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CURRENCIES TECHNICAL ANALYSIS March.26

Euro

 

The euro tried to extend its near-term bullish momentum on Friday, but failed. The major just tested the level 1.2350 and stayed around it afterwards. The upward trajectory continued on Monday. The euro pushed away from 1.2350 and rallied towards 1.2400 which broke in the late European session. The resistance resides at 1.2450, the support comes in at 1.2400.

 

A break below the 1.2400 support might prompt some profit-taking slide towards 1.2380-1.2350 support area. If the major remains above 1.2400 it might extend its rally up to 1.2450.

 

Pound

 

The GBP/UD pair held a bullish tone on Monday. The pound spiked higher in the night and broke above the upper end of the ascending channel. An increased buying momentum around the British sterling lifted the GBP/USD pair to the 1.4200 hurdle which was broken in the mid-European session. The resistance lies at 1.4300, the support comes in at 1.4200.

 

We expect a minor technical correction now. The pound may decline below the 1.4200 region and move towards 1.4100. This barrier might reject the major back to the current highs.

 

USD/JPY

 

The technical picture remains increasingly bearish for the USD/JPY pair. Sellers are struggling with the 105.00 level trying to break it through now. The resistance lies at 106.00, the support comes in at 105.00.

 

A move below 105.00 would generate another negative signal and risk further easing towards 104.50.

 

GBP/JPY  

 

Selling pressure around the British pound weakened on Monday. Sellers gave control to buyers who moved the GBP/JPY pair out of the red. They broke through the EMA50 and EMA200 first and regained the 149.00 hurdle then. After breaking above the level the spot headed towards 150.00. The resistance lies at 150.00, the support is at 149.00.

 

The overall outlook is bullish now, and we expect another leg high towards the 150.00 hurdle.

 

EUR/JPY

 

The downward structure remained intact on Monday. However, the bid tone around the euro is pushing the EUR/JPY pair towards its upper limit. The pair is testing the 130.50 resistance area now where the 50 and 100 EMAs lie. The resistance lies at 130.50, the support is at 130.00.

 

A sharp breakout above 130.50 could spark a further incline towards 131.00 in the coming sessions. However, if the level stands, the currency pair may turn bearish and weaken towards 129.50.

 

AUD/USD

 

Bears have the ball and are dragging the pair lower. The Friday's recovery stalled at 0.7750 where the market turned around and moved lower. Sellers are pushing the spot to 0.7700 now. The resistance is at 0.7750, the support stands 0.7700.

 

A move through the immediate support might force the pair to resume its downward trajectory towards 0.7650.

 

DAX

 

Market’s positive mood persisted on Monday. The DAX index gapped upwards at the open. The price jumped through 11800 and opened at 11872. Buyers continued pushing the benchmark upwards and led the price to the 11950 area. The resistance lies at 12000, the support exists at 11900.

 

DAX may extend its recovery if it regains the level 12000. If so, the benchmark will move to 12200.

 

S&P500

 

S&P500 ended on a weak tone last week. The benchmark fell below the previous lows and moved towards 2580. Sellers were stopped a few pips above the level when the negative bias lost legs. The benchmark started a recovery after that and strengthened up to 2640. The resistance lies at 2640, the support exists in at 2610.

 

After a daily close above 2640 we could see S&P500 extending upwards to the 2670 region during the next days.

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