Daily analytical report (26/03/19)

Alpari Market Review
Alpari Market Review

On Tuesday, we will start with a real long-term beauty – NZDCAD. Here, the price has a proper buy signal after we broke the long-term downwards trend line and the neckline of the inverse head and shoulders pattern. Tuesday brings us a small reversal, which could be a great occasion to buy with slightly lower prices. This setup looks really sweet.

Second is USDJPY, which is locked inside a short-term rectangle. The upper line of the rectangle is an important mid-term resistance and the lower line is a two-day horizontal support. In theory, price should break the lower line of this formation as that is what the trend was before. Price climbing above the resistance will deny this bearish approach but that is less likely to happen at the moment.

Last instrument is the forgotten bitcoin. The cryptocurrency is locked inside a symmetrical triangle pattern. The price just bounced from the upper line of this formation additionally strengthened by the long-term downwards trend line. That is a crucial resistance here! The breakout can drive the price towards 6,000 USD. In my opinion, movement to the downside is more probable though. In this case I am thinking about 2,900 USD, but to see this number, we need to see a breakout of the lower line of the triangle first.

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