0595 at the moment.</p><p style=““ class=“text-align-justify“>From a technical perspective, the pair is looking towards its 100-day moving average (red line) once again currently. The level helped to arrest the decline last week and is now seen at 1.0554. So, just be mindful of that alongside further support closer to the 1.0500 mark.</p>

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

<p style=““ class=“text-align-justify“>Well, that’s arguably the smart move as saying anything at this point has the potential to backfire and rile markets up even more. Credit Suisse shares are now down 25% to $1.68 on the day.</p>

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

<ul><li>Prior +7.4%</li><li>Market index 214.5 vs 201.5 prior</li><li>Purchase index 165.6 vs 154.4 prior</li><li>Refinance index 458.9 vs 437.9 prior</li><li>30-year mortgage rate 6.71% vs 6.79% prior</li></ul><p style=““ class=“text-align-justify“>Mortgage activity caught a bounce for a second week running, with rates retreating slightly in the past week. Both purchases and refinancing activity were seen higher but it remains to be seen if the market will be able to find renewed momentum. It all comes down to the Fed outlook.</p>

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

<p>Headlines:</p><ul><li><a target=“_blank“ href=“https://www.forexlive.com/news/the-jitters-are-still-being-felt-in-markets-20230314/“>Credit Suisse says found „material weakness“ in reporting procedures</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/the-volatile-swings-continue-in-the-bond-market-so-far-today-20230314/“>The volatile swings continue in the bond market so far today</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/2-year-german-bond-yields-erase-its-sharp-decline-at-the-open-20230314/“>2-year German bond yields erase its sharp decline at the open</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/boj-says-direct-exposure-of-japan-financial-institutions-to-svb-is-limited-20230314/“>BOJ says direct exposure of Japan financial institutions to SVB is limited</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/ecbs-stournaras-says-no-impact-from-svb-collapse-on-eurozone-banks-20230314/“>ECB’s Stournaras says no impact from SVB collapse on Eurozone banks</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/boe-rate-hike-odds-moving-closer-towards-a-coin-flip-as-well-20230314/“>BOE rate hike odds moving closer towards a coin flip as well</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/boj-steps-in-with-another-701-billion-worth-of-etf-purchases-today-20230314/“>BOJ steps in with another ¥70.1 billion worth of ETF purchases today</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/uk-february-payrolls-change-98k-vs-102k-prior-20230314/“>UK February payrolls change 98k vs 102k prior</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/spain-february-final-cpi-60-vs-61-yy-prelim-20230314/“>Spain February final CPI +6.0% vs +6.1% y/y prelim</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/switzerland-february-producer-and-import-prices-02-vs-07-mm-prior-20230314/“>Switzerland February producer and import prices -0.2% vs +0.7% m/m prior</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/china-reportedly-to-gradually-raise-retirement-age-to-cope-with-aging-population-20230314/“>China reportedly to gradually raise retirement age to cope with aging population</a></li></ul><p>Markets:</p><ul><li>CAD leads, JPY lags on the day</li><li>European equities slightly higher; S&amp;P 500 futures up 0.8%</li><li>US 10-year yields up 11.3 bps to 3.628%</li><li>Gold down 0.5% to $1,903.98</li><li>WTI crude down 2.1% to $73.24</li><li>Bitcoin up 2.5% to $24,845</li></ul><p style=““ class=“text-align-justify“>It all started with things looking fairly calmer, as bond yields looked for a rebound ahead of European trading. Then, came a headline from Credit Suisse in which the bank says it found „material weakness“ in its financial reporting for 2021 and 2022. That’s not exactly the kind of statement you’d want to see at this point and markets reacted.</p><p style=““ class=“text-align-justify“>Or at least the bond market did.</p><p style=““ class=“text-align-justify“>2-year Treasury yields quickly fell from 4.18% to 3.83% as traders turned fearful again and that also saw a 27 bps dip in 2-year German bond yields right at the open to 2.42%. That set up a nervy open for Europe and induced more volatility swings but by the end of it, we are seeing calmer heads prevail – at least for now.</p><p style=““ class=“text-align-justify“>Credit Suisse shares may not be recovering yet but bond yields have risen drastically in a turnaround from earlier in the day. 2-year Treasury yields are now up 20 bps to 4.23% while 2-year German bond yields are now up 10 bps to 2.80%, as bond bears start to draw a line on the squeeze in the past few sessions.</p><p style=““ class=“text-align-justify“>In FX, USD/JPY was sent for a ride as it fell from 133.80 to 133.20 before recovering to push above 134.00 now – up 0.7% on the day. The rest of the major currencies space is rather muted, with the dollar trading little changed for the most part after its slight gains earlier have been pared.</p><p style=““ class=“text-align-justify“>With the US CPI data coming up later at 1230 GMT, brace yourselves for another round of volatility in North America trading.</p>

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

<p>Finance
Magnates Africa Summit (FMAS:23) is headed to South Africa in just two short
months, providing a wide range of opportunities for forex and crypto traders. The
landmark event will kick off on May 8-10, 2023 at the luxurious Sandton
Convention Centre in Johannesburg, South Africa.</p><p>Africa
continues to see a surge in trading activity, underscored by a growth in
clients that have gravitated towards the forex and cryptocurrency sphere. In
light of these trends, FMAS:23 will cater its agenda towards this segment, benefiting
these individuals over the course of the event.</p><p>As a
reminder, registration for the event is now live and available for <a target=“_blank“ href=“https://events.financemagnates.com/fmas2023/register/“ target=“_blank“ rel=“follow“>signup today</a>!</p><p>Indeed, the
past few years has seen the proliferation of the African retail trading
industry. This rapid expansion in the online trading industry is only expected
to trend higher, with FMAS:23 coming at the perfect time for traders and
individuals looking to take their craft to the next level.</p><p>FMAS:23 is the perfect
event for forex and crypto traders to network, engage, and learn from
attendees, brokers, and providers.</p><p>FMAS:23
Geared for Forex and Crypto Traders</p><p>Finance Magnates
is no stranger to the B2C scene, with its annual London Summit (FMLS) series tailored
extensively to the space across multiple asset classes. FMLS has consistently
delivered the goods for investors, traders, and all retail market participants.</p><p>Historically, this
has included a robust focus on proper trading techniques, demos, the release of
new and exciting trading technologies and platforms for users, and much more.
Additionally, these types of events spell out everything traders need to know
about all asset classes, be it forex, crypto, CFDs, and much more.</p><p>Reasons for Forex
and Crypto Traders to Attend FMAS:23</p><p>·
Learn
about new trading technologies, platforms, techniques</p><p>·
A chance
to engage directly with leading traders, brokers, individuals</p><p>·
An
opportunity to meet, network with other traders</p><p>·
Workshops
and trading strategies available on offer for free</p><p>FMAS:23 is
poised to take retail trading trends to the next level, curated specifically
for the African continent. This also includes a growing swath of potential
traders who are looking to get started, with an opportunity to learn and engage
with the best.</p><p>FMAS:23
– Networking and Engagement Opportunities</p><p>FMAS:23 has a
unique content focus and agenda planned to accommodate a diverse range of
participants and attendees in Africa. Whether you are a newcomer to the trading
scene or are a veteran at events, FMAS:23 has something for everyone.</p><p>Each and every
attendee can expect to take advantage of a plethora of opportunities. This
includes engaging, interacting, and networking with leading retail players and
the biggest names in the online industry sphere.</p><p>
Nowhere else do attendees have the opportunity to speak directly with so many
leaders in one place in Africa. Individuals can also expect to learn about and
engage with the biggest brands from the retail trading and crypto space.</p><p>The event will
spotlight 2.5 days of sessions, workshops, panels, discussions, and more,
touching on every corner of the retail trading industry. A complete agenda will
be rolled out in the next few weeks.</p><p>FMAS:23 is
expected to bring in upwards of 2,000 attendees, 70 exhibitors, and 50 speakers.
To top this all off, the event will also feature a legendary closing party for
all attendees, complete with live music, entertainment, and much more.</p><p>
This is one event you will not want to miss. Stay tuned for more updates over
the next few weeks as the in-depth agenda takes shape, or simply to <a target=“_blank“ href=“https://events.financemagnates.com/fmas2023/contact-us/“ target=“_blank“ rel=“follow“>join the conversation</a> surrounding FMAS:23!</p>

