EURUSD
The Euro eases to 1.09 zone, after yesterday’s attack at 1.10 barrier that posted fresh high, ticks away from key 1.1034, 18 Mar peak. Consolidative action is so far contained by daily 20SMA that keeps bullish setup of 4-hour studies in play for renewed attempts higher and final break above pivotal 1.1034 barrier. On the other side, hourly studies turned neutral and see risk of potential break below consolidation floor at 1.0888 and daily 20SMA, currently at 1.0855, to signal stronger correction towards 1.0820/00, 50% of 1.0612/1.1028 upleg / round-figure support. Key near-term support lies at 1.0766, low of 23 Mar, reinforced by daily Tenkan-sen, with clear break here to neutralize near-term bulls.
Res: 1.0970; 1.1028; 1.1034; 1.1071
Sup: 1.0900; 1.0888; 1.0820; 1.0800
GBPUSD
Cable attacks the lower boundary of near-term consolidation range at 1.4830 zone, following yesterday’s pullback from range tops at 1.4987. Daily close in long red candle weakens near-term structure and signals possible fresh weakness on clear break lower. Hourly studies are negative, while 4-hour indicators are approaching their midlines and setup of moving averages turning bearish, encouraging further easing, along with overall bearish tone. Close below daily 10SMA, currently at 1.4847, to confirm negative near-term stance for 1.4800, Fibonacci 61.8% of 1.4686/1.4987 rally, then 20Mar higher low at 1.4720 that would open key near-term supports at 1.4686 and 1.4633, lows of 19/18 Mar. Alternatively, fresh rallies are required to keep near-term range-trading in play, with close above 1.4900, daily Tenkan-sen line, to neutralize immediate downside risk.
Res: 1.4900; 1.4950; 1.4987; 1.5008
Sup: 1.4847; 1.4830; 1.4800; 1.4757
USDJPY
The pair returns to near-term 119.55/119.90 consolidative range, following yesterday’s bumpy ride that cracked former low at 119.28 and ended day in long-legged Doji, confirming near-term indecision and prolonged consolidative phase. The notion is supported by neutral hourly studies and contracting daily 20d Bollingers. However, bearish 4-hour technicals and south-heading daily indicators, keep the downside at risk, with fresh attempts through 119.20/08, yesterday’s low / daily 55SMA, to confirm bearish resumption and expose 118.65 higher base and 100SMA. Conversely, bounce above 120 barrier, requires close above daily 20SMA at 120.425, to neutralize.
Res: 119.97; 120.24; 120.42; 120.60
Sup: 119.54; 119.20; 119.08; 118.65
AUDUSD
The pair eventually broke above key 0.7911 barrier, high of 26 Feb, fully retracing 0.7911/0.7558 bear-leg and signaling fresh recovery action. However, failure to close above 0.7911 barrier, ended yesterday’s trading in a long-legged Doji, signaling hesitation at pivotal resistance. Yesterday’s easing found footstep at 0.7835, with daily cloud base at 0.7858, offering initial support for now. Hourly studies are neutral, while reversing 4-hour indicators see risk of stronger correction of 0.7611/0.7936 rally, before fresh attempts higher. Extension below 0.7835 should be ideally contained above 0.7761, higher low of 23 Mar, to keep the structure intact. Otherwise further easing and close below 0.7739, daily 20SMA, would neutralize near-term bulls.
Res: 0.7889; 0.7911; 0.7936; 0.8000
Sup: 0.7835; 0.7812; 0.7761; 0.7739
The Euro eases to 1.09 zone, after yesterday’s attack at 1.10 barrier that posted fresh high, ticks away from key 1.1034, 18 Mar peak. Consolidative action is so far contained by daily 20SMA that keeps bullish setup of 4-hour studies in play for renewed attempts higher and final break above pivotal 1.1034 barrier. On the other side, hourly studies turned neutral and see risk of potential break below consolidation floor at 1.0888 and daily 20SMA, currently at 1.0855, to signal stronger correction towards 1.0820/00, 50% of 1.0612/1.1028 upleg / round-figure support. Key near-term support lies at 1.0766, low of 23 Mar, reinforced by daily Tenkan-sen, with clear break here to neutralize near-term bulls.
Res: 1.0970; 1.1028; 1.1034; 1.1071
Sup: 1.0900; 1.0888; 1.0820; 1.0800
GBPUSD
Cable attacks the lower boundary of near-term consolidation range at 1.4830 zone, following yesterday’s pullback from range tops at 1.4987. Daily close in long red candle weakens near-term structure and signals possible fresh weakness on clear break lower. Hourly studies are negative, while 4-hour indicators are approaching their midlines and setup of moving averages turning bearish, encouraging further easing, along with overall bearish tone. Close below daily 10SMA, currently at 1.4847, to confirm negative near-term stance for 1.4800, Fibonacci 61.8% of 1.4686/1.4987 rally, then 20Mar higher low at 1.4720 that would open key near-term supports at 1.4686 and 1.4633, lows of 19/18 Mar. Alternatively, fresh rallies are required to keep near-term range-trading in play, with close above 1.4900, daily Tenkan-sen line, to neutralize immediate downside risk.
Res: 1.4900; 1.4950; 1.4987; 1.5008
Sup: 1.4847; 1.4830; 1.4800; 1.4757
USDJPY
The pair returns to near-term 119.55/119.90 consolidative range, following yesterday’s bumpy ride that cracked former low at 119.28 and ended day in long-legged Doji, confirming near-term indecision and prolonged consolidative phase. The notion is supported by neutral hourly studies and contracting daily 20d Bollingers. However, bearish 4-hour technicals and south-heading daily indicators, keep the downside at risk, with fresh attempts through 119.20/08, yesterday’s low / daily 55SMA, to confirm bearish resumption and expose 118.65 higher base and 100SMA. Conversely, bounce above 120 barrier, requires close above daily 20SMA at 120.425, to neutralize.
Res: 119.97; 120.24; 120.42; 120.60
Sup: 119.54; 119.20; 119.08; 118.65
AUDUSD
The pair eventually broke above key 0.7911 barrier, high of 26 Feb, fully retracing 0.7911/0.7558 bear-leg and signaling fresh recovery action. However, failure to close above 0.7911 barrier, ended yesterday’s trading in a long-legged Doji, signaling hesitation at pivotal resistance. Yesterday’s easing found footstep at 0.7835, with daily cloud base at 0.7858, offering initial support for now. Hourly studies are neutral, while reversing 4-hour indicators see risk of stronger correction of 0.7611/0.7936 rally, before fresh attempts higher. Extension below 0.7835 should be ideally contained above 0.7761, higher low of 23 Mar, to keep the structure intact. Otherwise further easing and close below 0.7739, daily 20SMA, would neutralize near-term bulls.
Res: 0.7889; 0.7911; 0.7936; 0.8000
Sup: 0.7835; 0.7812; 0.7761; 0.7739
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.