Alpari - Analytics

Alpari

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Daily analytical report (29/03/19)

  • Yesterday, EURUSD tried a reversal but demand failed to lift prices higher and the whole idea collapsed pretty fast. It seems that not much can stop the USD rally at the moment and the pair is poised to go down. Friday brings as further weakness, with the EURUSD penetrating the support area even deeper. That is a negative situation and promotes a bearish breakout. It looks that demand is really weak and the price should continue to decline.
  • USD is pretty strong, but there is a currency which is trying to oppose this trend – the Russian rouble. USDRUB has been climbing higher recently, but yesterday, the pair met an important resistance which stopped that upswing, at least for a while. This resistance is formed from the horizontal area around 65 and the dynamic downwards trend line. First contact brought us a bounce so we can assume that supply is trying to come back to the market. My view on this instrument is negative.
  • The last instrument is an occasion for patient traders – AUDCHF. The pair is below the dynamic resistance and above the horizontal support. The gap is getting narrower, so we are getting closer to the final decider – the breakout. The price breaking the horizontal support should give us a sell signal and the price breaking the dynamic resistance should be a signal to go long.

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