How To Make Money Today: Daily Market Analysis and Forex Trading Signals 31 March 2022
To assist you to make a good day-trading selection, we’ll cover the newest forex market analysis. Make more money today with our market analysis. You must know how to trade first and have at least a simple understanding of chart patterns. Aside from that, we’ll cover some basic tips and methods that can aid anybody curious in day trading strategies. So let’s start by looking at some charts from today…
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GBP/USD
On the H4, prices are on bearish momentum and abiding by a descending trendline. We see the potential for a dip from our 1st resistance at 1.31576 which is a graphical overlap and in line with 38.2% Fibonacci retracement towards our 1st support at 1.30509 in line with 127.2% Fibonacci Projection. Prices are trading below our ichimoku clouds, further supporting our bearish bias. Alternatively, breaking the 1st resistance at 1.31576 in line with 38.2% Fibonacci retracement will call for further bullish continuation towards our 2nd resistance at 1.31825 in line with 50% Fibonacci retracement.
Areas of consideration:
- H4 1st resistance at 1.31825
- H4 1st support at 1.31576
GBP/USD is trading at 1.3140, down from the day’s high of 1.3140, ahead of UK GDP and US Jobless Claims.
- As investors anticipate UK GDP and US Initial Jobless Claims, the GBP/USD has drawn offers from 1.3144.
- Following the fallout from the Russia-Ukraine peace negotiations, the DXY is reacting more to economic data.
- Initial jobless claims in the United States are expected to fall short of expectations, while GDP in the United Kingdom is expected to stagnate.
Meanwhile, the dollar index (DXY) is trying to catch a breath after tumbling below 98.00. The DXY initiated its downside journey on an upbeat market sentiment when the first face-to-face negotiations between Russia and Ukraine resulted in a constructive outcome. However, the responsive selling due to risk-on impulse turned into initiative selling on poor economic data. Weak US annualized GDP (Q4) numbers and ADP Employment Change on Wednesday closed all doors of optimism for the greenback.
Adding to that, investors are also worried about the yield curve inversion. In response to that market participants are keeping an eye on the 10-year and two-year US Treasury yields.
On Thursday, the US docket will report Initial Jobless Claims, which are likely to surge by 197k against the previous addition of 187k.
GBP/USD
| OVERVIEW | |
|---|---|
| Today last price | 1.3121 |
| Today Daily Change | -0.0012 |
| Today Daily Change % | -0.09 |
| Today daily open | 1.3133 |
| TRENDS | |
|---|---|
| Daily SMA20 | 1.3147 |
| Daily SMA50 | 1.3365 |
| Daily SMA100 | 1.3388 |
| Daily SMA200 | 1.3568 |
| LEVELS | |
|---|---|
| Previous Daily High | 1.3183 |
| Previous Daily Low | 1.3088 |
| Previous Weekly High | 1.3299 |
| Previous Weekly Low | 1.312 |
| Previous Monthly High | 1.3644 |
| Previous Monthly Low | 1.3273 |
| Daily Fibonacci 38.2% | 1.3146 |
| Daily Fibonacci 61.8% | 1.3124 |
| Daily Pivot Point S1 | 1.3086 |
| Daily Pivot Point S2 | 1.3039 |
| Daily Pivot Point S3 | 1.2991 |
| Daily Pivot Point R1 | 1.3182 |
| Daily Pivot Point R2 | 1.323 |
| Daily Pivot Point R3 | 1.3277 |
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