Daily Price Outlook

The USD/JPY pair is currently trading at $136.66. Raphael Bostic, the president of the Atlanta Federal Reserve, made some cautious comments that appear to have briefly halted the pair's upward momentum.

Jobless Claims Report and Bostic's Comments Affect US Economy and USD/JPY

On Thursday, the jobless claims report indicated a further decline in the number of Americans filing new unemployment claims, reaching 190K instead of the expected 196K. This suggests a continuing improvement in the labor market and may reduce the likelihood of the Fed raising interest rates.

Earlier in the day, the US Dollar was gaining strength. Still, it changed direction in the afternoon when Atlanta Federal Bank President Raphael Bostic said the tightening cycle could end mid-to late-summer. Bostic prefers a rate increase of 25 basis points in March, but he left the possibility of a more hawkish rate outlook if inflation and labor market statistics improve.

As a result, the US Dollar Index (DXY) is now under pressure and trading at 104.89. Later today, the US Institute of Supply Management (ISM) will release the Services PMI (Feb) data, which could significantly impact the US Dollar's movement.

Tokyo Inflation Decreases in February: First Drop in Over a Year

The inflation rate in Tokyo has dropped for the first time in over a year, but this masks a stronger pricing trend that will likely influence the policy decisions of Bank of Japan Governor Nominee Kazuo Ueda. Despite the decrease in February's annual inflation rate from 4.4% to 3.4%, and the core inflation rate from 4.3% to 3.3%, it is unlikely to pressure the Bank of Japan to reconsider its policy outlook.

The recent drop in Tokyo's inflation rate, a leading indicator for the country, suggests that the peak of price growth may have passed in January. However, the new Bank of Japan (BoJ) board supports the current monetary policy. While Kazuo Ueda, the new BoJ Governor nominee, may consider phasing out Yield Curve Control, it could lead to increased optimism for the Japanese Yen.

USD/JPY Intraday Technical Levels

Support      Resistance

136.15         137.25

135.53         137.73

135.05         138.34

Pivot Points:136.63

USD/JPY  – Technical Outlook

Due to stochastic negativity, the USD/JPY pair experienced a temporary decline after reaching the 137.00 level. However, positive signals emerge, indicating a potential resumption of the bullish trend within the upward channel shown on the chart. The EMA50 currently supports the projected bullish wave, which is dependent on the price of above 135.40.

A break below this level could end the positive scenario and push the price down to test the 133.30 regions. The trading range for today is expected to be between 135.60 support and 137.30 resistance.

Daily Price Outlook

The Nasdaq 100 (NDX) trades at $12,044.87, showing a 0.89% increase within the last 24 hours. US stocks recovered from their initial decline as Raphael Bostic, the president of the Atlanta Fed, expressed his support for the stock market gains.

Bostic's Hawkish Stance Sparks Recovery Rally in US Stocks

At the start of the day, the NASDAQ faced some pressure. Nevertheless, the market recovered, and stocks soared as traders tried to counter worries about increasing interest rates. Raphael Bostic, the president of the Atlanta Federal Reserve, stated on Thursday that he strongly supports additional 25 basis point rate hikes, which resulted in the market reversal.

He also mentioned that the central bank could halt the current tightening cycle by the middle of summer. This was enough to cause market participants to overlook the rising bond yields.

The yield on the US 10-Year Treasury rose to 1.58%. At the same time, the US Dollar Index (DXY) is trading around 91.85. Following Bostic's remarks, the market is now pricing a greater chance of a lower Fed Funds rate for June 2023.

Corporate Earnings Drive NASDAQ Rebound Amid Interest Rate Concerns

Corporate earnings for the day saw a surge in Salesforce and Okta stock prices due to solid results, while Silvergate Capital and Tesla shares took a hit. Salesforce's shares rose after exceeding Wall Street earnings forecasts and publishing a better-than-expected projection on Wednesday. Similarly, Okta's shares also increased after the company reported better-than-expected results for the latest quarter and a positive outlook for the upcoming one. However, the shares of Silvergate Capital and Tesla fell.

Meanwhile, Silvergate Capital's stock plummeted over 57% when the company missed the deadline for filing its 10-K annual report. As for Tesla, shares also fell by 5.8% after the company didn't provide any details about the highly anticipated next-generation vehicles on investor day. Tesla is a popular choice among retail investors.

