The euro collapsed 130 pips yesterday. The beginning of the dollar’s general onslaught and the markets’ collapse was caused by the Australian dollar, which started falling after the Reserve Bank of Australia’s decision to raise the rate by the expected 0.25% and the soft comments of the accompanying statement. At the same time, RBA Governor Philip Lowe expressed doubts about a soft landing of the economy.
In the evening, Federal Reserve Chairman Jerome Powell appeared before the U.S. Senate Banking Committee and said he was ready to tighten policy (i.e., raise the rate by 0.50% at the next meeting) if the data came in well. Investors put the probability of such a scenario in federal funds futures at 54.3% from 31.4% the day before. The U.S. S&P 500 stock index was down 1.53%.
On the daily chart, the reversal of the signal line of the Marlin oscillator from the zero line was confirmed. The price overcame the support of 1.0595 with stunning success, now the obvious target of 1.0443/70 is just ahead. The MACD indicator line turns down, this is a sign of the beginning of a medium- or long-term downtrend.
On the four-hour chart, the price has settled below 1.0595 and both indicator lines. The Marlin oscillator has moved deeply into the negative territory, and with the price near the low of February 24 and 27, there might be a consolidation or even a slight correction today, in order to let the oscillator release the tension, and then, on Thursday and Friday, to continue the decline.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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