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

9 March, 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.


Source link  
ISM indexes suggest strong activity

The Institute of Supply Management's business survey covering the manufacturing and non-manufacturing sector showed that activity...

Trump hits out at Fed once again

Amid the rising threat of trade wars and the optimism of the looming U.S. and China trade talks, the U.S. President Trump hit out at the Federal Reserve last week...

Japan's second quarter GDP rebounds

Japan's economy was seen rising more than expected in the three months ending June 2018. Growth was helped by strong...


Powell gives testimony

The U.S. Federal Reserve Governor, Jerome Powell, gave his two-day testimony to the U.S. Congress last week. In this testimony, Powell cautioned...

Euro currency makes a comeback

The common currency which had fallen sharply over the past few weeks and was eventually seen hovering above the support level of 1.1540 level was seen...

US dollar hit by Trump's comments

The U.S. dollar fell sharply across the board yesterday after the U.S. President Trump in an interview...


Gold gives up gains

The U.S. dollar lost ground yesterday amid a slow trading day with lack of any clear catalysts for the markets. The speech by Janet Yellen did not offer anything new for the markets...

Inflation in Mexico set to rise on higher fuel prices

Mexico's inflation is likely to be boosted higher as the government announced that it would be hiking fuel prices by nearly one-fifth from January. The government said that fuel price ceilings will be capped between 14.2% - 20% above December's prices...

Regional manufacturing indexes point to a stronger ISM manufacturing PMI

The Institute of Supply Management's Purchase Managers Index data is one of the most widely watched indicators. It is considered to be a leading indicator which gauges the strength in the U.S. manufacturing sector...


In the past 24 hours Bitcoin has lost -0.92% and reached $6668.1145395. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has gained 1.2994% and is now at $1.1781. Start trading and making money on Forex today.

In the past 7 days Ethereum has gained 8.91% and is now at $240.246398956. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Daily Forex Market Reviews


Forex Currencies Forecasts


Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets90%
2FXTMFXTM88%
3HYCMHYCM87%
4Alfa-ForexAlfa-Forex86%
5FxProFxPro85%
6FIBO GroupFIBO Group84%
7OctaFXOctaFX83%
8HotForexHotForex82%
9FXCMFXCM79%
10AvaTradeAvaTrade77%
  


Share: