With four central bank meetings and some top-tier data to look forward to as well, things could get quite interesting in the markets this week. But at the start of the week, there’s not much clarity with the dollar continuing to push higher against commodity currencies but trading mixed against the European currencies.
Some trending markets, such as gold, the euro and bitcoin may continue their behavior into next week. I’m bullish-sideways for next week on all symbols I track, except the yen, soybeans and bitcoin, due to understudies. The Yen, Beans, and Bitcoin chart bearish to me. The breakout candidates for this coming week are the Euro (monthly pivots are equal to last month, plus trending weekly pivots), gold (bullish), soybeans (bearish hammer) and bitcoin (bearish).
The crypto carnage that started at the end of last year may have ended at the start of February. In recent weeks, prices have stabilized across the board as fears over the clampdown on crypto exchanges abated.
Last Friday marked the first day of the Chinese Lunar New Year, also known as the Spring Festival, China’s most important holiday. The fire rooster struts off-stage, clearing the way for the loyal earth dog.
With the probability of a Fed hike in March currently standing at 83.1%, according to CME’s FedWatch Tool, investors may closely scrutinize the minutes for fresh insights on rate hike timings beyond Q1.