AUD/USD Forecast March 30, 2017, Technical Analysis

The AUD/USD pair broke higher during the day on Wednesday, clearing the 0.7650 level at one point. I believe that the market is going to continue to go higher, but there is quite a bit of noise above. Pullbacks will probably be common, but I also recognize that we have plenty of support dynamically underneath, and eventually I expect to see that the 0.7750 level will be targeted. A break above there would be extraordinarily bullish, but right now I think it’s going to take quite a bit of momentum and effort to get there.

EUR/GBP Forecast March 30, 2017, Technical Analysis

The EUR/GBP pair went back and forth during the session on Tuesday, as we continue to see quite a bit of confusion. This is “Ground Zero” of the Article 50 being triggered. Because of this, expect a lot of trepidation when it comes to putting serious money to work so I think we’re going to continue to see a lot of this choppiness. After all, things are a bit unknown on both sides of the English Channel. If that’s the case, this is going to be very difficult pair to trade and I think that using a range bound strategy such as Bollinger Bands might be the way to go.

EUR/USD Forecast March 30, 2017, Technical Analysis

The EUR/USD pair fell significantly during the day on Wednesday, but found enough support at the 1.0750 level underneath to keep the market somewhat afloat. If we can break down below the 1.07 handle, the pair will draw. However, I would expect to see buyers come back into this market sooner rather than later, so a supportive candle would have me getting involved. I think were going to continue to see quite a bit of choppiness, but overall I believe that the market is going to try to reach the 1.10 level over the longer term.

GBP/JPY Forecast March 30, 2017, Technical Analysis

The GBP/JPY pair fell during the session on Wednesday, but continues to look supported underneath. I think that the 50% Fibonacci retracement level will continue to offer buying opportunities and support below. That’s not to say that this is going to be an easy bounce, but currently I prefer to step away from this pair. The British pound will see a lot of volatility in the near-term, as the Article 50 is now triggered. However, I think that it is only a matter of time before we get the opportunity to go long and take advantage of what should be a strong move to the upside.

GBP/USD Forecast March 30, 2017, Technical Analysis

The British pound initially fell during the day on Wednesday as the Article 50 was triggered, but quite frankly it looks as if the market doesn’t care. We had initial selling pressure during the day, but you can see that we turned around to bounce a bit. I believe that if we can break above the top of the candle for the session on Wednesday, this is a very strong sign for the British pound. I have no interest in selling, as I believe there are far too many supportive levels just underneath. I believe longer-term that this market goes much higher and will eventually break out to the upside.

NZD/USD Forecast March 30, 2017, Technical Analysis

The NZD/USD pair fell initially during the day on Wednesday, but found enough support near the 0.70 level to turn things around and start bouncing again. We are still very well within the consolidation area, so I don’t have any interest in placing a major trade. I think we will probably bounce from here but the 0.71 level above will offer resistance. It’s easy to step on the sidelines and simply ignore this pair but I do recognize that short-term traders will have plenty of back and forth type of trading opportunities.

USD/CAD Forecast March 30, 2017, Technical Analysis

The USD/CAD pair did very little during the day on Wednesday, which was a bit surprising considering that the oil markets took off to the upside after the EIA announcement. Because of this, I believe that we may see buyers enter the market given enough time. I would have to see some type of supportive daily candle or some type of breakout above the top of the range for the Tuesday session in order to start going long though. I believe there is a significant amount of support near the 1.33 handle underneath as well.

USD/JPY Forecast March 30, 2017, Technical Analysis

The USD/JPY pair initially fell on Wednesday but found enough support to turn things around and form a somewhat supportive looking candle. Because of this, I believe it is only a matter of time before we rallied again. I think the market will then reach towards the 112 level, then the 112.50 level after that. Pay attention to short-term pullbacks, it’s likely that the markets will continue to find buyers based upon value and of course interest rate differentials. I have no interest in shorting and believe that the 50% Fibonacci retracement level will continue to offer quite a bit of support at the 110 region.

GBP/JPY Forecast March 29, 2017, Technical Analysis

The GBP/JPY pair initially tried to rally on Tuesday, but found enough resistance to turn around and fall towards the 138 handle. The 138 handle should be supportive, but I believe that below there we have even more support at the 137 handle as it is roughly the 50% Fibonacci retracement area. Ultimately, I believe that a supportive candle will offer a buying opportunity, but obviously, we do not have that yet. As of this, I believe that short-term sellers may continue to push this market a bit deeper. I have no interest in buying until we get a daily supportive candle.

USD/CAD Forecast March 29, 2017, Technical Analysis

The USD/CAD pair initially tried to rally during the session on Tuesday but found enough resistance at the 1.34 handle above to turn around. Oil rallied, so that helps the Canadian dollar obviously. Because of this, I believe that we may fall from here but there are plenty of buyers just below the 1.33 handle and with the Crude Oil Inventories number coming out during the day, it’s likely that we will receive more volatility. There is an oversupply of oil, so I believe it’s only a matter of time before this pair continues to go higher.

