Trading Reversal levels


01 March AtoZForex, London – After a month full of surprises and once in 4 years leap day trading, we are off to a new month. Looking into March we can expect to see a number of hick-ups in the market. Meanwhile, for the first day of March you must follow the following outlook if you want to be avoiding or trading reversal levels.

EURUSD

After the pair struggled to continue its bullish move EURUSD is expected to test 1.0940 – 1.0980 levels before falling towards its consecutive support levels at 1.0850 – 1.0805 – 1.0750

EURGBP

After a month lead by bulls thanks to Brexit fears, it is likely that EURGBP will keep on its bullish move for the month. For the first day of March the pair is expected to rise towards 0.7845 and 0.7860 zones. After the bullish attempts the pair is likely to find its resistance at the above given daily resistance levels before testing its following lows at 0.7795, 0.7770 and 0.7735 support levels

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AUDCHF

We might be looking for a 180 degree reversal from AUDCHF in March as the pair is forming the criteria for the reversal candlestick trading strategy. For the day the pair is expected to find its resistance at 0.7185 zone before falling towards 0.7070 and the 0.7050 support level

CHFJPY

Moving on, we could expect CHFJPY to test the 113.910 resistance level, following a double bottom formation, before falling to subsequent support levels at 112.10 and 111.333.

GBPJPY

The pair is should remain in the overall down-trend extending its 3-month decline and we could expect the resistance area at 158.5 to cap any bullish uptick and therefore keep the focus lower towards 155.99 – 155.150 – 154.50 support levels.

Also see: Barclays today: US ISM manufacturing & technical setups

EURAUD

Meanwhile, time tested resistance level at 1.5170 should prevent EURAUD from falling lower. For the day the pair is expected to reach 1.5323 – 1.5375 resistance levels and 1.5414 thereafter.

Crude oil WTI

Turning to commodities, the black gold has broken above our first resistance at 34.14 level and we could now expect the oil to reach a subsequent resistance at 34.84. As it is currently trading range bound, should WTI reverses then our immediate support would be at 33.25 level.

Gold

Trading reversal levels on gold, we could expect the precious metal to find a support at 1227 – 1221.5 area before rising towards our resistance levels at 1241.30 – 1251.75 amid this week’s developments.

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