March 21, 2024 DAILY MARKET NEWSLETTER: Fed Hints at Rate Cuts, Stocks Surge

DAILY MARKET NEWSLETTER: March 21, 2024Trading Central's Top InsightsHere's your daily dose of market analysis from Trading Central's global research team. Use these insights to kickstart your trading day!Market Wrap: Bulls Take Charge

• The Fed's signal of potential rate cuts fueled a rally in US stocks yesterday. The Dow Jones and S&P 500 soared to record closing highs.

• Tech giants including Tesla, Meta, Apple, Microsoft, Nvidia, Alphabet, and Amazon enjoyed strong gains.

• Chipotle Mexican Grill jumped on news of a stock split, and Paramount Global surged on buyout rumors.

• Microstrategy, a major Bitcoin holder, rebounded after recent losses.

• US oil prices dipped, while gold rose in value.

Forex: US Dollar Dips

• The Fed's dovish stance weakened the US dollar.

• EUR/USD, USD/JPY, GBP/USD, and AUD/USD all gained against the greenback.

• USD/CHF and USD/CAD fell.

• Bitcoin staged an impressive rebound, surging over 9%.

GBP/USD Intraday: the upside prevails.Pivot:1.2765Our preference:Long positions above 1.2765 with targets at 1.2815 & 1.2840 in extension.Alternative scenario:Below 1.2765 look for further downside with 1.2735 & 1.2705 as targets.Comment:The break above 1.2765 is a positive signal that has opened a path to 1.2815.

USD/JPY Intraday: the downside prevails.Pivot:151.00Our preference:Short positions below 151.00 with targets at 149.80 & 149.40 in extension.Alternative scenario:Above 151.00 look for further upside with 151.40 & 151.85 as targets.Comment:The break below 151.00 is a negative signal that has opened a path to 149.80.

EUR/USD Intraday: further advance.Pivot:1.0900Our preference:Long positions above 1.0900 with targets at 1.0960 & 1.0980 in extension.Alternative scenario:Below 1.0900 look for further downside with 1.0875 & 1.0855 as targets.Comment:The break above 1.0900 is a positive signal that has opened a path to 1.0960.

Dow Jones (CME)‎ (M4)‎ Intraday: further advance.Pivot:39770.00Our preference:Long positions above 39770.00 with targets at 40180.00 & 40310.00 in extension.Alternative scenario:Below 39770.00 look for further downside with 39600.00 & 39430.00 as targets.Comment:The RSI shows upside momentum.

Looking AheadToday's trading could hinge on how markets further digest the Fed's latest signals. Stay alert for volatility and keep an eye on these key assets.Interested in learning more about Taurex's IB Reward Program？ Visit  https://promos.tradetaurex.com/ib-cash-rewards-en to learn more.