Silver Price: XAGUSD Nosedive to the Base Amid Strong US NFP Report

Silver Price: XAGUSD Nosedive to the Base Amid Strong US NFP Report

XAGUSD Price Analysis – March 7

The price of the white metal came under immense pressure in the prior session and briefly dipped below the $25.00 level. A move beyond the $25.00 breakpoint will negate the selling bias. The lack of lasting downside probably owes itself to the fact that US government bond yields, which spiked in reaction to the strong NFP report, have fallen back to pre-release levels.

Key Levels
Resistance Levels: $28.90, $27.50, $26.00
Support Levels: $24.50, $23.50, $21.89
XAGUSD Long term Trend: Ranging
From the daily technical analysis perspective, the bearish bias also gains support from the XAGUSD failure to recover from recent lows while staying below ascending trendline support at $25.50 amid bearish moving averages 5 and 13. On a correction, the bears can target the old daily lows of a bearish impulse at $24.01 on Jan 18, 2021.

On the flip side, any meaningful recovery attempt might still be seen as the selling opportunity may run the risk of fizzling out rather quickly near the trend-line support breakpoint. A fresh bout of short-covering might then push the XAGUSD back towards the $26.00-77 supply zone en-route the $27.00 round-figure mark.
XAGUSD Short term Trend: Bearish
In the near term future, the XAGUSD price is expected to continue to trade sideways until it flips moving averages 13 into support, which is located above the $25.50 level. Bears may eye an immediate target of $24.50, violation of which would risk extension towards $24.00 level.

Bearish analysis of the short-term frame and negative sentiment help bears which for now ignores oversold conditions, but some price adjustment could be anticipated. In the next session upticks under the ascending trendline are expected to provide better opportunities to re-join the bearish market.

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NASDAQ 100 (NAS100) Reaches the Oversold Region, May Resume Up trending

NASDAQ 100 (NAS100) Reaches the Oversold Region, May Resume Up trending

Key Resistance Zones: 14000, 14100, 14200
Key Support Zones: 13400, 13300, 13200

NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 is in an downtrend. The index reaches the high of level 13885 and was repelled. The downtrend has been ongoing. On February 26 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that NAS100 will further decline to level 2.0 Fibonacci extension or the low of 11413.74.

NAS100 – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping upward indicating the uptrend. The index has fallen to level 39 of the Relative Strength Index period 14. The index is in the downtrend zone below the centerline 50.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4- hour chart, the index is in a downward move. The price retested the high of 13400 twice before resuming the downtrend. The index is now at the low of 12400. The market will rise if the current support holds.

NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
The market is above the 25% range of the daily stochastic. It indicates that the index is in a bullish momentum. Meanwhile, the 50-day SMA and the 21-day SMA are sloping downward indicating the downtrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 has fallen to the oversold region of the market. Presently, the market is in an upward movement. If the current support holds, the selling pressure will be exhausted.


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Ethereum (ETH) Price Analysis: Ether Struggles Above the $1,600 Support, Regains Bullish Momentum

Ethereum (ETH) Price Analysis: Ether Struggles Above the $1,600 Support, Regains Bullish Momentum

Key Highlights
Ethereum bulls break the $1,600 resistance
The coin is likely to face resistance at a level of $1,700

Ethereum ETH) Current Statistics
The current price: $1,660.62
Market Capitalization: $190,500,499,597
Trading Volume: $190,500,499,597
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis March 7, 2021
Ethereum bulls are attempting to break the $1,600 resistance. Since March 1, the biggest altcoin has been confined to trade between $1,300 and $1,600.If the current bullish momentum is sustained, a retest at the $2,000 overhead resistance is likely. Meanwhile, the uptrend may face resistance at $1,700 high. On the upside, when the price is sustained above $1,800, Ethereum will commence the resumption of upside momentum. However, if Ether faces another rejection at the recent high, the price will fall to the previous range-bound zone.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is making positive moves as price breaks the 50-day SMA and it is attempting to break the 21-day SMA. A Break above the SMAs will accelerate the price movement on the upside. The Relative Strength Index is at level 53. This indicates that Ether has room to rally on the upside.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum is making a positive move as bulls attempt to break the $1,600 resistance. On March 2 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement implies that ETH will rise to level 1.618 Fibonacci extensions or a high of $1,790.40.

