Currencies
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Euro “EC” (Mar)
Coverage for March 13
The market was likely to retest Thursday's ~1.3145 close, which was likely to reverse down into another downleg. But Monday's open gapped up so high that the retest target served as support to a post-open pullback. A higher high by mid-morning filled the gap back to Wednesday's close, which itself had filled a week-old gap. A slightly higher high was rejected, but not reversed. MACD & RSI did diverge negatively, but there is no signal that the decline's momentum has resumed.
Resistance: 1.3255 and 1.3330
Support: 1.3165 and 1.3110
British Pound “BP” (Mar)
Coverage for March 13A slightly higher high was likely, and it was likely to reverse down sharply into a new downleg. Monday's opening gap up immediately reversed down sharply into negative territory, reaching under last week's lows. But the reversal did not develop into a new downleg. Instead the balance of the session trended back up to range narrowly around Friday's close. The pattern remains likely to resolve down, but not with any active timing signal.
Resistance: 1.9385 and 1.9450
Support: 1.9265 and 1.9160
Swiss Franc “SF” (Mar)
Coverage for March 13
Friday's post-open price action had formed a Descending Triangle that made another downleg likely. Likelihoods aren't overcome gently, and Monday's open gapped up sharply to retest Thursday's close. Despite rejecting all of Friday's drop, Monday's slightly higher highs are more likely to probe the prior week-long consolidation at recent highs before filling the gap back to Friday's close.
Resistance: .8200 and .8230
Support: .8125 and .8075
Japanese Yen “JY” (Mar)
Coverage for March 13
Friday afternoon's Descending Triangle made the next trending likely to be down, but Monday's open gapped up instead. The entire session remained within Friday's range and the close was under Thursday's prior lows, so Monday's optimism was ineffectual. That said, there is no active timing signal.
Resistance: .8585 and .8650
Support: .8460 and .8410
Australian Dollar “AD” (Mar)
Coverage for March 13
Friday's opening gap and spike up had stopped just short of the .7820 gap, which was still targeted. Monday's open gapped up to test .7820 and the session trended up into the close. The additional gain is likely to extend higher, potentially to a new high before selling pressure becomes a factor again.
Resistance: .7885 and .7945
Support: .7805 and .7760
Canadian Dollar “CD” (Mar)
Coverage for March 13
MACD & RSI had diverged only slightly into Friday afternoon's higher high, so any pullback was likely to resolve in higher highs. But Monday's session rallied first, and the higher high resolved in a pullback. The session still managed to close positive on the day. The rally can't afford to hesitate.
Resistance: .8555 and .8590
Support: .8515 and .8485
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