Daily Technical analysis for March 8, 2021
Dollar gains some ground as risk stays more tentative to start the session
Dollar firms a little on US futures retreat
The greenback is pushing slight gains across the board now with EUR/USD falling to a low of 1.1890 from around 1.1910 earlier – fresh lows since the end of November.
The pair is now closing in on a test of the 61.8 retracement level @ 1.1888 with sellers keeping a keen eye on the 200-day moving average (blue line) @ 1.1825.
Elsewhere, the dollar is holding higher against the yen at 108.45 and cable has also slumped from 1.3835 to 1.3810 currently. The aussie has also pared gains against the greenback in a fall from 0.7710 to 0.7681, marking the lows for the day at the moment.
This comes as we see US futures stay on the retreat since the opening levels today amid the selloff in tech as Nasdaq futures remain down by a little over 1%.
Also, just be mindful of Treasuries as yields are keeping higher today but still just below 1.60%, after having seen the post-non-farm payrolls spike be short-lived on Friday.
USD/JPY keeps more buoyed as Treasury yields hold higher so far on the day
USD/JPY keeps higher close to 108.50 at the moment
The dollar is holding higher across the board, with the antipodeans suffering the most as overall risk sentiment keeps on the softer side amid the tech selloff today.
But USD/JPY is also keeping higher as 10-year Treasury yields are threatening to breach 1.60% in European morning trade thus far. The pair hit a high of 108.64 on Friday and that could very well be up for the taking later on in the session.
Just be mindful that the 100-month moving average for the pair sits @ 108.76 and might offer some resistance in case buyers are chasing for a move higher.
That said, as things stand, it is all about the yields story for yen pairs at the moment and with the Fed out of the picture until next week, it is tough to imagine the market changing course completely during this period.
Gold price attempts positively
Gold price begins today positively to move above the intraday bearish channel’s resistance, facing minor horizontal resistance at 1707.00 that protects the recently suggested negative scenario, noticing that stochastic loses its positive momentum to reach the overbought areas now.
Therefore, these factors encourage us to continue suggesting the bearish trend for the upcoming period, which its targets begin by breaking 1692.00 to confirm heading towards 1655.00 as a next station, noting that the continuation of the decline today requires holding below 1718.00.
The expected trading range for today is between 1680.00 support and 1720.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis
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