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The FxPro Analyst Team

FxPro Forex Analysis: AUDJPY and GER 30 Analysis – March 19, 2018

BLGCRTV2

The AUDJPY pair has fallen to critical support this morning, at 81.472, which was the low from the 16th of April 2017. This level was tested two weeks ago and led to a bounce back up to resistance at 84.515 and trend line resistance. The resistances above this level on the weekly time frame come at the 50 and 100-Week MAs at 85.440 and the 200-Week MA at 86.200. This area represents a strong ceiling overhead. The 87.197 level above has been key support/resistance in the past.

Support has been broken today, with the price currently backtesting the break. If the retest holds, a drop can target down to the 80.000 level initially, with 79.126 below. Further support is found at 76.768. The 2017 low comes in at 72.472.

AUDJPY Weekly Chart

AUDJPY Weekly Chart

GER30

This Index is showing a bearish start to the week, with a break under support on the release of a suggested list of EU tariffs on imported US products. This escalation in the Trade War has rattled markets and put traders into risk-off mode. Price has fallen below key support and moving averages. On Friday, the index traded around the important 12390.00 level and in a 120-pip range, 60 pips either side of the level. This trading range was set and the breakdown today reached the 12224.50 level. Further support comes in at 12212.00, followed by the 12110.00 area and 12096.5 level.

Resistance above comes at the rising trend line combining with the 200-Hour MA at 12308.60. The 100-Hour MA is found at the 12328.20 level, with the 12337.30 level acting as important resistance before the 100-Hour MA at 12345.10.

GER30 1-Hour Chart

GER30 1-Hour Chart