The incredible long-term rally in Cocoa continues, with the price rising by 8% yesterday in a single day, and New York futures up by 60% in March alone.

1. The minor commodity Cocoa continues to dominate the news as it continues to power to new all-time highs with volatile gains – yesterday it increased by about 8% to reach beyond $9,000 for the first time. The commodity superfood has almost tripled in value over the last year alone, with many analysts suggesting supply side shortages are at least partly to blame for the meteoric rise. There is more and more demand for Cocoa every year as it is coveted as a key ingredient for chocolate but also as a superfood in its own right. Trend traders will be interested on the long side, although which such high volatility and sharp gains, it could come crashing down at any time, so trend traders must be careful to use a disciplined stop loss if going long. As well as Cocoa futures, there are Cocoa ETNs available which may be more suitable for retail traders and investors.
2. Bitcoin is rising again and trading above $70,000 not far from its recent record high near $74,000, despite crypto funds seeing record outflows last week.
3. The Japanese Yen remains quite weak, as the Japanese Finance Minister Suzuki tried to talk up the Yen by saying he was “open to all options to address disruptive Forex fluctuations”. The USD/JPY currency pair is a little off the 4-month high it made Friday, but there will still be traders interested in looking for long trades here, although it is clear the Japanese authorities want to stop this rally. Since the Tokyo open, the New Zealand Dollar has been the strongest major currency, while the Swiss Franc has been the weakest.
4. Gold is continuing to look quietly bullish and may well test its recent record high over the coming days, although it is still some way off. Trend traders will also be interested in the long side here.
5. The major US stock indices, notably the S&P 500 Index, continue to look bullish and are trading not far from their recent record highs. Trend traders will be very interested in being long of major US stock market indices, as the price action suggests they will continue to advance.
6. There will be releases today of US CB Consumer Confidence data and Australian CPI (inflation), the latter of which is expected to increase slightly from 3.4% to 3.5%.

Today, the EUR/USD pair edged up by 0.01%, marking a price of 1.08475. Hovering just below the pivot point of 1.0855, the currency pair shows potential for either direction. Immediate resistance levels are found at 1.0888, 1.0912, and 1.0942, setting the stage for upward momentum.

Support levels are positioned at 1.0835, followed by 1.0802 and 1.0766, which could safeguard against further declines. The 50-day and 200-day Exponential Moving Averages (EMAs), almost identical at 1.0861 and 1.0860 respectively, suggest a tightly contested market.

The overall trend leans towards bearish below 1.0855, but a move above this threshold could tilt the balance towards a bullish outlook.

GBP/USD Technical Forecast

Dogecoin is earning a new title among traders: “meme blue chip.” But what does this mean? Simply put, DOGE stands out as a leader in the memecoin industry — one that’s here to stay, just like the well-established “blue chip” stocks in the traditional market.

Let’s take a closer look at DOGE’s chart. Trading around $0.17, some patterns hint at its potential. The chart might be showing a double top pattern — it is like two peaks standing next to each other. This could signal that the price is struggling to push higher. However, if DOGE can find the strength to break through, we could see a new rally.

Support and resistance levels? They are key for DOGE. Right now, support is sitting near $0.14, where DOGE tends to bounce back when it dips. As for resistance, it is up at around $0.19, which DOGE has found it tough to break through recently.

DOGE has a few things up its sleeve: there is talk about Kabosu and whispers of potential nods from Elon Musk or integration with one of his ventures. These could be catalysts for DOGE’s growth.

So, what could the future hold? If these catalysts come into play and the market favors meme coins, DOGE might not only break past that stubborn resistance but also make a run toward higher values, justifying its “blue chip” status in the meme coin market. Also, numerous top-tier traders were betting on Dogecoin’s surge toward the $1 threshold in 2024.

For DOGE, being the “meme blue chip” means it has become a symbol of trust and staying power in a space that is known for its volatility. While nothing in crypto is certain, DOGE is showing signs of a coin that is not just another passing trend. Whether it is gearing up for another cycle of massive valuations or steadying itself for sustainable growth, DOGE remains at the forefront of the meme coin movement.

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Finance Magnates CY Limited

The pound, together with the euro, is trying to regain lost positions after a rapid decline. The observed growth is seen here as part of the correction.

Previously, probably, the formation of an upward impulse with a diagonal line in the fifth wave has been completed. This suggests that the downward movement will be strong, the beginning already exists. The current growth seems to be aimed at retesting the broken trend, or the lower forming the final diagonal triangle, indicated on the graph by a dotted line.

As can be seen from the given screenshot, there is still room for the price to grow, so opportunities to consider buying transactions in the near future.

Investment Idea: Buy 1.2645, Stop Loss 1.2620, Take Profit 1.2715

Origin: FreshForex

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