EURUSD
The Euro extended recovery rally off 1.1096 low, to probe above 1.14 barrier, with fresh high being posted at 1.1421, where descending daily Tenkan-sen line capped rally. Near-term studies remain positively aligned and support bounce from 1.1329, overnight’s correction low, for fresh attempts higher. Sustained break above Tenkan-sen, currently at 1.1387 and 1.1421 high, is required to open breakpoint at 1.1458, former low of 16 Jan, reinforced by daily 10SMA. Sustained break and close above here to complete three-day reversal pattern and signal further recovery, which would open next key barrier at 1.1680 lower platform, reinforced by daily Kijun-sen line. On the other side, bearish setup of daily and weekly studies keeps the downside vulnerable, with failure to extend recovery, expected to turn focus back towards fresh 11-year low at 1.1096 and psychological 1.1000 target, in extension.
Res: 1.1387; 1.1421; 1.1458; 1.1500
Sup: 1.1329; 1.1300; 1.1230; 1.1200
GBPUSD
Cable maintains positive near-term tone, following yesterday’s close above daily 20 SMA and probe above important 1.5200/10 zone, former double-top and Fibonacci 38.2% of 1.5618/1.4950 descend. Corrective action off fresh high at 1.5221, found temporary footstep at 1.5150 zone, with extended pullback required to hold above 1.5110, daily 10SMA, to keep near-term bulls in play. Sustained break above 1.52 resistance zone is required to open pivotal 1.5267, 14 Jan lower top, above which to complete reversal pattern and signal stronger recovery. Conversely, break and close below daily 10 SMA, to signal lower top formation.
Res: 1.5200; 1.5221; 1.5267; 1.5317
Sup: 1.5152; 1.5110; 1.5059; 1.5000
USDJPY
The pair remains in near-term sideways mode, congested under daily 20 SMA and daily, with range base being established at 117.20, daily Tenkan-sen line. Neutral mode of near-term studies maintains range trading, with break of either side, required to establish fresh direction. Break below 117.20 base, to confirm an end of near-term corrective phase and shift focus towards 115.83, 16 Jan low and key 115.55 support, low of 16 Dec 2014, as well as low of short-term consolidation under fresh high at 121.83. Conversely, sustained break above pivotal barrier at 118.85, to bring bulls back to play and shift focus towards next barriers at120.00/80.
Res: 118.25; 118.64; 118.85; 119.30
Sup: 117.70; 117.20; 116.90; 116.55
AUDUSD
The pair bounced from session low at 0.7899, where higher low was left for strong acceleration higher that probes above pivotal 0.8000 barrier. Rally so far reached 0.8023, Fibonacci 38.2% of 0.8293/0.7856 downleg and ticks away from 0.8031, former base, with sustained break here, required to resume near-term corrective rally from fresh low at 0.7856, towards daily 10/20SMA’s at 0.8068 and 0.8097 respectively, with break and close above, to signal stronger correction. Bullish near-term studies support the notion, along with MACD bullish divergence, forming on a daily chart. On the other side, recovery rejection and close below 0.80 handle, would soften tone and increase downside risk.
Res: 0.8023; 0.8054; 0.8068; 0.8097
Sup: 0.7970; 0.7900; 0.7856; 0.7800
The Euro extended recovery rally off 1.1096 low, to probe above 1.14 barrier, with fresh high being posted at 1.1421, where descending daily Tenkan-sen line capped rally. Near-term studies remain positively aligned and support bounce from 1.1329, overnight’s correction low, for fresh attempts higher. Sustained break above Tenkan-sen, currently at 1.1387 and 1.1421 high, is required to open breakpoint at 1.1458, former low of 16 Jan, reinforced by daily 10SMA. Sustained break and close above here to complete three-day reversal pattern and signal further recovery, which would open next key barrier at 1.1680 lower platform, reinforced by daily Kijun-sen line. On the other side, bearish setup of daily and weekly studies keeps the downside vulnerable, with failure to extend recovery, expected to turn focus back towards fresh 11-year low at 1.1096 and psychological 1.1000 target, in extension.
Res: 1.1387; 1.1421; 1.1458; 1.1500
Sup: 1.1329; 1.1300; 1.1230; 1.1200
GBPUSD
Cable maintains positive near-term tone, following yesterday’s close above daily 20 SMA and probe above important 1.5200/10 zone, former double-top and Fibonacci 38.2% of 1.5618/1.4950 descend. Corrective action off fresh high at 1.5221, found temporary footstep at 1.5150 zone, with extended pullback required to hold above 1.5110, daily 10SMA, to keep near-term bulls in play. Sustained break above 1.52 resistance zone is required to open pivotal 1.5267, 14 Jan lower top, above which to complete reversal pattern and signal stronger recovery. Conversely, break and close below daily 10 SMA, to signal lower top formation.
Res: 1.5200; 1.5221; 1.5267; 1.5317
Sup: 1.5152; 1.5110; 1.5059; 1.5000
USDJPY
The pair remains in near-term sideways mode, congested under daily 20 SMA and daily, with range base being established at 117.20, daily Tenkan-sen line. Neutral mode of near-term studies maintains range trading, with break of either side, required to establish fresh direction. Break below 117.20 base, to confirm an end of near-term corrective phase and shift focus towards 115.83, 16 Jan low and key 115.55 support, low of 16 Dec 2014, as well as low of short-term consolidation under fresh high at 121.83. Conversely, sustained break above pivotal barrier at 118.85, to bring bulls back to play and shift focus towards next barriers at120.00/80.
Res: 118.25; 118.64; 118.85; 119.30
Sup: 117.70; 117.20; 116.90; 116.55
AUDUSD
The pair bounced from session low at 0.7899, where higher low was left for strong acceleration higher that probes above pivotal 0.8000 barrier. Rally so far reached 0.8023, Fibonacci 38.2% of 0.8293/0.7856 downleg and ticks away from 0.8031, former base, with sustained break here, required to resume near-term corrective rally from fresh low at 0.7856, towards daily 10/20SMA’s at 0.8068 and 0.8097 respectively, with break and close above, to signal stronger correction. Bullish near-term studies support the notion, along with MACD bullish divergence, forming on a daily chart. On the other side, recovery rejection and close below 0.80 handle, would soften tone and increase downside risk.
Res: 0.8023; 0.8054; 0.8068; 0.8097
Sup: 0.7970; 0.7900; 0.7856; 0.7800
Recommended Content
Editors’ Picks
EUR/USD holds below 1.0750 ahead of key US data
EUR/USD trades in a tight range below 1.0750 in the European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
GBP/USD consolidates above 1.2500, eyes on US PCE data
GBP/USD fluctuates at around 1.2500 in the European session on Friday following the three-day rebound. The PCE inflation data for March will be watched closely by market participants later in the day.
Gold clings to modest daily gains at around $2,350
Gold stays in positive territory at around $2,350 after closing in positive territory on Thursday. The benchmark 10-year US Treasury bond yield edges lower ahead of US PCE Price Index data, allowing XAU/USD to stretch higher.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.