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CURRENCIES TECHNICAL ANALYSIS April.6

Euro

 

The euro continued to lose value on Friday. The major came under a weak buying pressure in the night and returned to the 1.2250 region where sellers seized control and started to push the spot to the targeted 1.2200 level. The resistance resides at 1.2250, the support comes in at 1.2200.

 

The short term picture favors the downside. We expect a move towards 1.2200 now.

 

GBP/USD

 

The pair presented a modest bearish tone on Friday morning. A bout of fresh GBP weakness allowed the GBP/USD to continue its slide. The pound started to move lower in the morning and headed towards 1.3970 where the EMA200 lies and may slow down its advance. The resistance lies at 1.4000, the support comes in at 1.3900.

 

A firm break below the mark 1.3950 could trigger fresh weakness for attack at 1.3900.

 

USD/JPY

 

The trend is objectively bullish now. Buyers reached the 107.30-107.00 area on Thursday and took a pause for a night. The spot moved back and forth in the mentioned range during the Asian session. Friday morning did not bring any drivers and the USD/JPY pair remained neutral-to-bullish. The resistance resides at 108.00, the support comes in at 107.00.

 

Traders are waiting for fresh drivers which might force the pair to resume its upward trajectory. If the US dollar leaves the range 107.30-107.00 it will continue to advance north heading towards 107.50 first, en route 108.00.

 

GBP/JPY

 

The upward structure remained intact on Friday. The pound stuck in the middle of the range staying close to the 150.00 handle. The resistance lies at 151.00, the support is at 150.00.

 

Buyers need to stay above150.00 to retain bullishness. We are waiting for another bullish impetus which will be able to lift the spot to 151.00.

 

S&P500

 

Buyers failed to regain the level 2670 on Thursday. S&P500 faced selling pressure at the level and stepped back. Sellers led the price to the 2625 mark where buyers regained control and managed to reverse some losses and push the benchmark to the 2640. The resistance is at 2640, the support stands 2610.

 

The market sentiment is still positive and the S&P500 index may revert its recent losses today. If the buying pressure intensifies, the benchmark may revisit the 2670 hurdle in the coming sessions. If buyers are lucky, they could even break this level through and advance towards 2700 afterwards.

 

DAX

 

DAX had a negative start to the day. The index gapped downwards from12300 to 12200 and spent around the level the whole European session. The resistance lies at 12300, the support exists at 12200.

 

If buyers stay above or around 12200 they will be able to push the benchmark towards 12400.

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