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CURRENCIES TECHNICAL ANALYSIS March.29

Euro

 

The negative bias prevailed on Wednesday and the EUR/USD pair declined to the 1.2300 handle. Bears failed to regain the level and retreated after its unsuccessful test. The U.S. currency maintained control of the flows on Thursday as well. Sellers do not have enough steam to post more gains, still they are strong to keep the pair around its fresh lows. The resistance resides at 1.2350, the support comes in at 1.2300.

 

A break through 1.2350 opened the doors for a decline towards 1.2250.

 

GBP/USD

 

The British pound was losing its value the whole Wednesday. It pushed away from 1.4200 in the morning and managed to break through the level 1.4100 and the EMA50 in the late NY session. Sellers tried to extend their gains after that, but lost momentum. Bears are struggling with the 1.4050 mark now. The resistance lies at 1.4100, the support comes in at 1.4000.

 

The overall outlook remains bearish, for a decline towards 1.4000 support area. If sellers succeed, they will be able to lower the sterling to the 1.3950 area.

 

USD/JPY

 

The positive bias around the US dollar helped the major to climb up to the 107.00 region. The spot just tested the hurdle and pulled back after that. Sellers were able to revert some ground in the night. They pushed the spot lower and stopped at 106.40 where buyers seized control. The resistance resides at 107.00, the support comes in at 106.00.

 

If buyers regain the 107.00 level, they will be able to neutralize the immediate selling pressure and recover to 107.50 or above.

 

GBP/JPY  

 

The ask tone around the yen fueled the pound’s further upside momentum. The major moved away from the level 149.00 and headed towards 150.00 first. The spot regained the level in the night and continued its advance towards 151.00. The up-move stalled a few pips below the targeted level. The pound retreated off its fresh highs and dropped to the 149.50 area where the lower border of the short-term ascending channel resides. The resistance lies at 150.00, the support is at 149.00.

 

The GBP/JPY pair is bullish now. A break above the 150.00 level suggests a further growth towards 151.00, en route 151.50.

 

EUR/JPY

 

Despite the yen's weakness the European currency failed to build a recovery yesterday. The major faced a stiff resistance at 131.50 and was struggling with the hurdle the whole Wednesday and the Asian session on Thursday. As we can see, the EMA200 which resided in this area, blocked buyers' further advance and reject the pair on its every attempt to the upside. The resistance lies at 131.50, the support is at 131.00.

 

If buyers overcome the 131.50 barrier, they could lift the EUR/JPY pair to the 132.50 area. However, this scenario is unlikely to happen. If buyers fail to regain the immediate resistance, the currency pair might drop to 130.50.

 

AUD/USD

 

The Aussie is holding firmly in red. The Australian dollar faced further downside pressure on Wednesday and moved towards the level 0.7650 where its downward trajectory stalled. The resistance is at 0.7700, the support stands 0.7650

 

A daily close below 0.7650 would open up downside towards 0.7600.

 

DAX

 

DAX started a brief phase of consolidation after reaching the 12000 hurdle. The index was confined to a well limited range: 12000-11900 in the morning. A fresh buying interest emerged in the mid-European session and sent the benchmark towards the 12100 region. The resistance lies at 12000, the support exists at 11900.

 

We assume that the DAX index will continue moving higher. The level 12100 is the first buyers’ target. After breaking this level, the 12200 hurdle will come back on the radar.

 

S&P500

 

S&P500 went into a consolidation phase when the benchmark touched the support level 2610. The price kept swinging back and forth around fresh lows during the night and morning trades. A weak buying interest emerged in the mid-European session. The index pushed away from its immediate support and headed towards the mark 2630. The resistance lies at 2640, the support exists in at 2610.

 

If the selling pressures are back, they would send S&P500 to the level 2580 first, en route to 2550.

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