EURUSD, GBPUSD and USDJPY TA – March20 2017

0

EURUSD

Short covering rally continues. Local resistance at the January high of 1.0828 is the first challenge. Above their puts the focus on the bigger technical level of 1.0975 which is the 50% Fibonacci retracement from last year’s high. We also have the completion of an ABCD symmetry pattern at the level as well as bearish channel resistance in the area also. Will be monitoring price action around that level for short opportunities.

GBPUSD

Price is rotating higher within the bearish channel that formed in the post- flash crash correction.  Bearish channel resistance is the first upside hurdle with stronger structural resistance sitting just above at the 1.2797/1.2871 area. Support sits below market at the 1.1993 level which is the year to date low, with bearish channel support just below.

USDJPY

The post-FOMC selloff in USD see price remain within the 111.50s – 115.50s range that has framed price action for the majority of this year. For now, traders remain comfortable fading the range while a clear break will be needed to confirm a directional bias.

Get the 5 most predictable currency pairs

About Author

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]

Comments are closed.