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CURRENCIES TECHNICAL ANALYSIS March.27

Euro

 

The ask tone around the US currency helped the euro to regain some traction and move to fresh highs in the morning. The major was able to break through the level 1.2450 and posted a daily high at the 1.2470 when the market unexpectedly got under pressure. The currency pair sharply dropped below 1.2450 and headed towards 1.2400 after that. The resistance resides at 1.2450, the support comes in at 1.2400.

 

If sellers are able to maintain their dominant position in the coming sessions, they might move the EUR/USD pair towards the 1.2350 area.

 

GBP/USD

 

The softer tone in the pound allowed the dollar to reverse some losses. The sterling demonstrated a confident decrease on Tuesday and managed to break below 1.4200 and moved towards 1.4100 afterwards. The resistance lies at 1.4200, the support comes in at 1.4100.

 

As the most probable scenario, we consider further moving downwards towards the mark at 1.4050.

 

USD/JPY

 

The US dollar is still under heavy pressure. However, the major found strength to push away from the local bottom. The dollar left the 105.00 region and headed towards the 106.00 hurdle where the 50 and 100 EMAs blocked its recovery. The resistance resides at 106.00, the support comes in at 105.00.

 

USD/JPY has a downward potential. However, taking into the consideration the oversold readings the ongoing recovery could last for a while. If so, the pair might reach the 106.00 level which should reject the pair downwards.

 

GBP/JPY  

 

GBP/JPY returned to a sell mode on Tuesday. The pound left behind the 150.00 area first and then moved towards the 149.00 level which reached in the late European session. The resistance lies at 150.00, the support is at 149.00.

 

The currency pair approached a strong support area where the EMA50 and EMA100 are located. If sellers regain this barrier they could probe the 148.00 region. On the other hand, if the spot overcomes 150.00, we will neutralize our medium term negative outlook. In this potential scenario this currency pair may challenge the 151.00 area.

 

EUR/JPY

 

EUR/JPY continued to trade in a positive ground on Tuesday. Previously, the euro was able to break through EMA50 and EMA100 and touched the level 131.50. Thus hurdle appeared to be a hard nut to crack and the spot pulled back. The rejected euro softened to 131.00 where the EMA100 provided the pair a temporary support and helped buyers to maintain control. The resistance lies at 131.50, the support is at 131.00.

 

If bulls retain control, it will be no surprise to see the pair probe the 142.00 region. Otherwise, the pair will resume its downward trajectory and decline to 130.00 or below.

 

USDCAD

 

The USD/CAD is bearish now. The pair broke below 1.2900 and made a move towards 1.2800 last week. However, sellers have not regained the level so far and are struggling with the handle which is defended by the EMA200.. The resistance is at 1.2900, the support stands 1.2800

 

If sellers keep pressuring the immediate support the USD may continue its slide towards 1.2700.

 

DAX

 

DAX had another positive day on Tuesday. The German index gapped upwards at the open and tested the 12000 area. Buyers lost momentum after that and the benchmark spent the second part of the day around fresh highs. The resistance lies at 12000, the support exists at 11900.

 

If buyers preserve their dominate positions, they could extend recovery up to 12300.

 

S&P500

 

S&P500 preserved its positive bias on Tuesday. However, buyers reached a strong resistance at 2670 which slowed down their advance.  The resistance lies at 2640, the support exists in at 2610.

 

S&P500 is unlikely to continue its recovery. The benchmark will most probably turn bearish and will decline to 2610 after that.

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