Daily Market Technicals 27/03/2001

A choppy session again today in USDJPY as the pair continues to come under pressure after its recent rally. The pair had touched almost 2-year highs and is now in a corrective mode and may continue to decline ahead of the final few days before the Japanese fiscal year end. The pair had initially rallied to 122.75 at the open, fell aback to the fifties then pressed sharply back up to 122.85 before spending the rest of the session declining back to 122.40. EURUSD suffered as well as the EURJPY cross was sold off. The pair opened at 0.8975 and slid to 0.8955 at the close. Rumors off large buyers in the AUDUSD just under the 0.5000 level chasing stop orders at 0.5020 failed to keep the currency buoyed as it slid through settling at 0.4970 taking its cue from a weaker euro. The kiwi also softened from 0.4145 to 0.4100. GBPUSD also traded slightly lower in line with the euro. 

EUR-USD

Wait Reaction Towards 0.8981/0.9000

Resistance:0.90160.90000.8981

Support:0.89300.88860.8836

Seen consolidative with upside bias favoured while above the 0.8870/80 support. This marks bear channel support on the daily chart and hold above this keep downside protected. Bull divergence on the daily momentum tools see scope for further probes of the 0.8981/0.9000, chart and Fibonacci level. Break above this would clear the way for stronger recovery towards 0.9100/30 area.

GBP-USD

Target 1.4400 Buy at 1.4300 Stop at 1.4270

Resistance:1.44011.43941.4355

Support:1.43201.42901.4256

CABLE maintains a consolidative tone within the broad 1.4400/1.4200 range. Dips are buy for further test of the upper end of this range with the 1.4300 level seen offering intraday support and stops placed below this at 1.4270. While the upside momentum remains lackluster the firm daily posture suggest scope for eventual break above the 1.4400 former support to trigger bull play towards 1.4550/70 area.

USD-JPY

Target 122.10 Short at 122.80 Stop at 123.20

Resistance:123.80123.20122.80

Support:122.35122.00121.86

Favour selling into upticks for further probes below the 122.50 support. Shorts target the 122.00 key support level with breakdown here needed to confirm a stronger correction into the 120.00/50 zone. Maintain sell on upticks into the 123.00/20 area which should keep the 124.29 high last week out of reach for now. Present weakness seen as corrective of strong gains this month.

EUR-CZK

Target 34.65 Long at 34.40 Stop at 34.27

Resistance:34.89034.70034.450

Support:34.29034.15034.000

Eased last week eroding previous 34.375 support. Longs require immediate recovery to avoid confirmation of bear break from recent range below 35.00. At this stage recovery thru 34.45 resistance should see further s/term gains towards 34.70 hourly highs. A drop/hold below 34.30 would increase bear risk. .

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