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Three Bullish Setups: DAX, Gold, EUR/USD

ByAlpari Research & Analysis
AuthorTomasz Wisniewski
Published 03/24/2020, 04:22 AM

Coronavirus has started showing signs of slowing down in Italy, which is giving everybody hope. On the other hand, we have new restrictions in the UK, which is still in the early stage of the epidemic. The FED tries to lift the markets again but the bazooka which they used yesterday was more like a rubber stick than a miracle weapon or maybe it is but it works with some kind of a delay. Yesterday, investors rather ignored the news from FED but Tuesday starts with optimism.

Let us show you the DAX, which is still fighting on the crucial long-term support of 8200 points and on this support, we are drawing an inverse head and shoulders pattern. We all know that this formation is a very powerful one but it gives a buy signal only after the breakout of the neckline. The thing is that the neckline is being challenged right now. A breakout can bring us optimism but the bounce and the drop will be another bearish factor and we already have quite a few of them.

Gold bounced from the crucial support level of 1450 USD/oz and yesterday broke its crucial resistance around 100 USD higher – on the 1550 USD/oz. After the breakout of that resistance, the way towards the new highs is pretty much opened and Gold is ready to shine again.

Long time no see for our old friend EUR/USD. After the pair collapsed in the middle of March, now it has time for a correction. The correction is so far pretty flat but it’s shaped like an inverse head and shoulders formation, so it has potential. For the buy signal, buyers need to break the resistance slightly below the 1.08 level. If successful, the price can climb up as high as to the 38,2% Fibonacci around the 1.097 level.

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