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CURRENCIES TECHNICAL ANALYSIS March.20

Euro

The euro bounced from the oversold area and spiked upwards. Buyers led the major through 1.2300 and the EMA100 on Monday. They lost control when they touched the 1.2350 resistance area where the EMA50 and EMA200 are located. The resistance resides at 1.2350, the support comes in at 1.2300.

Bulls got a chance to change the market situation and to push the pair towards 1.2400 now.

 

Pound

The GBP/USD pair gained some positive traction during the Monday's trades. The strength of the bullish sentiment was so strong that allowed buyers to retook the level 1.4000 and to retest the 1.4100 area. The resistance lies at 1.4100, the support comes in at 1.4000.

If buyers stay in the driver’s seat, the GBP/USD pair may test 1.4150 in the coming days.

 

USD/JPY

The USD/JPY pair remained in red figures on Tuesday. Buyers kept struggling with the upper end of the descending channel. However, they have not shown any progress for now. Besides, the EMA50 and the EMA100 which are located in the 106.50 area are blocking bulls' advance. The resistance lies at 107.00, the support comes in at 106.00.

The US dollar is unlikely to show any progress now. The major will probably remain unchanged trading in the resistance area 106.50-106.00.

 

GBP/JPY  

Buyers failed to reclaim the level 150.00. The upmove lacked momentum and the pound returned to the downside and revisited the 149.00 handle. The resistance lies at 150.00, the support is at 149.00.

The downward movement may be continued in the short-term. If so, the pair may go to 148.00 in the upcoming sessions.

 

EUR/JPY

Sentiment remained negative on Tuesday. The spot turned bearish after unsuccessful attack at 131.50. Sellers pressured the level 131.00 in the early European session and were struggling with this barrier the first part of the day. The resistance lies at 131.50, the support is at 131.00.

We expect the 131.00 line break that will open the way for sellers to 130.50, further then towards 130.00.

 

AUD/USD

The AUD/USD pair failed to reclaim the 0.7700 level. The AUD met a stiff support at the handle and had to stop. However, the selling pressure remained intact and the pair did not leave this region. The resistance is at 0.7750, the support stands 0.7700.

The AUD/USD pair is oversold and requires some correction. The Aussie may recover towards the 0.7750 area now.

 

DAX

DAX undertone remained negative on Tuesday. However, sellers lost downside momentum around 12200 and rebounded off this low. The benchmark recovered to 12300 afterwards where the price spent the second part of the day. The resistance lies at 12300, the support exists at 12200.

Sellers need to break below 12200 for a steady decline. The way to the mark 12100 will be opened after this breakthrough.

 

S&P500

S&P500 extended its near-term downward trajectory on Monday. Bears led the index to the level 2700 where they lost momentum and the benchmark faced buying rejection. S&P500 reverted a minor portion of its losses on Tuesday and revisited the 2730 area. The resistance lies at 2730, the support exists in at 2700.

We recommend going short with the first target - 2700. When the price consolidates below the handle S&P500 may decline to the level 2670.

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