MHMarkets：2024.03.07 MHM European Time Analysis

Date: 2024.03.07 MHM European Time Analysis

In the forex market, the U.S. dollar experienced a decline against major currencies following Federal Reserve Chair Jerome Powell's announcement that interest rates would be lowered this year, with the dollar index dropping to 103.36. This was accompanied by gains in several currency pairs; EUR/USD rose to 1.0894 buoyed by a slight increase in Eurozone retail sales, while GBP/USD and AUD/USD also saw increases. Notably, Germany's trade surplus expanded significantly, and despite a fall in Canada's Ivey PMI, the Bank of Canada held its key interest rate steady. Meanwhile, Bitcoin showcased volatility, retracting from a record high before making a robust recovery.

In stock and commodities markets, U.S. indices bounced back, with notable gains across the Dow Jones, S&P 500, and Nasdaq, recovering from the previous session's losses. This rebound was partly attributed to Powell's statement on rate cuts and a surprisingly strong U.S. private job report from ADP. Sector-wise, utilities, technology, and materials led the gains, while specific stocks like Nvidia, Box, and CrowdStrike made significant movements on the back of corporate news and earnings outlooks. European markets also ended on a positive note, and commodities like U.S. WTI crude oil and gold saw price movements, with gold reaching an all-time high.

The Asian session witnessed continued adjustments in currency valuations, with the AUD/USD marginally increasing and the USD/JPY further declining amidst positive economic data from Australia and China, and Japan reporting a notable rise in labor cash earnings. The stability in EUR/USD and GBP/USD, alongside a rebound in gold prices and a slight decrease in Bitcoin value, marked the session's trading dynamics. Looking ahead, the market anticipates decisions and data releases concerning key interest rates from the European Central Bank, Germany's factory orders, the U.K.'s Halifax house price index, and significant economic indicators from the U.S., including the trade deficit and jobless claims, with attention also on Powell's Senate testimony.

Gold (XAUUSD) Technical Analysis
Resistance levels:	2171.07
Support levels:	2142.36; 2128.03
The 4-hour chart for gold shows recent resistance near 2171.07 and support near 2142.36; 2128.03. The breakthrough or failure to break through these support and resistance levels will be used as a basis for future market analysis.Note: The above strategy update was provided on March 7th at 16:00. This strategy is for intraday purposes; please consider the strategy release time.

Crude Oil (USOUSD) Technical Analysis:
Resistance levels:	79.54; 80.46
Support levels:	78.70; 77.92
The 4-hour chart for US crude oil indicates resistance levels near 79.54; 80.46 and support levels near 78.70; 77.92. Future market analysis will depend on the breakthrough or failure to break through these support and resistance levels.Note: The above strategy update was provided on March 7th at 16:00. This strategy is for intraday purposes; please consider the strategy release time.

EUR/USD Technical Analysis:
Resistance levels:	1.0928; 1.0985
Support levels:	1.0884; 1.0822
The 4-hour chart for the Euro against the US Dollar shows resistance levels near 1.0928; 1.0985 and support levels near 1.0884; 1.0822. The breakthrough or failure to break through these support and resistance levels will be used as a basis for future market analysis.Note: The above strategy update was provided on March 7th at 16:00. This strategy is for intraday purposes; please consider the strategy release time.

GBP/USD Technical Analysis:
Resistance levels:	1.2747; 1.2780
Support levels:	1.2716; 1.2682
The 4-hour chart for the British Pound against the US Dollar indicates resistance levels near 1.2747; 1.2780 and support levels near 1.2716; 1.2682. Future market analysis will depend on the breakthrough or failure to break through these support and resistance levels.Note: The above strategy update was provided on March 7th at 16:00. This strategy is for intraday purposes; please consider the strategy release time.