16th of March 2011 - Technical Forex Market Overview DAILY MARKET COMMENTARY

DAILY MARKET COMMENTARY
16 March 2011 – 8:00 GMT
Wednesday

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Market Analysis Desk
Foreign Exchange Research: www.fibosignals.com/5585/resources.html
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TECHNICAL DATA

AUDUSD 0.9804 key support.

EURUSD BULLISH The pair eyes 1.4003/36 resistance area, break of this would expose 1.4086. Initial support lies at 1.3855, yesterday's reaction low.

USDJPY BEARISH Currently holds support at 80.61 ahead of 80.22 key support. Initial resistance defined at 82.00.

GBPUSD BEARISH Bearish pressure holds above 1.5964; a break here is required to confirm the bear trend and expose 1.5845. Near-term resistance lies at 1.6200.

USDCHF BEARISH Bearish trend is intact; break of 0.9200 has exposed 0.9000 ahead of 0.8951. Initial resistance is at 0.9369.

AUDUSD BEARISH Sharp sell-off yesterday held above 0.9804 key support ahead of 0.9739. Initial resistance defined at 1.0107.

USDCAD NEUTRAL Recovery through 0.9902/59 has exposed 1.0011/58 area. Support lies at 0.9735.

EURCHF BEARISH Focus is on 1.2727/06 support zone, while resistance is at 1.2945.

EURGBP BULLISH Momentum is positive; break of 0.8692 has exposed 0.8787 Fibonacci level ahead of 0.8818. Near-term support is at 0.8626.

EURJPY NEUTRAL Key support lies at 111.96, break of this would pave the way to 110.78 next. Resistance is at 115.02/29 area ahead of 116.00.


SCHEDULE

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A. M. Negrin Bautista, CFA
Chief Analyst at Fibosignals.com

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