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CURRENCIES TECHNICAL ANALYSIS April.10

Euro

 

Buyers made a break through 1.2300 and advanced up to the 1.2325 area where the spot faced selling resistance from the 100 and 200 EMAs. These lines stopped bulls and the EUR/USD spent around them the first part of Tuesday. The resistance resides at 1.2350, the support comes in at 1.2300.

 

Buyers are getting stronger and we view the likelihood of a test of the 1.2350 zone now.

 

GBP/USD

 

The British pound demonstrated a confident increase on Tuesday. Buyers left the 1.4130-1.4100 support area in the morning and pushed the sterling towards 1.4200. The resistance lies at 1.4200, the support comes in at 1.4100.

 

The most likely scenario involves another leg higher and a test of 1.4200 in the coming sessions.

 

USD/JPY

 

Despite all the sellers' attempts the USD/JPY pair stayed in a near-term ascending channel. The growing selling pressure sent the US currency to the lower end of the channel where the EMA50 slowed down the pair's decline. The line rejected the major upwards giving buyers a chance to start a recovery. The resistance resides at 107.00, the support comes in at 106.00.

 

If buyers fail to stay above 107.00 the currency pair will extend its losses towards 106.00. It is the last line of defense for buyers and if broken it will open the way for a further decline towards 105.50.

 

GBP/JPY

 

The pound kept the upbeat tone unchanged vs. its Japanese peer on Tuesday. The major caught some bids around 151.00 and spiked to the 151.50 area. The resistance lies at 152.00, the support is at 151.00.

 

Bullish scenario requires close above 151.00. In this potential scenario the currency pair may advance up to 152.50.

 

EUR/JPY

 

The euro started the day on a strong note versus the Japanese yen. The major pushed away from the level 131.50 and jumped to the 132.00 hurdle. This barrier did not stop buyers who advanced up to 132.30 afterwards. The resistance lies at 132.50, the support is at 132.00.

 

EUR/JPY remained focused on a potential test of 132.50.

 

AUD/USD

 

The positive bias prevailed on Tuesday. Buyers managed to break through the 0.7700 resistance area with the EMA100 and continued their rally. They pushed the AUD to the 0.7750 area where the EMA200 is located. This new barrier limited buyers’ advance and they lost momentum at the mark 0.7740.  The resistance stands at 0.7750, the support is at 0.7700.

 

The risk remains towards the upside, with a break above 0.7750 and further advance towards 0.7800.

 

NASDAQ

 

NASDAQ remained under moderate pressure on Tuesday. The recovery attempt stalled at 6630 where the benchmark found fresh offers and rebounded below 6570. The resistance is at 6570, the support stands 6510.

NASDAQ will probably post more losses in the short-term. Sellers are targeted at the level 6450 now.

 

DAX

 

Buyers preserved control and pushed DAX higher at the open. The index jumped from 12300 to the 12400 area where the upward momentum lost steam. The resistance lies at 12400, the support exists at 12300.

 

The EMA200 is located in the 12400 area and limited buyers' advance. Should they regain this barrier they will drive this market to the 12600 hurdle.

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