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CURRENCIES TECHNICAL ANALYSIS April.11

Euro

 

The EUR/USD pair caught fresh bids in the night and was able escalate up to 1.2385 where buyers lost strength and the currency pair turned to the downside in the European session. The resistance resides at 1.2400, the support comes in at 1.2350.

 

The spot is overvalued and we are waiting to see if bulls are able to maintain their dominant position and hold onto gains. If so, they will push the euro towards 1.2400. If they fail, the currency pair may decline to 1.2330.

 

GBP/USD

 

The pound is stronger than the US dollar now. Buyers preserved dominant positions and posted fresh gains on Wednesday. They advanced up to 1.4200 in the early European trades, but lost steam after touching the hurdle. The resistance lies at 1.4200, the support comes in at 1.4100.

 

Bulls need to regain the 1.4200 resistance before a price can rally towards 1.4234, en route to 1.4250.

 

USD/JPY

 

The US currency rebounded from the EMA50 and recovered a portion of its recent losses on Tuesday. The pair recovered to the 107.20-107.00 area where buyers stepped away and the price spent the whole Asian session. The resistance resides at 108.00, the support comes in at 107.00.

 

A failure to hold above 107.00 risks a slide to the 106.50 area. If buyers stay in the driver's seat, they will drive the pair towards 108.00.

 

GBP/JPY

 

Technically, the main trend is up. The cable spiked higher on Tuesday and tested the level 152.00. The bulls appeared to face exhaustion at the level. The buying momentum faded, however, it remained strong enough to keep the spot around its fresh highs. The resistance lies at 152.00, the support is at 151.00.

 

If the buying interest stays firm around the pound, buyers may lead prices towards 153.00 in the coming days. We do not rule out another sellers’ attempt to lower the price to the 151.00 handle at least.

 

EUR/JPY

 

The ask tone around the yen boosted EUR/JPY to fresh highs on Tuesday. Buyers led the euro from the 131.50 level to the 132.50 hurdle where they lost strength and spent the night and the day sessions. The resistance lies at 132.50, the support is at 132.00.

 

The spot may come under a bit of pressure amid profit-taking. In this potential scenario sellers might drive the single currency to the support at 132.00.

 

NZD/USD

 

NZD/USD remained better bid on Wednesday. The NZD caught an upside momentum last week, which lasted until the pair met a resistance in the 0.7370 area. The upward pressure eased over there and the spot started a buying consolidation in the 0.7370-0.7350 area. The resistance stands at 0.7400, the support is at 0.7350.

 

The NZD/USD is oversold and we may witness a mild profit taking slide to the 0.7350-0.7325 area.

 

S&P500

 

S&P500 was recovering the first part of the week after the last week sell-off. Buyers were able to reverse the majority of their losses and returned the benchmark to the 2670 region. This barrier rejected prices downwards and they declined to the 2640 handle. The resistance is at 2670, the support stands 2640.

 

S&P500 will have a chance to extend its recovery if the index regains the 2670 hurdle. The price might advance to the 2700 area in this case. However, we see that buyers are having problems with going further. If they do not regain this barrier in the short-term, sellers might seize control and send the benchmark to the 2610 area.

 

DAX

 

The upward momentum lost legs when DAX probed the level 12400. Buyers failed to retake this barrier and stepped back. Sellers used this chance to reverse some losses and declined the benchmark to the 12300 area. The resistance lies at 12400, the support exists at 12300.

 

The short term technical structure suggests short-term sideways trading moves. We assume that the DAX index will stay in the current range the upcoming days.

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