Daily FX Technical Trend Bias Key Levels Tues 26 Mar

EUR/USD – Push down within medium-term range

Broke below 1.1340 short-term lower neutrality zone limit as per highlighted in our previous report. Flip to a bearish bias below 1.1350 key short-term pivotal resistance for a further potential push down to target the next near-term supports at 1.1280 and 1.1220 (also the lower boundary of a complex medium-term range configuration in place since 12 Nov 2018)
However, a break above 1.1350 negates the bearish tone for a squeeze up to retest 1.1410 (medium-term descending resistance from 24 Sep 2018 high).

GBP/USD – Push down within medium-term range

The pair has almost reached the short-term resistance/target of 1.3280/3000 as per highlighted in our previous report. Yesterday, the rebound has stalled again at the minor descending trendline resistance in place since 13 Mar 2019 coupled with a bearish divergence signal seen in the 1-hour RSI oscillator. Flip back to a bearish bias with 1.3250 as the key short-term pivotal resistance for a further potential push down to target the next supports at 1.3160 and 1.3080/3050.
However, a break above 1.3250 negates the bearish tone for a squeeze up to retest the 1.3350 medium-term range resistance.

USD/JPY – “Bearish flag” consolidation with further potential downside

Broke below the former ascending channel support from 03 Jan 2019 flash crash swing low area. Flip to a bearish bias below 110.40 key short-term pivotal resistance for a further potential push down to target the next supports at 109.60 and 109.30 (Fibonacci retracement/expansion clusters).
However, a break above 110.40 invalidates the bearish scenario for a squeeze up to retest the pull-back resistance of 110.95 (former ascending channel support from 03 Jan 2019).

AUD/USD – Push down within a medium-term complex range

If the 0.7160 short-term key pivotal resistance is not surpassed, the pair is likely to see a potential push down to test the near-term support at 0.7070 (also the minor ascending trendline from 08 Mar 2019 swing low).
However, a break above 0.7160 sees a push up to retest the 0.7200 medium-term descending range resistance in place since 03 Dec 2018 swing high.

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