Weekly technical outlook, by Liviu Flesar
EURUSD
The pair consolidated for a while during the Asian session, trying to break 1.3 in the London trading and falling for 150 points in the US trading session after the US trade deficit which widened to record $61 bln in February (consensus -$59 bln. / previous -$58.3 bln).
The pair looks pretty well supported in the 1.286/88 but it is possible to see another test at 1.28 soon. FOMC meeting is on schedule today, and that will probably boost the pair for another move. We will see which direction will be taken by the market after the FOMC today. But technically speaking, the pair is sitting again in a no men’s land, with some important support levels below the current quote, at 1.286, 1.28, 1.277 and 1.273. Important resistance is now eyed at 1.295, 1.3 and 1.306. On the 4 Hours charts, momentum is losing ground favoring the greenback. On the daily charts, the market is still bullish since the last breach of 1.293 on yesterday. Daily bullish sentiment will remain intact as long as 1.28 will hold. The potential breach at 1.28 will probably drag the Euro towards 1.26, even 1.25 during the next days.
EURUSD 4H chart:
GBPUSD
Cable sits on the trendline of 1.86 to 1.883 and also cycling around the major support level at 1.885. A full breach at 1.885 will point our attention to 1.876 and 1.868 where the british pound will face the next important support levels. Momentum is losing ground on the 4H charts but it is still intact on the daily charts. 1.883 is also the .50 fib retracement of the 1.867-1.898 move. Therefore, the current fall may be only a retracement before facing the major resistance levels at 1.895 and 1.91 later.
GBPUSD 4H chart:
USDJPY
The pair recovered after the retracement at 107.6 which is the .50 fib of the 106.25-108.9 move and it is probably going to get back finding support above the trend line of 103.85 to 108.35, as seen on the below chart. Support follows 107.6 at 106.85, 106.25 and 105.20. First important resistance level is seen at 108.9 and it is followed by 109.7 and 110.6.
Projected bullish targets: 108.63, 108.89, 109.22 and 109.75
Projected bearish targets: 107.77, 107.43, 107 and 106.54
USDJPY 4H chart:
GBPJPY
The pair seems ready to test 204.6 again, being supported by the trend line of 201.95 to 203.3 and also by 202.6 which is the .50 fib of the 200.8-204.5 move.
Major support is also seen at 201.5. Bullish sentiment is pretty strong on the daily charts, therefore, I don’t think it will get back to 202 before setting some new record highs in the 205 area or even more.
Projected bullish targets: 204.88, 205.38, 206.21 and 207.03.
Projected bearish targets: 203.84, 203.62, 203.13 and 202.61
GBPJPY 4H chart:
USDCAD
There were some good days for the Dollar bulls against the Canadian dollar, having the loonie to 5 week lows. Support is seen at 1.2255 and it is followed by 1.219 and 1.2125. The pair faces resistance at 1.25 and 1.257.
Projected bullish targets: 1.244, 1.248, 1.253 and 1.26.
Projected bearish targets: 1.2335, 1.2255, 1.2185 and 1.212
USDCAD 4H chart:
EURJPY
Major support is seen at 138.85, also the .50 fib of the 137.35-140.25 move. Next important level is at 138.33. Resistance starts at 140.25 and it is followed by 140.66. The pair was not able to breach 140 today and it got back towards 139 where it currently sits between two important trend lines as seen on the below chart. A drop below 139.25 will probably target an objective around 138.5 and even below 138 later. On the other side, a rally above 139.6 will bring the pair back in range and it will face the first resistance levels in the 140 area.
Projected bullish targets: 139.72, 140, 140.47 and 141.22
Projected bearish targets: 138.93, 138.54, 138.14 and 137.65
EURJPY 4H chart:
