USDCAD rallies on weaker oil; extended correction eyes 20SMA pivot

EURUSD

The Euro formed hourly higher base at 1.1075, on double downside rejection, which so far holds and marks initial support. The support is reinforced by daily 30SMA, where two-day pullback off 1.1217 peak, found temporary support.
This guards layers of strong supports that lay just below and could trigger further easing, if violated. Structure of daily studies is firmly bearish, but reversing Slow Stochastic from overbought zone, warns of possible extended correction.
Fibonacci 38.2% of 1.0820/1.1217 at 1.1065 offers immediate support, followed by 200SMA at 1.1044, which is required to hold extended dips and keep intact larger bulls.
The pair currently trades within hourly Ichimoku cloud, spanned between 1.1147 and 1.1018.
Sustained lift above 1.1047 (hourly cloud top), is needed to signal reversal and revive near-term bulls.
Limited consolidation could be expected while the price moves within the hourly cloud, with increased risk of retesting 1.1075 base and extension towards 200SMA.
Break below 200SMA will be initial signal of fresh weakness, which needs confirmation on break below hourly cloud base / daily 20SMA at 1.1020.

Res: 1.1120; 1.1147; 1.1162; 1.1192
Sup: 1.1075; 1.1065; 1.1044; 1.1020





GBPUSD

Cable extends pullback from fresh high of last Friday at 1.4434, where daily Ichimoku cloud base capped recovery rally from 1.3834 (low of 29 Feb).
The pair broke below 30SMA, which now acts as resistance at 1.4269 and took out next support at 1.4205 (Fibo 38.2% of 1.3834/1.4434), signaling deeper correction.
Strong bearish acceleration on renewed Brexit fears, weakened near-term studies, as weakness approaches 20SMA at 1.4151 and may extend losses to 1.4115 (10 Mar higher low), which also marks the floor of 4-hr chart higher base.
Daily Slow Stochastic that reversed from overbought zone, shows more room for extended weakness.
Daily close below 20SMA will be seen as initial signal of lower top formation at 1.4434

Res: 1.4205; 1.4261; 1.4303; 1.4385
Sup: 1.4151; 1.4115; 1.4063; 1.4000





USDCAD

The pair bounces through 200 and 10SMA’s, signaling short-lived break below. Extended correction could be anticipated, as crude oil eases further. Daily close above 200SMA will be seen as initial signal of stronger correction, which looks for next target at 1.3430 (Fibonacci 38.2% of 1.3857/1.3166 downleg. Falling daily 20SMA at 1.3480, marks breakpoint, above which to signal further upside action.
Daily indicators turned north and support further recovery, supported by near-term technicals that turned bullish.
Broken 200SMA now marks strong support at 1.3306, followed by session low at 1.3260.

Res: 1.3400; 1.3430; 1.3480; 1.3511
Sup :1.3306; 1.3260; 1.3208; 1.3166









AUDUSD

Aussie extends pullback from yesterday’s high at 0.7591, where recovery rally stalled, signaling hesitation at psychological 0.7600 barrier. The move could be described as correction on overbought daily studies, as RSI and Slow Stochastic head south after reversing from overbought zone and show more room at the downside.
The pair holds ahead of initial support at 0.7443 (rising 10SMA), followed by 0.7406 (Fibo 38.2% of 0.7106/0.7591 upleg), which also marks a trigger for stronger pullback.
Broken hourly Ichimoku cloud, spanned between 0.7508 and 0.7545, marks significant barrier and is expected to limit upside attempts.

Res: 0.7508; 0.7545; 0.7591; 0.7650
Sup: 0.7461; 0.7443; 0.7406; 0.7380