Majors Daily Forecast Mar 30 2018

EURUSD: ٌRemains Vulnerable To The Downside! GBPUSD: Around Dynamic Support  Daily 20 SMA! USDJPY: Consolidates With Upside Bias!

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EURUSD: ٌRemains Vulnerable To The Downside!

As long as 1.2460 resistance holds on a daily closing basis, the EURUSD remains in a pullback mode and further down could be seen to the 1.2240 levels, a halt is likely but a cut would open 1.2175 levels, it may turn higher from here but if this fails to happen, it will decline to the 1.2088/1.2030 levels.

Daily 20 SMA at 1.2238 capped the pair yesterday, a daily closing back above the Daily 20 SMA and 1.2346 static resistance will suggest possible rebound to the 1.2400/1.2460 levels, below this level, will keep it vulnerable to the downside.

On the upside, resistance comes at the 1.2346 levels( broken support turned resistance), a halt is likely, but a daily closing back above 1.2346 will turn the focus back to the 1.2400/1.2460 levels, a daily closing above 1.2460 will restore the upside momentum and open the 1.2600 levels, a break will aim the 1.2770 levels.

Conclusion: The EURUSD sees pullback threats below the 1.2346 levels.

In the medium -term forecast: The pair is moving sideways with the possibility of breaking lower. support comes at the 1.2205 levels while resistance comes at the 1.2475 levels. Above 1.2475 on a weekly closing basis will restore the upside momentum and aim the 1.2886 levels while a weekly closing below 1.2205 will pave the way to the 1.2000/1.1845 levels.

GBPUSD: Around Dynamic Support  Daily 20 SMA!

As long as 1.4085/1.4135 (broken support turned resistance) holds on a daily closing basis, the GBPUSD remains under pressure with a risk to the 1.3993 levels, a halt is likely but a cut will aim the 1.3912/1.3873 levels, below this level will look for the 1.3755 levels.

The pair is around daily 20 SMA at the 1.4008 levels, this level is likely to provide some support.

On the upside, resistance comes at the 1.4085/1.4135 levels, a daily closing back above this level will open the 1.4200 levels, above 1.4200 will restore the upside momentum and aim the 1.4277 levels, further upside resistance comes at the 1.4345 levels.

Conclusion: The GBPUSD sees pullback threats below the 1.4200 levels with a risk to test the 1.3993 levels…

In the medium -term forecast: The pair is neutral at the moment, trapped within 1.3765/1.4150 levels. A weekly closing above the 1.4150 levels will restore the upside momentum and aim the 1.4400 levels where a break will target the 1.4675 levels. Below 1.3765 sees a fall risk to the 1.3543 levels where a cut will aim the 1.3347 levels.

USDJPY: Consolidates With Upside Bias!

Despite the short-term risk remains to the upside. The USDJPY will have to break and hold above the 107.00 levels on a daily closing basis to push the market for further upside gains if seen it will target the 107.75 levels, a halt is likely and it may turn lower to test 107.00 levels before going up again, however; above 107.75 will aim the 108.50 levels, further upside, resistance comes at the 109.30/110.20 levels.

Alternatively, a failure to hold above the 107.00 levels could mean a return to the 106.08 levels (broken resistance turned support and daily 20 SMA), a halt is very likely and it may turn higher from here, but if this fails to happen, it will aim the 105.32 levels(main), below this level will invalid the bullish trend and turn the focus to the 104.62 levels, a cut through support will aim the 104.28 levels.

Conclusion: The USDJPY continues to face upside threats above the 105.32 levels.

In the medium-term forecast: The pair has recovered from the weekly support 104.62 (high of the week Oct 09 2016) suggesting a possible rebound to the 107.30 levels, a weekly closing above that level will extend recovery to the 110.50 levels. On the downside, below 104.62 will aim the 103.00 levels, it may test 104.62 before going down to the 100.00 levels.

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