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CURRENCIES TECHNICAL ANALYSIS April.16

Euro

 

When the euro touched the 1.2300 handle on Friday, the spot bounced back and reversed a minor portion of its losses. The pair recovered to the 1.2350 area where buyers lost momentum. EUR/USD was neutral during the night trades on Monday. A weak buying interest emerged in the morning and sent the rate to 1.2360. The resistance resides at 1.2400, the support comes in at 1.2350.

 

We preserve our positive outlook for this pair. The neutral-to-bearish stance is over and the euro may continue its recovery today. Should this happen the price will move back to the resistance 1.2400.

 

GBP/USD

 

The sterling caught an upside momentum and moved to 1.4300 on Friday. This barrier rejected the major which eased to 1.4250 afterwards. The pound remained on strong bullish footing on Monday. The upward structure is still intact and the major is ready to continue its strengthening. The resistance lies at 1.4300, the support comes in at 1.4200.

 

A growing buying pressure may help bulls to retrace a portion of their recent losses and push the spot to 1.4330.

 

USD/JPY

 

The USD started a new week on the defensive. The selling pressure increased in the night and the major extended its losses. Sellers dragged the spot below 107.50 in the Asian session and approached the 107.00 handle by the morning. The resistance resides at 107.50, the support comes in at 107.00.

 

Sellers might revert another portion of their losses and move this pair further down to 107.00. The only buyers' hope is the EMA50 which lies in this area and may stop sellers' advance.

 

GBP/JPY

 

The trend is objectively bullish now. However, the pound started a new week on a negative note. The pair turned bearish in the night and pressured the 153.00 handle. Sellers almost regained the level when buyers fought back control and pushed the price towards the 153.50 region. The resistance lies at 154.00, the support is at 155.00.

 

Despite the overall positive sentiment we expect a pull back to the 153.00-152.50 area now.

 

EUR/JPY

 

The EUR/JPY pair bounced off the border of the overbought zone on Friday. Sellers moved the price to the level 132.50 first. After a brief pause they continued pushing the single currency downwards on Monday. Bears almost reached the 132.00 support when a fresh bout of the buying pressure emerged and the spot bounced back to 132.50. The resistance lies at 132.50, the support is at 132.00.

 

If the buying pressure persists, the currency pair may recover to the 133.00 area.

AUD/USD

 

The AUD started a week on the defensive. The offered tone around the major sent the rate to the 0.7750 handle where the Aussie found fresh bids and rebounded to the opening prices. The resistance stands at 0.7800, the support is at 0.7750.

 

The price stays firm in the green despite the growing selling pressure. The currency pair may revisit the 0.7800 area soon.

 

NASDAQ

 

NASDAQ remained in bulls' hands on Monday. The benchmark opened the week on a positive note. Buyers pushed away from 6630 and moved the price to the 6690 region. The resistance is at 6690, the support stands 6630.

 

We expect markets to stay fairly positive in the short-term. Buyers will keep attacking the 6690 resistance and if they succeed, the rate will advance to the 6750 area where we anticipate a turn around and a move to 6690 afterwards.

 

DAX

 

The buying interest stays firm around DAX. Buyers kept struggling with the 12500 hurdle, but did not regain the level so far. The resistance lies at 12500, the support exists at 12500.

 

We are looking for the immediate resistance break and then continuation of a incline with a further target at 12600.

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