Top Trade Ideas for March 28th (Analyst Picks)

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FEATURED TRADE IDEAS

Nasdaq - $NDX

The NASDAQ, a hub for leading technology companies, is a key indicator for tech sector performance. Recently, it formed a double bottom pattern and surged into the New York market close. Now facing trendline resistance, the index finds support at the 0.5 Fibonacci level, with caution warranted due to the nearby point of control (POC) historically associated with bearish activity. Traders are closely watching NASDAQ for insights into future market trends.

Technical Analysis

• NASDAQ (NDX) formed a double bottom pattern yesterday and experienced a pump into the New York market close, indicating potential bullish momentum.

• The index is currently near trendline resistance, suggesting a possible barrier to further upside movement.

• The 0.5 Fibonacci retracement level at $18318 can be seen as a resistance.

• Traders should be cautious as there is also the point of control (POC) nearby at 18321, which has historically shown bearish activity.

Overall, I believe we will see a strong rejection around $18320, due to trendline, 0.5 Fibonacci, and POC resistance.

AUD/USD

The AUD/USD currency pair, known as the 'Aussie,' represents the value of the Australian dollar against the US dollar. Traders often watch this pair for insights into commodity prices and global economic health, as Australia is a major commodity exporter. Currently, AUD/USD is testing a historically significant trendline support, following a pattern of multiple holds at this level. Traders are observing price action for potential shifts in the pair's trend.

Technical Analysis

• AUD/USD is currently at trendline support, a level that has historically held multiple times in the past.

• The support level is at 0.65000, which could act as a significant barrier to further downside.

• Traders should watch for price action around this level, as a bounce could indicate a continuation of the uptrend.

• However, a break below this support level could signal a deeper retracement in the pair.

MAJOR EVENTS

MARKET OVERVIEW

Index Returns

Currencies Returns

Fear and Greed Index

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