The EURUSD initially fell during the session on yesterday, but then went higher later in the day in order to challenge the 1.0950 region. The 1.10 level is resistance and in the past it was both resistance and support. Because of this, we are looking for some type of resistive candle in that general vicinity so that we can start selling as we expect a long-term downtrend. As of now, we are on the sidelines but it is marketplace that should offer opportunities soon.
The GBPUSD initially fell during the course of the session on yesterday, but found enough support at the 1.48 level to turn things back around and form a hammer. Because of this, looks like the British pound will test the 1.50 level, but that could be a bit of resistance area. Market looks as if it is going to try to break out to the upside, but there is still a significant cluster of resistance all the way to the 1.52 level. If it breaks 1.48 level then we can expect bearish pressure in the market till 1.45 level. On the other hand, if we break above the 1.52b level then we may head to the 1.55 level next.
The AUDUSD initially fell during the session on yesterday, but turned back around and went much higher. However, we feel there is much of resistance at least to the 0.80 level. Because of this, we are not willing to buy this market and we are waiting to see if we can get some type of sell signal in order to continue the longer-term trend to the downside and aim for the 0.76 level next.
The USDJPY went back and forth during the course of the session on yesterday, as the 120 level offered resistance. However, we believe that this market will find enough buyers to push this particular market higher, and with this if we can break above the top of the range for the Monday session we are buyers. We feel that it can go up till 122 level and then to the 125 level. We do not see longer term selling opportunities as US dollar is the favored currency in the world right now although we also recognize that it has started to pull back a little bit.
The NZDUSD broke higher during the session on yesterday, clearing the 0.78 level. However, we see that there is a significant amount of resistance at the 0.77 level, so we are not willing to start buying. The Royal Bank of New Zealand needs to see the New Zealand dollar lose value going forward. In the meantime, we will sit on the sidelines as we are waiting for some type of clear signal in order to place any type of trade.
Forex Report : Daily Technical Analysis 24 MarchPosted: March 24, 2015 in Forex