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USOIL (WTI) Sustains Recent Rallies, Approaches the Overbought Region

USOIL (WTI) Sustains Recent Rallies, Approaches the Overbought Region

Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Bullish
USOIL is in a smooth uptrend. The crude oil has risen a high of $64 and was resisted. The price retraced to $60 and resumed the upward move. The resistance at $64 was broken as the market continues its upside momentum. USOIL is likely to reach the high of $68 but the price is likely to reach the overbought region.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 68 of Relative Strength Index period 14. It indicates that price is approaching the overbought region. The 21-day and 50-day SMAs are sloping northward indicating the uptrend.

USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the USOIL is in an upward move but the price has reached the overbought region of the market. On March 4 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the market will rise to level 1.272 Fibonacci extension. That is the high of level $66.00. The USOIL is expected to reverse at that price level.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
USOIL (WTI) is above the 80% range of the daily stochastic. The price has reached the overbought region of the market. The SMAs are sloping upward indicating the uptrend.

General Outlook for USOIL (WTI)
USOIL (WTI) upward move is reaching bullish exhaustion. The daily stochastic and the RSI that price has reached the overbought region of the market. According to the Fibonacci tool, the market will rise and reverse at level 1.272 or $66 high.


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EURJPY Bullish Impulse Sustains Price Towards 130.00 Level

EURJPY Bullish Impulse Sustains Price Towards 130.00 Level

EURJPY Price Analysis – March 5

The continuation of the selling sentiment in the Japanese yen lends extra legs to the EURJPY beyond 129.00 level at the weekend. In the meantime, the pair sustains its upside sentiments price towards the round number at 130.00. As equities and U.S. yields continue to show a strong united front, we will continue to see the JPY on the weak side across all pairs.

Key Levels
Resistance Levels: 134.00, 132.00, 130.00
Support Levels: 128.50, 128.00, 127.50
EURJPY Long term Trend: Bullish
Analyzing from a technical perspective, any further advance in the EURJPY may be confronted with enormous resistance at 130.00 level which corresponds with the yearly high of Feb 24. For the bullish momentum to continue the EURJPY would need to flip the barrier into support.

However, on the flip side, if the EURJPY pair fails to break above the mentioned line, then it would find itself on the back foot again looking at the moving average 13 as immediate support at the horizontal line around 128.50 level. The overall bias stays above while the pair trades past moving average 5 at 129.00 level as the outlook for the cross remains constructive.
EURJPY Short term Trend: Bullish
The intraday bias in EURJPY stays mildly to the upside and range trading from 129.97 high may continue further. However, a further rally is anticipated as long as 127.50 resistance turned support level holds intact.

On the upside, past the high at 129.97 level may restart the upside run from 121.61 level to 100% forecast of 121.61 to 127.50 level from 125.08 at 130.00 levels next. Meanwhile, the resilient breach of 127.50 level may alter bias to the downside, for a steeper fall to the 125.08 support level.

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GBP/JPY Reaches the Overbought Region of the Market, Uptrend Unlikely

GBP/JPY Reaches the Overbought Region of the Market, Uptrend Unlikely

Key Resistance Levels: 150.000, 152.000, 154.000
Key Support Levels: 146.000, 144.000, 142.000

GBP/JPY Price Long-term Trend: Bullish
The GBP/JPY is in a smooth uptrend. In the previous price action, the pair was resisted at level 150.44 and the market slumps to $148 low. Today, the price is retesting the resistance level to break it. The market will resume an upward move if the resistance is broken. Conversely, the price may fall because the RSI has indicated that the market has reached the overbought region.

