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CURRENCIES TECHNICAL ANALYSIS April.18

Euro

 

EUR/USD pierced the 1.2400 hurdle, but failed to sustain gains above it. The euro turned bearish and sharply dropped to the 1.2350 area where the 50, 100 and 200 EMAs stopped its decline and rejected the price. The resistance resides at 1.2400, the support comes in at 1.2350.

 

The price is likely to continue its recovery today and may probe the 1.2400 resistance.

 

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.

 

Sellers may continue moving the pot downwards and reach the 1.4200 level in the coming sessions.

 

USD/JPY

 

Sellers still control the market. They led the USD/JPY pair to the level 107.00 where the EMA50 stopped them. However, they did not retreat and stayed around fresh lows. The resistance resides at 107.50, the support comes in at 107.00.

 

The currency pair still has a potential to move lower. Sellers might to push the US dollar to the 106.60-106.50 area where the spot may face a buying rejection from the EMA100.

 

GBP/JPY

 

GBP/JPY preserved its neutral-to-bearish tone on Wednesday. The pound is locked between 154.00 and 153.00 tending to move lower. The resistance lies at 154.00, the support is at 153.00.

 

If the selling pressure around the pound keeps growing the pair will start losing its value and may soften to the 152.00-151.50 area.

 

EUR/JPY

 

EUR/JPY remained in an uptrend. However, fresh offers around the 133.00 price zone sent the spot to the lower end of the ascending channel. The currency pair touched the level 132.00 which together with the EMA50 rejected the spot back to 132.50.The resistance lies at 132.50, the support is at 132.00.

 

There is a likelihood that the selling pressure will keep growing and the euro will move to the 131.50 level in this case.

 

NZD/USD

 

The New Zealand dollar is trading on a soft note vs. its US counterpart. Sellers managed to retake the 0.7350 milestone on Tuesday and drove the pair to 0.7340 afterwards. The EMA50 which is located in this region saved bulls from further losses. The line rejected the spot upwards and the NZD managed to revert a minor portion of its recently lost ground. The resistance stands at 0.7350, the support is at 0.7300.

 

Bears need to overtake the 0.7320 mark to continue with their decline. In this potential scenario the pair may ease to the 0.7300 handle which is defended by the EMA100 and EMA200. This barrier is a hard nut to crack and may reject the majors upwards.

 

NASDAQ

 

Market positive mood persists. Buyers were able to lead NASDAQ from 6690 to 6810 where they lost momentum. The resistance is at 6810, the support stands 6750.

 

A break above 6750 neutralized the selling pressure. Moreover, NASDAQ left behind the EMA200 and does not have obstacles which could limit its growth.

 

DAX

 

DAX attacked the level 12600 on Wednesday. Despite the intense pressure the benchmark failed to regain the level. The index just touched the hurdle and stepped back. The resistance lies at 12600, the support exists at 12500.

 

The buying pressure will most likely to persist. We expect another leg higher and a move through 12600 towards the 12700 area.

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