Technical Analysis

GBP/USD Weakens Below mid-1.3200s – Gold spikes back above $1300 mark

Published on 2019-03-18 17:39 Share
EURUSD_18_03_2019

USDJPY

USD/JPY has extended its consolidative price action on the first day of a new trading week, and it seems that the pair gave little importance to speculations concerning the Fed’s dovish appearance this week over the risk on sentiment that weakened safe havens like the Japanese Yen. USD/JPY is expected to find support at 111.32, and a fall through could take it to the support level of 111.17. On the other side, resistance stands at 111.70, and a rise through could take it to the level of 112.89.

USDJPY_18_03_2019
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 111.35 111.40 111.47 111.52 111.60 111.64 111.72
WEEKLY 109.90 110.39 110.93 111.42 111.96 112.45 112.99
MONTHLY 106.80 107.76 109.58 110.54 112.36 113.32 115.14
 

EURUSD

EUR/USD advanced to fresh 2-week highs in the 1.1350 area, as the US Dollar trades on the backfoot. Investors continue to look to the broader risk appetite trends for direction, where the US-China trade dispute and the Brexit negotiations remain in the centre of the debate for the time being. EUR/USD is expected to find support at 1.1315 and a fall through could take it further to the support level of 1.1293. On the other side, resistance stands at 1.1357, and a rise through could take it to the next resistance level of 1.1375.

EURUSD_18_03_2019
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1296 1.1307 1.1313 1.1324 1.1331 1.1341 1.1348
WEEKLY 1.1124 1.1172 1.1249 1.1297 1.1374 1.1422 1.1499
MONTHLY 1.0982 1.1107 1.1239 1.1364 1.1496 1.1621 1.1753
 

GBPUSD

GBP/USD faced rejection near the 1.3300 handle at the start of a new trading week and tumbled to fresh session lows, below mid-1.3200s in the last hour. Speculations concerning dovish Fed and weaker UK growth gained market attention, alongside the latest Brexit news. GBP/USD is expected to find support at 1.3185 and a fall through could take it to the next support level of 1.3143. On the other side, resistance stands at 1.3305, and a rise through could take it to the next resistance level of 1.3334.

GBPUSD_18_03_2019
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.3261 1.3271 1.3283 1.3293 1.3305 1.3315 1.3327
WEEKLY 1.2595 1.2772 1.3031 1.3208 1.3467 1.3644 1.3903
MONTHLY 1.2328 1.2550 1.2907 1.3129 1.3486 1.3708 1.4065
 

GOLD

Gold quickly reversed an Asian session dip to $1298 area and spiked to fresh session tops in the last hour, back closer to the previous session's swing high, on prevalent USD selling bias. Gold is expected to find support at the level of 1,297.40 and a fall through could take it to 1,293.93 level. On the other side, resistance stands at 1,307.70, and a rise through could take it to the next resistance level of 1,311.15.

Gold_18_03_2019
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1297.65 1299.05 1299.75 1301.15 1301.85 1303.25 1303.95
WEEKLY 1270.80 1280.70 1291.80 1301.70 1312.80 1322.70 1333.80
MONTHLY 1252.16 1278.43 1297.26 1323.53 1342.36 1368.63 1387.46

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