GBP/JPY – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 76 of the Relative Strength Index period 14. This indicates that the market has reached the overbought region. The price has not enough room to rally on the upside.

GBP/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an upward move. For the past week, the pair has been retracing after rejection from level 150.44. This week the price has risen and retested the resistance zone. The indicators are still showing the overbought condition of the market. It is possible the pair may face another selling pressure.

GBP/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The GBP/JPY pair is above the 65% range of the daily stochastic. The market is in a bullish momentum. The SMAs are sloping upward indicating an uptrend.

General Outlook for GBP/JPY
The GBP/JPY is trading in the overbought region as price rises to retest the resistance at $150.44. In the previous price action, the Pound fell to $148 low. It is unclear if the bulls will break the current resistance. However, the pair has no room to rally on the upside.


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Polkadot (DOT) Hovers above $32 Support, May Resume Upward

Polkadot (DOT) Hovers above $32 Support, May Resume Upward

Key Resistance Levels: $35, $37.50, $40
Key Support Levels: $25,$22.50,$20

Polkadot (DOT) Price Long-term Trend: Bearish
Presently, Polkadot is in an uptrend. In the first uptrend, the coin was resisted at $40 and it retraced to $30 low. Buyers pushed the coin upward for the second time and were repelled at the resistance zone. The crypto is likely to find support above the 21-day SMA. On February 20, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that DOT will rise to reach level 2.0 Fibonacci extension or the high $61.21.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMAs are sloping upward indicating upward. DOT is at level 56 of the Relative Strength Index period 14. This indicates that the pair is in the uptrend zone and above the centerline 50.

Polkadot (DOT) Medium-term Trend: Bearish
On the 30-mins chart, the pair is in a downward move. The coin fell to $32 low and corrected upward. The upward correction was short-lived as the crypto resumes downward. Nonetheless, if the coin falls and breaks below $32, the selling pressure will persist. On March 5 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DOT will fall to level 1.618 Fibonacci extension or the low of $30.05 and reverse. From the price action, DOT is hovering above $32 support for a possible reversal.

DOT/USD – 30-Mins Hour Chart

4-hour Chart Indicators Reading
The altcoin is currently below the 30% range of the daily stochastic. It indicates that the pair is in a bearish momentum. The SMAs are sloping downward indicating a downtrend.

General Outlook for Polkadot (DOT)
Polkadot (DOT) is still retracing after the second rejection from the resistance zone at $40. The upward movement will resume if DOT finds support either above $32 or $30. At the same time, the bulls have to break the $40 overhead resistance. According to the Fibonacci tool, DOT has a target price of $61, if the current resistance is breached.


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Binance Coin (BNBUSD) Price Is Heading Towards Support Level at $142

Binance Coin (BNBUSD) Price Is Heading Towards Support Level at $142

BNBUSD Price Analysis – March 05

Further decrease in price is envisaged and the support level at $196 is likely to be tested. The breaking down of the just mentioned level will expose the coin to $142 and $117 price level. In case the decrease in price is interrupted by the bulls, the price may reverse and face the resistance levels at $254, $311, and $364.

BNB/USD Market
Key levels:

Supply levels: $254, $311, $364

Demand levels: $196, $142, $117

BNBUSD Long-term Trend: Bearish

The price increased to $364 resistance level on February 19. The bullish pressure pushes the coin to test the resistance level at $364 but unable to increase above level. On February 20, a strong and massive bearish candle emerges that breaks down the former support level of $254, price retracement was carried out the following day. The bulls gathered momentum and push the price to retest the $254 price levels but unable to penetrate. BNB price is heading towards the support level at $196.

BNBUSD Daily chart, March 05

The 9 periods EMA is above the 21 periods EMA and the coin is trading between the two EMAs as a sign of a bearish trend. Further decrease in price is envisaged and the support level at $196 is likely to be tested. The breaking down of the just mentioned level will expose the coin to $142 and $117 price level. In case the decrease in price is interrupted by the bulls, the price may reverse and face the resistance levels at $254, $311, and $364.

