FOREX: GBP Rally Fizzles, Trading Within a Bear Channel; Major Support and Resistance 07.03.2018

support and resist



EUR/USD -- Trending higher short-term
* 3rd resistance: 1.2555 Feb. 16 high
* 2nd resistance: 1.2510 Feb. 15 high
* 1st resistance: 1.2465 Feb. 14 high
* Spot: 1.2415
* 1st support: 1.2365 March 5 high
* 2nd support: 1.2336 March 2 high
* 3rd support: 1.2273 March 1 high

GBP/USD -- Trending lower
* 3rd resistance: 1.3997 Feb. 27 high
* 2nd resistance: 1.3930 March 6 high
* 1st resistance: 1.3916 Feb. 28 high
* Spot: 1.3885
* 1st support: 1.3817 March 6 low
* 2nd support: 1.3785 March 1 high
* 3rd support: 1.3756 March 2 low

USD/JPY -- Paring losses, basing at 105.25
* 3rd resistance: 107.20 March 1 high
* 2nd resistance: 106.79 Feb. 27 low
* 1st resistance: 106.51/60 Feb. 23/22 lows
* Spot: 105.80
* 1st support: 105.35 March 5 low
* 2nd support: 105.25 wave base
* 3rd support: 104.97 Nov. 10, 2016 low

AUD/USD -- Holding above area of 12-month avg closing price
* 3rd resistance: 0.7893 Feb. 26 high
* 2nd resistance: 0.7869 Feb. 27 high
* 1st resistance: 0.7842 March 6 high
* Spot: 0.7810
* 1st support: 0.7757 March 6 low
* 2nd support: 0.7720, area of 12-month avg closing price
* 3rd support: 0.7700 Dec. 22 low

Source: Bloomberg Pro Terminal

Trader: Velizar Mitov

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