Check out these potential profits that you may have missed from our Daily Market Analysis.
- USDJPY bears bag over 100 pips
- EURNZD rallies almost 400 pips
- Silver down 2.5% this week
1) USDJPY bears strike key support level
- Where and when was Target Price (TP) published?
As discussed in our Week Ahead article on Friday, February 23rd:
“Should bulls get cold feet below 150.90, this may trigger a selloff towards 149.70 and potentially lower.”
- What happened since TP was published?
The USDJPY was trapped within a range with bulls lacking the confidence to breach 150.90.
Hawkish remarks by a BoJ official on Thursday morning boosted the Japanese Yen, triggering a selloff as a result.
- How much in potential profits?
Traders who shorted the USDJPY last Friday from the intraday high would have gained 107 pips!
The negative momentum briefly took prices below the 149.70 support with more volatility expected ahead of the US PCE report this afternoon.
2) EURNZD charges through all bullish targets
- Where and when was Target Price (TP) published?
As written in our Trade of The Week article on Monday, February 26th:
“A strong breakout above the 50-day SMA at 1.7600 may encourage an incline towards 1.7700 and the 100-day SMA at 1.7760”.
- What happened since TP was published?
After kicking off the week on a positive note, the EURNZD exploded higher on Wednesday following the Reserve Bank of New Zealand (RBNZ) dovish pivot.
The currency pair charged through the 50- and 100-day SMA with the momentum taking prices to the 200-day SMA which was 400 pips away from the key 1. 7240 support!
- How much in potential profits?
Traders who took advantage of the breakout above 1.7600 would have been rewarded 160 pips.
3) Silver widens gap as negative momentum builds
- Where and when was Target Price (TP) published?
In our technical article covering Silver on Tuesday, February 27th we discussed the near-term outlook for the precious metal.
“XAGUSD bears may look for a close below the 100 Fibonacci level at $22.614 with a retest and breach of $22.565 as a possible sign of a decline to lows below $22.437“
- What happened since TP was published?
Silver prices were pressured by a stabilizing dollar and overall bearish price action with the metal shedding roughly 2.5% since the start of the week.
- How much in potential profits?
177 points for traders who shorted silver at $22.614 and exited at $22.437.
At the time of writing silver remains under pressure and could be exposed to further volatility ahead of the incoming US PCE report.
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