Daily Forex Preview for March 09, 2016. USDJPY forming a bearish descending triangle

March 9, 2016

EURUSD gave back its previous gains above the 1.10 handle and closed with a doji candlestick yesterday. Prices could remain range bound into the ECB's meeting with 1.08 and 1.10 likely to be the range highs and lows. Meanwhile, USDJPY is forming a potential bearish descending triangle pattern with the support at 111.31.

EURUSD Daily Analysis

EURUSD (1.09): Following three daily sessions of gains, EURUSD has closed in a doji candlestick pattern yesterday with early price action today showing bearish momentum taking over. Failure to close above the 1.10 handle is being seen as a potential risk to the downside with 1.095 - 1.093 support likely to hold the declines. However, the further downside could open up if the support fails, leaving EURUSD to test the 1.0835 - 1.0825 support which was barely tested earlier in March.  Into the ECB's meeting tomorrow, EURUSD could remain pressured below 1.10 and 1.08 levels.

USDJPY Daily Analysis

USDJPY (112.6): USDJPY continues to drift lower with the increasing likelihood of a test to 112 support. This view is further strengthened by the inside bar that was formed on Monday this week and with yesterday's prices closing below the low near 113.133. On the 4-hour chart, prices are trading in the support zone near 113 - 112.5 and a break below this support could see a test to 111.31 where the next support comes in. USDJPY is also showing signs of forming a descending triangle pattern with the support forming at 111.31. A break below 111.31 could signal further weakness to the downside.

GBPUSD Daily Analysis

GBPUSD (1.41): GBPUSD has closed bearish yesterday following the previous strong consecutive rally. Price action is gradually moving lower just below the 1.43 resistance level following the hidden bearish divergence noted yesterday. 1.4025 - 1.40 support levels are likely to be tested to the downside, and a break below this support could see a test to previous lows. GBPUSD, however, could range sideways within 1.43 and 1.40 levels. Today's manufacturing and industrial production numbers are likely to remain a fundamental risk to the Pound.

Gold Daily Analysis

XAUUSD (1255): Gold prices remain supportive above the 1246 and 1237 levels following the breakout of the minor ascending bullish triangle near the top. While prices briefly tested the 1275 measured target, further upside could see another attempt near 1275 and 1295 levels. Support at 1250 is likely to hold Gold prices in the near term but overall, the precious metal remains flat within 1275 and 1250.

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