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CURRENCIES TECHNICAL ANALYSIS April.12

Euro

 

Buyers led the EUR/USD pair to the level 1.2400 on Wednesday. They failed to regain the level which rejected the spot back to the 1.2350 handle in the night. The mention level did not stop sellers who reclaimed it in the morning and continued pushing the pair downwards. The resistance resides at 1.2350, the support comes in at 1.2300.

 

The euro eased off from weekly high as traders decided to book some profits. The spot may extend its sell-off and revisit 1.2330-1.2300 area in the coming sessions.

 

GBP/USD

 

The undertone for GBP is still positive. The pair has been under intense buying pressure since Monday. Thus, buyers pushed the pound to the 1.4200 hurdle on Wednesday where the major faced selling rejection and eased off. The selling pressure was growing the whole night and the morning and caused a sell-off to the 1.4150 region. The resistance lies at 1.4200, the support comes in at 1.4100.

 

Bulls took a pause and allowed sellers to reverse some losses. If the bearish tone persists, we expect the pair to reach 1.4100 in the coming sessions.

 

USD/JPY

 

The USD/JPY pair is still in a buy mode despite the growing selling pressure. The 106.70 mark with the EMA50 provided a decent support to the US dollar. Every time the major touched this barrier it rebounded off it. The resistance resides at 108.00, the support comes in at 107.00.

 

A growing selling pressure might force the pair to resume its downward trajectory towards 106.00. However, sellers need to regain the EMA50 first and break through the EMA100 and EMA200 after that. Only a move below 106.00 will neutralize the current buying pressure and will allow sellers to reach the 105.00 handle.

 

GBP/JPY

 

The overall picture is still positive. Buyers are in the driver's seat and are ready to post more gains. However, the spot is overbought and requires a correction. The selling pressure was growing in the early night session and the pound had to start a new day on the defensive. The major rebounded from the level 152.00 and headed towards 151.00 after that. The resistance lies at 152.00, the support is at 151.00.

 

The pair came under some profit-taking pressure and may revisit the 150.50 area now.

 

EUR/JPY

 

The euro's rally appeared to be overdone on Wednesday. The EUR/JPY pair started a correction, moved away from 132.50 and declined to132.00 where sellers lost momentum. The resistance lies at 132.50, the support is at 132.00.

 

The currency pair may extend its near term upward trajectory when the current correction is over. The main trend is up and the pullbacks are expected to remain corrective. Sellers might push the euro to the 131.50 area where the major will meet a first strong obstacle – the EMA50.

 

AUD/USD

 

Buyers lost momentum when they reached 0.7750. AUD/USD pair spent a few days around this mark struggling hard to extend its gains. However, the growing selling pressure limited its advance holding the AUD in a narrow range 0.7770-0.7750. The resistance stands at 0.7800, the support is at 0.7750.

 

Buyers seem to be unable to leave the mentioned range.

A failure to hold above 0.7750 risks a slide towards 0.7700 support area where the 100 and 50 EMAs lie. These lines will probably limit sellers' advance and reject the Australian currency back to 0.7750.

NASDAQ

 

NASDAQ is trying to build a correction now. However, the index faced a stiff resistance at 6630. The benchmark faced a selling rejection every time it tried to break through it. However, buyers did not give up and kept pressuring the hurdle on Thursday. The resistance is at 6630, the support stands 6570.

 

We assume that NASDAQ will remain confined within the current trading range in the coming sessions.

 

DAX

 

DAX started a recovery after the Wednesday’s sell-off. A fresh bout of buying interest emerged in the morning and helped buyers to get some traction. The price bounced away from the 12260 mark in the morning and recovered to 12340 by noon. The resistance lies at 12400, the support exists at 12300.

 

We believe that DAX is able to climb over 12400 and advance to 12500 afterwards.

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