The kickstart video above for Friday, March 15 takes a technical look at the EURUSD, USDJPY and GBPUSD and outlines what levels are in play, what is the bias, the risks and the targets? Those levels are meant to pave a roadmap for your trading where you can see where the market is reacting. That view helps to determine levels where the price action is likely to move.
Overall, the USD is lower vs the EUR and GBP today, but higher vs the JPY.
- The EURUSD fell to a new low for the week but found support buyers at 38.2% of the move up from the February low.
- The USDJPY initially found resistance just ahead of the 50% of the move down from the Feb high and found sellers. After a run lower, buyers returned and have not taken the price back above the 50% at 148.67. THat is now close support today.
- The GBPUSD has formed a bottom yesterday and today at 1.2729 to 1.2735. That area is below the 50% of the move up from the March low to the March high at 1.2746, but momentum could not be sustained and the price is now trading above and below the midpoint level. If the buyers can hold support at 50%, that would be the best-case scenario for the dip buyers (which gives them hope). On the topside 1.2771 is a target followed by the 200 hour MA at 1.2778.
This article was written by Greg Michalowski at www.forexlive.com. Source