EURO
The Euro versus the dollar declined sharply yesterday opposing expectations, to breach the key support for the ascending channel at 1.3375 before facing the 38.2% correction and a minor support at 1.3310. This decline can be seen as a correction for the last incline where the uptrend prevails as far as 1.3285 remains intact to help target the 1.3410 level. Momentum indicators show the pair being oversold which may support the upside movements. However, a clear break of the 1.3285 level will change the short term trend to the downside to target 1.3110
The trading range for today is among the key support at 1.3050 and the key resistance at 1.4180.The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2120.
Support: 1.3310, 1.3285, 1.3255, 1.3175, 1.3135
Resistance: 1.3410, 1.3490, 1.3555, 1.3580, 1.3625
Recommendation: According to our analysis, we believe its best to buy the pair above 1.3410 with targets at 1.3555 and stop loss with a four hour close below 1.3310
GBP
After trading was stable above the key resistance at 1.4790, the GBP/USD pair declined significantly to the 38.2% correction at 1.4645 opposing our expectations to continue inclining as far as 1.4835 remains intact. The decline seen was a correction to the upside wave and the pair is now targeting the 61.8% correction at 1.4450 after nearing the key resistance where it is important to monitor the current support at 1.4645 which may determine the intraday trend. A rebound from the previously mentioned level will result in a retest of the 1.4875 level, yet breaching it to the downside will take the pair to the key support at 1.4450
The trading range for today is among the key support at 1.4450 and the key resistance at 1.5180. The general trend is to the downside as far as 1.5270 remains intact with targets at 1.3440
Support: 1.4645, 1.4600, 1.4545, 1.4520, 1.4450
Resistance: 1.4740, 1.465, 1.4850, 1.4930, 1.4985
Recommendation: According to our analysis, we believe its best to sell the pair below 1.4645 with targets at 1.4545 and stop loss with a four hour close above 1.4765
JPY
The Dollar versus Japanese yen was gradually declining in correctional movements within a minor ascending channel that took the pair to the 38.2% correction at 100.25 before rebounding back to the upside. It is expected for the pair to target the key support for the ascending channel at 98.85 where the intraday trend for today is to the downside and will prevail as far as 100.95 remains intact
The trading range for today is among the key support at 93.35 and the key resistance at 102.60.The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60.
Support: 100.25, 99.90, 99.15, 98.85, 98.55
Resistance: 100.95, 101.45, 101.95, 102.60, 103.00
Recommendation: According to our analysis, we believe its best to sell the pair below 100.95 with targets at 99.90 and stop loss with a four hour close above 101.45
CHF
The USD/CHF pair continued to trade within a minor descending channel yesterday where we currently see trading near the key resistance of the channel. A bullish technical pattern (flag) has been constructed with targets breaching the 1.1370 resistance level to incline and change the intraday trend to the upside targeting 1.1440 and 1.1530 (previously breached support turned resistance. The next four hour close regarding the 1.1370 level will determine the intraday trend
The trading range for today is among the key support at 1.0975 and the key resistance at 1.1750. The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2245
Support: 1.1330, 1.1290, 1.1230, 1.1205, 1.1165
Resistance: 1.1440, 1.1485, 1.1530, 1.1570, 1.1615
Recommendation: According to our analysis, we believe its best to sell the pair with the next hourly close below 1.1370 with targets at 1.1205 and stop loss with a four hour close above 1.1440
Gold 871
Initial support at 852 (Jan 23 low) followed by 843 (Jan 23 low). Initial resistance is now at 909 (Apr 1 high) followed by 945 (Mar 26 high).
Gold Sup 2 Sup 1 Spot Res 1 Res 2
XAU/USD 843.00 852.00 871.00 909.00 933.00
Easy Forex
Daily Forex Technicals | Written by Mizuho Corporate Bank
EURUSD
Comment: Hugging the top of the Ichimoku 'cloud', hovering around the 9-day moving average. The Euro is not overbought and one-month at-the-money implied volatility is lower than it has been since October. Time to start picking up again? A sustained break above last month's high at 1.3739 should see another round of short-covering send it back up towards 1.4400.Strategy: Attempt longs at 1.3355, adding to 1.3400; stop below 1.3250. Add to longs on a sustained break above 1.3800 for 1.4000 and then more.Direction of Trade: ↗
Support Resistance
1.3357 "1.3421
1.3321 1.3518
1.325 1.3582*
1.3166 1.365
1.3113* 1.3739*
GBPUSD
Comment: Holding above immediate retracement support and the Ichimoku 'cloud' though below yesterday's high at 1.4960. A sustained break above 1.5000 should set off another round of serious short-covering.Strategy: Buy at 1.4675; stop below 1.4400. Short term target 1.4960, then 1.5375. Direction of Trade: →↗
Support Resistance
1.4638 " 1.4750/1.4780
1.4535 1.485
1.4450/1.4435* 1.4960/1.5000**
1.44 1.5155/1.5185
1.424 1.5375*
USDJPY
Comment: Consolidating neatly under yesterday's high at 101.45 and we continue to favour another brief squeeze higher still, to 102.00 and possibly even as high as 106.50 some time this month.Strategy: Attempt small longs at 100.50, adding to 99.50; stop below 99.00. Cover ahead of 102.20.Direction of Trade: ↗
Support Resistance
100.40 " 101.11
100.22 101.45/101.65*
99.9 101.85
99.35 102.20*
98.50* 102.45
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