News & Analysis

Eightcap CFD technical insights; Sellers regrouping? 19/03/18

Mar 19, 2018 | CFD News

After seeing several days of gains indices have started to stall at resistance levels. Buyers look to be starting to run out of puff. Lower highs and trend continuation patterns continue to hold. This week is a busy one data wise with a lot of traders looking to Thursday mornings FED meeting. Rates are expected to rise to 1.75% we would think this rise is priced in. The cronyism scandal has continued to hit the Nikkei, this uncertainty is having a negative influence across the boards. Traders moving into the USD and JPY leaving risk on the weak side. Oil has seen a morning pause after Friday’s rally. Overall the market is still concerned about the US production levels that are continuing to have a bearish overtone.

US30 – is showing short-term resistance from the 25,000 area. Buyers failed to closed above on Thursday and Friday. To the top, we still see a lower high point. Below a higher low has set up from two zones. While 25,000 continues to stop buyers we’re looking for a possible test of the first lower support area. A close above the red resistance area setups up a possible test of 25,169.

GER30 – short-term resistance continues to hold buyers from 12,410, lower high holds above and a higher low continues to remain in place from 12,105. If buyers continue to fail in beating 12,410 we would be looking for a new lower leg. A break and we could see buyers make a new test of the 2nd lower high point pressuring it.

USOUSD – broke out of a wedge to the upside on Friday, a solid move by buyers also confirming the higher low. Currently, we see another short-term hurdle for buyers being 62.60 resistance point. Sellers maintaining at this resistance point continues to hold price in negative momentum. If buyers can beat this level the picture starts to look a lot more bullish on the short-term.

Good Trading from Eightcap.

 

 

 

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