Traders Edge: Market Briefing 22/03/23
22 March 2023
In today’s Trader’s Edge Market Briefing, Tomasz discovered the following unique setups you might find interesting.
Today is a FOMC day, so we should expect higher volatility at the end of the day.
The SP500 has bounced nicely off the long-term downtrend line and is currently trading with optimism.
The DAX has defended the 14800 support and is currently fighting with 15250 resistance.
The Dow Jones is currently attempting to climb back above a key resistance level of 32500.
Gold has given back the vast majority of its gains from Friday and is trading below 1950 USD/oz.
Oil has had two positive days, but the long-term sentiment still remains negative.
USDCAD continues trading inside a pennant formation after the bullish breakout from the triangle. Soon, we should find out the direction of the next big move.
A similar situation can be spotted on the EURPLN, which is trading inside a long-term triangle formation. Here, we are also waiting for a breakout, and it looks like it will be to the downside.
GBP is currently gaining after higher inflation in the UK. GBPJPY is currently aiming for the upper line of the flag formation.