The first half of the first spring month is over for northern hemisphere, and the market began changing. Along with longer daylight hours and the sun which is brighter, market stopped falling and they demonstrated first signs of renewal. Is the spring connected with market rehabilitation? Probably yes, since people are more optimistic about their life during spring and thus about the economy, as a part of it.
The first half of March EURUSD pair was fighting for the opportunity not to fall. The fights were held at the level of support and round psychological level – 1.3000. The diapason of “battles” was restricted from above by the level of support of 1.3140.
The battles continue up to this day, but the last two trading days indicate the strength of the bulls. It will be possible to enter the long positions only after bursting up the level of 1.3140, since the risk to stay in the diapason is still high.
GBPUSD pair is more active than the precious one but it ended the week on a positive note. However the prices keep staying lower than a level of resistance of 1.5200, which do not let the pair grow.
For all the “dollar” pairs there is a period of “battles” right now, including the USDJPY, which is leading the “battle” in order to stay higher than 95.000. Unfortunately, we have to admit that the ascending trend on USDJPY is losing its strength slowly and it is becoming harder for him to take new heights.
In February the pair almost fell into debt correction, at the beginning of March the resistance was taken due to three striking days. That is why when buying USDJPY (the ascending trend is still there) it is worth searching for points of entry with little stoploss.
Gold has been moving farther from the level of support of 1545 during the first half of March. Gold is the only tool that allows confident deals in long positions of course.
The next week will be either interesting of plain diapason week.
We wish you a successful and profitable week!