NASDAQ Intraday Technical Levels

Support      Resistance

11879          12026

11819          12114

11732          12173

Pivot Points:11966

NASDAQ – Technical Outlook

Technically, the NASDAQ is currently confined within a downward channel, with a narrow trading range of $11,800 to $12,050. Support for the NASDAQ is being observed at the $11,940 level, and a close below this level could lead to a potential drop to the next support level at around $11,440.

Moreover, in the 4-hour timeframe, the Nasdaq has broken through an upward channel, further intensifying the bearish sentiment in the market. On the upside, the NASDAQ may face immediate resistance at the $12,250 level.

Daily Price Outlook

The price of gold (XAU/USD) has fallen to $1,835.46 after a three-day recovery from a two-month low due to rising Treasury bond rates. As a result, traders of the precious metal struggled to find compelling reasons to support the recent uptick.

China's PMI Signals Economic Recovery, Gold Prices Respond

Recent PMI data shows that China's manufacturing sector expanded in February, with the National Bureau of Statistics reporting that the manufacturing PMI increased to 52.6, the highest figure since April 2012. This indicates a positive economic recovery in the leading industrial country and one of the main buyers of gold. The stronger-than-expected Chinese PMIs are supporting a risk-on sentiment.

In addition, the US dollar weakened due to stronger commodity currencies, which were boosted by China's positive manufacturing activity data, giving gold buyers an advantage. However, there are concerns about the US Federal Reserve's hawkish stance and worries about further inflationary pressures that could limit the price of XAU/USD.

Fed Officials Signal Possible Interest Rate Hikes in Response to Inflationary Pressures

Federal Reserve (Fed) officials have recently stated that the current monetary policy may not be enough to control high inflation in the near future, and further rate hikes may be necessary to address the issue. In addition, the manufacturing PMI for February was released at 47.7%, slightly up by 0.3% from the January reading of 47.4%.

This marks the third consecutive month of decline for the US economy after 30 months of growth. The release resulted in a considerable sell-off of both risky and safe assets. However, the prices paid index increased by more than experts had anticipated.

The DXY is currently trading at 104.59, indicating a decline in investor risk appetite. Additionally, hawkish comments from Federal Reserve officials regarding potential rate hikes, coupled with signs of rising inflationary pressures, caused the 10-year Treasury yield to climb to 4% and the expected final rate of the Fed to increase to 5.50%.

The rise in US Treasury bond rates is a reflection of the market's worries about economic contraction and inflation. This development reinforces expectations of a US Dollar rebound and a drop in the XAU/USD price.

Gold (XAU/USD) Intraday Technical Levels

Support      Resistance

1825            1846

1813            1856

1803            1868

Pivot Point: 1835

Gold (XAU/USD) – Technical Outlook

The price of gold closed yesterday with a definite positive trend, closing above $1828.70, which is considered a signal to begin an intraday bullish wave. However, we can see that the price started the day badly, placing pressure on the stated level, which now serves as a critical support line. The price is being influenced by stochastic negativity, which is now visible.

As a result, the price is caught between technical variables that make us prefer to stay away until we have a better indication of the next trend. Breaking $1828.70 will reignite the correcting bearish scenario, pushing the price towards $1788.20 as the next key objective. Consolidating above it and exceeding $1840.00, on the other hand, will lead to additional gains and a near-term visit to $1878.80.

Today's trading range will likely be between $1815.00 support and $1850.00 resistance.

Daily Price Outlook

The S&P500 is currently trading at $3,951.04, representing a 0.47% decrease in the past 24 hours. The decline in the S&P 500 was driven by manufacturing data indicating that inflation may remain persistently high, along with an increase in Treasury rates and hawkish remarks from Federal Reserve policymakers, which reinforced a stringent policy stance.

Federal Reserve Officials Suggest Aggressive Hikes in Interest Rates

The latest PMI data from S&P Global indicates a grim outlook for US manufacturing companies. The manufacturing PMI for February came in at 47.7%, which was 0.3% points higher than January's figure of 47.4%.

Despite the data showing the slowest rate of decline in three months, the sector's health has deteriorated as producers of goods struggle.

The ISM survey showed that US manufacturing contracted in February, while raw material costs increased, causing the yield on 10-year notes to rise above 4% for the first time since November. The Dollar index also gained momentum, trading at 104.59.

