Daily FX Technical Commentary

Daily Forex Technicals Written by Easy Forex
Euro 1.3245
Initial support at 1.3174 (Mar 31 low) followed by 1.3113 (Mar 30 low). Initial resistance is now located at 1.3343 (Mar 31 high) at followed by 1.3592 (Mar 27 high)
Yen 98.95
Initial support is located at 97.23 (Mar 31 low) followed by 95.43 (Mar 23 low). Initial resistance is now at 99.37 (Mar 31 high) followed by 99.68 (Mar 5 high).
Pound 1.4350
Initial support at 1.4241 (Mar 31 low) followed by 1.4112 (Mar 30 low). Initial resistance is now at 1.4361 (Mar 31 high) followed by 1.4494 (Mar 27 high).
Australian Dollar 0.6915
Initial support at 0.6771 (Mar 30 low) followed by the 0.6724 (Mar 19 low). Initial resistance is now at 0.6966 (Mar 31 high) followed by 0.7094 (Mar 24 high).
Gold 918
Initial support at 909 (Mar 30 low) followed by 883 (Mar 18 low). Initial resistance is now at 945 (Mar 26 high) followed by 966 (Mar 20 high).
Currency Sup 2 Sup 1 Spot Res 1 Res 2
EUR/USD 1.3113 1.3174 1.3245 1.3343 1.3592
USD/JPY 95.96 97.23 98.95 99.37 99.68
GBP/USD 1.4112 1.4241 1.4350 1.4361 1.4494
AUD/USD 0.6724 0.6771 0.6915 0.6966 0.7094
XAU/USD 884.00 909.00 918.00 945.00 966.00
Daily Forex Technicals | Written by India Forex
Euro: We accumulated shorts as suggested yesterday till 1.3340 (21 day 4hrly) and it fell 160 pips post that. Euro stays below the trendline broken on last friday. The view remains bearish till its holding below 1.3330 (38.2% retracement of the recent fall). Maintain sell on retracements around 3240-90 levels for a target of 1.3030. Near term fundamental stays weak. (Eur/Usd:1.3215). BEARISH.
Pound: We had accumulated shorts till 1.43-4350 post which pound fell 90 pips to 1.4255 levels .Strategy for pound still remains bearish. Accumulate shorts from 1.43 - 1.4350 for a target of 1.40 (Gbp/Usd: 1.4315). BEARISH.
Yen: The Usd/Jpy pair had been stuck in the triangular pattern between 95 to 98.70 . The triangle got broken yesterday due to excessive buying in the USD/JPY pair . It has currently taken resistance at the 50% retracement of the medium term fall exactly.We would target 101.64 (61.8% retracement of the major fall) provided 98.00 levels hold good. The strategy remains bullish since its holding above the trendline. Add positions only on 2 closing above 99.00 levels targetting 101.50 . SLIGHTLY NEUTRAL TO BULLISH. (Usd/Jpy: 98.80).
Australian Dollar: Aussie touched the trend line resistance and 21 day day EMA as expected yesterday. Strategy remains to go short on the pair targetting .6500 . Keep STOPS closing above .7050 . BEARISH (Aud/Usd: 0.6890).
Gold: Gold recently had broken the bullish trendline near $930 . Cluster resistance is around 923-25 which should be taken as opportunities to short again. Please note that the daily stochastic of Gold is giving a STRONG buy provided 926 breaks on a sustained basis. Little tricky currently. Stay Short but reverse incase 930 breaks and closes above . NEUTRAL (Gold: $917.60).
Dollar index : Dollar index has broken the down trendline and staying above 86.00 . It inched slightly higher yesterday.Other indicators stays buillish . BULLISH.
Daily Forex Technicals | Written by TheLFB-Forex.com |
Usd/Chf Big Picture Elliott Wave
The Swissy still has enough room to move higher on the two hour chart shown below. It looks as though wave v has not even started as this move from wave iii) top is looking corrective. Therefore the market may currently be trading in a wave iv) retrace from where we will be looking higher into wave v), especially if prices break through the small black resistance line shown at wave iii) highs. Our upside targets remains the same as on Monday; somewhere between 50% and 61.8% of wave I) if the markets continue to support the dollar index.