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CURRENCIES TECHNICAL ANALYSIS April.27

Euro

 

The euro holds firmly in red. The renewed selling interest sent the major to the level 1.2100 where the pair spent the night. Sellers continued pushing the single currency lower in the morning. The left the 1.2100 area and headed towards 1.2050. The resistance resides at 1.2100, the support comes in at 1.2050.

 

We expect a correction which may last a few days to ease the current oversold scenario. If so, the EUR/USD pair might recover to 1.2150. If sellers prefer to ignore the oversold conditions, the single currency will extend its sell-off towards 1.2000.

 

GBP/USD

 

The U.S. currency maintained control of the flows. The pound attacked the 1.3900 level again in the morning and reclaimed the level this time. The selling pressure remained in place after that and the sterling dropped to the level 1.3800 where it closed the European session. Sellers continued pushing the sterling lower after that and approached 1.3700 ahead of the NY opening. The resistance lies at 1.3800, the support comes in at 1.3700.

 

If sellers establish new short position, the market may advance to 1.3700 in the upcoming days.

 

USD/JPY

 

The upward structure remained intact on Friday. Buyers are trying hard to reclaim the 109.50 level, but did not show any progress so far. They once again approached the 109.50 level in the morning and again were rejected downwards. The resistance resides at 109.50, the support comes in at 109.00.

 

If bulls retain control, USD/JPY may move towards 110.00 in the coming days.

 

GBP/JPY

 

The market switched its tone on Friday. The pound started to lose ground in the morning. The GBP/JPY pair broke through the 152.00 level first and then driven by renewed selling interest headed towards 151.00. Buyers failed to stop sellers at the level and the last continued to push the sterling towards 150.00. The resistance lies at 151.00, the support is at 150.00.

 

The pound looks vulnerable and is prone for more weakness. Sellers might reach the 150.00 handle in the coming session unless buyers stop them at 150.50 where the EMA200 lies and may block sellers’ advance.

 

EUR/JPY

 

The rise in the dollar demand helped sellers to preserve control on Friday. The pair turned bearish early in the week. The spot left the 133.25-133.00 area and dropped to the 132.50 first. This level did not limit sellers' advance who led the price to the 132.00 handle afterwards. The resistance lies at 132.50, the support is at 132.00.

 

If the negative bias prevails we expect a further decline and a move towards 131.00.  

 

AUD/USD

 

AUD/USD is still bearish. However, the major found a decent support at 0.7550 which blocked its advance. Sellers were trying to reclaim the level the first part of the day, but did not succeed so far. The resistance stands at 0.7600, the support is at 0.7500.

 

If sellers remain in the driver’s seat, the AUD/USD pair may extend its near-term bearish momentum and move to the level 0.7500.

 

S&P500

 

S&P500 remained in bulls' hands on Friday. Buyers lost steam at 2670 where the EMA50 and EMA200 lie block their advance. The resistance lies at 2670, the support exists at 2640.

 

The index may bounce from the upper limit of the descending channel and move towards 2640 now.

 

DAX

 

DAX had a positive day on Friday. The index extended yesterday's impetus and moved from 12525 to 12600.The resistance lies at 12600, the support exists at 12500.

 

If DAX stays above 12500 it may post fresh gains and overcome the 12700 hurdle.

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