Majors Daily Forecast Mar 16 2018

EURUSD Sees Pullback Threats! GBPUSD Consolidates With Upside Bias! USDJPY Consolidates With Downside Bias!

EURUSD Sees Pullback Threats!

As long as 1.2420/1.2345 resistance holds on a daily closing basis, the EURUSD remains in a pullback mode and further down could be seen, support comes at the 1.2297 levels, a halt is likely but a cut through the 1.2297 levels will aim the 1.2175 levels, further down, support comes at the 1.2088/1.2030 levels.

On the upside, a failure to break below the 1.2297 levels could mean a return to the 1.2345/1.2420 levels, a break will restore the upside momentum and pave the way to the 1.2475/1.2522 levels.

Conclusion: The EURUSD continues to face pullback threats below the 1.2420 levels.

GBPUSD Consolidates With Upside Bias!

As long as 1.3920 support holds on a daily closing basis, the GBPUSD remains neutral with risk to the upside, resistance comes at the 1.3995 levels where a break will aim the 1.4070 levels, a halt is likely but a break through the 1.4070 levels will pave the way to the 1.4150 levels.

Note: an hourly closing below 1.3924 will pave the way to the 1.3874 levels, a 4 hour closing above the 1.3988 levels will look for the 1.4070 levels.

On the downside, below 1.3910 would challenge the 1.3874 levels, it may turn higher from here but if this fails to happen, the pair will see a further decline to the 1.3755 levels.

Conclusion: The GBPUSD continues to face upside threats above the 1.3874/1.3920 levels with risk to the 1.3995/1.4070 levels, below 1.3874 sees a pullback risk to the 1.3755 levels.

USDJPY Consolidates With Downside Bias!

As long as 107.05 resistance holds on a daily closing basis, the USDJPY remains neutral with risk to the downside, support comes at the 105.45 levels, a halt is likely but a cut would open 104.28, further down, support comes at the 102.85 levels.

On the upside, a daily closing above 107.05 will aim the 107.80 levels, above 107.80 sees more gains to the 108.77 levels.

Conclusion: The USDJPY continues to consolidate with downside risk below the 107.05 levels.

Events of the day: The U.S will report on building permits, housing starts, and industrial production.

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