Traders Edge: Market Briefing 01/03/23

EURUSD: After a promising bullish engulfing pattern on the daily chart, EURUSD has been climbing higher. This pattern typically signals a buy and is strengthened by the fact that it occurred at the end of a wedge pattern, which is a trend continuation pattern.

GBPJPY: On the other hand, GBPJPY has dropped after the price created a scary shooting star on the daily chart. This pattern typically signals a reversal, and traders should be cautious of further downside.

AUDUSD: Despite lower inflation in Australia, AUDUSD has risen, but the upswing is likely more a result of USD weakness rather than AUD strength.

EURAUD: EURAUD has settled above the 1.565 support, which could indicate a potential bullish trend.

SP500: The SP500 is still trading below the mid-term up trendline, indicating a bearish outlook.

Dow Jones: The Dow Jones set new yearly lows yesterday, confirming the bearish sentiment on the indices.

Gold: Yesterday, gold also made new yearly lows, but buyers managed to pull the price higher, and today we are likely to see a third consecutive bullish day.

Oil: While oil has bounced from the downtrend line, it is still trading in a tight range with bearish prospects.