Global macro overview for 28/03/2018:
The US Department of Commerce reported that Durable Goods Orders advanced 1.7% in February, following the preceding month's upwardly revised gain of 2.3% and surpassing analysts' expectations for a 1.1% increase. The Durable Goods Orders excluding transportation equipment climbed 0.4%, compared to the previous month's reading of 0.0%.and market analysts anticipated gain of 0.5%. In conclusion, the following rise marked the sixth straight monthly increase in Durable Goods Orders and market analysts suggest that businesses will improve even more if US lawmakers succeed in lowering corporate taxes and reducing regulations.
Let's now take a look at the USD/JPY technical picture at the H4 time frame. The price had almost hit the 50%Fibo at the level of 110.10 and now is trading just below the intraday resistance at the level of 110.73. The oversold market conditions and growing bullish divergence suggest the market might perform a relief rally towards the next technical resistance at the level of 111.56. This is the key level for the bulls and break out above or a failure will determine the further price development.
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