Tuesday's Technical Analysis: AUD/USD, EUR/JPY, EUR/USD, GBP/JPY
Panayiotis Miltiadous | Mar 31, 2015 07:31AM ET
*All the charts are 30M charts with daily pivot points.
AUD/USD
Market Scenario 1: Long positions above 0.7677 with target @ 0.7722.
Market Scenario 2: Short positions below 0.7677 with target @ 0.7564.
Comment: The pair suffers from a downward pressure but a break below 0.7560 is not expected according to analysts.
Supports and Resistances:
R3 0.7835
R2 0.7790
R1 0.7722
PP 0.7677
S1 0.7609
S2 0.7564
S3 0.7496
EUR/JPY
Market Scenario 1: Long positions above 129.83 with target @ 130.38.
Market Scenario 2: Short positions below 129.83 with target @ 128.94.
Comment: The pair fell to a session low of 129.37 after the German retail sales rose less than expected in February.
Supports and Resistances:
R3 131.27
R2 130.72
R1 130.38
PP 129.83
S1 129.49
S2 128.94
S3 128.60
EUR/USD
Market Scenario 1: Long positions above 1.0845 with target @ 1.0881.
Market Scenario 2: Short positions below 1.0845 with target @ 1.0711.
Comment: The pair might drop to 1.0755 level today, and the upside would remain capped at 1.0825 as Greece concerns linger according to analysts.
Supports and Resistances:
R3 1.0966
R2 1.0930
R1 1.0881
PP 1.0845
S1 1.0796
S2 1.0760
S3 1.0711
GBP/JPY
Get The News You Want
Market Scenario 1: Long positions above 177.54 with target @ 178.40.
Market Scenario 2: Short positions below 177.54 with target @ 176.88.
Comment: The pair trades below the pivot point at 177.45 level.
Supports and Resistances:
R3 179.92
R2 179.06
R1 178.40
PP 177.54
S1 176.88
S2 176.02
S3 175.36
GBP/USD
Market Scenario 1: Long positions above 1.4820 with target @ 1.4889.
Market Scenario 2: Short positions below 1.4820 with target @ 1.4672.
Comment: The pair falls back on the 1.4700 handle due to stronger US dollar while the cable is expected to get further direction from UK GDP data.
Supports and Resistances:
R3 1.5037
R2 1.4968
R1 1.4889
PP 1.4820
S1 1.4741
S2 1.4672
S3 1.4593
USD/JPY
Market Scenario 1: Long positions above 119.79 with target @ 120.90.
Market Scenario 2: Short positions below 119.79 with target @ 119.35.
Comment: The pair surpassed 120.00 level and now there is a Bullish Confirmation Pattern in the market.
Supports and Resistances:
R3 121.57
R2 120.90
R1 120.46
PP 119.79
S1 119.35
S2 118.68
S3 118.24
GOLD
Market Scenario 1: Long positions above 1189.10 with target @ 1196.00.
Market Scenario 2: Short positions below 1189.10 with target @ 1171.70.
Comment: Gold prices are under pressure from the dollar strength.
Supports and Resistances:
R3 1213.40
R2 1206.50
R1 1196.00
PP 1189.10
S1 1178.60
S2 1171.70
S3 1161.20
CRUDE OIL
Market Scenario 1: Long positions above 48.50 with target @ 49.40.
Market Scenario 2: Short positions below 48.50 with target @ 46.95.
Comment: Crude oil prices could still remain subdued into the second quarter according to analysts.
Supports and Resistances:
R3 50.95
R2 50.05
R1 49.40
PP 48.50
S1 47.85
S2 46.95
S3 46.30
USD/RUB
Market Scenario 1: Long positions above 57.760 with target @ 58.619.
Market Scenario 2: Short positions below 57.760 with target @ 55.936.
Comment: There could be further weakness in store for the Russian currency, pushing the pair higher according to analysts.
Supports and Resistances:
R3 60.443
R2 59.584
R1 58.619
PP 57.760
S1 56.795
S2 55.936
S3 54.971
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