Technical Analysis Post

Daily Market Report: Expert Technical & Fundamental Insights – 06.03.2025

| 06 March, 2025 at 12:30 GMT

EURUSD

With four consecutive days of strong performance, EURUSD kept advancing to the highest level since November 2024 at $1.0803 due to USD index weakness & optimism about the near end of the ongoing war between Russia & Ukraine. At the same time, reducing the rates by ECB with more liquidity may support the struggling economy in EZ, which is another positive factor for long-term investors. Big day  ahead from EZ with ECB rate decision where ECB is likely to cut the rates to 2.5% from 2.75% & retail sales will be released as well. ECB’s president. Lagarde’s speech will be the major focus for today. 

As chart shows, price action was extremely bullish and was already overbought ( above 70 on 1H RSI) ,  Correction to $1.0760 could happen. 1H trend index remained bullish.

USDJPY

USDJPY fell to the lowest level since last October & traded at 147.99 amid expectations that BoJ may increase the rates further if needed. The yields on 10Y Japan’s government bonds increased to 1.51% , the highest in more than 15 years, what does that mean? It shows how the markets are still expecting further rate hikes by BoJ. Keep an eye on US bonds’ yields performance, weaker yields will keep the pressure on USD. 

1 week forecasts remained entirely bearish by the traders, and price action supports further drop to 147.50 . 1H RSI is edging lower to support level at 30 .

GBPUSD

GBPUSD was little changed today, trading at $1.2903, the highest since November 11th . According to BoE deputy governor, the persistent wages pressure could keep the inflation above target of 2%, and future rate cuts may not be gradual. Such outlook is considered a hawkish one. The improvement of the sentiments supported high-risk currencies as well. UK PMI services slightly fell to 51 in February from 51.1 in January.  

Traders remained skeptical about stronger GBP according to their forecasts, but 1H price action is hovering higher & targeting $1.2925. $1.2810 is an important support (1H chart).

Gold

After three consecutive days of positive closing, gold fell today to $2903 per ounce, still up by almost 1% in a week. The appetite for gold could weaken further if the global trade & geopolitical tensions ease. In the meantime, traders are waiting for US nonfarm payrolls on Friday, US job market added only 77K in private sector last February , much weaker than the estimates of 140K, it was the lowest job growth in seven months. Weaker US job market is likely to keep the demand for gold intact. 

Price action is falling & targeting $2886 per ounce. 1H trend index was bearish , while the traders’ sentiments surprisingly dropped in one week.

Silver

Positively correlated to performance of gold, silver dropped today to $32.41 per ounce after three consecutive sessions of gaining. China retaliated to Trump’s tariffs by imposing 10% to 15% tariffs on selected US goods, effective on March 10th . Silver outperformed gold in one week & increased by 4% vs 0.97% in gold. 

Both hourly & daily trend index remained bullish, however 1H price action shows signs of weakness & targets 32.10 , such a drop looks like short-lived according to traders’ behavior.

Oil – WTI

Crude oil prices slightly traded higher today, WTI $66.71PB, the lowest since last September, Brent $69.62PB. According to EIA, US weekly crude oil inventories increased by 3.61 million barrels last week, after it fell by more than 2 M barrels two weeks earlier. Fewer Canadian oil shipments to the US East Cost showed that the demand weakened, that’s not good for market bulls, however such a drop in oil prices will be welcomed by  US president Trump. Both factory orders & ISM services PMI in the US improved in February. 

1H price action started showing signs of improvement, targeting again $67.80 based on technical levels, not fundamental one, and supported by bullish trend index in 1H, with  bullish traders’ behavior.

DAX

DAX index continued the strong performance & gained 1% today, trading at new record-highs above 23200 . Reducing the rates by ECB later today will be another bullish catalyst, and if Germany decides to increase the limit of budget deficit & spend more then DAX is likely to keep breaking new records. Germany services PMI increased to 51.1 in February, weaker than January  at 52.2. Heavy auto makers’ stocks gained, BMW 3.3%, Mercedes 4.8%, Daimler 2.9% and Porsche 1.7% . Keep an eye on ECB’s president Lagarde speech later today. 

Hourly trend index remained strongly bullish, with no signs of considerable correction. 23000 became new  support for day-traders.

Nasdaq

US stock futures fell today by more than -1% after closing higher on Wednesday, Dow Jones 1%, SPX 1.1% and Nasdaq rose 1.46%. According to the White House, General Motors & Ford will receive one month delay on tariffs tied to US-Mexico – Canada agreement, however it didn’t mean that the tensions are over, not yet. ISM services PMI & factory orders came stronger than the estimates in February while job growth in US private sector fell to the lowest level in seven months, keep an eye on US nonfarm payrolls on Friday.

Price action showed cautious attitude , while the technical chart may support further drop to 20150, which is the lowest since last November, supported by bearish trend index in 1H.

BTCUSD

Mixed performance in cryptocurrency market for today, BTC is higher by 0.20% to $90730, Eth 1.8% , XRP 3% but Cardano loses -2.4% to $0.9504. The Hong Kong Securities and Futures Commission (SFC) today issued a warning to the public regarding an entity operating under the name of Linkbex. In the meantime, the easing of trade tensions is likely to have positive impact on crypto market’s sentiments, remember that crypto assets remained highly-speculative & risky as well. 

What 1H price action shows now is that the traders remained skeptical now with bearish trend index. All traders were bearish in 1 week forecasts, but longer term forecasts were better. $94100 is the next resistance,  $88100 is support.