Investors remain focused on the Federal Reserve's interest rate trajectory. On Wednesday, Fed officials made statements supporting the idea that the most effective way to combat inflation is through aggressive interest rate hikes.

Moreover, the PMI data suggests that inflationary pressures have resurfaced, indicating that the Fed should not hastily conclude its tightening policy cycle.

How Corporate Earnings Reports Affected the SPX?

In the stock market, Lowe's Companies saw a 6% drop in its share price after it reported fourth-quarter revenue that fell short of Wall Street's expectations. The company also provided annual sales guidance that did not meet the projected figures.

Tesla also garnered attention as it began its investor day, during which the EV maker was expected to present its Master Plan 3 and provide insights into its long-term development strategy.

Snowflake's share price fell 7.3% after the company announced its Q4 earnings of $0.14 per share, falling short of the projected $0.05 on revenue of $589 million compared to the anticipated $576.22 million.

On the other hand, Okta's share price rose 13.7% after the company reported its Q4 earnings per share of $0.30, surpassing the estimated $0.09, and revenue of $510 million compared to the projected $489.79 million.

S&P500 Intraday Technical Levels

Support      Resistance

3978.24       4037.35

3944.16       4062.38

3919.13       4096.46

Pivot Point: 4003.27

S&P500 – Technical Outlook

Technically, the S&P 500 (SPX) is experiencing a bearish trend, having dropped to $3,950 after breaking an upward channel at $4,100. The SPX's current support level is $3,950, supported by a double-bottom pattern. If this support level is broken, the S&P 500 may continue to fall, possibly to $3,885. On the other hand, the S&P 500's resistance level is at $4,000 or $4,075.

Later today, market participants will pay attention to FOMC Member Waller's speech at 9:00 pm.

Daily Price Outlook

The EUR/USD is currently trading at $1.0646. China's release of the Caixin Manufacturing PMI has quelled concerns about a global recession, causing the risk-off sentiment to subside as expectations of an economic recovery rise. As a result, the US dollar has weakened in response to China's robust manufacturing sector. This has led to an increase in the value of the euro.

ECB Plans to Raise Interest Rates in Response to Higher Inflation

Regarding the Eurozone, four out of eight countries recorded manufacturing PMIs in the expansion range. However, the most recent report data revealed that manufacturing output throughout the Eurozone stabilized midway through the first quarter, ending an eight-month trend of declining output. The manufacturing PMI for the Eurozone decreased from 48.8 to 48.5, remaining the same as the preliminary figure of 48.5.

In the meantime, the annual Harmonised Index of Consumer Prices (HICP), which is the European Central Bank's (ECB) preferred measure of inflation, increased to 9.3% in February from 9.2% in January, surpassing experts' expectations of 9%. The higher-than-anticipated HICP indicates that the ECB may face difficulties in maintaining price stability.

Christine Lagarde, the President of the ECB, has already announced that the central bank plans to raise interest rates by 50 basis points in its March monetary policy.

Inflation in Germany exceeded market expectations, rising above the anticipated 8.5%. Market participants are now awaiting the release of European inflation data, which is expected later in the day. Even if the data exceeds the consensus forecast, little response is expected since most countries have reported their results. The European Central Bank (ECB) will also publish the minutes of its February meeting, which could potentially provide support for the euro.

Federal Reserve Signals Further Interest Rate Hikes to Combat Inflation

Federal Reserve (Fed) policymakers have maintained a hawkish stance, asserting that the current monetary policy is too weak and restrictive to curb inflation effectively. This suggests that additional rate hikes will be necessary to address inflationary pressures.

Additionally, the manufacturing PMI figure for February was 47.7%, which was 0.3% points higher than January's reading of 47.4%. Despite a 30-month expansion, this marks the economy's third consecutive monthly decline.

Based on the US ISM Manufacturing PMI range, inflationary pressures have resurfaced, indicating that the Fed should not rush to conclude its phase of policy tightening. As a result, the DXY is currently trading at 104.55, suggesting a decline in investor risk appetite due to expectations of interest rates.

EUR/USD Intraday Technical Levels

Support      Resistance

1.0590         1.0717

1.0513         1.0769

1.0462         1.0845

Pivot Point: 1.0641

EUR/USD – Technical Outlook

The EUR/USD is currently finding support at the $1.0645 level while facing resistance at the $1.0675 mark. On the 4-hour timeframe, the EUR/USD has formed an upward channel, indicating a possible uptrend for the EUR.