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

<p>On the daily chart below, we can
see that the bearish trend is healthy in the AUD/USD pair with clean pullbacks
and selloffs. Commodity currencies are sensitive to global growth and risk sentiment,
and this is why we’ve been seeing the US Dollar appreciating the most against
currencies like AUD, NZD and CAD. </p><p>We can see that the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-moving-averages-20220425/“>moving
averages</a> are clearly crossed to the downside and are acting as resistance for
the buyers. The downward <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-trendlines-20220406/“>trendline</a> is also defining the bearish
trend and the buyers will need a break above it to start getting some
conviction in a trend change. </p><p>Recently, the market priced out
hawkish bets on the Fed due to the failure of the <a target=“_blank“ href=“https://www.forexlive.com/news/fdic-takes-control-of-silicon-valley-bank-20230310/“>Silicon
Valley Bank</a>. This has led to some USD depreciation, but
fundamentally it also means that we may be near the recession, which ultimately
favours the greenback. </p><p>On the 4 hour chart below, we can
see that the price has been rejected by the trendline and the 61.8% <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-using-fibonacci-retracements-20220421/“>Fibonacci
retracement</a> level. There may be some long covering before the
US CPI report today. <a target=“_blank“ href=“https://www.forexlive.com/EconomicCalendar“>Inflation data today</a> should add to the recent
volatility. A beat to the expected numbers should give the USD a boost and give
the sellers the control to push the price to lower lows. A miss may extend the
USD depreciation and lead to the breakout of the trendline. </p><p>On the 1 hour chart below, we can
see that the price has <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 <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>resistance</a> at 0.6698 and the Fibonacci
level. This was a signal of a loss of buying momentum and in fact we got a
pullback. </p><p>We can also notice that there may
be a <a target=“_blank“ href=“https://www.forexlive.com/Education/chart-patterns-guide-20220125/“>head
and shoulders</a> pattern with the orange trendline as the neckline.
The levels here are defined. If the sellers break below the neckline and the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>support</a> zone at 0.6630, then we should
see new lower lows coming. If the buyers break above the resistance at 0.6698
and the trendline, then we should see a rally towards the next resistance at
0.6781. Watch out for the CPI report today!</p>

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

<p style=““ class=“text-align-justify“>He says that the collapse of SVB and the market turmoil that ensued after is just „part of the process“ as the world adjusts to tighter financial conditions following years of easy money.</p><p style=““ class=“text-align-justify“>“This is part of the process of the knob being turned to tighten financial conditions to make sure that we are on our way to normalising a higher interest rate world. But there might well be surprises, there might well be reactions.“</p><p style=““ class=“text-align-justify“>It’s easier to just say it as it is when you’re part of a flock that must be protected at all costs by lawmakers and policymakers alike. As said earlier, when the smaller and regional banks are facing such troubles, there is only one winner. And it is these bunch of guys:</p><ul><li><a target=“_blank“ href=“https://www.reuters.com/business/finance/jpmorgan-other-big-us-banks-flooded-with-new-clients-post-svb-collapse-ft-2023-03-14/“ target=“_blank“ rel=“nofollow“>JP Morgan, other big US banks flooded with new clients post SVB collapse – FT</a></li></ul>

