CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Daily FX Technical Trend Bias Key Levels Thurs 28 Mar

Article By: ,  Financial Analyst

EUR/USD – Push up within medium-term range

  • Drifted down lower as expected and almost met the near-term support/target at 1.1220 as per highlighted in our previous report (printed a low of 1.2240 in yesterday, 27 Mar U.S session). The 1-hour Stochastic oscillator has started to shape a bullish divergence signal at its oversold region (an indication of a slowdown in short-term downside momentum of price action coupled with a potential minor degree 5-wave down move completion (Elliot Wave/fractal analysis) from its 20 Mar 2019 high of 1.1448). Flip to a bullish bias with 1.1220 as key short-term pivotal support for a potential corrective rebound to target the intermediate resistances at 1.1280 and 1.1330/1340.
  • On the other hand, failure to hold at 1.1220 invalidates the corrective rebound scenario for a continuation of the slide towards 1.1175/1155.

GBP/USD - Push down within medium-term range

  • Drifted down lower as expected and met the first near-term support/target of 1.3160. No change, maintain bearish bias below the 1.3250 key short-term pivotal resistance for a further potential push down to target the significant support at 1.3080/3050 (ascending trendline that held previous slides since 03 Jan 2019).
  • On the other hand, a clearance above 1.3250 negates the bearish tone for a squeeze up to retest the 1.3350 medium-term range resistance.

USD/JPY – Bears are still not out of the woods

  • Challenged the 110.50 short-term pivotal resistance and reintegrated back below it in yesterday, 27 Mar European session. It printed a high of 110.70 that has coincided with a Fibonacci retracement/expansion cluster coupled with weakness seen in its short-term price action momentum as indicated by the 1-hour RSI oscillator. Tolerate the excess, maintain the bearish bias with 110.70 as the key short-term pivotal resistance for a further potential push down to target the next near-term support at 109.60 in the first step.
  • On the other hand, a clearance above 110.70 invalidates the bearish scenario for a further corrective rebound to retest the pull-back resistance of 110.95/111.10 (former ascending channel support from 03 Jan 2019).
AUD/USD - Sideways

  • Drifted down as expected and hit the near-support/target of 0.7070. Mix elements now and coupled with further potential weakness in major stock indices. Prefer to turn neutral now between 0.7150 and 0.7060. Only a break below 0.7060 opens up scope for a further potential slide to retest the significant support area of 0.7000/0.6980 that has managed to hold previous drops since 26 Oct 2018.
  • On the flipside, a clearance above 0.7150 sees a squeeze up to retest the 0.7200 medium-term descending range resistance in place since 03 Dec 2018.








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