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Price Signal Summary - USD Gains Signal The Start Of A Corrective Cycle

OUTLOOK
  • In FX, EURUSD has started the week on a bearish note, extending the pullback from last week’s high of 1.1033 on Feb 2. Price has traded below the 20-day EMA to suggest scope for a deeper pullback. The move lower is considered corrective and an extension would open 1.0665, the 50-day EMA. This average is a key support. The broader uptrend remains intact. 1.1033 marks the bull trigger.
  • GBPUSD traded lower Friday and remains soft. Price has cleared a number of important short-term supports, including the 50-day EMA, at 1.2143. The close below the average has strengthened a bearish theme. This signals scope for a move towards 1.2000 and key support at 1.1842, Jan 6 low. A break of the latter would highlight a potential trend reversal. Initial firm resistance is 1.2265, Friday’s high. Key resistance is seen at 1.2448, Jan 23 high.
  • USDJPY rallied Friday and the pair has gapped higher today. Attention turns to resistance at 132.96, the 50-day EMA. Clearance of this level would highlight a stronger reversal and expose 134.77, the Jan 6 high. Gains are considered corrective - for now - and this is allowing an oversold condition to unwind. Firm support to watch lies at 128.09, the Feb 2 low. The bear trigger is at 127.23, the Jan 16 low.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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