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Trading plan for 28/03/2017:
Tuesday brings a stabilization of trade in the foreign exchange market, which means keeping the USD weakness from yesterday. The stock market is recovering after Monday's falls as pulling indices on Wall Street on Monday acted as an incentive to buy shares in Asia. Japanese Nikkei is up 1%, Hang Seng gains 0.6%. In a similar manner, gold is declining a little and gains oil.
On Tuesday 28th of March, the American session might be quite busy and the global investors will keep an eye on CB Consumer Confidence data from the US and various speeches made by the FED policy members like Chairperson Janet Yellen, Esther George, Jerome Powell, and Robert Kaplan.
EUR/USD analysis for 28/03/2017:
The main impact on the market behavior today might have the CB Consumer Confidence data release at 02:00 pm GMT today. CB Consumer Confidence is based on a monthly survey of about 5,000 US households regarding their opinion of the economy. For this month the index is expected to decline a little from 114.8 points to 113.9 points. A higher reading than the market forecast is bullish for the US Dollar, so any data higher than 114.0 will make US Dollar to rally.
Let's now take a look at the EUR/USD technical picture at the H4 time frame. The Dark Cloud Cover candlestick formation after the rally from the level of 1.0493 suggests the correction is about to start or it had started already. In a case of better than expected numbers from CB Consumer Confidence data, the market might extend the decline towards the gray rectangle area and break out below it. In that case, the next technical support for this pair could be seen at the level of 1.0756. Moreover, any hawkish comments from any of the FED policy members, especially Janet Yellen, will make this drop even faster and stronger.
Market snapshot: Gold has hit the resistance
The gray rectangle resistance zone had been hit by gold and the Doij candle at the top of the rally was confirmed as a reversal candle. Currently, the price is trading at the level of $1,253, but the next important support can be seen at the level of $1,240, so there is still a potential to decrease. The overbought market conditions and growing bearish divergence support the view.
Market snapshot: Crude Oil quadruple bottom in play
The technical support at the level of 47.09 had prevented three times already the price to collapse and it looks like the bull camp starts to be in control of this market, at least for a while. If the bulls will manage to break out above the intraday resistance at the level of 48.48, then the next target is the technical resistance at the level of 49.22. Positive bullish divergence between the price and the momentum indicator supports this view.
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