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Daily Forex Signals & Market Insights: February 28- Intraday Focus

- Dollar index nears three-month high; PCE inflation data awaited.

- Expectations of Fed rate cuts are diminishing.

- Sticky January inflation anticipated; concerns for Fed.

- US Q4 GDP second reading due today.

- NZD drops after RBNZ's dovish comments.


DXY Dollar Index, A financial chart depicting the with technical indicators including candlesticks, Bollinger Bands, Ichimoku Cloud, and volume bars. The chart also features an RSI indicator below, signalling recent market volatility.
ūüüĘ Dollar Index


Forex Trade Signals

EUR/USD  GBP/USD  USD/JPY  USD/CHF  NZD/USD  AUD/USD USD/CAD  EUR/GBP  


EUR/USD A trading chart displaying the asset with two main indicators. The top panel shows Bollinger Bands overlaid on candlestick price action with a 20-day Simple Moving Average (SMA). Below, two sub-panels present the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), respectively. The RSI is within the neutral range, neither overbought nor oversold. The MACD shows the signal line and the MACD line close together, indicating no strong momentum in either direction. The lower section of the image features a separate price action chart without indicators for comparison.
ūüüĘ EUR/USD

Asset and Direction

  • Asset Name:¬†EUR/USD

  • Trading Direction:¬†Sell (bearish outlook due to strong USD)

  • Proposal Strength:¬†Moderate (awaiting key data release)

Snapshot

  • Pivot Point:¬†1.0848

  • Previous Close:¬†1.0845

  • High/Low:¬†1.0868/1.0833

  • Market Trend:¬†Sideways to slightly bearish

  • Confidence Level:¬†Medium (high impact news expected)

Key Indicators

  • Volatility (ATR):¬†Low at 0.00163, tight market range

  • Ichimoku Cloud:¬†Price under the cloud, indicating bearish momentum

  • RSI:¬†Neutral between 47.50 and 58.42, no overbought/oversold signals

  • Bollinger Bands:¬†Price traversing middle band, no strong directional momentum

  • MACD:¬†Bearish with the MACD line under the signal line

Yesterday's Recap

  • Opening Price:¬†1.0850

  • Overall Trend:¬†Slight bearish movement within a narrow range

Market Watch

  • US GDP second reading due later today

  • PCE price index data release on the horizon, significant for rate decision speculations

Trade Insight with Entry Price

  • Strategy:¬†Sell on rallies near the pivot if price action indicates rejection, suggesting bearish continuation, and if supported by strong USD signals from PCE data.

  • Entry Price:¬†Just below pivot at around 1.0847

  • Take Profit Levels:¬†TP1: 1.0825, TP2: 1.0800, TP3: 1.0775

  • Stop Loss:¬†Set above recent high, around 1.0875

  • Key Trading Tip:¬†Stay vigilant around the time of the US data releases as they could cause significant price shifts. Fine-tune stop-loss and take-profit orders in response to the data.



Asset and Direction

  • Asset Name:¬†GBP/USD

  • Trading Direction:¬†Await breakout for clear direction

  • Proposal Strength:¬†Low (pending breakout and data release)

Snapshot

  • Pivot Point:¬†1.2679

  • Previous Close:¬†1.2684

  • High/Low:¬†1.2698/1.2659

  • Market Trend:¬†Sideways

  • Confidence Level:¬†Low until a clear trend is established

Key Indicators

  • Volatility (ATR):¬†Low at 0.00220, indicating a narrow range

  • Ichimoku Cloud:¬†Price within the cloud, suggesting indecision

  • RSI:¬†Neutral at 47.05, no clear directional bias

  • Bollinger Bands:¬†Price hovering near the middle band, confirming the range-bound market

  • MACD:¬†Slightly bearish as the MACD line is below the signal line

Yesterday's Recap

  • Opening Price:¬†1.2683

  • Overall Trend:¬†No significant moves, maintaining within the trading range

Market Watch

  • Monitoring for impact of the US GDP second reading

  • PCE price index data release could affect USD strength and consequently GBP/USD

Trade Insight with Entry Price

  • Strategy:¬†Watch for a decisive move outside of the current range for a potential entry. A break below the pivot could favour a sell; a move above may favour a buy.

