EUR/USD – Mix elements(click to enlarge chart)
Yesterday, the price actions of EUR/USD have whipsawed around the 1.0980 key short-term pivotal support as per highlighted in our previous report. Printed an intraday low of 1.0962 before reintegrated back above 1.0980 during the start of the US session.
Elements have turned neutral now, prefer to switch a sideways stance between 1.1015 and 1.0980. Bulls need to take out 1.1015 with an hourly close above it to validate the potential up move towards 1.1070 follow by 1.1120 next. On the flipside, a break with an hourly close below 1.0980 sees a further slide towards the 1.0900 key medium-term pivotal support (see Chart of The Week).
GBP/USD – Watch the 1.3150 support(click to enlarge chart)
The GBP/USD has broken below 1.3250 and drifted down to hit the alternative scenario target/support of 1.3195 (printed an intraday low of 1.3174) as per highlighted in our report yesterday.
Right now, price actions seem to have stabilised right above the lower boundary of the short-term ascending channel from 15 March 2022 low with potential short-term upside momentum as depicted by the positive observation seen in the RSI oscillator as it has bounced off from its key corresponding support at the 29% level.
If the 1.3150 key short-term pivotal support holds and a break above 1.3215 may revive the bullish bias towards 1.3290 (23 March 2022 minor swing high area) in the first step. However, an hourly close below 1.3150 invalidates the recovery scenario for a deeper slide towards the next support at 1.3080.
USD/JPY – Elements have turned positive, up move may continue to extend(click to enlarge chart)
The USD/JPY has staged the expected pull-back yesterday to print an intraday low of 120.56 but fallen short of the 119.90 target/support as per highlighted in yesterday report.
Current price actions have reversed up and surpassed the prior minor swing high area of 23 March 2022 at 121.30 with a revival in short-term upside momentum as depicted by the hourly RSI. Flip to bullish bias with 120.55 as key short-term pivotal support for a further potential push up towards the next intermediate resistance at 122.25.
On the other hand, an hourly close below 120.55 revives the minor pull-back scenario towards the next support at 119.10.
AUD/USD – Potential enroute towards 0.7530/7560 resistance(click to enlarge chart)
Short-term uptrend in place since 15 March 2022 low remains intact. Tightened to short-term pivotal support to 0.7450 from 0.7415 as per highlighted in yesterday’s report for a further potential push up towards the 0.7530/7560 resistance zone.
However, an hourly close below 0.7415 negates the bullish tone for a minor pull-back towards the next support at 0.7415 and a break below it opens up scope towards 0.7365 next (also the median line of the medium-term ascending channel in place since 28 January 2022 low).
Time stamped: 24 Mar 2022 at 2.30pm SGT