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23 Mar

Forex Technical Analysis 23/03/2016

admin Forex Technical outlook 0 Comments
EURUSD
 
The bearish pulsations continue to hit the EURUSD market, as the particular currency was compulsory down to the 1.1200 level last day. 
Following to this, the bulls & bears have now seen the battle for position stuck between the over head round-number & an H4 provide situated just over at 1.1259 to 1.1236. a short position at 1.1273 just before the market closed last week. 
 
The weekly level is presently trading from most important supply coming in at 1.1533 to 1.1278, even as downward on the daily chart; deliver at 1.1385 to 1.1332 has decisively recognized itself on its 2nd retest. 
 
The nearby support between the two is an everyday demand area highlighted in 1.1057 to 1.1124.
 
In spite of all the point made on top of, though, the USD index is now trading at a solid H4 resistance point from the 95.67 spot at the moment, which might force this EURO upper today. 
In outcome, 1.1200 is a key number for today. Sustained support commencing this point breeds hesitate for a further breakdown in level.
 
GBPUSD
 
This morning GBP/USD approach a top-down, weekly act shows a little support to end this pair since approaching lesser until around the 1.4051 point – a broken Quasimodo level. 
 
Along the similar layer, daily support -now act as a resistance at 1.4212 was recently inspired, giving price additional for a move down to support approaching in at 1.4079, follow strongly by a quite huge demand at 1.3843 to1.4036.
 
Jumping transversely to the 4Hour chart, we can observe that yesterday's sell-off took place leaving into the European unlock as doubts continue to infection this market. This acceptable price to smoother 4Hour chart demand at 1.4254 to 1.4286 & connect with the 1.4200 form by the US open, which for currently is holding solid as support.
 
Today's upcoming session will consist of surveillance for a close below & retest of the 1.4200 level, targeting the 1.4100.
 
AUDUSD
 
For AUD/USD yesterday's London open, the commodity currency establish energetic bids just ahead of the 4Hour chart mid-level point at 0.7550. Since there on the Aussie rally higher, punch from side to side offer at the 0.7600 level & finish the day top out approximately the 0.7620 area.
 
Technically, the weekly timeframe is presently viewing a clear line of resistance at the level of 0.7604, bolstered by a 61.8percent, Fibonacci level just over at 0.7647; we're considering very tiny interest since the sellers at the moment. 
 
Ahead of this, yesterday's rally shaped a daily bullish engulf candle which is closed over the aforesaid weekly resistance, & shows space for the price to hit near-term provide at 0.7738 to 0.7678 for the 2nd time. 
 
USDJPY
 
Following 3 flawless H4 selling wicks from side to side the 112.00 grip into the lower edge of an H4 resistance area at 112.15 to 112.42, value was required down to H4 demand at 111.21 to 111.46 near the beginning on in the European session last day. Shortly following a brief stretch of consolidation here throughout the London morning session, US traders stepped in & insistently pushed this pair from side to side 112.00 & slightly surpasses the aforesaid H4 resistance zone.
 
Together this H4 resistance area & the H4 provide zone over at 112.88 to 112.53 look motivating, with the upper zone appear even better of the two at the moment. The reason intended for why is that the upper base is decisively situated in the region of the base of a daily range lesser limit at 112.56, & is also bolstered by a 61.8percent Fibonacci level at 112.61.
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