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Daily analytical report (07/03/18)

Tomasz Wisniewski
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  • The US dollar index has created a nice reversal pattern using a support and the divergence on the major oscillators but it looks that at the end of the day, they are going to fail miserably. Well, they still have a chance of inducing a reversal but these chances are now looking very slim. For a buy signal we need to wait for a breakout of the mid-term downwards trend line (orange).
  • Bitcoin bounced from the 11k USD resistance again. This level is still a great stronghold for the bears. As long as the price is below the yellow area, we cannot even think about a technical buy signal here.
  • DAX recently created a super-strong positive pattern; a bullish engulfing on the crucial support of 11,900 points. It was enough to maintain optimism yesterday, but apparently, that’s not good enough for today. On paper, we have everything we need to continue the bullish reversal, but something is missing...buyers. As long as the price stays above 11,900, there is no reason to panic, but the breakout will create a major sell signal on this German index.

Attention:

Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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