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

<p>On the daily chart below, we can
see that compared to other currencies, the US Dollar hasn’t weakened too much.
This may be because the CAD is a commodity currency and it’s sensitive to
global growth and commodity prices. </p><p>The bad news out of the US like a
miss in <a target=“_blank“ href=“https://www.forexlive.com/news/us-weekly-initial-jobless-claims-211k-vs-195k-expected-20230309/“>Jobless
Claims</a>, the pickup in the <a target=“_blank“ href=“https://www.forexlive.com/news/us-february-non-farm-payrolls-311k-vs-205k-expected-20230310/“>unemployment
rate</a> and the failure of the <a target=“_blank“ href=“https://www.forexlive.com/news/fdic-takes-control-of-silicon-valley-bank-20230310/“>Silicon
Valley Bank</a>, are also bad news for the Canadian economy which
has the US as the biggest trading partner. </p><p>Moreover, the US is the biggest
economy in the world, and when it goes into recession the whole world is
affected, which is also bearish for commodities like oil for example. In fact,
we saw <a target=“_blank“ href=“https://www.tradingview.com/chart/CIPuZN0R/?symbol=NYMEX%3ACL1%21″>oil
prices</a> falling in line with the fall in the USD. </p><p>We can see on the chart that the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-moving-averages-20220425/“>moving
averages</a> are still clearly pointing north and the bullish trend with extensions
and retracements looks healthy. </p><p>On the 4 hour chart below, we can
see that price has pulled back to the upward <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-trendlines-20220406/“>trendline</a> and the 50% <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-using-fibonacci-retracements-20220421/“>Fibonacci
retracement</a> level. The buyers here will be fighting to push
the price up as they have many technical tools all in one place. </p><p>The <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>support</a> at 1.3664 will be the last line
of defence for the buyers as a break lower would open the door for a bigger
fall towards the 1.3520 level. A lot may be hanging on the <a target=“_blank“ href=“https://www.forexlive.com/EconomicCalendar“>US CPI report today</a>. In case we get a beat in the
data, the USD should come back, while a miss may give the sellers control and
lead to the breakout. </p><p>On the 1 hour chart below, we can
see that there’s a possible inverted <a target=“_blank“ href=“https://www.forexlive.com/Education/chart-patterns-guide-20220125/“>head
and shoulders</a> right at the trendline. This may be a sign that
the buyers are piling in and are looking for a push higher. </p><p>The neckline would be at 1.3800
but a break higher of the counter-trendline would give the buyers enough
conviction to start rallying and target the 1.3861 <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>resistance</a> without waiting for the neckline
break. All of this should be considered after the US CPI report as ultimately,
it’s the data that will give the direction. </p>

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

<p>Market picture</p><p>The crypto
market is now showing increased volatility. On Monday morning, the price
climbed from Friday’s low of $19.5K up to $22.7K. There are more fundamental
factors behind bitcoin’s decline, while we see tech behind the rebound in
recent days.</p><p>The problems
at Silicon Valley Bank triggered a sell-off in risky assets, including bitcoin.
At one point, it fell below its 200-day average, although it was higher at
Friday’s close, attracting buyers. Later, the RSI on the daily timeframe moved
out of the oversold territory – another early bullish signal.</p><p>However, the
upside amplitude was provided by reduced liquidity. On Monday, Bitcoin faces an
important test of market sentiment. During the day, we must watch closely to
see if we have a clean sell-off by the hawks. If so, it’s an important signal
that the recent rally was false and that the big players are still selling at
better prices.</p><p>Potential
buyers would still be better off waiting for a fix above $23,000 to confirm a
bullish reversal.</p><p>According to
CoinMarketCap, the total capitalisation of the crypto market passed $1 trillion
on Monday morning.</p><p>Stablecoin
USD Coin (USDC) lost its peg to the US dollar on Saturday, falling below $0.88
amid the collapse of Silicon Valley Bank (SVB), which held $3.3 billion of its
reserves. DAI is also in trouble, falling below $0.90 as USDC partially backs
the token. At the same time, many other stablecoins have crossed the $1.01 mark.</p><p>News background</p><p>Tron founder
Justin Sun proposed the creation of a bank for the needs of the crypto industry
amid the collapse of Silicon Valley Bank.</p><p>Michael
Barr, deputy head of the US Federal Reserve, has proposed creating a group to
develop the regulation of crypto assets. According to him, if the Fed fails to
regulate stablecoins, their widespread adoption could threaten the US economy.</p><p>The US
Treasury unveiled plans for the 2024 budget replenishment and said it intends
to impose a 30% excise tax on mining companies‘ electricity use.</p><p>Renowned
economist and cryptocurrency sceptic Peter Schiff called for cryptocurrencies
to be sold as the industry is „about to see more bankruptcies“. He
pointed to the collapse of Silvergate Bank and US economic data that would
force the Fed to raise interest rates.</p><p>Twitter CEO
Elon Musk said he was „open to the idea“ of buying the troubled
Silicon Valley Bank to turn the social network into a financial hub and digital
bank.</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.