Majors Weekly Forecast Mar 19 2018

EURUSD Loses Upside Momentum Faces Bear Threats! GBPUSD Consolidates With Upside Bias! USDJPY: Bearish, Faces Further Downside Pressure...


EURUSD Loses Upside Momentum Faces Bear Threats!

Despite the pair remains biased to the upside in medium-term outlook, it now faces bear threats after failing to follow through on the back of its previous weeks’ gains. This development leaves the pair vulnerable to the downside in the new week with the possibility of targeting the 1.2205 levels, a halt is likely but a cut through the 1.2205 will get the pair out of current range and aim the psycho level 1.2000, we might see hesitation but below the 1.2000 levels will call for a fall to the 1.1845 levels, further down, support comes at the 1.1712/1.1600 levels.

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.

On the upside, the pair will have to break and hold above the 1.2475 levels on a weekly closing basis to prevent a return to the downside, If seen it will aim the 1.2886 levels. It may turn lower from here but if this fails to happen, it will extend gains to the 1.3104 levels.

Conclusion: The pair remains vulnerable to the downside below the 1.2475 levels with risk to the 1.2205 levels.

Any rejection below 1.2475 on a ( daily / 4 hour ) closing basis is a selling opportunity as well as a rejection from the 1.2205 levels is a buying opportunity (with caution). If the pair manages in breaking below the 1.2205 levels will likely bounce back from 1.2000 towards the 1.2200 levels where selling off is likely.


GBPUSD Consolidates With Upside Bias!

As long as 1.4150 resistance holds on a weekly closing basis, the GBPUSD remains in a pullback and further down could be seen to the 1.3765 levels, a halt is likely and it may turn higher from here, but If this fails to happen, the pair will extend the pullback to the 1.3543 levels where a cut will aim the 1.3347 levels.

The pair is neutral at the moment, trapped within 1.3765/1.4150 levels. Any rejection below the 1.4150 levels is a seeling opportunity. In the same time, any rejection above/from 1.3765 is a buying opportunity.

On the upside, a weekly closing above the 1.4150 levels will aim the 1.4400 levels, above 1.4400 will look for the 1.4670 levels.

Conclusion: The GBPUSD continues to face pullback threats below the 1.4150 levels.

Note: minor resistance comes at the 1.3995 levels, a failure to hold gains above this level could mean a return to the 1.3765 levels. A sustained breakout above 1.3395 would challenge the 1.4150 levels (main).

The European summit in Brussels scheduled for March 22-23 may bring a selling opportunity.

blankUSDJPY: Bearish, Faces Further Downside Pressure

As long a 107.30 resistance holds on a weekly closing basis, the USDJPY remains on the downside to the 105.25 levels, a halt is likely but a cut will aim the 102.55 levels, further down, support comes at the 101.18 levels.

On the upside, above 107.30 sees a recovery risk to the 110.50 levels where another fall is likely, next resistance comes at the 114.17 levels.

Conclusion: The USDJPY continues to face downside threats below the 107.30 levels.