Slobodan Drvenica
Windsor Brokers
The cross holds below broken Fibo support at 0.8754 (38.2% of 0.8617/0.8839), but the downside was so far protected by 20SMA (0.8747) despite negative signal from Friday’s bearish outside day.
Both units were supported by fresh risk appetite while sterling remains resilient after news saying Honda will close UK car plant.
Daily techs remain bearishly aligned, as MA’s are in negative setup and momentum approaches bearish territory.
Daily close below cracked Fibo support at 0.8754, which kept the downside protected in past five days, would generate bearish signal, with break and close below 20SMA, needed to confirm reversal and expose targets at 0.8728 (50%) and 0.8702 (Fibo 61.8% of 0.8617/0.8839 rally).
Broken 10SMA (0.8774) is expected to cap and maintain bearish near-term bias, while acceleration and close above 30SMA (0.8798) would neutralize downside risk.
Res: 0.8754; 0.8774; 0.8798; 0.8827
Sup: 0.8743; 0.8728; 0.8702; 0.8669
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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.
USD/JPY stays firm above 156.00 after BoJ Governor Ueda's comments
USD/JPY stays firm above 156.00 after surging above this level on the Bank of Japan's decision to leave the policy settings unchanged. BoJ Governor said weak Yen was not impacting prices but added that they will watch FX developments closely.
Gold price oscillates in a range as the focus remains glued to the US PCE Price Index
Gold price struggles to attract any meaningful buyers amid the emergence of fresh USD buying. Bets that the Fed will keep rates higher for longer amid sticky inflation help revive the USD demand.
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.