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Market News AUD climbs higher and Bitcoin reaches a tipping point (with trading strategy)

AUD climbs higher and Bitcoin reaches a tipping point (with trading strategy)

The trend of risky currencies such as the Australian dollar and the Norwegian krone seems to have reversed after hitting recent highs, which is beneficial to the U.S. dollar in the short term; Citi said that the special currency may face a "speculative implosion"!

Eden
2021-03-03
608

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The ICE Dollar Index (DXY), which tracks the trend of the US dollar against a basket of currencies, fell 0.31% to 90.731 in late New York trading, falling from a three-week high of 91.139.


Risky currencies, including the Australian dollar, rebounded from the sell-off. The Australian dollar rose against the US dollar after the Bank of Australia (RBA) promised low interest rates. It rose by 0.77% to US$0.7831 in late trading, but it was still lower than the three-year high of US$0.8007 hit last Thursday.


Karen Jones, a technical analyst at Commercial Bank of Germany, said that the trend of risky currencies such as the Australian dollar and the Norwegian krone seems to have reversed after hitting recent highs. In the short term, it is beneficial to the US dollar and the US dollar depreciation may end.


The euro rebounded 0.36% to US$1.2092 against the US dollar.


At the same time, safe-haven currencies including the Swiss franc and the Japanese yen strengthened slightly at the end of the session, reversing the earlier decline. The Swiss franc against the US dollar earlier hit 0.9193, the lowest since November 2020, and the yen also hit 106.95, the lowest since August.


Gary Gensler, chairman of the US Securities and Exchange Commission (SEC) nominated by US President Biden, said that cryptocurrencies have brought new concerns about investor protection. Citigroup issued a report stating that Bitcoin has reached a tipping point and may become the currency of choice for international trade, or it may face a "speculative implosion."


Trading strategy (provided by Trading Central)

Pivot: 0.7790


Our preference: long positions above 0.7790 with targets at 0.7850 & 0.7880 in extension.


Alternative scenario: below 0.7790 look for further downside with 0.7765 & 0.7735 as targets.


Comment: technically the RSI is above its neutrality area at 50.


Supports and resistances:

0.7910

0.7880

0.7850

0.7834 Last

0.7790

0.7765

0.7735


Guideline for Trading Central strategy


Trend chart reading guideline

1. First look at the time period in the upper left corner of the chart:

・30MIN and 1H chart shows the trading suggestions for intraday

・Daily chart shows the market trend analysis in next 2-3 days


2. The blue horizontal line on the chart marks the pivot: pivot indicates the reversal of the market. When the price is above the pivot, it indicates an upward trend, when the price is below the pivot , it indicates a downward trend. When the price breaks through the pivot, the trend is reversed.


3. The red and blue thin curves in the Candlestick chart chart are technical indicators: Red line is  MA20+Bollinger bands, Blue line is MA50. under the Candlestick chart chart are also the technical indicators:  Blue line is RSI, Red line is 9MA;


4. The green horizontal line is the resistance level for a price increase, and is also the profit target for long orders; the red horizontal line is the support level for a price decrease, and is also the profit target for short orders.


How to use TC strategy?

1.[Pivot] is the reversal line of the market trend. When the price up the pivot line which means in Bullish, you can open a long position or Buy. on the contrary, when the price under pivot line which means in bearish. You ‘d better make short positions or Sell.

2. [our preference] is the main trading suggestion for your reference. You can exit your trading refer to this target or close positions before it.

3. [Alternative scenario] is the plan B for your reference.

4. [Comment] is the technical analysis of market trends and technical support for trading strategies.

5. [Supports and resistance] Supports are levels where the price tend to find support as it falls.

Resistances are levels where the price tend to find resistance as it rises. So, exit before the trend reverse.



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