  • Entry Price:¬†To be determined post-breakout from the pivot point range

  • Take Profit Levels:¬†Adjust based on the direction of the breakout

  • Stop Loss:¬†Set outside of the breakout confirmation level

  • Key Trading Tip:¬†Wait for confirmation of a breakout with high volume to avoid false signals, especially around high-impact news events.



Asset and Direction

  • Asset Name:¬†USD/JPY

  • Trading Direction:¬†Buy (bullish bias due to recent USD strength)

  • Proposal Strength:¬†Moderate (market awaiting key US data)

Snapshot

  • Pivot Point:¬†150.43

  • Previous Close:¬†150.51

  • High/Low:¬†150.72/150.08

  • Market Trend:¬†Uptrend within a narrow channel

  • Confidence Level:¬†Medium (pending economic indicators)

Key Indicators

  • Volatility (ATR):¬†Moderate at 0.240, could expand on news

  • Ichimoku Cloud:¬†Price is above the cloud, indicating bullish sentiment

  • RSI:¬†Neutral at 57.66, potential room for upside

  • Bollinger Bands:¬†Price is near the upper band, signaling strength

  • MACD:¬†Histogram is positive, MACD line is above the signal line, indicating bullish momentum

Yesterday's Recap

  • Opening Price:¬†150.72

  • Overall Trend:¬†Remained in an uptrend with minimal volatility

Market Watch

  • Anticipation of the US fourth-quarter GDP second reading

  • PCE price index data will be key for USD strength, affecting the USD/JPY pair

Trade Insight with Entry Price

  • Strategy:¬†Look for buying opportunities if price maintains above the pivot, indicating continued bullish momentum, especially if PCE data supports a strong USD.

  • Entry Price:¬†Around the pivot at 150.43, if holding above

  • Take Profit Levels:¬†TP1: 150.60, TP2: 150.80, TP3: 151.00

  • Stop Loss:¬†Below the recent low at 150.20

  • Key Trading Tip:¬†Be cautious of potential volatility around the release of US data. Consider tighter stop-losses to manage risk.



Asset and Direction

  • Asset Name:¬†USD/CHF

  • Trading Direction:¬†Buy (anticipating USD strength)

  • Proposal Strength:¬†Moderate (dependent on US data release)

Snapshot

  • Pivot Point:¬†0.8793

  • Previous Close:¬†0.8786

  • High/Low:¬†0.8811/0.8784

  • Market Trend:¬†Mildly bullish

  • Confidence Level:¬†Medium (awaiting confirmation from US data)

Key Indicators

  • Volatility (ATR):¬†Low at 0.00175, indicating a narrow trading range

  • Ichimoku Cloud:¬†Price is above the cloud, suggesting bullishness

  • RSI:¬†Neutral at 51.42, room for upward movement

  • Bollinger Bands:¬†Price near the middle band, indicative of potential for either direction

  • MACD:¬†Flat, showing indecision in the market

Yesterday's Recap

  • Opening Price:¬†0.8803

  • Overall Trend:¬†Slight upward trend with restrained movement

Market Watch

  • Traders anticipating US fourth-quarter GDP second reading

  • PCE price index data may influence USD strength, impacting USD/CHF

Trade Insight with Entry Price

  • Strategy:¬†Consider buying if price sustains above the pivot, indicating strength, particularly if the PCE data is favorable for the USD.

