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China’s Industrial Production for February came in significantly weaker year over year at +12.8% versus the expectation of +19%, although the YTD release was marginally firmer than expected (20.7% vs. 19.5%.) Producer Prices were also higher than expected, all of which has helped the USD continue its bid this Asian session. On the EUR/USD chart below we see the negative bias against the Euro gradually continue to give the pair lower highs. We will look to see if the trendline resistance shown below can once again hold the pair and whether the mid 1.34 figure will keep on supporting the pair, a break either way could provide a new short-term dynamic for the pair.

The February Australian Unemployment Report came out worse than expected, sending the risk pairs toward session lows. The economywas expected to grow by 15,000 new employees, but February’s job growth expanded by only 400. The employment rate came in as expected at 5.3%. The AUD immediately dropped on the release, however finding support again on the trendlne we reviewed yesterday.

The euro is approaching the trend line resistance extended from 1.3840, now around 1.3690. Yesterday’s gains were limited ahead of the said resistance level but the euro is conserving recent gains above 1.3600 so a new test is likely. To the downside, support is seen around 1.3550- formed by the…

The pivotal support of 1.3525 continued pushing the pair upwards crossing out attempts of a bearish direction. The pair is currently facing resistance for the descending channel at 1.3665; however, due to the bearish momentum’s weakness we expect a bullish intraday direction that will start with the breach of 1.3665…

The EURUSD bias remains neutral in nearest term and the bearish scenario remains intact. Immediate resistance comes near 1.3705 ? 1.3750 (23.6% retracement). Initiate shorts near these levels with tight stoploss of 1.3765 levels. (EURUSD - 1.3645).Neutral.

The GBP/JPY pair is trapped within a tight range since yesterday but it succeeded in forming an obvious bearish candlestick formation as seen on the provided four-hour chart, where it also activated a negative crossover on Stochastic. Thus; nothing changed the bigger weekly outlook of the Elliott count and potential…

Although the greenback fell to 1.0686 yesterday, as dollar has recovered after holding above previous minor support at 1.0676, suggesting further consolidation within 1.0648-1.0810 range would take place and rebound to the Ichimoku cloud top (now at 1.0769) cannot be ruled out, however, indicated upper range should continue to hold,…

Although cable fell to 1.4873 yesterday, as the British pound recovered after holding above indicated minor support at 1.4855, suggesting further consolidation would take place and retracement to 1.5035-44 (50% Fibonacci retracement of 1.5197 to 1.4873 and current level of the Kijun-Sen and Ichimoku cloud bottom) cannot be ruled out,…