Mar 1st Daily Analysis
Mar 1st Daily Analysis
SOLUSD
The U.S. Treasury has published a document indicating that it will expand upon sanctions against Russia put in place last year. One section makes specific reference to digital currency.
The current document explains that the U.S. Treasury’s Office of Foreign Assets Control (OFAC) is “adding regulations to implement an April 15, 2021 Russia-related Executive order.”
Technical analysis:
From the overview of price, we could see that the price of SOLUSD is in an uptrend following the change in market structure of price to the upside. Prior to the break, price seems to be in divergence with the RSI before the breakout of the downward trendline. We could also see that price is about to retest the minor support zone between 94.5875 and 92.4900 which is in confluence with the 50 EMA and the FIBO golden zone.
COCOA FUTURES
From the overview of price in cocoa, we could see that price has refuse to continue in its upward direction thereby breaking below the support level to change its bias to the downside. Price may likely retest the support zone between 2657 and 2608 which is likely to retest the 50 EMA before pushing to the resistance zone. The RSI within the oversold level which implies that price may likely make a pullback before continuing lower.
EURAUD
Technical analysis:
From the overview of price in EURAUD , we could see that price is in an overall downtrend after breaking several lows. Price is currently within the resistance level between 1.5409 and 1.53713. We could also see that price is in the oversold region in the RSI and may likely make a reversal to the upside.