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CURRENCIES TECHNICAL ANALYSIS April.17

Euro

 

The EUR/USD pair once again managed to catch some bids on Monday. The euro rebounded from the mark 1.2330 and made a break through 1.2350 first. Buyers did not stop after that and pushed the spot up to 1.2400 where the euro momentum began to fade. As a result, the price dropped to 1.2350. The resistance resides at 1.2400, the support comes in at 1.2350.

 

The market is still bullish. If the price overcomes 1.2350 we will neutralize our medium term negative outlook. Should that happen and buyers will move this pair to 1.2400.

 

GBP/USD

 

The strength of the bullish sentiment remained strong on Tuesday. The pound extended its near-term upward trajectory and posted a fresh weekly high at 1.4375. The resistance lies at 1.4400, the support comes in at 1.4300.

 

The sterling is strong and may extend its vertical rise and test 1.4400 in the coming days.

 

USD/JPY

 

The bullish market structure remained in place. However, the US dollar started to retrace its gains amid profit taking following the last week rally. Sellers pushed the spot to the level 107.00 where the EMA50 lies. This barrier stopped the pair's decline. However, bears remained in control and kept pressuring the 107.00 handle. The resistance resides at 107.50, the support comes in at 107.00.

 

The US dollar decline seems just corrective. Still sellers might drive the USD/JPY pair to the 106.60 area where we believe that EMA100 and EMA200 will stop them.

 

GBP/JPY

 

The pound tried to regain traction on Monday. Buyers pushed away from 153.00 and moved the pair to the 153.60 where they lost control. The sterling continued its sideways trades staying between 153.50 and 153.00 on Tuesday. The resistance lies at 154.00, the support is at 153.00.

 

A convincing break above 153.00 remains elusive. If bulls do not try to regain the current resistance, the pound may become defensive. In this potential scenario the sterling will decline to 152.00.

 

EUR/JPY

 

The undertone for the euro is clearly positive. The EUR/JPY made an upward move towards 133.00 where the bullish pressure eased, according to technical readings. The euro bounced from the hurdle to the 132.50 level after that. The resistance lies at 133.00, the support is at 132.50.

 

The euro still has a potential to rise further. However, approaches to the 133.00 level should attract selling interest. The growing selling pressure might send this spot to 132.00, en route 131.50.

USD/CAD

 

The neutral phase that started last week is still intact. The USD/CAD is confined to a well limited range between 1.2600 and 1.2560. The resistance stands at 1.2600, the support is at 1.2500.

 

We believe that this pair will maintain its ask tone and will probe 1.2500 in the coming sessions.

 

S&P500

 

S&P500 regained the 2670 level and advanced to 2680 on Monday. The index continued to move higher on Tuesday and touched the level 2700 in the late European session. The resistance is at 2700, the support stands 2670.

 

A growing buying pressure might force the S&P500 index to resume its upward trajectory and probe the 2710 area today.  

 

DAX

 

DAX continued its neutral-to- bullish stance staying between 12500 and 12400 now. A bout of buying pressure emerged in the morning and sent the price to the upper end of the range. Buyers failed to regain this level and stayed around it afterwards. The resistance lies at 12500, the support exists at 12400.

 

We believe that the DAX index will keep struggling with 12500 today. If buyers break through this barrier they will move the benchmark to 12600.

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