If the pair breaks above the $1.0680 mark, it could move toward the $1.0705 level, with further bullish momentum potentially leading to a breakout above $1.0735.

Leading technical indicators, such as the RSI and MACD, are currently holding above 50 and 0, respectively, indicating a bullish bias in the market.

Alternatively, if the pair breaks below the $1.0645 level, it could move toward the $1.0620 or $1.0580 levels, with further bearish momentum likely.

Daily Price Outlook

The EUR/USD currency pair is currently trading at $1.0590, showing an increase of 0.13% over the last 24 hours. The pair rose due to better-than-anticipated inflation data from France and Spain, which raised expectations that the European Central Bank (ECB) would continue to increase interest rates.

France and Spain CPI Reports

On February 28, France and Spain released their inflation numbers, which exceeded the forecasted figures for February. The Consumer Price Index (CPI) readings were 7.2% and 6.1% in France and Spain, respectively. As a result, investors are now betting on the European Central Bank (ECB) to raise its interest rates to a maximum of 4%, due to these high inflation rates.

These higher inflation rates are likely to reinforce the views of ECB policymakers, who argue that more increases beyond the March rate hike are necessary to keep inflation under control. In addition, hawkish statements from ECB officials have further supported this rise. The ECB's Chief Economist, Philip Lane, has stated that the "case for a 50 basis point rate rise in March remains strong," reiterating the central bank's stance.

CB Consumer Confidence

On February 28, a report showed that the CB Consumer Confidence fell from 106 in January to 102.9 in February, which was lower than the expert forecast of 108.5. In addition, the Chicago PMI dropped from 44.3 in January to 43.6 in February, which was below the predicted mark of 45. It is now declining for the second month in a row.

These numbers were lower than what experts had predicted and indicate increased pressure from rising interest rates. As a result, traders are expecting the Federal Reserve to raise the federal funds rate from 525 bps to 550 bps.

The report on consumer confidence, which showed a drop to a three-month low in February, limited the USD's gain. The US Dollar Index is currently trading at 104.87.

EUR/USD Intraday Technical Levels

Support      Resistance

1.0553         1.0624

1.0528         1.0670

1.0482         1.0695

Pivot Point: 1.0599

EUR/USD – Technical Outlook

The EUR/USD pair encountered resistance near the 1.0650 level and subsequently experienced a clear downward bounce from there. The EMA50 served as a strong resistance barrier against the price, thereby maintaining the validity of the bearish trend scenario on an intraday basis. The next likely support is 1.0515, with subsequent support of 1.0440 in case of a break below the former level.

Therefore, further decline is expected in the upcoming sessions. The price needs to acquire additional negative momentum to surpass the first target and sustain the decline on a longer-term basis. It should be noted that breaching the 1.0650 level will lead to additional gains, with a potential target of 1.0745 before any new attempts at a decline.

Daily Price Outlook

The GBP/USD pair is currently trading at 1.2039, showing a 0.16% increase in the last 24 hours. According to a report released on February 28th, the Chicago Purchasing Managers' Index (PMI) fell from 44.3 in January to 43.6 in February, which is below the expected level of 45.

This marks the second consecutive month of decline. In addition, the Conference Board's Consumer Confidence Index dropped from 106 in January to 102.9 in February, falling short of the expert estimate of 108.5.

Exploring the Impact of Softer US Data on GBP/USD Exchange Rates

On February 28th, a report revealed that the Chicago Purchasing Managers' Index (PMI) fell from 44.3 in January to 43.6 in February, falling short of the expected level of 45 for the second consecutive month. Additionally, the Conference Board's Consumer Confidence Index dropped from 106 in January to 102.9 in February, failing to meet the expert estimate of 108.5.

These figures indicate increased pressure from rising interest rates. As a result, traders are anticipating a potential increase in the federal funds rate from 525 bps to 550 bps by the Federal Reserve. The upcoming release of February business activity numbers on March 1st and 3rd will be closely watched by investors. It is expected that the US manufacturing sector may continue to decrease, which would reverse the growth seen in the services industry.

Currently, the US Dollar Index is trading around a two-month high versus a basket of currencies at approximately 105.00.

