EURUSD
The Euro maintains positive sentiment and heads higher, as break and close above pivotal 1.3820 resistance completed daily Three White Soldiers reversal pattern. Daily indicators are establishing above their midlines and support further advance. Fresh strength approaches the next pivotal barrier at 1.3874, break of which to complete 1.3874/1.3671 bear-leg and open way for final push towards key peak at 1.3965, 13 Mar high. Corrective pullback on overbought lower timeframes studies is expected to precede fresh rally. Previous strong barrier at 1.3820, reinforced by broken bear-channel upper line and daily Kijun-sen line, is acting as initial support, along with 1.3793, Fibonacci 38.2% of 1.3671/1.3869 upleg and higher low at 1.3779, above which corrective dips should find support to keep bulls intact.
Res: 1.3869; 1.3874; 1.3900; 1.3946
Sup: 1.3820; 1.3793; 1.3779; 1.3747
GBPUSD
Cable continues to trend higher and eventually completed 7-week corrective phase after regaining 1.3821, previous peak of 17 Feb. Overall bulls see scope for break higher and resumption of larger bull-trend, with the third wave that commenced from 1.6548, 04 Apr higher low, expected to travel to 1.6849, its 138.2% Fibonacci expansion and 1.6900, 161.8%, in extension. However, overbought near-term conditions suggest consolidation under 1.6821 peak. Previous consolidation tops at 1.6755, offer initial support, ahead of 1.6715, Fibonacci 38.2% retracement of the upleg from 1.6548 to 1.6821, reinforced by 4-hour 20SMA, ahead of 1.6783, 31 Mar peak and 50% retracement, where dips should be ideally contained. Only slide below 1.6650, Fibonacci 61.8% retracement and previous barriers at 1.6620/00 zone, would sideline near-term bulls.
Res: 1.6821; 1.6849; 1.6877; 1.6900
Sup: 1.6755; 1.6716; 1.6683; 1.6650
USDJPY
The pair remains under pressure, with near-term price action moving in consolidative mode off fresh low at 101.54, posted on 08 Apr. Near-term studies are bearish and look for final push towards strong 101.20 base, to fully retrace 101.20/ 104.11 bull-leg and open way towards key short-term support at 100.74, 04 Feb low. However, bears may be delayed for further consolidation, as 4-hour studies are oversold. Signal of near-term basing attempt requires bounce above current consolidation tops at 102.14, reinforced by hourly 55SMA and daily cloud base, to trigger stronger recovery towards Fibonacci barriers at 102.52 and 102.83, 50% and 61.8% retracement of 104.11/101.54 descend respectively, with psychological 103 barrier, also double MA’s bear-cross, expected to cap any stronger rally.
Res: 102.14; 102.52; 102.83; 103.00
Sup: 101.54; 101.20; 100.74; 100.00
AUDUSD
The pair the pair remains supported and moves higher, with near-term price action establishing above psychological 0.9400 level. Break above bull-channel resistance accelerates the rally and aiming towards next target at 0.9477, Fibonacci 138.2% expansion of the third wave from 0.8889 and psychological 0.95 barrier, seen in extension. The wave could travel to its 161.8% expansion at 0.9577. Bulls remain firmly in play, with rallies to be interrupted by overbought conditions. Psychological 0.9400 level, along with previous peaks at 0.9385, offer initial support, with strong pullbacks expected to hold above strong 0.93000 support zone, previous range tops.
Res: 0.9477; 0.9500; 0.9577; 0.9600
Sup: 0.9400; 0.9385; 0.9347; 0.9300
The Euro maintains positive sentiment and heads higher, as break and close above pivotal 1.3820 resistance completed daily Three White Soldiers reversal pattern. Daily indicators are establishing above their midlines and support further advance. Fresh strength approaches the next pivotal barrier at 1.3874, break of which to complete 1.3874/1.3671 bear-leg and open way for final push towards key peak at 1.3965, 13 Mar high. Corrective pullback on overbought lower timeframes studies is expected to precede fresh rally. Previous strong barrier at 1.3820, reinforced by broken bear-channel upper line and daily Kijun-sen line, is acting as initial support, along with 1.3793, Fibonacci 38.2% of 1.3671/1.3869 upleg and higher low at 1.3779, above which corrective dips should find support to keep bulls intact.
Res: 1.3869; 1.3874; 1.3900; 1.3946
Sup: 1.3820; 1.3793; 1.3779; 1.3747
GBPUSD
Cable continues to trend higher and eventually completed 7-week corrective phase after regaining 1.3821, previous peak of 17 Feb. Overall bulls see scope for break higher and resumption of larger bull-trend, with the third wave that commenced from 1.6548, 04 Apr higher low, expected to travel to 1.6849, its 138.2% Fibonacci expansion and 1.6900, 161.8%, in extension. However, overbought near-term conditions suggest consolidation under 1.6821 peak. Previous consolidation tops at 1.6755, offer initial support, ahead of 1.6715, Fibonacci 38.2% retracement of the upleg from 1.6548 to 1.6821, reinforced by 4-hour 20SMA, ahead of 1.6783, 31 Mar peak and 50% retracement, where dips should be ideally contained. Only slide below 1.6650, Fibonacci 61.8% retracement and previous barriers at 1.6620/00 zone, would sideline near-term bulls.
Res: 1.6821; 1.6849; 1.6877; 1.6900
Sup: 1.6755; 1.6716; 1.6683; 1.6650
USDJPY
The pair remains under pressure, with near-term price action moving in consolidative mode off fresh low at 101.54, posted on 08 Apr. Near-term studies are bearish and look for final push towards strong 101.20 base, to fully retrace 101.20/ 104.11 bull-leg and open way towards key short-term support at 100.74, 04 Feb low. However, bears may be delayed for further consolidation, as 4-hour studies are oversold. Signal of near-term basing attempt requires bounce above current consolidation tops at 102.14, reinforced by hourly 55SMA and daily cloud base, to trigger stronger recovery towards Fibonacci barriers at 102.52 and 102.83, 50% and 61.8% retracement of 104.11/101.54 descend respectively, with psychological 103 barrier, also double MA’s bear-cross, expected to cap any stronger rally.
Res: 102.14; 102.52; 102.83; 103.00
Sup: 101.54; 101.20; 100.74; 100.00
AUDUSD
The pair the pair remains supported and moves higher, with near-term price action establishing above psychological 0.9400 level. Break above bull-channel resistance accelerates the rally and aiming towards next target at 0.9477, Fibonacci 138.2% expansion of the third wave from 0.8889 and psychological 0.95 barrier, seen in extension. The wave could travel to its 161.8% expansion at 0.9577. Bulls remain firmly in play, with rallies to be interrupted by overbought conditions. Psychological 0.9400 level, along with previous peaks at 0.9385, offer initial support, with strong pullbacks expected to hold above strong 0.93000 support zone, previous range tops.
Res: 0.9477; 0.9500; 0.9577; 0.9600
Sup: 0.9400; 0.9385; 0.9347; 0.9300
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.