Trade ideas for March 28 - April 1
Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
GBP/USD: "Double Bottom" pattern
2019-11-11 • Updated
Bears faced support on the 55 Moving Average, so we've got a "V-Bottom" pattern, which has been confirmed. In this case, bulls are likely going to test the nearest resistance at 1.2926 - 1.2947. Meanwhile, if a pullback from this area happens, we should keep an eye on the 89 Moving Average as the next bearish target.
There's a "Double Bottom" pattern, so the price is consolidating under resistance at 1.2887. At the same time, we've got a bullish "Pennant" pattern, so the pair is likely going to achieve the closest resistance at 1.2915 - 1.2926. Nevertheless, bears will probably try to deliver a new local low afterwards.
Similar
GBP/USD Near Supply Zone
GBP/USD has managed to rise for the third trading day in a row including today’s Asian session, while the daily technical indicators are moving higher gradually.
Forex majors: short-term and long-term
Discover the outlook for EUR/USD, EUR/GBP, and GBP/USD.
Latest news
The Battle for Oil. OPEC Strikes Back
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold is Rising Despite Inflation Returns
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Can the Chinese Economy Recover?
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.
