XtreamForex

Daily Technical Analysis 3/24/2017

Forex Daily Technical Analysis

EUR/USD analysis: Trump-trade being tested at the US Congress

European currencies saw little action this Thursday, holding within familiar  ranges amid a scarce macroeconomic calendar and the absence of a major catalyst. The EUR/SD pair settled at 1.0787, pretty much unchanged daily basis, having however, set a lower low and a lower high daily basis.
Technical Overview:

Prev. Close: 1.0783

Open: 1.0783

Day’s Range: 1.0761 – 1.0786

52 wk Range: 1.0339 – 1.1616

1-Year Change: – 3.73%


Support levels: 1.0765 1.0730 1.0700

Resistance levels: 1.0830 1.0870 1.0910

Technical Indicators:

Buy: 1  Sell: 9  Neutral: 1

Summary:STRONG SELL

Upcoming Economic News:

EUR –  French Flash Manufacturing PMI

EUR –  German Flash Manufacturing PMI

EUR –  German Flash Services PMI

EUR –  Flash Manufacturing PMI

EUR –  Flash Services PMI

GBP/USD analysis: holding at highs, but more gains not clear

The GBP/USD pair managed to advance up to 1.2530, ending the day a few pips below the level as  the Pound found support on strong February Retail Sales data.

Technical Overview:

Prev. Close1.2521

Open1.2521

Day’s Range1.2478 – 1.2528

52 wk Range1.145 – 1.5020

1-Year Change– 11.5%

Support levels:  1.2500 1.2460 1.2425

Resistance levels: 1.2540 1.2585 1.2620
Technical Indicators:

Buy: 0  Sell: 8  Neutral: 3

Summary:STRONG SELL

Upcoming Economic News:

GBP –  BBA Mortgage Approvals

GBP –

GBP –

USD/JPY analysis: downward pressure persists, 109.90 still likely

The USD/JPY pair advanced up to 111.57 at the beginning of the day, as Wall Street closed mixed, but fell afterwards to a fresh 2017 low of 110.62, to settle at 111.00.
Technical Overview:

Prev. Close: 110.93

Open: 110.93

Day’s Range: 110.86 – 111.44

52 wk Range: 99.08 – 118.67

1-Year Change: – 0.93%
Support levels: 110.70 110.30 109.90

Resistance levels: 111.15 111.60 112.00

Technical Indicators:
Buy: 9  Sell: 0 Neutral: 2

Summary:STRONG BUY

Upcoming Economic News:

USD –  Core Durable Goods Orders m/m

USD –  Durable Goods Orders m/m

USD –  Flash Manufacturing PMI

Spot Gold maintains bullish bias but risk of stall exists

Spot Gold remains steady on Thursday and is consolidating under fresh three-week high at $1251, posted on Wednesday.

The yellow metal maintains strong bullish sentiment on recent risk-off mode and increased demand for safe-haven assets, being in steep ascend for six consecutive days.

Technical Overview:

Prev. Close1,247.2

Open1,245

Day’s Range1,242 – 1,246.65

52 wk Range1,123.9 – 1,376.4

1-Year Change1.61%
Res: 1251; 1258; 1260; 1263
Sup: 1243; 1237; 1229; 1226

Technical Indicators:

Buy: 0  Sell: 10  Neutral: 1

Summary:STRONG SELL