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CURRENCIES TECHNICAL ANALYSIS April.13

Euro

 

The US dollar recovery did not have any legs. Sellers moved the euro to the 1.2300 area where the spot found fresh bids and bounced back. Besides, this support region contains a number of the moving averages which acted as an additional support for the major. The resistance resides at 1.2350, the support comes in at 1.2300.

 

Sellers still have a chance to regain the 1.2300 handle and we expect a new attack at the level any moment now.

 

GBP/USD

 

The outlook for this major pair is highly constructive. The pound stays firm in the green and does not plan to give up its positions. A buying momentum around the pound lifted the GBP/USD pair to 1.4230 yesterday. The major failed to advance beyond the mark and spent the night in its region. The morning brought fresh bullishness and the currency pair spiked to 1.4300. The resistance lies at 1.4300, the support comes in at 1.4200.

 

We are looking for the 1.4300 mark break and then continuation of an incline with a further target at 1.4350.

 

USD/JPY

 

The USD remained well bid and was able to reverse all its recent losses on Friday. The major extended its rebound from 107.00 in the morning and was able to probe the 107.50 hurdle in the mid-European session. The resistance resides at 108.00, the support comes in at 107.50.

 

Buyers got another chance to continue their upward trajectory. If they use it, they will consolidate above the 107.50 hurdle in the short-term. If they succeed, they may reach 108.00 in the coming sessions.

 

GBP/JPY

 

The pound caught a fresh upside momentum on Friday. The sterling was struggling with the level 153.00 the whole night and finally broke it in the morning. A fresh bid-wave pushed the rate towards 154.00 afterwards. The spot lost the upward strength around this high and remained over there for the rest of the day. The resistance lies at 154.00, the support is at 155.00.

 

The pair is overbought and may come under some profit-taking pressure. If so, sellers might move this spot to the 153.00-152.50 area now.

 

EUR/JPY

 

The EUR/JPY pair is still positive. The pair preserved its bullish note during the Asian and European trades. Buyers made a break above 132.50 in the morning and trended up to 133.00 afterwards. The buying momentum lost steam when the euro approached the mentioned hurdle. The resistance lies at 133.00, the support is at 132.50.

 

The short term technical structure suggests another leg higher. We believe that this currency pair will probe the 133.00 resistance in the upcoming sessions. If the buying pressure remains strong, they will be able to reclaim it.

USD/CAD

 

USD/CAD continued to trade in a negative ground on Friday. Sellers reclaimed the level 1.2600 on Thursday and pushed the dollar to the mark 1.2550. Bears failed to hold onto gains and the rate bounced back from the mark 1.2560. The recovery mode, however, was short-lived and did not last too long. Sellers regained control in the morning and quickly returned the price below 1.2600. They continued pushing the US currency lower the whole European session and revisited 1.2560 by noon. The resistance stands at 1.2600, the support is at 1.2500.

 

Sellers might try to test the 1.2500 area in the short-term. If they succeed, the spot may extend its losses to the level 1.2400.

 

S&P500

 

The rise in S&P500 demand helped the benchmark to extend its recovery. The price left 2640 region the other day and advanced towards the 2670 hurdle on Friday. The resistance is at 2670, the support stands 2640.

 

We assume that S&P500 will continue its strengthening in the coming sessions. When the level 2670 remains behind the price, the 2700 hurdle is attracting buyers’ attention now.

 

DAX

 

DAX continued trading in the positive area on Friday. The index extended its recovery from 12300 and moved towards 12500 in the morning. Buyers reached this barrier in the mid-European session. They did not stop after that and regained the level soon after testing it. The resistance lies at 12500, the support exists at 12500.

 

If the positive bias preserves, DAX may reach 12600 in the coming sessions.

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