Source: PaxForex Premium Analytics Portal, Technical Insight
The US dollar will keep rising until the Fed introduces a yield curve control tool, which will be the beginning of a long-term decline. Before Powell's speech, the markets were expecting him to announce something like that, but it looks like the time has not come yet. From this point of view, the important thing is the March 7 meeting, during which the views on the bond market may be voiced, but until then, the Fed will keep the status quo.
GBP/USD, 30 min
Pivot: 1.3825
Analysis:
Provided that the currency pair is traded below 1.3865, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.3825
- Take Profit 1: 1.3775
- Take Profit 2: 1.3735
Alternative scenario:
In case of breakout of the level 1.3865, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.3865
- Take Profit 1: 1.3905
- Take Profit 2: 1.3940
Comment:
RSI shows descending momentum during the day.
Key levels:
| Resistance | Support |
| 1.3940 | 1.3775 |
| 1.3905 | 1.3735 |
| 1.3865 | 1.3700 |
GBP/USD, D1
Pivot: 1.3936
Analysis:
While the price is above 1.3745, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3936
- Take Profit 1: 1.4180
- Take Profit 2: 1.4370
Alternative scenario:
If the level 1.3745 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3745
- Take Profit 1: 1.3500
- Take Profit 2: 1.3300
Comment:
RSI indicates that an uptrend continues in the medium term.
Key levels:
| Resistance | Support |
| 1.4550 | 1.3745 |
| 1.4370 | 1.3500 |
| 1.4180 | 1.3300 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD – sell below 1.1930 with 1.1865 and 1.1850 as Take Profit targets. Alternative scenario - if the level of 1.1930 is broken-out, you should consider buying with the targets 1.2075 and 1.2095 as Take Profit.
USD/CAD - long positions above 1.2620 with 1.2720 and 1.2740 targets as Take Profit. Alternative scenario - if the level of 1.2620 is broken-down, sell with the targets 1.2595 and 1.2570 as Take Profit.
NZD/USD – sell below 0.7183 with 0.7114 and 0.7095targets as Take Profit. Alternative scenario - if the level 0.7183 is broken-out, buy with the TP 0.7214 and 0.7232.
