USD/JPY Intraday 3/31

USD/JPY Intraday: Toward 106.60 downside. The pair keeps trading on the downside after peaking at 108.72 overnight. Being capped by the descending 20-period moving average, the pair is striking against the lower Bollinger band calling for acceleration to the downside. Unless the key resistance at 108.10 is surpassed, the pair should proceed toward 107.10 and 106.60 on the downside. On the other hand, the alternative upside target above 108.10 is located at 108.70.

Forex chart GBP/JPY 3/31

The following assumptions that have been made: - At least 20 pip forecast - The key level and chart pattern were at most 5 candles apart at time of identification

	Symbol : GBPJPY

Direction : Identified time : 2020-03-31 16:12 BST Breakout price : 133.89 Forecast price : 133.63515 Forecast pips : 25 Probability : 67.61 %

Pattern : Channel Up Interval : 15 Min Pattern : Support Interval : 30 Min

Forex chart USD/JPY 3/30

The following assumptions that have been made: - At least 20 pip forecast - The key level and chart pattern were at most 5 candles apart at time of identification

	Symbol : USDJPY

Direction : Identified time : 2020-03-31 00:16 BST Breakout price : 108.088 Forecast price : 108.294 Forecast pips : 21 Probability : 65.27 %

Pattern : Triangle Interval : 15 Min Pattern : Resistance Interval : 15 Min

AUD/CHF 3/30

The following assumptions that have been made: - At least 20 pip forecast - The key level and chart pattern were at most 5 candles apart at time of identification

	Symbol : AUDCHF

Direction : Identified time : 2020-03-30 14:36 BST Breakout price : 0.59038 Forecast price : 0.59325 Forecast pips : 29 Probability : 66.29 %

Pattern : Triangle Interval : 30 Min Pattern : Triangle Interval : 30 Min

Forex pairs support and resistance 3/30

 

GBP/USD (last 1.2417): The pair remains on the upside as it has formed a V-shape rebound. Currently, it has rebounded to levels above the 20-day moving average, while the relative strength index has climbed above the neutrality level of 50, suggesting a bullish bias.

Unless the key support at 1.1810 is violated, the pair should proceed to 1.2745 and 1.3095 on the upside. Alternatively, below 1.1810, expect a return to 1.1400 on the downside.
GBP/USD 1st support - 1.1810 (major) 1st resistance - 1.2745 (major) 2nd support - 1.1400 (major) 2nd resistance - 1.3095 (major)

  EUR/USD (last 1.1114): The pair posted a rebound from 1.0630 and crossed above both 20-day and 50-day moving averages. The relative strength index crosses above its neutrality level at 50, calling for a further upside.
Therefore, as long as 1.0950 holds on the downside, look for a continuation of bounce with targets at 1.1230 and 1.1350 in extension. Alternatively, only a break below 1.0950 would turn the outlook to bearish and bring a return with 1.0780 and 1.0630 as targets.
EUR/USD 1st support - 1.0950 (major) 1st resistance - 1.1230 (moderate) 2nd support - 1.0780 (minor) 2nd resistance - 1.1350 (moderate)
 
USD/CAD (last 1.4059): The pair stays on the upside despite a modest pull-back. Currently, it is hovering around the 20-day moving average, while has moved further above the 50-period one. The relative strength index remains above the neutrality level of 50, suggesting that the bullish bias persists.
As long as the key support at 1.3775 holds, the pair should advance to 1.4275 and 1.4480. Alternatively, below 1.3775, expect a decline to 1.3560. USD/CAD 1st support - 1.3775 (major) 1st resistance - 1.4275 (major) 2nd support - 1.3560 (major) 2nd resistance - 1.4480 (moderate)
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Forex chart EUR/CAD 3/27

	The following assumptions that have been made: - At least 20 pip forecast - The key level and chart pattern were at most 5 candles apart at time of identification

	Symbol : EURCAD

Direction : Identified time : 2020-03-27 16:00 GMT Breakout price : 1.55656 Forecast price : 1.55908 Forecast pips : 25 Probability : 67.12 %

Pattern : Double Bottom Interval : 15 Min Pattern : Resistance Interval : 15 Min

GBP/JPY chart 3/27

	The following assumptions that have been made: - At least 20 pip forecast - The key level and chart pattern were at most 5 candles apart at time of identification

	Symbol : GBPJPY

Direction : Identified time : 2020-03-27 16:02 GMT Breakout price : 133.658 Forecast price : 134.05761 Forecast pips : 40 Probability : 65.52 %

Pattern : Triangle Interval : 15 Min Pattern : Ascending Triangle Interval : 15 Min

. GBP/USD 3/27 news

Sterling weakens after U.K. Prime Minister Boris Johnson announced that he has tested positive for coronavirus. Johnson said on Twitter that he has developed mild symptoms over the past 24 hours and is now self-isolating. GBP/USD falls to 1.2186 from 1.2254 before the news and EUR/GBP rises to 0.9037 from 0.8998 beforehand. The pound soon recovers some of those losses, however, with GBP/USD last up 0.3% at 1.2237 and EUR/GBP last down 0.3% at 0.9011.

Oil prices 3/26

Oil prices appear ready to trade again on freefalling demand and oversupply concerns.  The stimulus driven rally helped WTI crude produce a solid 15% gain from the Sunday low.  The latest stimulus package from Congress however does not contain the $3 billion in funding that is needed to purchase crude for the SPR.
The coronavirus is still making its way across the US and it is still way too early to be forecasting a return of normal travel and trade anytime soon.  The global spread of the virus could deliver another massive blow to the demand outlook if developing countries become inundated with cases.
The supply side argument will likely dictate where oil goes next.  If tomorrow’s G20 conference call does not yield any substantial progress that the Americans were able to convince the Russians and Saudis to hold off on increasing supplies next month, WTI crude may finally break below the $20 level.  If after the call, the Saudis voice some constructive comments on having further talks or even considering cutting output, many energy traders will be skeptical and possibly fade any rally that comes out of it.  The Russians and Saudis want to win back market share from the US shale industry and providing higher oil prices in the short-term would make this crash in oil prices for nothing.    

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WSJ Dollar Index falls 0.7% 3/25

US dollar is flat against the yen and weakens broadly against most other major currencies, including nearly 1% against the euro. Cambridge Global Payments says major economies' stimulus efforts seem to be gaining traction. Currencies "have begun a retracement, sending the US dollar to its sharpest losses in at least four years," the firm says. The WSJ Dollar Index falls 0.7% after US stocks posted their first back-to-back gains since February and 10-year Treasury yields rose to 0.849%.

forex XAG/USD chart 3/25

	The following assumptions that have been made: - At least 20 pip forecast - The key level and chart pattern were at most 5 candles apart at time of identification

	Symbol : XAGUSD

Direction : Identified time : 2020-03-26 01:04 GMT Breakout price : 14.2312 Forecast price : 14.0122 Forecast pips : 22 Probability : 64.92 %

Pattern : Triangle Interval : 15 Min Pattern : Support Interval : 15 Min