Majors Daily Forecast Mar 28 2018

EURUSD: Consolidates With Upside Bias! GBPUSD: Bullish But Hesitates Ahead Of The 1.4277 Levels! USDJPY: Bearish Despite Recovery Attempts!

EURUSD: Consolidates With Upside Bias!

The EURUSD has turned neutral with a risk to the upside, support comes at the 1.2346/1.2375 levels, a failure to break and hold below support level could mean a return to the 1.2461 levels where a break will aim the 1.2522 levels, a halt is likely and it may turn lower to test 1.2461 levels before going up again, anyway; above 1.2522 will target the 1.2600 levels, further upside, resistance comes at the 1.2692 levels.

On the downside, below 1.2346 sees a fall risk to the 1.2240 levels, further down, support comes at the 1.2180 levels.

Conclusion: The EURUSD continues to face upside threats above 1.2346 levels.

On the 4-hour chart, support comes at the 1.2380 levels, a 4-hour closing below that level would challenge the 1.2346 levels, If 1.2346 fails to hold, the pair will develop a risk to the 1.2240 levels, otherwise; a failure to break below 1.2380 levels could mean a return to the 1.2450 levels, a break will aim the 1.2522 levels.

GBPUSD: Bullish But Hesitates Ahead Of The 1.4277 Levels!

As long as 1.4130 support holds on a daily closing basis, the GBPUSD remains neutral with a risk to the upside, resistance comes at the 1.4277 levels, a break will extend gains to 1.4350 levels where a break will aim the 1.4430 levels, further upside, resistance comes at the 1.4615 levels.

On the downside, support comes at the 1.4130 levels, a daily closing below that level will pave the way to the 1.4065/1.3993 levels, a halt is likely and it may turn higher from here, but if this fails to happen, the pair will dip to the 1.3912/1.3873 levels.

Conclusion: The GBPUSD continues to face upside threats as long as trades above the 1.4130 levels on a daily closing basis.

On the 4-hour chart, the pair is bullish as long as trades above 1.4087 levels on a 4-hour closing basis, resistance comes at the 1.4190 levels, a break will aim the 1.4243/1.4277 levels. Alternatively; a failure to break above the 1.4190 levels could mean a return to the 1.4087 levels, a cut through this level on a 4-hour closing basis will terminate recent rise and confirm a short-term top at the 1.4244 levels and suggest a large decline to the 1.3987 levels ahead of the 1.3873 levels.

USDJPY: Bearish Despite Recovery Attempts!

As long as 105.59/106.08 resistance holds on a daily closing basis, the USDJPY remains on the downside to the 105.25 levels where a cut will accelerate the bearish to the 104.60 levels, below 104.60 will aim the 104.25 levels, a halt is likely but below 104.25 will aim the 103.00 levels, further down, support comes at the 101.55 levels.

On the upside, above 106.08 sees a recovery risk to the 106.63/107.05 levels, where rejection is likely, above 107.05 will aim the 107.75 levels.

Conclusion: The USDJPY continues to face downside threats below the 106.08 levels.

MARKET DATA

UPCOMING ECONOMIC EVENTS

1 COMMENT

  1. USDJPY: Minor resistance comes at 105.78, a 4-hour closing above this level would challenge daily chart resistance at 106.08, and may open the 106.63 levels, a rejection from 105.78 could mean a return to the 105.30 levels, a cut through this level will aim 104.60…

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