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Price Signal Summary - Resistance In GBPUSD Remains Exposed

OUTLOOK
  • In FX, EURUSD traded higher Tuesday and remains above 1.0713, the Mar 24 low. A key short-term resistance has been defined at 1.0930, the Mar 23 high. Clearance of this level would reinstate the recent bull theme and signal scope for a climb towards 1.1033, the Feb 2 high. On the downside, support to watch lies at 1.0725 (20-day EMA) and 1.0686 (50-day EMA). A breach of this support zone would expose the recent low at 1.0516 on Mar 15.
  • GBPUSD maintains a bullish tone. The pair has recently cleared a number of resistance points signalling scope for an extension higher. The focus is on 1.2401, the Feb 2 high and 1.2448, the Jan 23 high. The latter is a key medium-term resistance. On the downside, initial firm support lies at 1.2191, the Mar 24 low, ahead of 1.2170, the 20-day EMA. A break of the EMA would be a bearish development.
  • The trend direction in USDJPY remains down and short-term gains are considered corrective. The pair traded lower last week, maintaining the current bearish price sequence of lower lows and lower highs. Price has pierced 129.75, 76.4% of the Jan 16 - Mar 8 rally. A clear break would open 129.12, the Feb 2 low. Firm resistance is seen at the 20-day EMA, at 132.82 where a break is required to ease bearish pressure.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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