31.03.2017
Euro
General overview
The US dollar reached its 9 day high against its main peers after supportive Fed officials’ remarks. Besides, the single European currency eased after the news that the ECB did not plan to change its policy in the nearest future.
Current situation
After the Asian flat the euro returned under pressure in the morning. Sellers moved the major lower and broke 1.0750 post-European open. After breaking the level the price advanced towards 1.0725 where the major spent the whole day. The spot tested the 100-EMA in the 4 hours chart. The 100 and 200 EMAs kept heading higher while the 50-EMA was neutral in the mentioned timeframe. The resistance is at 1.0750, the support comes in at 1.0700.
MACD entered the negative area. If MACD remains in the negative territory, sellers’ positions will strengthen. RSI indicator was near undervalued territory, favoring a new move lower.
Trading recommendations
As the most probable scenario, we consider further moving downwards towards the level at 1.0700.

Pound
General overview
The pound stayed apathetic to the official triggering of the Article 50 on Wednesday. The UK calendar was thin and uneventful on Thursday. Traders expected GDP which was expected to remain unchanged.
Current situation
The night recovery lost steam at 1.2450. The pound came under fresh selling pressure during the morning hours. Sellers returned the pair to 1.2400 post London open but failed to reclaim the level. The spot extended its consolidative phase in the second part of the day. The pair GBP/USD was sandwiched between the 50 and 200 EMAs in the 4 hours timeframe. The 50 and 100 EMAs pointed higher while the 200-EMA turned downwards in the same chart. The resistance lies at 1.2500, the support comes in at 1.2400.
The MACD histogram decreased which is a sell signal. The RSI indicator was holding near oversold levels, favoring a new move lower.
Trading recommendations
A move below 1.2400 would revive bearishness towards 1.2300.

Yen
General overview
The yen weakened after BOJ deputy governor Iwata' comments that the regulator will continue its monetary easing until 2% inflation is reached.
Current situation
The US dollar failed to build a recovery in the Asian session. The buying interest disappeared around 111.40. The mark appeared to be a pivot point where the pair reversed its direction. The major edged lower in the mid-Asian session. The USD/JPY pair accelerated its decline in the morning and tested 111.00. The level appeared to be unbreakable barrier which stopped sellers’ advance. The 4 hours chart showed that the spot tested the 50-EMA and bounced off downwards after that. The price stayed below the moving averages which were all pointing lower in the mentioned timeframe. The resistance is highlighted at 112.00, the support comes in at 111.00.
MACD indicator was at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. The RSI indicator lost upward strength and moved downwards.
Trading recommendations
We still hold the view that the USD/JPY will struggle to climb north of 112.00.

AUD/USD
Current situation
The AUD had a negative start to the day. The major turned bearish from the opening of the night session. The price remained offered during the night trades and reached 0.7650 in the morning. The level stopped sellers who stepped back but remained around the handle. Buyers regained control in the second part of the European session. They pushed the AUD higher and reversed all night losses. According to 4 hours chart the pair broke the 50-EMA upwards. The 50-EMA kept heading lower, the 100-EMA pointed higher while the 200-EMA was neutral in the same chart. The resistance is highlighted 0.7700, the support comes in at 0.7650.
MACD entered the positive area. If MACD remains within the positive territory, buyers’ positions will strengthen. RSI advanced south which confirms the current downward movement.
Trading recommendations
After a close below the support at 0.7650 we could see AUD/USD extending its declines down to 0.7600. Alternatively, the pair will climb to 0.7685.

XAU/USD
Current situation
Gold prices remained in a consolidation phase on Thursday. Sellers led the spot to 1250 the other day but failed to break below the level. The price remained sandwiched between 1250 - 1255, moving up and down between the bands the whole day. The 4 hours chart showed that the spot was above the moving averages which were all pointing higher. The resistance is highlighted 1260, the support comes in at 1250 dollars per ounce.
MACD decreased which indicates the buyers’ positions weakening. RSI remained within neutral territory.
Trading recommendations
The price eyes strong support at 1240 dollars per ounce loss of which would trigger further weakness.

Brent
General Overview
Oil prices maintained its bid tone amid problems with Libyan output. However, high U.S. crude stocks inventories limit their growth.
Current situation
Brent oil prices extended their winning streak on Wednesday and reached the level 52.50 at the daily open. The bid tone lost its strength afterwards and the benchmark slightly eased on profit-taking. According to 4 hours chart the price broke the 100-EMA upwards. The 50-EMA pointed higher while the 100 and 200 EMAs maintained their bearish slope in the mentioned timeframe. The resistance lies at 52.50, the support comes in at 51.50 dollars per barrel.
The MACD histogram grew which indicates buyers’ strength. The RSI indicator was near overvalued territory, favoring a new move lower.
Trading recommendations
The overall outlook remains bullish, for a rise above the level of 52.50. Buyers aim at 53.50 dollars per barrel.

DAX
General overview
European stocks were neutral on Thursday as investors were digesting the official Brexit start.
Current situation
After breaking above 12200 buyers failed to advance further. The index remained contained within a 12200 - 12250 range during the day sessions. The 4 hours chart showed that the benchmark was above the moving averages which were all pointing higher. The resistance exists at 12300, the support stands at 12200.
The MACD histogram grew which is a buy signal. RSI oscillator stayed near overbought levels, favoring a new move higher.
Trading recommendations
We await a break above the current range to trigger another leg higher. Our profit target is 12300.

S&P500
General overview
Wall Street held still at the open awaiting from the Fed more signals regarding its rate hike timing.
Current situation
Buyers met a barrier at 2360 in the Asian session. As a result the price had to pull back. S&P500 moved away from the resistance and stopped its decline at 2353. The benchmark was holding around the 100 and 200 EMAs in the 4 hours timeframe. The 100-EMA tested the 200-EMA. The 50 and 100 EMAs maintained their bearish slope while the 200-EMA kept heading higher in the mentioned chart. The resistance is at 2360, the support comes in at 2340.
The MACD histogram grew which indicates buyers’ strength. The RSI indicator was near overvalued territory, favoring a new move lower.
Trading recommendations
The market may start a new descending correction if buyers fail to retake 2360. Sellers may drive S&P500 to 2340. A move above the level may spark a further growth towards 2370.

*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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