US Dollar remained on the back foot on Friday, bitcoin renews record above $48,000
February 12, 2021Market daily analysis
March 16, 2021EURUSD
The EURUSD is expected to rise from 1.2000 to 1.2050 in the positive zone. And again, this is the latest news from 1.2080 years ago. If the EUR/USD does not support the 1.2050 support, it is possible that the volatility will increase in the next quarter A close above 1.2150 and the 200 simple moving average will most likely open the doors for steady increase. The next major resistance sits at 1.2200.
GBPUSD
The GBPUSD trend is moving at 1.3864 and is currently at 1.3909. Intraday bias is back on the upside. Current uptrend from 1.1409 should target 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. Break there will target 1.4376 long term resistance next. On the downside, break of 1.3774 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.
USDJPY
The USDJPY remains neutral at this point and more range trading could be seen. Another rise is in favor with 104.39 support intact. On the upside, break of 105.76 will resume the rebound from 102.58 and target 38.2% retracement of 111.71 to 102.58 at 106.06. However, firm break of 104.39 will indicate that rebound from 102.58 has completed at 105.76. Intraday bias will be turned to the downside for 103.31 support first.
AUDUSD
The AUD/USD’s rise from 0.7563 continues today and intraday bias stays on the upside. Firm break of 0.7819 will resume larger up trend from 0.5506, for 61.8% projection of 0.6991 to 0.7819 from 0.7563 at 0.8075. On the downside, break of 0.7717 minor support will delay the bullish case and extend the correction from 0.7819 with another fall.
USDCAD
The USD/CAD remains neutral at this point. On the downside, break of 1.2659 will argue that rebound from 1.2588 has completed at 1.2880. Intraday bias will be turned back to the downside for retesting 1.2588 low. On the upside, break of 1.2781 minor resistance will revive near term bullishness. Intraday bias will be turned back to the upside for 1.2880 and above, to resume the rebound from 1.2588.
The crude oil has broken above our expected resistance at 60 and could rise towards 65 too in the near term. Any rejection at 65 on at 63-63.50 levels in the near term. Overall immediate view is bullish but we may soon see near term resistances to hold.
XAUUSD
The Precious metal has risen slightly today but we do not negate a fall towards 1780 to be seen in the medium term before a rally starts towards 1900 or higher in the longer run.
