EURUSD supported above 1.10

March 11, 2016

Despite the ECB matching market expectations and going a bit beyond, the Euro erased previous losses and closed the day with strong gains. The single currency remains supported above the 1.10 handle and now aims for the 1.1335 resistance. Gold prices, on the other hand, continue to post highs but momentum is showing signs of stalling near the 12-month highs.

EURUSD Daily Analysis

EURUSD (1.11): EURUSD broke out from the triangle pattern initially breaking lower. With support at 1.0825 - 1.0835 holding, prices quickly reversed to the upside breaking above 1.1105 - 1.113 resistance. A dip back to this broken resistance to establish support would see EURUSD look towards 1.1335 previous resistance. In the event of a break below the potential support level, 1.10 psychological level is likely to come in as resistance. There is also a Stochastics bearish divergence forming which if validated could see a decline towards 1.10 handle.

USDJPY Daily Analysis

USDJPY (113.4): USDJPY remains trading sideways with an attempt to break out to the upside from the bearish descending triangle. Support at 112.50 looks to be holding strongly for the moment and any initial declines could likely stall at this support Below 112.50 support, 111.310 marks the main support level. USDJPY could likely remain range bound into next week with the range being established if prices dip below 112.50 handle with the downside target to 107 - 108 being tested on a break below the main 111.31 support.

GBPUSD Daily Analysis

GBPUSD (1.42): GBPUSD closed on a bullish note following the previous doji pattern. Closing above the doji high, GBPUSD could likely test further upside in the near term but with resistance at 1.435 - 1.43 holding, price action could remain flat. The trend line is likely to be key as a break below this trend line could see a decline back to 1.4025 - 1.40 support. Above 1.435 - 1.43, GBPUSD could potentially move towards the 1.46 handle erasing almost all the losses from the previous weeks.

Gold Daily Analysis

XAUUSD (1274): Gold prices remain consolidating above the 1250 handle with prices posting a new high at 1283 earlier today following the bullish engulfing pattern formed yesterday. However, the upside momentum is clearly showing signs of exhaustion with prices being rejected near the highs against closing prices. To the downside, 1250 support is proving a strong level with prices bouncing off on the declines. Gold could remain flat but supported above the 1250 handle.

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