Bias: I'm still just a bit cautious about a possible spike to 0.9248 but have a basic bearish preference
It was bit of a messy day but noticeable that while the U.S. Dollar lost out elsewhere the Aussie was unable to take advantage. It tends to put me more on the bearish side but until yesterday's low breaks I'd rather be cautious… It will take a break above this morning's 0.9184 high followed by 0.9205 to open up the risk of seeing follow-through to 0.9223-48. I don't think we'd get any further... However, note the higher resistance at 0.9284-06.
1st April: I still feel the most we could see is either 0.9248 or 0.9284-06… Only above the 0.9327-42 area would trigger stronger gains now.
I am looking for a peak and to develop. It is possible that it was seen at 0.9213… However, until yesterday's low breaks at 0.9130 I feel it more prudent to play a waiting game. Be aware that we should get a bearish trigger soon and the 0.9248-84 area or the 0.9130 low should provide it... If directly lower then a move below 0.9130 would see initial losses target the 0.9028-36 area at least and also the 0.9001 low.
31st March: The 0.9177-90 area broke so I feel we shall either see a high around the 0.9248 high again or if there is a stronger rally then at the 0.9286-0.9306 resistance. Watch for a bearish set up there. Below 0.9120 will see a return to 0.9001 at least.
For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are available on the Daily Forecast page of my web site in the Trader Package review. (+90 pips)