  • Entry Price:¬†Just above the pivot at around 0.8794

  • Take Profit Levels:¬†TP1: 0.8810, TP2: 0.8830, TP3: 0.8850

  • Stop Loss:¬†Below the recent low at 0.8770

  • Key Trading Tip:¬†Monitor the PCE data release closely for any signs of increased inflation, which could strengthen the USD and provide a clearer direction for the pair.



Asset and Direction

  • Asset Name:¬†NZD/USD

  • Trading Direction:¬†Sell (given the bearish momentum and RBNZ's dovish outlook)

  • Proposal Strength:¬†High (based on current market sentiment and technical indicators)

Snapshot

  • Pivot Point:¬†0.6167

  • Previous Close:¬†0.6171

  • High/Low:¬†0.6179/0.6151

  • Market Trend:¬†Bearish

  • Confidence Level:¬†High (with RBNZ's recent dovish comments and the technical setup)

Key Indicators

  • Volatility (ATR):¬†Moderate at 0.00194, could increase on news

  • Ichimoku Cloud:¬†Price below the cloud, confirming bearish bias

  • RSI:¬†Approaching oversold territory at 27.90, which could signal a potential reversal or pause in downtrend

  • Bollinger Bands:¬†Price is near the lower band, indicating bearish momentum

  • MACD:¬†Negative histogram, suggesting bearish movement continues

Yesterday's Recap

  • Opening Price:¬†0.6172

  • Overall Trend:¬†Downtrend with the NZD weakening against the USD

Market Watch

  • Awaiting the US fourth-quarter GDP second reading

  • Anticipating PCE price index data, which can affect USD and thus NZD/USD

Trade Insight with Entry Price

  • Strategy:¬†Sell on any minor pullbacks towards the pivot point, as long as bearish momentum is maintained.

  • Entry Price:¬†Near the pivot at 0.6167, if the price shows rejection

  • Take Profit Levels:¬†TP1: 0.6140, TP2: 0.6120, TP3: 0.6100

  • Stop Loss:¬†Above the recent high at 0.6190

  • Key Trading Tip:¬†Keep an eye on RSI for oversold signals, which may indicate potential short-term pullbacks or trend pauses. Adjust trades accordingly in response to US economic data releases.



Asset and Direction

  • Asset Name:¬†AUD/USD

  • Trading Direction:¬†Sell (bearing in mind the potential for continued USD strength)

  • Proposal Strength:¬†Moderate (considering the current market conditions and pending US data)

Snapshot

  • Pivot Point:¬†0.6542

  • Previous Close:¬†0.6545

  • High/Low:¬†0.6559/0.6525

  • Market Trend:¬†Range-bound with bearish bias

  • Confidence Level:¬†Medium (market awaiting directional cues from upcoming data)

Key Indicators

  • Volatility (ATR):¬†Low at 0.00173, suggesting a tight trading range

  • Ichimoku Cloud:¬†Price is below the cloud, indicating potential for bearish action

  • RSI:¬†Neutral to slightly bearish at 35.54

  • Bollinger Bands:¬†Price is close to the lower band, which could indicate bearish pressure

  • MACD:¬†Histograms are below zero but flat, suggesting lack of strong momentum

Yesterday's Recap

  • Opening Price:¬†0.6542

  • Overall Trend:¬†Slight downward movement, with price staying close to the opening

Market Watch

  • Market participants are eyeing the US GDP second reading

  • PCE price index data is also on the watch, which might impact the USD and AUD/USD

Trade Insight with Entry Price

  • Strategy:¬†Sell on a break below the pivot point if the price confirms the bearish trend, potentially accelerated by strong USD data.

  • Entry Price:¬†Around or just below the pivot at 0.6541

  • Take Profit Levels:¬†TP1: 0.6520, TP2: 0.6500, TP3: 0.6480

  • Stop Loss:¬†Above the recent high at 0.6570

  • Key Trading Tip:¬†Observe the MACD for any signs of downward momentum increase and adjust stop losses and take profits after the US data release for potential market reactions.



