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<b> MARKET</b> ANALYSIS <b> MARKET</b> ANALYSIS

MARKET ANALYSIS

Cutting-Edge Market Commentary for Informed Strategy Making

DAILY TECHNICAL ANALYSIS 03/11/2022


EURUSD

Over the past two months, EURUSD has fluctuated between 1.00000 and 0.96729.

Now the price reacts back to 1.0005 and from that point a bearish bias starts. In the chart we highlight some important levels,

Price manages to break below S2 with a solid candle and faces for S3 support. As you can see the price is in the middle of these two ranges. If the price doesn't reach the S3 support, it won't be a surprise because it is already in oversold territory.



USDCAD

USDCAD for the last month has been in a bearish trend, the price is starting to show some bullish signs, it manages to break out and retest the S1, the RSI is 73 which is consider as a bullish indicator and an overbought area.

Now the price is at 161.8 fibonacci level and RSI to overbought area we may see a correction up to S1 near the trendline bounce and may continue for the next area at R1. If the price breaks below S1, it will change the whole picture of this pair.



SPX

SPX has mange to break its downtrend that starts from august, price reacts R1 which is ery healthy behavior from technical point of veiw.

Now the price is in a support area, if the price bounce up from that area that may be a start for an uptrend. If the price break below that area may continue the bearish scenario for a little longer.



NATGAS

NATGAS has been in a downtrend since August, falling in price from 10 to 5.71 in 3 months.

Now price manage to retest the long-term uptrend and start forming uncertain patterns.

If the price respects the long-term trend line, we can say a short-term uptrend until around 9,

If the price fails and breaks below this trendline, we may see NATGAS trade even cheaper.




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