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CURRENCIES TECHNICAL ANALYSIS April.5

Euro

 

Sentiment remained negative on Thursday. The euro is still under heavy selling pressure. However, despite the US dollar strength the major cannot overcome the 1.2250 barrier. Sellers pressured the level in the European session, but failed to regain it so far. The resistance resides at 1.2300, the support comes in at 1.2250.

 

We still believe that the euro may soften to 1.2200 in the short-term.

 

GBP/USD

 

The short-term upward structure remained intact on Thursday. The pound lacks any firm direction and moves back and forth in the narrow range 1.4080-1.4030. The resistance lies at 1.4100, the support comes in at 1.4000.

 

We would be buying the GBP/USD pair only if the price moves above 1.4100. Until then, we are waiting for a move lower towards the 1.4000-1.3990 support area.

 

USD/JPY

 

The greenback keeps the upbeat tone unchanged vs. its Japanese peer on Thursday. The US dollar left the 106.00 area the other day and reversed another portion of its recent losses. Buyers lifted the major to the 107.00 area where the upbeat momentum lost legs. The resistance resides at 107.00, the support comes in at 106.00.

 

All eyes are right now at the resistance level 107.00. A cut through here will turn attention to the 107.50 mark.

 

GBP/JPY  

 

A softer tone around the yen fueled pound’s further upside momentum. The major bounced off the EMA100 which lies around 149.00 and spiked to the 150.50 region. The resistance lies at 151.00, the support is at 150.00.

 

The overall outlook is bullish now, for a rise towards the 151.00 resistance area.

 

EUR/JPY

 

The euro managed to catch some bids on Wednesday and made a move towards the upper border of the selling channel. Buyers reclaimed the level in the night and continued driving the market higher afterwards. The buying pressure persisted on Thursday and the price approached the 131.50 in the mid-European session. The resistance lies at 131.50, the support is at 131.00.

 

EUR/JPY has an upward potential now. If buyers preserve control, they will be able to break through 131.50 and advance up to 132.00 after that.

 

AUD/USD

 

The buyers' attempt to recover stalled when the price touched the 100-EMA. The line rejected the pair and the price returned below 0.7700. Sellers kept pushing the AUD the first part of the day and reached the mark 0.7680 by noon. The resistance is at 0.7700, the support stands 0.7650

 

The AUD/USD pair has room to extend further, but at this stage, a sustained move below 0.7650 seems unlikely. We assume that the spot just will touch the level and pull back after that.

 

DAX

 

DAX gapped upwards on Thursday morning. The price jumped to 12100 and continued its upward trajectory afterwards. Buyers almost reached 12200 when the EMA100 stopped their advance and rejected the benchmark downwards. The resistance lies at 12200, the support exists at 12100.

 

Should DAX overcome the level 12200 it will be able to reach the 12300 hurdle in the coming days.

 

NASDAQ

 

NASDAQ remained on recovery-mode which started on Wednesday. The index was growing the whole night and advanced from 6500 to 6630. The resistance lies at 6630, the support exists in at 6570.

 

NASDAQ is likely to extend its upward pull back and may test the level 6690 in the short-term.

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