No important levels were broken during the previous session as the euro spent it trading within a narrow 40 pip range. This low volatility is reflected in the momentum indicators as we see MACD near the zero level and Momentum (22) at the 100 level. This may continue to be the case until the release of JOLTS Job Openings figure from the US at 14:00 GMT
Res: 1.3940, 1.3970, 14015
Sup: 1.3800, 1.3750, 1.3720
A huge drop of 120 pips for the sterling caused it to break all three previously mentioned supports at 1.6700, 1.6670 & 1.6640. Current low stands at 1.6620 which is also the low we saw on the 27th of Feb which makes it an important support level to pass if current downward momentum is to be maintained
We are expecting UK data at 9:30 GMT Manufacturing Production m/m & Inflation Report Hearings
Res: 1.6685, 1.6730, 1.6785
Sup: 1.6620, 1.6580, 1.6540
Lack of action for the USDJPY as it spent the previous session trading within a 40 pip range failing to break any support or resistance level thus there will be no change from our previous outlook. Resistance remains at the current H1 uptrend high of 103.75 which was reached on the 7th of March.
Res: 103.75, 104, 104.35
Sup: 102.80, 102.25, 101.70
After testing critical level 1330 for the second time(first attempt was last Friday), Gold failed to break it finding support and rising to yesterday’s high of 1344 which is 10 dollars short of our next resistance 1354, indicating weak buying momentum which could be due to lack of important economic figures during the previous session.
Res: 1354, 1362, 1375
Sup: 1330, 1322, 1308