Home EURUSD, GBPUSD and USDJPY TA – March 23 2017
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EURUSD, GBPUSD and USDJPY TA – March 23 2017

EURUSD intra-day analysis

 

EURUSD (1.0789): EURUSD continues to hover near the 1.0800 support/resistance level although the chart pattern indicates continued downside in prices. The bullish rally from the lows of 1.0500 is showing signs of exhaustion, but further upside can be expected only on a break out above 1.0800. To the downside, a break out from the rising wedge pattern indicates the initial downside towards 1.0700 followed by an extended decline that could target 1.0650.

GBPUSD intra-day analysis

GBPUSD (1.2486): GBPUSD has managed to maintain the gains above 1.2400 price handle, which could now act as support, potentially holding back any declines. Establishing support at 1.2400 could signal further upside with 1.2600 coming in as the next target. In the near term, price action in GBPUSD could, however, remain range bound within the mentioned levels. To the downside, in the event of a breach below 1.2400, then GBPUSD could be seen falling towards 1.2200 and eventually to 1.2100, where a more firm test of support is pending.

USDJPY intra-day analysis

USDJPY (111.31): USDJPY broke down below 112.00 this week and continued its decline, falling to a 4-month low at 110.75 before pushing back higher. USDJPY could remain range bound in the near term, but any upside is likely to come by only on a break out above 112.00 where resistance could be established. Above 112.00, expect further gains to push prices towards 113.78 – 114.00 where the next resistance level remains. Alternately, to the downside, in the event of the resistance level being established at 112.00, then further declines could see USDJPY attempting to test the previous lows at 110.75 followed by a decline to 110.50.

John Benjamin

John Benjamin

John is a market analyst for Orbex Ltd. and is a forex and equities trader having been involved in trading since late 2009. John makes use of a mix of technical and fundamental analysis and inter-market relationships. The analysis present here is a mix of intra-day analysis while considering the long term outlook of the markets as well. For any comments or questions, John can be reached at [email protected]