Pound, Euro, Yen Under Pressure

Friday's trading saw the pound, euro and yen come under pressure vs. the dollar.
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By Mohammed Isah of fxtechstrategy.com

Although

EUR-USD

is taking a beating after reversing lower off its Thursday high at 1.3590 today, consolidative to corrective price activities should continue as long as the pair stays above the 1.3382 and 1.3266 levels.

The pair is still sitting on its weekly hammer printed the past week. Resistance stands at the 1.3568/90 level.

GBP-USD

is also under pressure, giving back most of its Thursday gains and targeting additional lower prices toward 1.5110. As long as the pair holds above that level or even 1.5041, we see the risk of a retarget of 1.5297 and then 1.5380.

USD-JPY

remains on the offensive, pushing strongly higher through one of our targets at the 94.53 level and eyeing the 97.77 level today. On any pullback, the 94.53 level will come in as the immediate support.

EUR-GBP

remains under pressure following its loss of upside momentum at the 0.9148 level in early March. While holding below its invalidated rising long-term trend line, risk remains lower toward the 0.8840 and 0.8748 levels. The cross currency pair must break and hold above 0.9148 to prevent its current bearish tone.

With a firm hold above the 126.96 level now seen,

EUR-JPY

is presently challenging higher prices with eyes on the 128.35 level. Pullbacks, if they occur, will target the 126.96 level.

AUD-USD

continues to retain its broader medium-term uptrend despite its current price hesitation. Risk remains higher toward the 0.9250 and 0.9327 levels. Immediate support lies at 0.9129.

USD-CAD

has its eyes on its 2010 low at 1.0059 level following its weakness started from 1.0301. A break below there will set the stage for a retarget of its parity/psycho level at 1.0000. That level should provide support and turn the pair back on an initial test.

Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining FXTechstrategy.com. He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and FXstreet.com. At FXTechstrategy.com, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces

The Professional Suite

for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.