The US trading day started with all the major currency pairs (with the exception of the USDJPY) having less than 30 pip ranges. The day is ending with the GBPUSD, AUDUSD and NZDUSD all below 30 pips.

• The USDCAD did reach 31 pips.
• The USDJPY range was at 42 pips at the start of the US session and stayed the same through the US session.
• The EURUSD did extend from 27 pips to 40 pips.

The USDCHF was the biggest mover with a range of 63 pips as it broke to the upside and found momentum buying from traders. Although the SNB and the US Fed is set to meet this week (both expected to keep rates unchanged), there was no real news that kickstarted the rise.

However, yields did rise in the US perhaps in anticipation of a less dovish Fed (?). Technicals did play a role as well as the USDCHF’s rise based near the 200-day MA and later broke above the high from Friday/last week at 0.88524 leading to more technical buying. The run to the upside is testing the high from February at 0.8885 going into the end of day. The March high is not far away at 0.8893 (see chart below).

Cardano, a Layer-1 smart contract network that aims to provide security, scalability and sustainability to decentralized applications, has achieved a historic milestone with the launch of Mehen’s USDM, a fiat-backed stablecoin.

The Mehen token (USDM) is a digital store of value token issued by Mehen Finance that is 1:1 convertible to U.S. dollars. USDM, as a Cardano-native token, can be transferred on the Cardano blockchain without the need for additional smart contracts.

In a tweet announcing the arrival of the USDM stablecoin on Cardano, Mehen stated that institutional customers will immediately begin the onboarding process, which might take one-two days. This means USDM will gradually arrive on-chain during the week of March 18.

As Cardano expands its ecosystem and attracts more users and developers, the launch of USDM is a watershed moment in the platform’s march to widespread use.

The USDM token, remarkably, is the first of its kind on Cardano. Unlike the iUSD and DJED, Mehen’s USDM is not algorithmic or synthetic but fully backed by U.S. dollars at 1:1. Users will put dollars (USD) into their Mehen account, which Mehen will store in a separate account for token holders. Once the transactions are completed, the user may mint the equivalent number of USDM cryptocurrency tokens.

The last quarter saw remarkable ecosystem expansion, with Cardano’s stablecoin value jumping 37% QoQ and 673% YoY. With the debut of Mehen’s USDM stablecoin, there are high prospects for growth in the Cardano stablecoin market.

ADA price action

At the time of writing, ADA was down 9.54% in the last 24 hours to $0.66, mirroring the broader market declines.

According to crypto analyst Ali, Cardano’s price action so far resembles the pattern observed from 2018 to 2021. Ali said that if this fractal persists, ADA may consolidate in the $0.55 to $0.80 range in the following weeks, followed by a rise to $1.70. Following this increase, a period of consolidation may be expected, paving the way for a breakthrough to $5.

In an exciting development for tennis enthusiasts and financial market participants, the foreign exchange and contracts for difference (CFD) trading firm Pepperstone has unveiled a collaboration with the legendary tennis figure John McEnroe. The former top-ranked player and winner of seven Grand Slam singles titles will serve as the company’s Global Tennis Ambassador.

Australian tennis talent Alex de Minaur, who has already represented Pepperstone, is joining forces with McEnroe. McEnroe expressed his enthusiasm about the partnership, noting Pepperstone’s known dedication to tennis and sharing a mutual zeal for the sport’s advancement.

McEnroe’s induction as an ambassador underscores Pepperstone’s dedication to fostering tennis globally. The brokerage has made its mark in tennis as a Platinum Partner of the Association of Tennis Professionals (ATP) and as the sponsor of the Pepperstone ATP Rankings.

Pepperstone’s CEO, Tamas Szabo, highlighted McEnroe’s storied career and broader impact on tennis, expressing excitement about collaborating with him in this ambassadorial role.

While many brokers typically gravitate towards football and motorsports for promotional activities, Pepperstone’s engagement with tennis signifies its strategic utilisation of widespread appeal.

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Demonstrating its broad support for sports, Pepperstone has diversified its sponsorship portfolio to include engagements beyond tennis. In early 2024, the company announced its partnership with the Asian Football Confederation (AFC), becoming the Official Regional Partner for the eagerly awaited AFC Asian Cup Qatar 2023.

Last year, Pepperstone also extended its support to Australian rules football by partnering with the Geelong Cats, one of the premier teams in Australia’s leading football league. This sponsorship, orchestrated by the Melbourne-based agency Bastion, positioned Pepperstone as the team’s Official Online Trading Partner.

Moreover, in 2022, Pepperstone ventured into cricket by partnering with the Adelaide Strikers, a prominent team in Australia’s Big Bash League (BBL|12). As a Principal Partner for the team, Pepperstone affirmed its commitment to backing Australian sports and athletes, highlighting its multifaceted approach to sports sponsorship.

Shares of NVDA rose as high as $924 at the open today on enthusiasm for an Nvidia keynote from CEO Jensen Huang at its conference today. However those gains didn’t last and shares are now trading flat on the day.

The price action shows that it will be tough for AI to fuel gains from here. Shares of Supermicro are also taking a beating today, down 8.7% after opening strongly higher.

Some of this could reflect concern about the Fed but I’d wager that it’s largely profit taking in the hottest names in the market. We’re nearing the point where AI will have to deliver real-world results to continue to justify the capex. I think we will get there but timelines are tough to predict.

(…) crude oil futures reversed and moved lower earlier today, signaling that further deterioration is very likely (…)

As you see on the above chart, recent very short-term rally is very similar to the size of the upward move that we could observe just before the Mar. 1^st peak was formed.

Therefore, it seems that even if the bulls decide to attack once again, the space for increase could be limited (at $81.81 the current upward move would be equal to the previous move) – not only from the ABCD formation point of view, but also from the Fibonacci extension perspective (at $81.91 [marked with the red horizontal line] there is 127.2% Fibonacci extension based on the recent Mar. declines).

Summing up, crude oil closed another day above the previous peak and the barrier of $80, but despite this positive development, Friday’s session started with the pro-declining gap, which continues to serve as the nearest resistance. Additionally, the technical picture (the nearest resistance zone, the similarity of the upward moves, the current position of the daily and weekly indicators, and the disappointing volume (not only daily, but also weekly) suggests that the space for further increases seems limited and a reversal is just around the corner.

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See you tomorrow.

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