Market Update - 06 March 2023

EUR/USD picks up bids to print mild gains while extending the previous weekly recovery. 100-SMA, one-month-old descending resistance line restrict immediate upside. Sluggish MACD signals join sustained trading below two-month-long horizontal hurdle, 200-SMA to keep bears hopeful. (FXStreet)

USD/JPY drifts lower for the second successive day on Monday, albeit lacks follow-through. Retreating US bond yields keeps the USD bulls on the defensive and exerts some pressure. The divergent Fed-BoJ policy outlook limits losses ahead of this week’s key event/data risks. (FXStreet)

GBP/USD oscillates in a narrow trading band through the early part of trading on Monday. Retreating US bond yields keeps the USD bulls on the defensive and lends some support. Brexit anxiety, recession fears hold back bulls from placing fresh bets and cap the upside. (FXStreet)

AUD/USD fills a modest gap down opening on Monday, though lacks follow-through.A downtick in the US bond yields weighs on the USD and lends support to the major. Recession fears act as a headwind for the pair ahead of this week’s key event/data risks. (FXStreet)

USD/CAD struggles to gain any meaningful traction and oscillates in a range on Monday. Retreating US bond yields keeps the USD bulls on the defensive and acts as a headwind. A modest downtick in Oil prices undermines the Loonie and lends support to the major. (FXStreet)

USD/CHF picks up bids to pare the biggest daily loss in a month. Bearish MACD signals, 50-SMA challenge recovery moves after snapping two-week uptrend. One-month-old ascending support line, 100-SMA lures sellers during fresh declines. (FXStreet)

The index vacillates around the 104.50 region on Monday. US yields lack traction following Friday’s marked pullback. Factory Orders, short-term bill auctions next on tap. The greenback, when gauged by the USD Index (DXY), alternates gains with losses in the mid-104.00s at the beginning of the week. (FXStreet)

GBP/JPY picks up bids to pare intraday losses, mildly offered after three-week uptrend. 50-EMA, one-month-old ascending trend line restricts immediate downside. Sluggish oscillators channel buyers on their way to refresh 2023 top. (FXStreet)

USD/MXN licks its wound near the lowest levels since April 2018. Mexican Peso marked the biggest weekly gains in seven months amid broad US Dollar declines. Key data/events eyed for clear directions, Fed Chair Powell needs to defend hawkish bias to avoid further USD fall. (FXStreet)

NZD/USD fades bounce off three-month low, holds lower ground of late. Bearish MACD signals join failure to cross the convergence of 100-SMA, one-month-old resistance line to lure sellers. Fortnight-long horizontal support area restricts immediate downside ahead of February’s low. (FXStreet)

USD/INR bounces off multi-day low to consolidate the first weekly loss in six. Convergence of 100-DMA, 23.6% Fibonacci retracement guards recovery moves. A 4.5-month-old symmetrical triangle advocates volatility; 200-DMA appears extra filter towards the south. (FXStreet)

Prices of the WTI extended the weekly rebound on Friday. The move was in tandem with rising open interest and volume and suggests that further gains look likely in the very near term. The surpass of the key $80.00 mark per barrel should pave the way for a test of the February high at $80.57 (February 13) ahead of the so far 2023 peak at $82.60 (January 23). (FXStreet)

Prices of the natural gas closed just above the key $3.00 marl for the first time since late January on Friday. The marked bounce was also amidst increasing open interest and volume and is indicative that further gains lie ahead in the very near term. That said, the next up barrier aligns at the Fibo retracement near the $3.20 level per MMBtu. (FXStreet)

Friday’s strong uptick in gold prices was on the back of rising open interest and volume, leaving the door open to the continuation of the monthly rebound in the very near term. That said, the next target on the upside comes at the weekly high at $1890 per ounce troy (February 9). (FXStreet)

Source: FXStreet, DailyFX

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