MHMarkets：2024.03.21 MHM European Time Analysis

Date: 2024.03.21 MHM European Time Analysis

In the forex markets, the U.S. dollar saw a decline against other major currencies, influenced by the Federal Reserve's unwavering stance on its rate-cut strategy despite high inflation figures. The dollar index dipped to 103.42. This shift benefited the EUR/USD, GBP/USD, and AUD/USD, among others, with notable movements attributed to economic data such as Germany's producer prices and the U.K.'s inflation rate. Cryptocurrency also made headlines as Bitcoin rebounded from a significant loss, increasing over 9% to reach $68,000, signaling renewed investor confidence.

In equity and commodities markets, U.S. stocks experienced a rally following the Federal Reserve's announcement, potentially reducing interest rates thrice within the year, setting record closes for both the Dow Jones Industrial Average and the S&P 500. Financial, consumer discretionary, technology, and industrial sectors led the gains, with major companies like Tesla, Meta Platforms, and Apple seeing substantial increases. Meanwhile, commodities such as U.S. WTI crude oil and gold experienced shifts in pricing, reflecting broader market sentiments and reactions to the Federal Reserve's stance and global economic data.

During the Asian trading session, currencies like the AUD/USD and EUR/USD extended their gains, influenced by positive economic data from Australia and Japan. This session also saw Bitcoin and gold prices adjust, reflecting ongoing market dynamics. Looking ahead, various economic indicators are expected, including manufacturing and services PMIs from the eurozone, Germany, France, the U.K., and the U.S., alongside decisions from the Swiss National Bank and the Bank of England on their benchmark rates. These upcoming releases and decisions are highly anticipated, with potential implications for market movements and investor sentiment.

Gold (XAUUSD) Technical Analysis
Resistance levels:	2208.45; 2223.00
Support levels:	2186.08; 2172.24
The 4-hour chart for gold shows recent resistance near 2208.45; 2223.00 and support near 2186.08; 2172.24. 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 20th at 15:00. This strategy is for intraday purposes; please consider the strategy release time.

Crude Oil (USOUSD) Technical Analysis:
Resistance levels:	83.00; 84.46
Support levels:	81.84; 80.65
The 4-hour chart for US crude oil indicates resistance levels near 83.00; 84.46 and support levels near 81.84; 80.65. 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 20th at 15:00. This strategy is for intraday purposes; please consider the strategy release time.

EUR/USD Technical Analysis:
Resistance levels:	1.0948; 1.0980
Support levels:	1.0906; 1.0876
The 4-hour chart for the Euro against the US Dollar shows resistance levels near 1.0948; 1.0980 and support levels near 1.0906; 1.0876. 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 20th at 15:00. This strategy is for intraday purposes; please consider the strategy release time.

GBP/USD Technical Analysis:
Resistance levels:	1.2818; 1.2863
Support levels:	1.2771; 1.2724
The 4-hour chart for the British Pound against the US Dollar indicates resistance levels near 1.2818; 1.2863 and support levels near 1.2771; 1.2724. 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 20th at 15:00. This strategy is for intraday purposes; please consider the strategy release time.