Alpari - Analytics

Alpari

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Daily analytical report (28/03/19)

  • The whole financial world is focused on Brexit right now and that is exactly why we’re not going to talk about it today. You’ve probably had enough of it already, as has GBPUSD, since this pair is mostly ignoring the news from London. Yes, ignoring, as yesterday’s movement of 100 pips is nothing for this pair. Historically, we’ve seen stronger movements without any reason whatsoever, so I think that GBPUSD is currently pretty resilient to the news coming from the Downing Street.
  • So if not the pound, then what? EURUSD! The pair reached a crucial horizontal support and made a small bounce, which has a chance of creating a hammer on the daily chart. If that hammer is eventually created, it will provide a good occasion for a short-term buy. If not, a breakout and the continuation of the downtrend will be still on the table.
  • Next instrument is AUDUSD, where the price has already started making lower highs, which could be a start of a new downtrend. To witness a sell signal, we need to wait for the breakout of the 0.707 support, which got recently defended. If the H4 candlestick closes below that area, it will be an invitation to go short.
  • Last up is DAX, which seems to be defending the long-term horizontal support. That would mean that at the end of the last week we witnessed a false bearish breakout, which would be a very good news for the buyers as that usually promotes movement in the opposite direction.

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