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Technical Outlook: G10 Currencies Under The Spotlight

31 March 2021

The next few days promise to be eventful as investors juggle with key economic data from major economies, Joe Biden’s speech on infrastructure spending, and US jobs report on Friday. Given how these events could spark volatility and result in potential opportunities across markets, it may be wise to fasten your seatbelts.

Our focus today will revolve around the G10 space with the weapon of choice none other than technical analysis.

Dollar solid as a rock?

Dollar bulls seem to be on a roll this morning. Prices are advancing towards the 93.20 resistance level while the MACD is well above the 0 mark. However, the Relative Strength Index is blinking overbought! A solid breakout above 93.20 may inspire an incline towards 93.70.

Pound depressed below 1.3800

After punching above the 1.3800 level yesterday, bears immediately returned to the scene. Prices are trading around 1.3750 as of writing with the next key level of interest at 1.3669. Should 1.3800 prove to be unreliable resistance, prices could charge towards 1.4000.

EURUSD sulks under 1.1800 

The EURUSD remains in a downtrend on the daily charts. There have been consistently lower lows and lower highs while the MACD trades below 0. Sustained weakness below 1.1800 could encourage a decline towards 1.1740. If prices end up breaking above 1.1800, this may trigger a technical rebound towards 1.1900.

USDJPY higher highs and higher lows 

The chart says it all. Prices are heavily bullish on the daily timeframe. The solid breakout above the 109.30 resistance may open the doors towards 110.60.

GBPJPY: the trend is your friend 

It is safe to say that the GBPJPY is heavily bullish on the daily charts. Prices are trading above the 20 SMA while the MACD trades above 0. A solid daily close above 152.50 may inspire an incline towards 154.00 which is 150 pips away! Should 152.50 prove to be reliable resistance, the currency pair may slip back towards 150.00 and 148.50, respectively.

AUDUSD waits for catalyst 

It looks like the AUDUSD remains trapped in a wide range. Although the candlesticks are trading below the 50-day simple moving average, the RSI is near oversold territory. If 0.7580 proves to be reliable support, a rebound back towards 0.7700 and 0.7820 could be on the table.

What’s going on with Gold?

The precious metal extended losses this morning thanks to an appreciating Dollar and jump in real yields. Given how prices are trading below the $1700 psychological level, further downside could be on the cards with the next key point of interest around $1680.



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