FOREX: USDJPY March 2 low finally gives in; Major Support and Resistance 23.03.2018

23.03.2018 / 13:05

Rating:

EUR/USD -- Wednesday reversal and support from 55-DMA shows
it’s not all over for bulls; should bearish trendline cap once
more, upside risks may fade
* 3rd resistance: 1.2413, March 14 high
* 2nd resistance: 1.2388, March 22 high
* 1st resistance: 1.2360, trendline since three-year and YTD
high
* Spot: 1.2342
* 1st support: 1.2316, 21-DMA
* 2nd support: 1.2304, 55-DMA
* 3rd support: 1.2240-41, March 20-21 double-bottom

GBP/USD -- Bullish break enforced by Thursday close above
1.4103, pullback below 1.4088 risks correction
* 3rd resistance: 1.4278, Feb. 1-2 double-top
* 2nd resistance: 1.4210-19, 78.6% Fibonacci retracement of drop
since Jan. 25, March 22 high
* 1st resistance: 1.4184, pivot r1
* Spot: 1.4116
* 1st support: 1.4088, March 19 high
* 2nd support: 1.3994-96, March 13-14 double-top
* 3rd support: 1.3931-32, 55-, 21-DMA

USD/JPY -- March 2 low finally gives in, pair enters firm
bearish trend, with little support seen nearby; Bloomberg’s
fear-greed indicator shows bears now in control of price action;
200-monthly MA at 105.63 may support on closing basis
* 3rd resistance: 106.27, 21-DMA
* 2nd resistance: 105.60, March 16 low
* 1st resistance: 105.25, March 2 low
* Spot: 104.84
* 1st support: 103.90, pivot s3
* 2nd support: 103.22, 78.6% Fibonacci retracement of June-
December 2016 gains
* 3rd support: 101.20, Nov. 9 2016 low

AUD/USD -- Trades near year-to-date low, weekly close
pivotal for short-term direction
* 3rd resistance: 0.7804, March 16 high
* 2nd resistance: 0.7786, 21-DMA
* 1st resistance: 0.7766, 38.2% Fibonacci retracement of drop
since March 14
* Spot: 0.7716
* 1st support: 0.7672, March 21 low
* 2nd support: 0.7654, Dec. 5 high
* 3rd support: 0.7638, 78.6% Fibonacci retracement of gains
since December

Source Bloomberg Pro Terminal

Trader Velizar Mitov

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FOREX: USDJPY March 2 low finally gives in; Major Support and Resistance 23.03.2018

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