EURUSD
The Euro trades in near-term consolidative phase above last Friday’s pullback low at 1.0800, with the upside capped at 1.0950, Friday’s high and previous base. Daily / weekly close in Doji signals hesitation under recovery highs at 1.1034/50, 18/26 Mar peaks. Range boundaries are reinforced by daily Tenkan-sen line (lower) and daily Kijun-sen line (upper). Also, daily 20SMA, currently at 1.0810, protects the downside, with formation of daily 10/20 SMA’s bullish cross, underpinning the action and marking 1.08 zone as pivotal support. Daily indicators remain in ascending mode and support fresh attempts higher, with break above pivotal 1.0950 barrier, required to confirm and re-focus breakpoints at 1.1034/50, for resumption of recovery phase from 1.0461. Lower breakpoint lies at 1.0800, loss of which, to accelerate pullback from 1.1050 peak and weaken currently neutral near-term studies. This will also confirm hourly failure swing formation for extension towards 1.0756, 50% of 1.0612/1.1050, possibly to 1.0686, Fibonacci 61.8% retracement.
Res: 1.0880; 1.0950; 1.1000; 1.1034
Sup: 1.0820; 1.0800; 1.0756; 1.0700
GBPUSD
Cable remains in near-term congestion after repeated upside rejections mark psychological 1.50 level as strong resistance, with range floor at 1.48 zone, being under pressure, after Friday’s action lower, cracked the support. However, near-term studies remain in neutral mode, while daily chart shows bears in play, with near-term price action being capped by descending 20SMA, currently at 1.4951 and daily / weekly close in red, confirming negative stance. Initial resistance lies at 1.4900, session high / daily Tenkan-sen line, ahead of 1.4951, daily 20SMA, break and close above which is required to improve near-term tone and shift focus towards congestion top and breakpoint at 1.50 zone. Otherwise, close below 1.48 support zone to confirm an end of near-term consolidative phase and open way for further easing, as Friday’s dips marked over 61.8% retracement of 1.4633/1.5160 corrective rally.
Res: 1.4900; 1.4920; 1.4952; 1.4997
Sup: 1.4800; 1.4757; 1.4721; 1.4686
USDJPY
The pair attempts above narrow-range consolidation phase, signaling resumption of corrective bounce off 118.31, last week’s low, where the price found footstep. Hourly studies are gaining traction, while negative tone persists on 4-hour studies, signaling extended correction, before bears take control again. Daily technicals are weak and along with Friday’s negative close and the second weekly close in red, confirming overall negative stance. Extension through 119.85, daily 10SMA / Tenkan-sen, to sideline downside pressure, while close above daily 20SMA, currently at 120.34, is required to shift focus higher, for stronger corrective rally. Daily Ichimoku cloud top, along with cracked Fibonacci 61.8% retracement of 116.86/122.01 rally, offers initial support at 118.80, ahead of last week’s low at 118.31, loss of which will be bearish.
Res: 119.85; 120.09; 120.34; 120.60
Sup: 119.47; 119.10; 118.92; 118.80
AUDUSD
The pair remains under pressure and extends weakness, following Friday’s close in long red candle and today’s break below daily 20SMA at 0.7733. Bearish near-term studies support the notion, as the price extends below psychological 0.77 support, also Fibonacci 61.8% retracement of 0.7558/0.7936 corrective rally, close below which, to open way towards 0.7610/0.7589 higher lows and focus key support at 0.7558, low of 11 Mar. Session high at 0.7745 offers initial resistance, ahead of breakpoint at 0.78 zone, former low of 26Mar and hourly lower platform of 27 Mar. Only close above here to sideline immediate downside risk and open way for stronger corrective action.
Res: 0.7732; 0.7745; 0.7776; 0.7800
Sup: 0.7660; 0.7648; 0.7610; 0.7589
The Euro trades in near-term consolidative phase above last Friday’s pullback low at 1.0800, with the upside capped at 1.0950, Friday’s high and previous base. Daily / weekly close in Doji signals hesitation under recovery highs at 1.1034/50, 18/26 Mar peaks. Range boundaries are reinforced by daily Tenkan-sen line (lower) and daily Kijun-sen line (upper). Also, daily 20SMA, currently at 1.0810, protects the downside, with formation of daily 10/20 SMA’s bullish cross, underpinning the action and marking 1.08 zone as pivotal support. Daily indicators remain in ascending mode and support fresh attempts higher, with break above pivotal 1.0950 barrier, required to confirm and re-focus breakpoints at 1.1034/50, for resumption of recovery phase from 1.0461. Lower breakpoint lies at 1.0800, loss of which, to accelerate pullback from 1.1050 peak and weaken currently neutral near-term studies. This will also confirm hourly failure swing formation for extension towards 1.0756, 50% of 1.0612/1.1050, possibly to 1.0686, Fibonacci 61.8% retracement.
Res: 1.0880; 1.0950; 1.1000; 1.1034
Sup: 1.0820; 1.0800; 1.0756; 1.0700
GBPUSD
Cable remains in near-term congestion after repeated upside rejections mark psychological 1.50 level as strong resistance, with range floor at 1.48 zone, being under pressure, after Friday’s action lower, cracked the support. However, near-term studies remain in neutral mode, while daily chart shows bears in play, with near-term price action being capped by descending 20SMA, currently at 1.4951 and daily / weekly close in red, confirming negative stance. Initial resistance lies at 1.4900, session high / daily Tenkan-sen line, ahead of 1.4951, daily 20SMA, break and close above which is required to improve near-term tone and shift focus towards congestion top and breakpoint at 1.50 zone. Otherwise, close below 1.48 support zone to confirm an end of near-term consolidative phase and open way for further easing, as Friday’s dips marked over 61.8% retracement of 1.4633/1.5160 corrective rally.
Res: 1.4900; 1.4920; 1.4952; 1.4997
Sup: 1.4800; 1.4757; 1.4721; 1.4686
USDJPY
The pair attempts above narrow-range consolidation phase, signaling resumption of corrective bounce off 118.31, last week’s low, where the price found footstep. Hourly studies are gaining traction, while negative tone persists on 4-hour studies, signaling extended correction, before bears take control again. Daily technicals are weak and along with Friday’s negative close and the second weekly close in red, confirming overall negative stance. Extension through 119.85, daily 10SMA / Tenkan-sen, to sideline downside pressure, while close above daily 20SMA, currently at 120.34, is required to shift focus higher, for stronger corrective rally. Daily Ichimoku cloud top, along with cracked Fibonacci 61.8% retracement of 116.86/122.01 rally, offers initial support at 118.80, ahead of last week’s low at 118.31, loss of which will be bearish.
Res: 119.85; 120.09; 120.34; 120.60
Sup: 119.47; 119.10; 118.92; 118.80
AUDUSD
The pair remains under pressure and extends weakness, following Friday’s close in long red candle and today’s break below daily 20SMA at 0.7733. Bearish near-term studies support the notion, as the price extends below psychological 0.77 support, also Fibonacci 61.8% retracement of 0.7558/0.7936 corrective rally, close below which, to open way towards 0.7610/0.7589 higher lows and focus key support at 0.7558, low of 11 Mar. Session high at 0.7745 offers initial resistance, ahead of breakpoint at 0.78 zone, former low of 26Mar and hourly lower platform of 27 Mar. Only close above here to sideline immediate downside risk and open way for stronger corrective action.
Res: 0.7732; 0.7745; 0.7776; 0.7800
Sup: 0.7660; 0.7648; 0.7610; 0.7589
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
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.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.