An Overview of the UK Economy

The UK's positive financial performance has continued to support a progressive increase in sentiment, as seen in recent trends. Today, the final UK Manufacturing Purchasing Managers' Index (PMI) numbers for February will be released, followed by a speech from Bank of England (BoE) Governor Andrew Bailey, highlighting today's economic calendar for the GBP. The Composite PMI Index is expected to rise from 48.5 to 53.0 points this month, with a projection of 49.0.

Hawkish statements from BoE policymakers may potentially drive the currency higher, and the Pound may gain if Bailey signals that additional measures are required to bring inflation back within the BoE's target range. Conversely, if he expresses concerns about growth, it would dampen hopes for a BoE interest rate rise, weakening the pound.

Windsor Framework

The UK and EU have recently agreed on the 'Windsor Framework,' as announced by Prime Minister Rishi Sunak and President of the European Commission Ursula von der Leyen on February 27th. Sunak stated that the new Brexit agreement focuses on 'what is best for people in Northern Ireland,' rather than politicians.

This new agreement to resolve the conflict around the Northern Ireland protocol has contributed to the Pound's recent gains.

GBP/USD Intraday Technical Levels

Support      Resistance

1.1983         1.2114

1.1932         1.2194

1.1851         1.2245

Pivot Point: 1.2063

GBP/USD – Technical Outlook

On a technical front, the GBP/USD currency pair has gained immediate support at the 1.2015 level. The closing of candles above this level is driving a bullish bounce, which could potentially lead the GBP price toward an immediate resistance level of 1.2045.

This particular resistance level is driven by a double-top pattern that has extended even in the past. Breaking above the 1.2145 level could potentially send the GBP/USD price further upward.

Daily Price Outlook

The Nasdaq 100 (NDX) is currently trading at $12,057.79, representing a 0.74% increase in the past 24 hours. The rebound in the Nasdaq comes after durable goods orders dropped, which may have alleviated concerns of an overheating economy and a potential interest rate hike.

Durable Goods Orders Fall More Than Expected, US Dollar Falls from Multi-Week Highs

On February 27, a report revealed that new orders for manufactured durable goods in the US decreased by 4.5%, the biggest decline since April 2020, exceeding economists' expectations of a 4.0% drop. However, the National Association of Realtors index of pending home sales increased by 8.1% to 82.5 in January, surpassing the predicted 1.0% rise.

This indicated that the US housing market had stabilized due to falling mortgage interest rates. The US dollar fell from its multi-week highs following the unfavorable durable goods report. The US Dollar Index (DXY) found support at 104.65 after a significant loss, and the yield on the benchmark 10-year US Treasury note slightly decreased to 3.92%.

The NASDAQ rebounded as positive market sentiment and a sharp decline in headline durable goods orders alleviated some of the hawkish pressure on the Fed.

Tesla (TSLA) Rallies Ahead of Investor Day and Musk's Master Plan 3 Disclosures

Tesla (TSLA) is set to hold its Investor Day on March 1, during which CEO Elon Musk is expected to reveal insights about "Master Plan 3." In anticipation of the event, several traders have reportedly been buying up shares, leading to a 5.5% increase in Tesla's stock price. This rally has contributed to a more than 70% rise in Tesla's shares so far this year.

Additionally, the increase in Tesla's stock price has boosted Elon Musk's net worth, causing him to reclaim the title of the world's richest man after a brief period behind Bernard Arnault of France.

The positive momentum of TSLA's stock is also benefiting the broader stock market, as NASDAQ rises amid Tesla's surge.

NASDAQ Intraday Technical Levels

Support      Resistance

11908         12025

11846         12080

11790         12142

Pivot: 11963

NASDAQ – Technical Outlook

From a technical perspective, the NASDAQ has completed a 38.2% Fibonacci retracement and is now finding support at the $11,940 level. A close below this level could expose the NASDAQ price to the next support level at around $11,440.

Furthermore, on the 4-hour timeframe, the tech index Nasdaq has broken through an upward channel, which is also contributing to bearish sentiment in the market. On the upside, the NASDAQ may encounter an immediate resistance level at $12,250.

Daily Price Outlook

The USD/CAD pair is currently trading at 1.3573, exhibiting a 0.02% decline over the last 24 hours. The pair has been on a downward trajectory since January due to the weakening of the US dollar in the global market.

