EURUSD in neutral near-term mode ahead of Fed

EURUSD

The Euro holds within 50-pips range, maintaining neutral near-term tone, ahead of Fed, due later today.
The pair lost bullish momentum and returned below 1.11 handle, following yesterday’s upside attempts that were limited at 1.1123.
Strong support zone that consists of hourly base at 1.1070 and rising daily cloud top / 200SMA at 1.1050, maintains bullish structure, developed on massive downside rejection at 1.0820, where double-bottom was left, ahead of surge to 1.1217, post ECB’s rally peak. Despite upside rejection and subsequent pullback, the upside will remain in focus while 1.1270/50 zone holds.
The pair is awaiting Fed’s decision for fresh direction. More hawkishness in their statement, will increase pressure on the single currency and risk return below 1.1050/1000 supports that will weaken current bullish structure.
On the other side, softer tone from Fed would attract for fresh upside action.
Initial resistance lies at 1.1126 ( Fibo 38.2% of 1.1216/1.1070 pullback / yesterday’s high), followed by 1.1160 (Fibo 61.8%) and key 1.1216 (10Mar high).
At the lower side, rising daily cloud top, reinforced by 200SMA, marks strong support, loss of which would risk return to psychological 1.10 support and possible extension to 1.0946 (daily cloud base), on further bearish acceleration.


Res: 1.1110; 1.1126; 1.1160; 1.1200
Sup: 1.1065; 1.1044; 1.1018; 1.1000






GBPUSD

The pair extends two-day pullback off 1.4434, 11 Mar upside rejection at daily Ichimoku cloud base, with yesterday’s downside acceleration that left long red daily candle.
Fresh bearish signal was generated on today’s break below 20SMA at 1.4142 that now acts as initial resistance.
South-moving daily indicators along with daily MA’s now in full bearish setup, favor further downside.
Today’s fresh weakness approached next target at 1.4063 (Fibo 61.8% of 1.3834/1.4434 recovery leg), loss of which is needed to confirm reversal and expose psychological 1.4000 support.
At the upside, above 20SMA, former support at 1.4205 (broken Fibo 38.2% of 1.3834/1.4434), reinforced by daily Kijun-sen line), marks next significant barrier, ahead of 1.4300 (Fibo 61.8% of 1.4434/1.4082 downleg), regain of which is needed to revive near-term bulls.

Res: 1.4142; 1.4205; 1.4258; 1.4300
Sup: 1.4082; 1.4063; 1.4000; 1.3975







USDCAD

The pair enters corrective phase from fresh low at 1.3166, which was confirmed by yesterday’s close above 200SMA, which currently lies at 1.3311.
Near-term price action holds within narrow range, under yesterday’s fresh recovery high at 1.3400, with bullish near-term structure, favoring fresh upside attempts after consolidation.
Strong barriers above 1.3400 (consolidation high), lay at 1.3430 (Fibo 38.2% of 1.3857/1.3166) and 1.3463 (20SMA), with sustained break above here, to generate another strong bullish signal for further correction.
Broken 200SMA marks pivotal support at 1.3311 and firm break below it, would weaken near-term structure and generate negative signals.

Res: 1.3400; 1.3430; 1.3463; 1.3511
Sup : 1.3345; 1.3311; 1.3283; 1.3255








AUDUSD

Aussie is showing basing attempt at 0.7435 zone, where two-day pullback found temporary footstep. The move could be described as correction of larger rally from 0.6825 (low of 15 Jan), with the first pivotal support at 0.7406 (Fibo 38.2% of 0.7106/0.7591 upleg), being intact so far.
Reversed daily Slow Stochastic shows more room at the downside, as RSI and Momentum continue to head south.
Violation of 0.7406 handle could trigger extension towards next pivots at 0.7324 (rising daily 20SMA) and 0.7291 (Fibo 61.8%), where extended dips need to find support to keep overall bulls in play.
All eyes are on Fed, with hawkish tone of US Central Bank, expected to soften pair’s near-term structure.


Res: 0.7475; 0.7495; 0.7532; 0.7555
Sup: 0.7436; 0.7406; 0.7380; 0.7324