27 Mar, 2024
5 minutes
Daily Technical Analysis March 27th 2024
1. GBP/USD Analysis:
News Summary:
British economists warned that after two years of high inflation, Britain's inflation could turn too low, unnerving the Bank of England. UK inflation is likely to fall below 2% in April and to 0.5% by the end of the year, below corresponding levels in the United States or the euro zone. It would result in the BOE cutting interest rates more than the market currently expects.
Trend Analysis:
We can see GBP/USD continues to decline, and it is still running below the 48 hours moving average on H4 chart. In addition, the MACD double line and energy column shrink below the zero axis. The sell limit could be used, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [1.2500]
Key Resistance Levels: [1.2750]
Pivot Points [1.2670]
2. USD/JPY Analysis:
News Summary:
Japanese officials are once again trying to use words to dampen the rally in USD/JPY. Japan's top foreign exchange officer said moves in recent weeks reflected not fundamentals but speculation. While there is some truth to this argument, carry trades continue to push the yen weaker, leaving it hovering near multi-decade highs. A weak technical pattern for the yen points to higher risks ahead. If this situation continues, any measures to combat this cannot be ruled out.
Trend Analysis:
We can see USD/JPY fluctuated upward at a high level, while the MACD volume column and double lines shrank above the zero axis. The buying or buy limit tactic could be assigned, stop loss is compulsory.
Today's Key Price Levels:
Key Support Levels: [150.50]
Key Resistance Levels: [152.70]
Pivot Points [151.00]