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Price Signal Summary - Short-Term USD Weakness Considered Corrective

OUTLOOK
  • In FX,EURUSD reversed sharply Tuesday and the pair continues to trade closer to this week’s lows. This week's move lower has resulted in a print below support at 1.0533, the Feb 27 low. A clear break of this level would confirm a resumption of the downtrend and open 1.0484, the Jan 6 low and a key support. A trendline support lies at 1.0402 - the line is drawn from the Sep 28 low. Key short-term resistance is unchanged at 1.0694, the Mar 6 and 7 high.
  • GBPUSD traded sharply lower Tuesday to confirm a resumption of the current bear cycle. The break lower has resulted in a print below key support at 1.1842, the Jan 6 low. A clear breach of this level would highlight a potential medium-term reversal and confirm a double top pattern on the daily frequency. This would open 1.1647, 38.2% of the Sep 26 - Jan 23 bull phase. Initial resistance is seen at 1.1915, the Feb 17 low.
  • USDJPY trend outlook remains bullish and short-term pullbacks are considered corrective. This week’s break of 137.09, Mar 2 high, confirms a resumption of the current uptrend and attention is on resistance at 138.17, the Dec 15 high and a key short-term hurdle. Clearance of this level would reinforce bullish conditions. Further out, scope is seen for a climb towards 139.59, 50.0% of the Oct 21 and Jan 16 bear leg. Initial firm support lies at 135.37, the Mar 6 low.
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