What The EURUSD, GBPUSD, And Nasdaq Are Doing On 3/8/19

TL;DR

The dollar is gaining strength, potentially reaching 99 and even 102, while the euro is expected to decline further. The stock market is showing signs of losing momentum and may undergo a correction.

Transcript

hi everyone this is Dale Pinkert at Forex top hunter we have the ECB meeting today earlier in the week I thought the dollar might take a little breather back towards 9640 but we're breaking now today in the dollar looks like we're headed towards 99 with the potential of 102 before this completes I'm starting off with the weekly chart of euro USD so... Read More

Key Insights

• 🏤 The dollar is projected to continue its bullish trend, while the euro and cable (GBP/USD) are expected to weaken.
• 🫷 The decline in the euro may fill a previous gap from April, potentially pushing it under 108.
• 🤘 The stock market, especially the Nasdaq, is showing signs of a potential correction, with a target below 6500.
• ❓ Significant votes and uncertainties related to Brexit are impacting market sentiment.
• 🍂 The current market conditions suggest caution and avoiding chasing trends or attempting to catch falling knives.
• 🫰 The dollar's strength is putting pressure on stock indexes.
• ❤️‍🩹 The market correction appears to be completing in March, following a rally since the end of 2018 and in January and February.

Questions & Answers

Q: What is the outlook for the dollar in the near term?

The dollar is expected to strengthen further, potentially reaching 99 and even 102 before this trend completes.

Q: Why is there a potential gap to be filled in the euro's decline?

In April, there was an upside gap due to the election win by Makran. It is likely that the market will try to fill this gap by pushing the euro back down under 108, possibly towards 106 or 105.80.

Q: How does the outlook for cable (GBP/USD) align with the dollar's strength?

The bounce in cable is expected to terminate, leading to a decline towards the lows of 2017, possibly reaching around 122-117, particularly if there is a problem with a hard Brexit.

Q: What signals indicate a possible correction in the stock market?

The stock market, particularly the Nasdaq, is showing signs of losing momentum. The weekly candle on the Nasdaq is a big warning sign, indicating a potential downside, and the S&P 500 is also displaying bearish ETFs that are performing well.

Summary & Key Takeaways

• The dollar is expected to continue its upward trend, potentially reaching 99 and even 102.

• The euro is anticipated to decline further, with a possible target of under 108, coinciding with a previous gap in April.

• The cable (GBP/USD) is also expected to decline, possibly heading towards the lows of 2017, around 122-117.

• The stock market, especially the Nasdaq, is showing signs of losing momentum and may undergo a correction, with a target below 6500.