The following is weekly Gold and EURUSD technical analysis with limit orders and live video analysis for the week of February 27 to March 03. See our previous week’s results and new Forex limit orders.
The data out of the UK has beat the consensus reading of 0.6% and posted and upward revision of 0.7%. Second estimate UK data is based on additional readings and therefore is more precise indication of the country’s economic growth. As such, an upward revisions within the manufacturing industries was the main reason for the +0.1% correction.
Meanwhile, did not learn anything new from FOMC Meeting Minutes. Many participants remains to expect a rate hike fairly soon, but only few participants expect a hike at the upcoming meeting. Hence, March Fed interest rate hike is on the table but higher odds are for June rate increase.
This week we’ll have GDP data for the US, Australia, and Canada. Along with Manufacturing and Services PMIs for the UK and US.
Moving on to our last week’s technical Forex analysis, neither of the two Forex limit orders were triggered. However, the market behaved fairly accurately to our weekly live Forex market analysis and additional trade opportunities might have been used according to it.
Based on this week’s Forex technical analysis, we continues to follow Gold and EURUSD price developments with best Forex limit orders for the two instruments.
EURUSD technical analysis and limit orders
Let’s start with EURUSD technical analysis. The underlying trend for the pair remains strongly bearish. Both weekly and daily MACD, 50 & 200 SMAs, and Stochastic indicators suggest further downside.
As such, this week risk reward favours selling EURUSD on bullish rallies once again. Therefore, we could look to sell EURUSD from nearby resistance at 1.065 and aim lower towards 1.061 and 1.057 support levels.
Gold technical analysis and limit orders
Looking once again at our Gold technical analysis, the precious metal continued to trade higher, as expected, supported by bullish weekly and daily MACD. However, the rebound from 1250 resistance level proved to be only marginal and Gold broke the level with ease.
Overall, technical outlook for Gold remains little changes since last week. And we could look to sell the precious metal from Fibonacci 76.4% retracement level at 1265.5, aiming back towards 1254 and possibly lower to 1242.
Weekly live Forex market analysis
Don’t forget to register to our next weekly live Forex market analysis.
Forex limit orders for EURUSD and Gold
The following are our two Forex limit orders based on this week’s Gold and EURUSD technical analysis:
EURUSD sell limit order @ 1.065 with SL at 1.071 and TP at 1.057.
Gold sell limit order @ 1265.4 with SL at 1271.6 and TP at 1253.5.
Lastly, keep your eyes on Analysis with entry and exit levels Forum thread for additional Forex limit orders throughout the trading week.
What is your weekly technical analysis? Share your view in the comments section below.