By Orbex
USDJPY consolidates gains
The US dollar gains on the prospect of more sanctions on Russia. On the daily chart, the RSI’s overbought condition led to profit-takings as the bulls became reluctant to outbid each other.
Nonetheless, the direction remains upward, and a pause is necessary for the market to take a breather. The current pullback has found support over 121.30.
A bounce above 123.20 may signal a bullish continuation and extend the price back to 125.00. On the downside, a breakout could cause a correction to 119.40 near the 30-day moving average.
EURGBP struggles for support
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The euro fell as worries over Europe’s energy supply grew. The current pullback could be an opportunity for the bulls to stake in but they will need to push past 0.8400 to regain control.
The 61.8% (0.8380) Fibonacci retracement level has failed to foster buyers’ interest. The RSI’s double dip into the oversold area may attract some bids.
The demand zone between the daily support (0.8300) and 0.8320 is a critical floor to keep the rebound valid. That said, its breach could trigger a sell-off towards 0.8200.
GER 40 takes a breather
The Dax 40 goes sideways as the EU considers a new set of sanctions. A bullish MA cross on the daily chart suggests an acceleration in the rebound as a sign of improved sentiment.
The index is hovering above the lower end (14200) of the previous consolidation. This level coincides with the 20 and 30-day moving averages, making it an area of interest.
A close above 14730 could extend the rally to the origin of the February liquidation at 15200. This is an important resistance before the uptrend could resume in the medium-term.
Article by Orbex
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
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