Article originally published on innerfx.com and republished here with permission
Good instincts usually tell you what to do long before your head has figured it out. ~ Michael Burke
Good morning. Dollar remains under pressure while the euro managed to overcome resistance at $1.3300.
No decisive break of interim support at 79 yet, but downside pressure remains high. In case of recovery, rallies would likely be sold around 79.50
USD Index Daily 3-28-2012
Time to keep an eye on 1.3300 which is providing intraday support. Buying dips is probably what most people do these days, so it’s definitely not a hard task to reach 1.3500 soon.
EURUSD Chart Daily 3-28-2012
Former resistance around 1.6180 provides support and it’s confirmed now, after last pullback. It seems that buyers are still in control, so last week’s reversal candle (March 22 – daily charts) might be a false signal afterall. I remain bullish on EURNZD (short-term basis)
EURNZD Chart 4hrs 3-28-2012
EURNZD Chart Daily 3-28-2012
EURAUD is recovering faster than EURNZD and that’s because the Aussie dollar is facing more selling pressure than NZD – fact confirmed by AUDNZD which continues decline. There definitely is more room for EURAUD’s recovery, hence I remain bullish
EURAUD Chart Daily 3-28-2012
Sell-off continues and 1.2750/70 was breached. Expect more of the same
AUDNZD Chart Daily 3-28-2012
Rally to 1.0550 was corrective, time to focus on 1.0350/80 again?
AUDUSD Chart Daily 3-28-2012
Selling around 83 was in the cards, as noted earlier this week. I remain bearish while it holds below the said level
USDJPY Chart 4hrs 3-28-2012