February 27, 2024: Market Rebounds, Bitcoin Soars

DAILY MARKET NEWSLETTER | February 27, 2024

MARKET WRAP

Stocks, Bonds, Commodities

• U.S. stocks experienced a mild decline on Monday (Dow Jones -0.16%, S&P 500 -0.38%, Nasdaq 100 -0.02%)

• U.S. 10-year Treasury yield rebounded to 4.281%.

• Energy and consumer discretionary sectors saw gains; utilities, real estate, and technology sectors lagged.

• Tech highlights: Nvidia rose, Tesla rebounded, Alphabet dropped on AI tool issues.

• Retail updates: Walmart rose on a stock split, Domino's surged on sales, grocers Kroger and Albertsons declined amidst merger scrutiny

• Bitcoin soared, lifting crypto-related stocks like Marathon Digital, Microstrategy, and Coinbase.

______________________________________________________________________

Forex

• The U.S. dollar index eased (103.78).

• EUR/USD +0.3%, GBP/USD +0.02%, USD/JPY +0.13%

• AUD/USD -0.3%, USD/CHF -0.1%, USD/CAD +0.01%

• Bitcoin topped $54,600, its highest since December 2021.

  ______________________________________________________________________

MORNING TRADING

• USD/JPY eased slightly (150.48) in Asia.

• Japan's core inflation slowed (2.0%)

• EUR/USD, GBP/USD holding steady.

• Gold near $2,032, Bitcoin continues to climb.

______________________________________________________________________

Currency Pairs

• EUR/USD

• Direction: Bullish (upward potential)

• Pivot Point: 1.0835

• Preference: Long positions above 1.0835

• Targets: 1.0860, 1.0875

• Alternative: If below 1.0835, look for the downside with targets at 1.0820, 1.0810

• Indicator: RSI shows mixed to bullish signals

______________________________________________________________________

• GBP/USD

• Direction: Bullish bias above 1.2665

• Pivot Point: 1.2665

• Preference: Long positions above 1.2665

• Targets: 1.2690, 1.2700

• Alternative: If below 1.2665, look for the downside with targets at 1.2655, 1.2645

• Indicator: Support base formed at 1.2665

______________________________________________________________________

• USD/JPY

• Direction: Facing pressure (potential downward movement)

• Pivot Point: 150.80

• Preference: Short positions below 150.80

• Targets: 150.20, 150.00

• Alternative: If above 150.80, look for an upside with targets at 151.00, 151.20

• Indicator: RSI shows downside momentum

______________________________________________________________________

Stock Index

• Dow Jones (CME) (H4)

• Direction: Facing pressure (potential downward movement)

• Pivot Point: 39280.00

• Preference: Short positions below 39280.00

• Targets: 39030.00, 38890.00

• Alternative: If above 39280.00, look for an upside with targets at 39440.00, 39530.00

• Indicator: RSI below neutrality (50%)

______________________________________________________________________

• Looking to trade these pairs？ Get deeper analysis and strategies on Taurex website: https://www.tradetaurex.com/