Ticker tape by TradingView

Want Trade Alerts?

See all of our entries, exits, and analysis. 
Use code READER for 25% OFF!
Join VIP

March 24, 2021

Trade Ideas for EUR/USD, XAU/USD, and SPX500

Frank Cabibi

EU in Potential Downtrend, Gold and USD Rise Together
3/24/2021

EUR/USD Analysis
Europe begins further lockdown measures as it continues to struggle with COVID, sending the price of EU down to its 200 day moving average. French and German PMI data both came out better than expected, however, it might not be enough to turn price back up. Right now, we should be looking at a potential downtrend here on this pair unless COT reports show green again.
Gold Analysis
Gold mostly flat this Wednesday as it hovers around a general rising trend line on the 4H chart. Although the USD is rising today, gold can still keep itself afloat which can be taken as a bullish sign on this metal. Price is still hovering below resistance, so that is one major level to watch going forward.
SPX500 Analysis
Bond yields sink some more and the market looks to be coming back up. On the 4H chart, the SPX500 is testing short term resistance on a falling trend line while supported by its 200 SMA right below it. It's an interesting day for sure since the USD is gaining while the market and gold does that same. The rest of the week is going to be very important in getting an idea of where price is headed, so remaining vigilant to news and price swings is going to be big.

new trade alert

Join The VIP Community!
Our entries, exits & analysis
Live Webinar Coaching
Trading Chatrooms
Strategy Library 
Use Code "READER" for $5 OFF!
JOIN NOW

FREE broker quiz

Need Help Finding The Perfect Broker?
Take our broker quiz and find out your best broker match!
FIND A BROKER

free Trading PLan

Download Now
Create a Trading Plan Using Our FREE Template
DOWNLOAD
How Much Money Do You Need to Trade Forex?

One of the most common questions we hear from beginner traders is "How Much Money Do You Need to Trade Forex?" and our answer is: well, it depends. The amount of money you need depends on your goals as a trader. Is your goal to make a lot of money or are you going to […]

Read More
A USD Surge Is Coming

It is likely we see a USD surge in the near future as we get closer to the Fed meeting in March. Bond yields hit yearly highs this morning as the dollar begins to look stronger. A prominent "risk-off" attitude in the markets is showing now, and it looks like investors will be getting out […]

Read More
Bitcoin About To Catch Big Upside

Bitcoin has been vastly oversold due to the fact of regulation concerns from the US government wanting to make a more controlled market just like stocks. For over 2 months, the crypto has fallen nearly 42% from the highs in November, but it looks like it has found a bottom in the $39Ks. Why Bitcoin […]

Read More

Create a Trading Plan Using Our FREE Template

DOWNLOAD FREE
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram