Research & Education

The Australian Dollar experienced a significant surge in value following the release of the February Labour Force report, which surpassed expectations.  The impressive employment data has prompted a positive response from investors, resulting in a rally for the Australian Dollar.  Traders are expected to closely monitor the AUDUSD currency pair in light of the forthcoming release of significant economic data that could impact currency valuations.

The price of Gold concluded the week above the 23.6 percent Fibonacci retracement of the recent rally amid mounting inflationary pressure, the appreciation of the US Dollar, and the potential for an extended period of high interest rates. It is important for traders to closely monitor the price trends of the precious metal especially in light of the forthcoming release of significant economic data that could impact the direction of Gold prices in the market. 
 

The recent upswing of the Pound Sterling appears to have halted, albeit temporarily, following its peak at the exchange rate of 1.28936, which may be attributed to the release of stronger-than-anticipated inflation US data, the strengthening of the US Dollar Index, and the Federal Reserve's hawkish stance. Further analysis and staying informed about economic events and geopolitical developments will be essential in making informed trading decisions in the GBPUSD market.

Expectations are running high as traders brace for the next NFP release, which is scheduled for later today.  Consensus estimates project a job addition of 198,000 for the month, with the unemployment rate forecast to be 3.7%.  It is crucial for market participants to pay attention not only to the headline figures but also to underlying details, such as wage growth and labor force participation.

The price of Crude Oil has registered a second consecutive decline, currently standing at 78.442 US dollars per barrel.  The downward retracement is attributed to various factors, including concerns regarding the outlook for Chinese demand, an anticipated increase in US Crude Oil inventories for the previous week, due to be announced later today, and delays in physical oil deliveries due to geopolitical tensions.  Traders will closely monitor the market today due to significant economic data releases and their potential impact on Crude Oil.

The EURUSD currency pair declined in value during yesterday's trading session, hitting a new low and breaking through the dynamic support line established by the 50-period Moving Average.  This drop in price may be attributed to the recent news that the US economy expanded by 3.2% annually in the fourth quarter, as well as strong consumer spending, according to a report released by the Bureau of Economic Analysis on Wednesday.  Traders are expected to closely monitor the currency pair in light of the forthcoming release of significant economic data that could impact currency valuations.  

The NZDUSD pair has exhibited an upward direction since February 20, when the Kiwi initiated a reversal to the upside on the price chart, surpassing the technical resistance level at 0.61584 following a decisive break of the downward channel. The bullish rally prompted the entry of bull positions in the market, which pulled the price higher. However, the rally lost its steam before reaching the first potential price target of 0.62258.
The 50-period Moving Average and the Momentum oscillator both support the upward bias, strengthening the notion of a potential rally.
Traders are expected to closely monitor a currency pair in light of the forthcoming release of significant economic data that could potentially impact currency valuations.

Despite the less-than-anticipated growth in crude oil stockpiles, as reported in the latest release, the commodity closed the week at $76.786 per barrel, unable to mount an upward rally due to concerns over weakening demand in the face of declining economic indicators in the United Kingdom for two consecutive quarters, Japan's economic contraction in the last quarter, persisting geopolitical tensions and delays in the US interest rate cuts. As a result, crude oil prices failed to surge despite the inventory data.