Oil Prices Re-Test Key Resistance As Gold Falls To February Support

US DOLLAR STRENGTH RE-APPEARS AHEAD OF LOADED ECONOMIC CALENDAR

With the door now closed on February, the focus turns towards early-March data and next week is a big one. There are three major Central Bank rate decisions: The RBA announced on Monday night/Tuesday morning, the Bank of Canada on Wednesday morning and the European Central Bank hosts their rate decision the morning after. But also on the calendar are some key data prints, such as US and Canadian jobs numbers set to be released on Friday morning. All-in-all, next week’s calendar offers both quality and quantity of releases, with high-impact data set to be released each day Monday-Friday.

DAILYFX ECONOMIC CALENDAR: HIGH-IMPACT EVENTS FOR THE WEEK OF MARCH 4, 2019

DailyFX Economic Calendar High-Impact Week of March 4, 2019

 

US DOLLAR RECOVERS FROM EARLY-WEEK LOSSES

This week started off with a continuation of last week’s pullback in the US Dollar. Monday led into a precipitous drop on Tuesday; but support began to show around the Powell testimony to the House Financial Services Committee on Wednesday. And while that support helped to hold the lows, there wasn’t much of a bullish response until the Thursday release of US GDP data for Q4, which helped to push the US Dollar back above the 96.00 level on DXY, on the way to re-testing a prior area of support that runs from 96.27-96.30.

Buyers continued that topside push in the overnight session, and prices now look ready to re-test as resistance another prior support zone that runs from 96.47-96.53.

US DOLLAR EIGHT-HOUR PRICE CHART

us dollar usd eight hour price chart

 

YEN WEAKNESS IS THIS WEEK’S BIG TAKEAWAY

Despite the US Dollar’s struggles in the early-portion of this week, USDJPY has remained with a bullish backdrop throughout the period, posing a mere pullback to prior swing-support before pushing another bullish breakout to fresh 2019 highs.

This continues the pair’s bullish theme that’s been alive-and-well throughout the month of February, as an ascending triangle a few weeks ago led into a breakout to 111.00, and another similar scenario has led into a topside push up towards the 112-handle.

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