|

EURUSD now trying a break above resistance at 1.0820/30

Daily Forecast - 27 March 2017

USDJPY Spot

USDJPY severely oversold on the daily chart but we continue lower which is not a surprise as stated on Friday, to the next target of 110.50/40. However we do not hit support until we reach the 200 week moving average at 110.10/00. Exit shorts, but trying longs will be risky...might be better to wait for a bullish signal first.

Above last week's low at 110.60 may allow recovery in oversold conditions towards 111.05/10, perhaps as far as resistance at 111.35/40. A good chance of a high for the day. However on further gains look for a selling opportunity at 111.70/80.

USDJPY

EURUSD Spot

EURUSD now trying a break above resistance at 1.0820/30...shorts need stops above 1.0855. As I write we have only reached 1.0849, so the break is not convincing but if we do hold above 1.0840 the outlook turns positive initially targeting 200 day moving average resistance at 1.0880/90. This is now the main challenge for bulls today in overbought conditions. If you try shorts use stops above 1.0920.

Failure to hold above 1.0820 signals a false breakout this morning & risks a slide to minor support at 1.0770/60. On further losses look for better support at 1.0720/10 for some profit taking on any shorts.

EURUSD

AUDUSD Spot

AUDUSD holding the best support for today at 7610/00 as expected, targets 7635/39 then resistance at 7656/60. Watch for a high for the day. Above here is more positive targeting only minor resistance at 7692/96 then 7715/20.

The best support for today again at 7610/00 to try longs with stops below 7585. A break below 7585 is a sell signal & targets a good buying opportunity at 7525/15. Try longs with stops below the March low of 7488.

AUDUSD

GBPUSD spot

GBPUSD hits the next target of 1.2525/30 as expected & despite overbought conditions we could reach 1.2575/80. On further gains this week look for 1.2610/15 then the 1.2672/1.2707 January/February highs.

Failure to beat re-targets 1.2525/30 support in the 1.2476/60 area & in fact we bottomed exactly here on Friday. However the most important support of the day is 1.2415/05.

GBPUSD

Author

Jason Sen

Jason Sen

DayTradeIdeas.co.uk

More from Jason Sen
Share:

Editor's Picks

EUR/USD tests nine-day EMA support near 1.1850

EUR/USD inches lower during the Asian hours on Monday, trading around 1.1870 at the time of writing. The 14-day Relative Strength Index momentum indicator at 56 stays above the midline, confirming improving momentum. RSI has cooled from prior overbought readings but stabilizes above 50, suggesting dips could stay limited before buyers reassert control.

GBP/USD flat lines as traders await key UK macro data and FOMC minutes

The GBP/USD pair kicks off a new week on a subdued note and oscillates in a narrow range, just below mid-1.3600s, during the Asian session. Moreover, the mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important releases from the UK and the US.

Gold slides below $5,000 amid USD uptick and positive risk tone; downside seems limited

Gold attracts fresh sellers at the start of a new week and reverses a part of Friday's strong move up of over $150 from sub-$4,900 levels. The commodity slides back below the $5,000 psychological mark during the Asian session, though the downside potential seems limited amid a combination of supporting factors.

Bitcoin, Ethereum and Ripple consolidate within key ranges as selling pressure eases

Bitcoin and Ethereum prices have been trading sideways within key ranges following the massive correction. Meanwhile, XRP recovers slightly, breaking above the key resistance zone. The top three cryptocurrencies hint at a potential short-term recovery, with momentum indicators showing fading bearish signs.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.