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CURRENCIES TECHNICAL ANALYSIS April.30

Euro

 

Buyers were unable to drive the EUR/USD pair above 1.2150. The spot found fresh offers at the level and dropped to the 1.2100 hurdle. The euro overcame this barrier afterwards and continued its slide towards 1.2050. The resistance resides at 1.2100, the support comes in at 1.2050.

 

The overall market sentiment is negative and we expect a move to 1.2050, en route to 1.2000.

 

GBP/USD

 

GBP/USD bears still lead the way. A fresh downward impetus emerged on Monday and sent the pair from 1.3800 towards 1.3700. Sellers reached the level in the late European session and took a pause waiting for fresh drivers. The resistance lies at 1.3800, the support comes in at 1.3700.

 

The pound may continue losing ground and decline towards 1.3600 this week.

 

USD/JPY

 

Sellers lost impetus when they touched 109.00 last week. A fresh buying pressure emerged in the morning on Monday. Buyers seized control and the US dollar spiked towards 109.50 after that. They touched the level ahead of the NY opening and stayed around it the first US hours. The resistance resides at 109.50, the support comes in at 109.00.

 

If buyers retain control, USD/JPY may strengthen to 109.70 today.  

 

GBP/JPY

 

Sellers fought back control last Friday. They led the spot out of the buying channel and headed towards 151.00 first. They quickly regained the level and continued their slide after that. Buyers were saved by the EMA200 which blocked sellers’ advance at 150.00. The resistance lies at 151.00, the support is at 150.00.

 

Sellers may continue reversing losses and move the pound to the 149.00 level this week.

 

EUR/JPY

 

The euro moved below 133.00, broke the EMA50 and EMA100 and stopped at 132.00 which rejected the pair upwards. The recovery stalled at 132.50 where the spot faced selling rejection and turned to the downside. Sellers pushed the euro lower and reached the 132.50 support in the NY session. The resistance lies at 132.50, the support is at 132.00.

 

The EUR/JPY has room to extend further. We expect a break below the immediate support and a slide towards 131.50 after that.

 

NZD/USD

 

The downward pressure partially eased on Friday. Sellers met a barrier in the 0.7050 region and had to retreat. The New Zealand dollar bounced off the handle and spiked to the upper limit of the descending channel at 0.7100. However, good luck turned away from buyers. Sellers fought back control on Monday. They pressured NZD and sent the major towards 0.7050. The resistance stands at 0.7100, the support is at 0.7050.

 

If sellers remain in the driver’s seat, a close below 0.7050 will trigger further losses towards 0.7000.

 

NASDAQ

 

NASDAQ was positive in the night. Buyers pushed the index to the level 6690 where they lost momentum. The benchmark turned neutral after that and spent the end of the European session around the level. The resistance lies at 6750, the support exists at 6690.

 

NASDAQ is unlikely to continue its recovery today. We assume that the index will turn bearish and will soften to the 6630 in the coming sessions.

 

DAX

 

The neutral phase that started last week is still intact. Besides, trader activity remained low today amid traditional Monday's inactivity. DAX spent the first part of the day trading around 12600. The selling pressure grew ahead of the NY opening when the benchmark slightly eased to 12570. The resistance lies at 12600, the support exists at 12500.

 

Sellers return in town this week. If so, they will drag the DAX index towards 12400.

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