BNBUSD medium-term Trend: Bearish

BNBUSD is bearish in the 4-hour chart. BNB price action is trying to complete the formation of “M” chart pattern. In other words, the price is bearish in the medium-term. BNBUSD is decreasing towards the support level of $196. If the candle breaks and close below it, then, the price may test the support level at $142 within a short period of time.

BNBUSD 4-hour chart, March 05

The price is trading below the 9 periods EMA and 21 periods EMA couple with the Relative Strength Index period 14 pointing down at 40 levels indicate that the bearish trend may continue.

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Gold (XAUUSD) Fluctuates Above Level 1700.000, Further Selling Likely

Gold (XAUUSD) Fluctuates Above Level 1700.000, Further Selling Likely

Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700,$1,650

Gold (XAUUSD) Long-term Trend: Bearish
Gold is presently in a downward move. The market is falling because the bulls are retesting level 1880 to break it. This resulted in a further downward move. On February 4 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Gold is expected to fall to level 2.618 Fibonacci extension. That is the low of level 1645.153.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
The price has fallen to level 29 of Relative Strength Index period 14. It indicates that Gold is in the oversold region. The price has broken below SMAs which indicates that Gold is falling. The SMAs are sloping southward.

Gold (XAUUSD) Medium-term bias: Bearish
On the 4 hour chart, the XAUUSD is also falling. On February 26 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Gold is expected to decline to level 1.618 Fibonacci extension . That is the low of level 1657.570.

XAUUSD – 4 Hour Chart
  1. 4-hour Chart Indicators Reading
    XAUUSD is above the 30% range of the daily stochastic. The bullish momentum is unsteady. The stochastic bands are sloping horizontally. The SMAs are sloping downward indicating the downtrend.

    General Outlook for Gold (XAUUSD)
    XAUUSD is now fluctuating above level 1700. The price corrected upward but was resisted at level 1740. If the current support holds, Gold will resume an upward move. However, the selling pressure will resume, if the current support is breached.

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Uniswap (UNIUSD) Price Is Retesting $28 Resistance Level

Uniswap (UNIUSD) Price Is Retesting $28 Resistance Level

Uniswapr Price Analysis – March 04

In case the bulls were able to push up the price above $28 price level, and the daily candle close above the resistance level, then, the resistance level at $32 and $40 may be reached. Failure to break up the resistance level at $28, the bears may reverse the trend towards the support level at $25, $23 and $19.

UNI/USD Market
Key Levels:

Resistance levels: $28, $32, $40

Support levels: $25, $23, $19

UNI/USD Long-term Trend: Bullish

Uniswap is bullish on the long-term outlook. Last two weeks was bearish; this started when the bulls’ momentum increased and the coin found resistance at $28 price level. An evening doji candle formed at the mentioned level. The price falls to $21 support level where three days consolidation was carried out. On March 01, the bullish engulfing candle formed which connote an increase in the bulls’ pressure. The price increases and it is currently testing the previous high at $28.

UNIUSD daily chart, March 04

The 9 periods EMA remains above the 21 periods EMA and the coin is trading above the two EMAs which indicate that the bulls are dominating the market. In case the bulls were able to push up the price above $28 price level, and the daily candle close above the resistance level, then, the resistance level at $32 and $40 may be reached. Failure to break up the resistance level at $28, the bears may reverse the trend towards the support level at $25, $23 and $19. Moreover, the Relative Strength Index is bending up at 70 levels connotes an increase in Uniswap price.

UNI/USD Medium-term Trend: Bullish

The coin is on the bullish movement. Uniswap decline immediately after the bullish momentum placed the price at the resistance level of $32. The resistance level at $32 hold the price and this caused the falling of the price to support level at $21. The bearish power failed and the bullish trend restored. At the moment, the price is heading towards $32 price level provided $28 level does not hold.

UNIUSD 4-hour chart, March 04

However, the relative strength index period 14 is pointing up at 70 levels indicates a buy signal.

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.