Start the week of March 28, 2022 with our Forex forecast focusing on major currency pairs here.
The Australian dollar rallied significantly last week to reach the 0.75 level. This is an area that has been very difficult for markets to overcome for quite some time, so it should not be a huge surprise that we have stopped right there.If we do break the 0.76 handle, at that point the Australian dollar will become “buy-and-hold.”
Otherwise, it is very likely we could pull back towards the 0.74 handle, an area that has been important on short-term charts, and could offer enough support to cause this market to try to smash through this very difficult resistance zone.The euro fell a bit last week as we continue to see the downtrend play out. Ultimately, this is a market that I think will drag down towards the 1.0850 level.I think it is not until we break above the 1.12 level that you can take any rally seriously.
This is not a good look, and it does suggest that we are probably going to drop towards the 1.30 level underneath. That is a large, round, psychologically significant figure, and if we break down below there it is likely that we could go towards the 1.28 handle. If we were to break above the top of the weekly candlestick, we could go looking towards the 1.34 handle.
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