AUD/USD Forecast March 29, 2017, Technical Analysis

The AUD/USD pair initially fell during the day on Tuesday but found enough support at the 61.8% Fibonacci retracement level to turn around and form a very bullish candle. Because of this, looks as if the market is going to try to reach towards the .7750 level above. I believe in buying the Australian dollar, especially the gold markets break out which they’d look like they’re trying to do. Once they break above the $1262 level, that should send a flood of money into the Aussie as well. I have no interest in selling.

EUR/GBP Forecast March 29, 2017, Technical Analysis

The EUR/GBP pair continues to be volatile, initially falling during the session on Tuesday but finding enough bullish pressure to turn things around and form a nice looking candle. It looks as if we are going to continue to go higher, and with this being the case it’s likely that the buyers will return today. However, there is a certain amount of resistance above so I think we will continue to see very choppy back and forth type of trading with a slightly upward bias. Pullbacks should continue to be buying opportunities.

EUR/USD Forecast March 29, 2017, Technical Analysis

The EUR/USD pair continues to look very volatile, and I believe longer-term it will show bullish pressure. However, it looks as if we may drop slightly during the session on Wednesday, but quite frankly it’s only a matter of time before the buyers return and a supportive candle could be a nice buying opportunity. In the meantime, there are a lot of moving pieces and I believe that simply waiting for a supportive candle to go long as the best thing you can do. Ultimately though, I think it’s only a matter of time before the buyers return.

GBP/USD Forecast March 29, 2017, Technical Analysis

The GBP/USD pair initially tried to rally during the day on Tuesday, but turned around to form a very bearish candle. It looks as if were going to test the 1.25 handle, and if we can break down below there the market should then reach towards the 1.24 handle. A supportive candle could also turn around the market and make us go looking for the 1.26 handle. The volatility should continue, as the article 50 will be triggered soon. However, I think that most of the negative momentum has been priced in.

NZD/USD Forecast March 29, 2017, Technical Analysis

The NZD/USD pair fell during the session on Tuesday, but found enough support underneath to turn things around to form a hammer. The hammer of course is a very bullish sign and the 0.71 level above is the short-term target for back and forth type of traders. The 0.70 level underneath continues to offer support, so I think that the market continues to be very volatile, and short-term charts should be used to place trades back and forth. If we break above the 0.71 handle, then the market will reach towards the 0.72 handle. Alternately, if we break down below the 0.70 level, the market will then go looking for the 0.69 handle.

USD/JPY Forecast March 29, 2017, Technical Analysis

The USD/JPY pair initially fell during the session on Tuesday but found enough support below to turn things around again. It appears that the 50% Fibonacci retracement level is going to continue to offer a bit of dynamic support, and with this being the case if we can break back above the 200-exponential moving average, pictured in black on the chart, then I think the buyers may return. Alternately, if we break down below the 50% Fibonacci retracement level, we then will more than likely reach towards the 108 handle, which is near the 61.8% Fibonacci retracement.

AUD/USD Forecast March 28, 2017, Technical Analysis

The AUD/USD pair initially tried to rally during the day on Monday, but turned around to form a negative candle. It looks as if the 50-day exponential moving average underneath will continue to offer support. However, even if we break down below there we have the 61.8% Fibonacci retracement, which typically is supportive as well. Because of this, I’m waiting to see some type a supportive candle in order to start buying. At that point, I would anticipate that the market should reach towards the 0.7750 level above. Pay attention to gold, it’s rising and it could help.

EUR/GBP Forecast March 28, 2017, Technical Analysis

The EUR/GBP pair fell during the day on Monday, but found enough support at the 50-day exponential moving average to turn around and form a hammer. The hammer of course is a very supportive candle, and a break above the top of it should send this market towards the 0.8750 level above. If we break down below the bottom of the hammer, then the markets will more than likely reach towards the 0.85 level underneath. Ultimately, this is a market that will see a lot of volatility, as it is the epicenter of the Article 50.

EUR/USD Forecast March 28, 2017, Technical Analysis

The EUR/USD pair gapped to the upside on Monday, reaching towards the 1.09 level during the day. Pullbacks should continue to offer buying opportunities, as the market looks so well supported. I have no interest in selling this pair, the market looks as if there are plenty of buyers involved, and that more than likely we should reach towards the 1.10 level after that. In the meantime, I look at the 1.0750 level underneath as support and I believe that it will continue to push the market to the upside. Concerns about the ability to pass tax reform are now starting away upon the US dollar.

GBP/JPY Forecast March 28, 2017, Technical Analysis

The GBP/JPY pair bounced during the day on Monday, as we reach towards the 140 handle. Ultimately, I believe that the market will find resistance at the 141 handle, and a break above there would be a very strong signal to start buying. Ultimately, I believe that this market continues to find buyers, especially considering that the British pound itself looks relatively strong. The Article 50 being triggered will be a significant driver of volatility, so be aware of the fact that the markets could be relatively difficult to navigate but given enough time I feel that the buyers will take over.

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