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EURUSD managed to reach a two and a half year high on Friday by making a new uptrend high at 1.3914. It has risen above 1.39 for the first time since October 28 2011. There were strong gains on Thursday after the European Central Bank President held rates steady and suggested the central bank wasn’t going to ease policy further in the short term.

From a technical outlook the pair will remain bullish if trading is maintained above 1.38 with targets at 1.3940 and 1.3970

Res: 1.3940, 1.3970, 14015

Sup: 1.3800, 1.3750, 1.3720

Overall still stuck in range trading mode since hitting a high of 1.6820 on the 17th of Feb. We had two failed attempts during last Thursday and Friday to break above 1.6780 resistances, however the most likely outlook still remains upwards if it manages to stay supported by 1.6700

Momentum Indicator RSI(14) is moving sideways indicating the lack of trend strength.

Res: 1.6785, 1.6820, 1.6900

Sup: 1.6700, 1.6670, 1.6640

USDJPY is currently in an uptrend on the H1 Chart. It achieved a trend high at 103.75 on Friday and since then retraced almost 80 pips to 103. We expect it to revisit the 103.75 and attempt at achieving a higher high if it stays supported at 102.80(today’s pivot point).

Res: 103.75, 104, 104.35

Sup: 102.80, 102.25, 101.70

Gold is currently testing a critical level today’s pivot at 1330. If it manages to break this support we will reverse our bullish outlook and look for target 1322 and 1308. The 25 dollar drop during today’s and Fridays sessions comes after it failed for the 4th time to break important resistance 1354 (which is also the current uptrend high).

Res: 1354, 1362, 1375

Sup: 1330, 1322, 1308

No important levels were broken during the previous session as the euro spent it trading within a narrow 40 pip range. This low volatility is reflected in the momentum indicators as we see MACD near the zero level and Momentum (22) at the 100 level. This may continue to be the case until the release of JOLTS Job Openings figure from the US at 14:00 GMT

Res: 1.3940, 1.3970, 14015

Sup: 1.3800, 1.3750, 1.3720

A huge drop of 120 pips for the sterling caused it to break all three previously mentioned supports at 1.6700, 1.6670 & 1.6640. Current low stands at 1.6620 which is also the low we saw on the 27th of Feb which makes it an important support level to pass if current downward momentum is to be maintained

We are expecting UK data at 9:30 GMT Manufacturing Production m/m & Inflation Report Hearings

Res: 1.6685, 1.6730, 1.6785

Sup: 1.6620, 1.6580, 1.6540

Lack of action for the USDJPY as it spent the previous session trading within a 40 pip range failing to break any support or resistance level thus there will be no change from our previous outlook. Resistance remains at the current H1 uptrend high of 103.75 which was reached on the 7th of March.

Res: 103.75, 104, 104.35

Sup: 102.80, 102.25, 101.70

After testing critical level 1330 for the second time(first attempt was last Friday), Gold failed to break it finding support and rising to yesterday’s high of 1344 which is 10 dollars short of our next resistance 1354, indicating weak buying momentum which could be due to lack of important economic figures during the previous session.

Res: 1354, 1362, 1375

Sup: 1330, 1322, 1308

Lack of action again for the euro as we see another day of trading within a narrow 40 pip range. Previous Resistance and support levels still hold as they were not even tested during the last two sessions. We can currently safely say that EURUSD ended its upward trend on the 1 hour chart and now is stuck in a range between 1.3940 and 1.3800.

Res: 1.3940, 1.3970, 1.4015

Sup: 1.3800, 1.3750, 1.3720

Sterling manages to continue the current downtrend on the 1 hour chart by breaking another support level at 1.6620. It achieved a new low at 1.6595. We have downward signals from the momentum indicators MACD and Momentum (22) plus prices are currently below exponential moving average 55 and the Ichimoku Cloud

Res: 1.6650, 1.6685, 1.6730,

Sup: 1.6580, 1.6540, 1.6580

We saw an almost 60 pip drop for the USDJPY during the previous and current session however it failed twice to break current support of 102.80. It currently trading close to that level and testing it for the third time. If it does manage to break it this will open the way for 102.25 & 101.70. However a rise above 103.75 will reverse our outlook

Res: 103.75, 104, 104.35

Sup: 102.80, 102.25, 101.70

Strong upward action from Gold as we saw it break important resistance level 1354 and continue its rise to test 1362. This was the third attempt at breaking 1354, the previous two failed attempts happened on 6th and 3rd of this month. Because of this we will safely say that gold broke out of its range trading mode and we have an upward trend now on the 1 hour chart

Res: 1362, 1375, 1388

Sup: 1337, 1330, 1322,

After 3 trading sessions of narrow trading we finally see EURUSD attempt to make a move. Its currently testing 1.3940 resistance after it successfully broke above previous trend high 1.3915. It’s trading at prices not seen since October 2011. If it does manage to break this resistance it will open the way for 1.3970 and 1.4015. On the H1 we have an uptrend

Res: 1.3940, 1.3970, 1.4015

Sup: 1.3850 1.3800, 1.3750

Today’s rise of almost 70 pips can be considered a reversal of the downtrend on the 1 hour chart for two reasons. First we see the formation of an upside-down head and shoulders pattern and a rise above the 55 exponential moving average. After failing to continue to the previous downtrend, it found support at 1.6580 went up and broke 1.6650 plus tested 1.6685

Res: 1.6685, 1.6730, 1.6780

Sup: 1.6620 1.6580, 1.6540,

After two past failed attempts at breaking 102.80, USDJPY finally was successful in the third try achieving a new low at 102.50 for the current downtrend on the 1 hour chart. It is currently trading close to that low attempting to break it for the second time. Next target is at 102.25

Res: 103.15. 103.75, 104,

Sup: 102.25, 101.70, 101.20

Gold remains strong breaking another resistance level 1362 continuing its uptrend on all time frames. It also tested 1375 resistance. However it’s important to note that on the 4 hour and daily chart RSI(14) is currently above the 70 level which could indicate prices are too high due to overbought conditions. Important thing to note also on the daily chart is that we saw a daily candle close above 1362 which was the high of 28.10.2013.

Res: 1375, 1388, 1400

Sup: 1355, 1345, 1337