Daily Technical Analysis 3/22/2017

Forex Daily Technical Analysis 

EUR/USD analysis: bullish momentum set to extend beyond 1.0820

Dollar’s bearish run extended to fresh 1-month lows against its European rivals, which rallied on positive news coming from the region. The common currency got a boost from the outcome of the first French presidential debate, as Emmanuel Macron was the most convincing. Still Marine Le Pen leads vote intention polls, with 28%, followed by Macron, who gained some points and now has 24%.

Technical Overview:

Prev. Close1.081


Day’s Range1.0789 – 1.0818

52 wk Range1.0339 – 1.1616

1-Year Change– 3.92%

Support levels: 1.0765 1.0730 1.0700

Resistance levels: 1.0830 1.0870 1.0910

Technical Indicators:

Buy: 1  Sell: 7  Neutral: 3


Upcoming Economic News:

EUR –  Current Account

EUR –  German 10-y Bond Auction


GBP/USD analysis: rising inflation fuels speculation of a BOE’s hike

The GBP/USD pair trades at its highest since late February, having extended its intraday advance up to 1.2493 and ending the day some 10 pips below this last. The Pound soared after the release of UK inflation data, as consumer prices rose far beyond expected. Yearly CPI hit 2.3% in February from 1.8% in January, while monthly basis, inflation surged by 0.7& from a previous decline of 0.5%. Core yearly inflation jumped to 2.3%. Producer prices rose less than expected, but remained high in the same month, while the Retail Price Index jumped to 3.2% YoY.

Technical Overview:

Prev. Close: 1.2479

Open1.2479Day’s Range: 1.2464 – 1.2486

52 wk Range: 1.145 – 1.5020

1-Year Change: – 13.15%
Support levels: 1.2345 1.2300 1.2260

Resistance levels: 1.2425 1.2470 1.2510
Technical Indicators:

Buy: 6  Sell: 2  Neutral: 3


Upcoming Economic News:

GBP –  30-y Bond Auction


USD/JPY analysis: modest bounce from key 111.60 region, but still bearish

The USD/JPY pair fell below the 112.00 level for the first time since early February, trading as low as 111.68 before bouncing some 20 pips. The pair has spent most of the first half of the day consolidating within its Monday’s range, but broke south after Wall Street’s opening, as stocks plunged to fresh 4-week lows, whilst Treasury yields followed suit.

Technical Overview:

Prev. Close: 111.72

Open: 111.72

Day’s Range: 111.43 – 111.8

52 wk Range: 99.08 – 118.67

1-Year Change: – 0.23%

Support levels: 111.65 111.20 110.70

Resistance levels: 112.00 112.50 112.90

Technical Indicators:
Buy: 0  Sell: 8  Neutral: 3


Upcoming Economic News:

USD –  Crude Oil Inventories



Is Physical Gold Calling Paper Gold’s Bluff?

Good Day. And a Tom Terrific Tuesday to you! Well, hopefully today will bring better news to me than yesterday.. I found out yesterday that one of the doctors has decided that I cannot “travel out of town” , which means, I am not returning to Florida today, I will not join my family there, I will not be sitting at Roger Dean Stadium to watch my beloved Cardinals on my birthday, as was my goal last week, And now I have nowhere to go, nothing to do, and all day to get there! Little Delaney Grace will be devastated to hear that I won’t be there for my birthday..

Technical Overview:

Prev. Close: 1,246.5

Open: 1,244

Day’s Range: 1,243.5 – 1,246.85

52 wk Range: 1,123.9 – 1,376.4

Technical Indicators:

Buy: 8  Sell: 0  Neutral: 3