Vladimir Mihaylov
Independent Analyst
EUR lost another 90-100 pips against the USD after failing to return back above 1.3850. The price has stabilized above 1.3750 and is currently trading at the resistance 1.3780-85. Next resistance is 1.3805 and finally 1.3820. To the downside the pair is well supported by 1.3720-30 area and we have also the very important and strong 1.3670 support. However it is expected to reach there in the days ahead, but breaking it will be hard. It is quite possible to see a false break lower, followed by a quick recovery back above 1.3720 next week, so be prepaired for such scenario. Above 1.3820 we have 1.3850-60 resistance area and only a clear break higher will restore the upside. 1.3670 is quite important because it also serves as Weekly support line and breaking below will target 1.3540 or even below. We are SHORT as long as the price is below 1.3820-30. Please take a look at Daily - maybe we are forming the right arm of a H&S formation - this means several days of consolidation between 1.3710 and 1.3810, followed by a massive downside by the end of March and beginning of April.
GOLD has found a temporary support at 1320, but that is not stable enough to carry the heavy metal, so if we see further dollar recovery, the price may test tha 1302-1312 area which is a pretty wide support area. But i think we are going to spend today and next week above 1310, building a solid base for a new jump higher.
NZD uses the support 0.8520 as a hiding place but it is not secure enough and i think the USD will find it if not today then next week. Then the NZD will have to look for another shelter at 0.8440 and 0.8385. The last will hold any downside and the recovery to 0.8550-0.8600 will follow in the weeks ahead.
AUD will try to close today above 0.9050 and this will allow restoring of the upside. Today's movement is limited by 0.9120 resistance, and the pair is bullish above 0.9045. Only below 0.9000 we may expect a test of 0.8930-20.
JPY is safe for now because of the 102.30 shield, breaking of it will send the price quickly to resistance 103.10 and even to 103.44. Another fail at 102.30-40 will send the price to 101.80 again or even lower.
GBP has reached a thin Daily Ichimoku area. The first resistance is 1.6570, followed by 1.6640 and finally 1.6725. The upside may fail at any price below 1.6640, this fail will lead to further drop and the pair will look for support around 1.6320-30
For today:
SHORT EUR below 1.3810 SL 1.3825 TP 1.3750-1.3720-1.3700
LONG EUR above 1.3780 SL 1.3770 TP 1.3805-1.3825-1.3850
LONG GOLD above 1320 SL 1316 TP 1328-1334-1340
SHORT GOLD below 1318 SL 1322 TP 1312-1306-1302
Good luck!
GOLD has found a temporary support at 1320, but that is not stable enough to carry the heavy metal, so if we see further dollar recovery, the price may test tha 1302-1312 area which is a pretty wide support area. But i think we are going to spend today and next week above 1310, building a solid base for a new jump higher.
NZD uses the support 0.8520 as a hiding place but it is not secure enough and i think the USD will find it if not today then next week. Then the NZD will have to look for another shelter at 0.8440 and 0.8385. The last will hold any downside and the recovery to 0.8550-0.8600 will follow in the weeks ahead.
AUD will try to close today above 0.9050 and this will allow restoring of the upside. Today's movement is limited by 0.9120 resistance, and the pair is bullish above 0.9045. Only below 0.9000 we may expect a test of 0.8930-20.
JPY is safe for now because of the 102.30 shield, breaking of it will send the price quickly to resistance 103.10 and even to 103.44. Another fail at 102.30-40 will send the price to 101.80 again or even lower.
GBP has reached a thin Daily Ichimoku area. The first resistance is 1.6570, followed by 1.6640 and finally 1.6725. The upside may fail at any price below 1.6640, this fail will lead to further drop and the pair will look for support around 1.6320-30
For today:
SHORT EUR below 1.3810 SL 1.3825 TP 1.3750-1.3720-1.3700
LONG EUR above 1.3780 SL 1.3770 TP 1.3805-1.3825-1.3850
LONG GOLD above 1320 SL 1316 TP 1328-1334-1340
SHORT GOLD below 1318 SL 1322 TP 1312-1306-1302
Good luck!
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