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Welcome to another exciting trading week beginning 17th March!
First, let’s take a moment to congratulate all the traders who have been holding long positions in gold because the moment we’ve been waiting for has arrived!
Gold has finally hit $3,000, the level Nikkhil’s been eyeing for months.
The big question now: Will the rally continue, or is a sharp correction on the horizon?
But that’s just the beginning…
This week, major central banks are stepping into the spotlight with key monetary policy announcements from the Bank of Japan, Swiss National Bank, Bank of England, and the U.S. Federal Reserve.
Each of these events holds the power to shake up the markets.
So let's break down what’s happening across our key instruments and where the best trade opportunities lie:
DXY (U.S. Dollar Index)
The U.S. Dollar Index (DXY) remains under clear bearish pressure, with sellers firmly in control after breaking key trendline supports across the weekly and daily timeframes. A closer look at the technicals reveals a consistent pattern of lower lows on price action, aligning with bearish MACD divergence, a strong indication that downward momentum persists. While a short-term relief rally towards 105.50 is possible, the larger trend suggests that the dollar could continue weakening towards 101.70, and potentially as low as 100.31.
With the Federal Reserve’s policy decision on the horizon, traders should prepare for heightened volatility. A dovish stance could accelerate the dollar's decline, fuelling major moves in forex and commodities. Staying ahead of these market shifts is crucial for identifying high-probability trade setups.
EURCAD
EURCAD has been on a strong bullish run, but signs of temporary exhaustion are beginning to emerge. The pair has pushed into a major resistance zone at 1.5843, where bullish momentum appears to be stalling. A potential correction could see EURCAD pull back towards 1.5492 or 1.5386, presenting a fresh buying opportunity. While short-term sellers may attempt to push the pair lower, the overall trend remains firmly bullish, supported by a structurally strong euro compared to a weaker Canadian dollar.
With fundamental and technical forces aligning, EURCAD remains one of the most compelling currency pairs to watch this week. The key lies in timing the entry perfectly to catch the next explosive leg up.
Click to get a step-by-step breakdown of the best entry and exit points for EURCAD this week.
GBPUSD
The British pound is flexing its strength against the U.S. dollar, maintaining a solid position above the 1.29 handle. The recent break above the falling trendline signals that buyers remain in control, with 1.3656 emerging as the next major upside target. However, short-term fluctuations driven by the Bank of England’s upcoming monetary policy announcement could introduce volatility, creating ideal pullback opportunities for those looking to enter long positions.
With the U.S. dollar under pressure, GBPUSD remains well-positioned for further gains. A minor retracement towards 1.2917 or 1.2823 would offer a potential buy-the-dip opportunity before the uptrend resumes. Traders should be prepared for potential whipsaws but keep their eyes on the larger move that could be unfolding.
CL1! (Crude Oil)
Crude oil continues to struggle under bearish pressure, with recent price action signalling lower highs and a bearish MACD outlook. The ongoing weakness suggests that oil may not have found its bottom yet, as it is currently testing the key psychological support level at $66.80. Should this level fail to hold, the next major downside target sits at $55.50.
While short-term relief rallies remain a possibility, the larger trend still favours selling into strength. A move towards $68.67 or even $72.88 would present an ideal shorting opportunity for traders looking to capitalise on the ongoing downward pressure. With global demand concerns and supply dynamics playing a critical role, crude oil remains a high-volatility asset to watch closely.
XAUUSD (Gold)
Gold has finally breached the historic $3,000 mark, but the real question now is can it hold, or are we about to see a major correction? The long-term trend remains firmly bullish, with institutional buying and dollar weakness continuing to fuel the upside. However, with gold reaching this psychological milestone, profit-taking and short-term pullbacks are highly likely.
A retracement towards $2,945 or even $2,900 would provide a perfect opportunity for long-term buyers to re-enter before the next leg higher. If $2,969 holds as support, then the next major upside targets sit at $3,086 and $3,228. A break below $2,900, however, could signal a deeper correction, forcing traders to be extra cautious in the short term.
With global uncertainty and the dollar showing weakness, gold remains a must-watch asset, but the timing of entries will be critical. This week could be one of the most pivotal for gold traders yet.
This week is shaping up to be one of the most volatile in recent history, with major central bank decisions set to drive explosive moves across the markets.
The U.S. dollar’s weakness continues to impact forex pairs like GBPUSD and EURCAD, while crude oil struggles under bearish pressure. Meanwhile, gold’s surge to $3,000 raises a critical question, is this just the beginning, or are we due for a sharp pullback?
Whatever happens, staying ahead of the moves will be the key to profitable trading.
The best opportunities lie in identifying key levels, executing precise entries, and managing risk effectively.
Trade smart, stay disciplined, and let’s capture the next big moves together!
Click Here to Watch the Full Week Forex Forecast
We’ll talk soon!
Team Moneytize
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