Signs of weakening US economy

On February 27, a report showed that Durable Goods Orders fell by 4.5% in January, instead of the expected increase of 3.7%. On the other hand, pending home sales improved by 8.1% to reach 82.5 in January, which was the second consecutive monthly increase.

Additionally, orders that excluded transportation goods increased by 0.7% in the reporting month, compared to the predicted increase of 0.1%.

Despite the positive news, the reported data failed to generate momentum, and the US dollar suffered a sharp loss from its multi-week highs. However, the US Dollar Index (DXY) managed to find support at 104.20.

All eyes on the upcoming Canadian GDP

On Tuesday, February 28th, Statistics Canada is set to release a report on the gross domestic product (GDP) for the fourth quarter. The report is expected to show a moderate increase of 1.5% (annualized) in output during Q4 of 2022.

The GDP figures are likely to have an impact on the Canadian Dollar. However, due to the Bank of Canada's decision to hold off on raising interest rates, the results may not have a significant impact on the USDCAD pair.

Oil prices are low

The increase in the US PCE Price Index has led to a decline in oil prices as investors fear that higher interest rates will limit demand. The oil market is expected to be volatile ahead of the release of the US American Petroleum Institute's (API) report on oil inventories for the week ending February 24.

US West Texas Intermediate (WTI) crude futures declined by 0.03% to reach $75.57 a barrel in the last 24 hours.

As the Canadian dollar is heavily influenced by the oil market, its value fluctuates in response to market sentiment and oil prices. Thus, the CAD is also declining due to the fall in crude oil prices.

USD/CAD Intraday Technical Levels

Support      Resistance

1.3531         1.3622

1.3488         1.3668

1.3441         1.3712

Pivot Point: 1.3578

USD/CAD – Technical Outlook

From a technical perspective, the USD/CAD pair is currently finding support at the $1.3530 level. If this level is breached, the pair could potentially test the $1.3450 support zone. The immediate support level for the USD/CAD pair is $1.3400.

On the other hand, resistance for the pair is located at the $1.3665 level, and a break above this level may expose the pair to the $1.3740 mark.

Daily Price Outlook

The price of gold (XAU/USD) is currently trading at $1,818.91, which is a slight increase of 0.09% over the last 24 hours. Despite experiencing a small recovery from its lowest point this year, the price of gold has remained within a narrow range.

Upcoming PMI Ahead

Gold investors are closely monitoring the latest data on durable goods, ISM Manufacturing PMI, and ISM Services PMI this week. As hawkish Fed concerns have eased, market sentiment has improved.

On February 27, durable goods orders fell by 4.5% in January, contrary to experts' predictions of a 3.7% increase, which weighed on the US Dollar. The US Dollar Index (DXY) is trading at 104.20 after suffering a significant loss, while the US 10-year Treasury rate fluctuates around 3.92%.

However, the precious metal may recover from its recent bearish performance as investors turn their attention to the United States ISM Manufacturing PMI (Feb) on Wednesday, March 1. Although the US Manufacturing PMI has declined for the past three consecutive months, the data may show a smaller contraction this time.

US-China Tensions Escalate Amid Disagreement at G20 Finance Ministers Meeting

The G20 finance ministers' meeting held in Bengaluru on February 25 failed to reach a consensus as China and Russia refused to sign a statement condemning Russia's invasion of Ukraine and denouncing the use of nuclear weapons.

As a result, the meeting concluded without a joint statement from the finance ministers and central bank governors of the member countries. Furthermore, the finance leaders of the world's major economies heavily criticized Russia for its war in Ukraine.

The tensions between the United States and China have increased as Beijing did not participate in the G20 meeting. In such circumstances, investors often turn to gold as a "safe haven" asset, leading to an increase in demand and price.

Gold (XAU/USD) Intraday Technical Levels

Support      Resistance

1816            1832

1809            1841

1800            1848

Pivot Point: 1825

Gold (XAU/USD) – Technical Outlook

Gold prices are currently hovering around the $1,815 support zone, weighed down by the downward channel and descending triangle pattern visible on the 4-hour timeframe. In the event that the $1,820 double-bottom pattern is breached, the price of gold may be pressured to move down toward the $1,810 or $1,799 support zones.

Although the RSI and MACD indicators are still showing selling momentum, the MACD histograms have been decreasing in size, indicating a weakening selling bias. Moreover, the 50-day simple moving average is situated around the $1,830 level, potentially serving as a resistance barrier to any upward movement.