MHMarkets：2024.03.06 MHM European Time Analysis

Date: 2024.03.06 MHM European Time Analysis

In the forex markets, the U.S. dollar showed weakness against a basket of major currencies, influenced by the market's anticipation of a Federal Reserve interest rate cut in June, bringing the dollar index down to 103.75. Notable movements included the Euro slightly gaining against the dollar amidst data showing a significant drop in the Eurozone's producer prices and France's industrial output falling more than expected. The Japanese Yen and the British Pound also saw gains against the dollar, while the Australian Dollar and the Swiss Franc experienced slight declines. Bitcoin, on the other hand, showcased volatility, hitting a record high before experiencing a pullback, ultimately regaining some ground.

The U.S. stock market faced another day of losses, with major indices like the Dow Jones, S&P 500, and Nasdaq 100 all closing lower, driven by declines in technology, real estate, and consumer discretionary sectors. High-profile companies such as Tesla, Microsoft, Apple, and Meta Platforms saw their stock prices drop, whereas Nvidia and Target outperformed, the latter buoyed by a positive sales forecast. The bond market saw a decrease in the U.S. 10-year Treasury yield, and economic data revealed a contraction in factory orders. European markets were mixed, while commodities saw movements with U.S. crude oil prices dropping and gold reaching a record high before slightly retreating.

In the Asian markets, currency pairs like the AUD/USD saw minor gains, reflecting Australia's GDP growth in line with expectations. Other major currency pairs, including the EUR/USD and GBP/USD, remained relatively stable, while the USD/JPY was unchanged. Gold prices saw a slight decrease, and Bitcoin remained stable. Looking ahead, the focus will be on economic indicators from the Eurozone, Germany, and the UK, as well as key events in the U.S., including Federal Reserve Chairman Jerome Powell's testimony and the ADP employment report. The Bank of Canada is also expected to make an announcement regarding its benchmark interest rate, with expectations leaning towards maintaining the current rate.

Gold (XAUUSD) Technical Analysis
Resistance levels:	2135.12; 2146.23
Support levels:	2117.09; 2100.42
The 4-hour chart for gold shows recent resistance near 2135.12; 2146.23 and support near 2117.09; 2100.42. The breakthrough or failure to break through these support and resistance levels will be used as a basis for future market analysis.Note: The above strategy update was provided on March 6th at 15:00. This strategy is for intraday purposes; please consider the strategy release time.

Crude Oil (USOUSD) Technical Analysis:
Resistance levels:	78.86; 79.54
Support levels:	77.92; 77.39
The 4-hour chart for US crude oil indicates resistance levels near 78.86; 79.54 and support levels near 77.92; 77.39. Future market analysis will depend on the breakthrough or failure to break through these support and resistance levels.Note: The above strategy update was provided on March 6th at 15:00. This strategy is for intraday purposes; please consider the strategy release time.

EUR/USD Technical Analysis:
Resistance levels:	1.0866; 1.0888
Support levels:	1.0844; 1.0815
The 4-hour chart for the Euro against the US Dollar shows resistance levels near 1.0866; 1.0888 and support levels near 1.0844; 1.0815. The breakthrough or failure to break through these support and resistance levels will be used as a basis for future market analysis.Note: The above strategy update was provided on March 6th at 15:00. This strategy is for intraday purposes; please consider the strategy release time.

GBP/USD Technical Analysis:
Resistance levels:	1.2709; 1.2747
Support levels:	1.2671; 1.2643
The 4-hour chart for the British Pound against the US Dollar indicates resistance levels near 1.2709; 1.2747 and support levels near 1.2671; 1.2643. Future market analysis will depend on the breakthrough or failure to break through these support and resistance levels.Note: The above strategy update was provided on March 6th at 15:00. This strategy is for intraday purposes; please consider the strategy release time.