Asset and Direction

  • Asset Name:¬†USD/CAD

  • Trading Direction:¬†Buy (bullish outlook based on USD strength)

  • Proposal Strength:¬†Moderate (given the consolidation phase and upcoming economic data)

Snapshot

  • Pivot Point:¬†1.3517

  • Previous Close:¬†1.3531

  • High/Low:¬†1.3541/1.3484

  • Market Trend:¬†Slight uptrend with consolidation

  • Confidence Level:¬†Medium (pending economic releases)

Key Indicators

  • Volatility (ATR):¬†Slightly increased at 0.00217, indicating a potential for a stronger move

  • Ichimoku Cloud:¬†Price is above the cloud, suggesting bullish sentiment

  • RSI:¬†Neutral at 63.84, room for upward movement before reaching overbought conditions

  • Bollinger Bands:¬†Price is trending towards the upper band, signaling bullish pressure

  • MACD:¬†Histogram is slightly positive, MACD line is above the signal line, indicating bullish momentum

Yesterday's Recap

  • Opening Price:¬†1.3505

  • Overall Trend:¬†The pair has shown a slight uptrend with the price maintaining above the opening level

Market Watch

  • Traders are waiting for the US GDP second reading

  • PCE price index data expected to provide direction for USD strength, affecting USD/CAD pair

Trade Insight with Entry Price

  • Strategy:¬†Consider buying if the price holds above the pivot point, indicating continued bullish momentum, especially if supported by US economic data.

  • Entry Price:¬†Around the pivot at 1.3517 or upon a confirmed hold above

  • Take Profit Levels:¬†TP1: 1.3535, TP2: 1.3555, TP3: 1.3575

  • Stop Loss:¬†Below the recent low at 1.3480

  • Key Trading Tip:¬†Monitor the release of US data for an increase in volatility; be prepared to adjust stop-loss and take-profit levels in response to the data.



Asset and Direction

  • Asset Name:¬†EUR/GBP

  • Trading Direction:¬†Buy (mild bullish outlook)

  • Proposal Strength:¬†Moderate (given the current market phase and economic indicators)

Snapshot

  • Pivot Point:¬†0.8554

  • Previous Close:¬†0.8550

  • High/Low:¬†0.8569/0.8545

  • Market Trend:¬†Trading within a narrow range

  • Confidence Level:¬†Medium (market awaiting clear signals)

Key Indicators

  • Volatility (ATR):¬†Low at 0.00093, indicating tight consolidation

  • Ichimoku Cloud:¬†Price is hovering around the cloud, suggesting indecision

  • RSI:¬†Neutral at 50.75, indicating a balance between buyers and sellers

  • Bollinger Bands:¬†Price is close to the middle band, confirming the range-bound movement

  • MACD:¬†Flat MACD line near zero, suggesting lack of trend strength

Yesterday's Recap

  • Opening Price:¬†0.8555

  • Overall Trend:¬†Mostly flat with slight movement within the range

Market Watch

  • Participants will look out for economic cues from the Eurozone and UK for potential triggers

  • Any significant news from the Eurozone could cause the EUR to strengthen against GBP

Trade Insight with Entry Price

  • Strategy:¬†Buy if the price sustains above the pivot point, indicating bullish pressure.

  • Entry Price:¬†Just above the pivot at around 0.8555

  • Take Profit Levels:¬†TP1: 0.8570, TP2: 0.8590, TP3: 0.8610

  • Stop Loss:¬†Set below the recent low at 0.8520

  • Key Trading Tip:¬†Look for a break from the consolidation pattern for a clearer trading signal. Watch for the MACD to signal increasing momentum and adjust your positions accordingly.

 

Disclaimer: These Forex Trade Signals are based on the current charts and market conditions. Always conduct your own analysis and consider risk management strategies before entering any trade. Markets are dynamic, and conditions can change rapidly.


As with all investments, your capital is at risk. Investments can fall and rise and you may get back less than you invested.


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