Silver – Long-Term Reversal?

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EUR/USD

Riding short-term downtrend channel.

• EUR/USD is currently heading lower but the pair still seems far from hourly support at 1.1144 (24/03/2016 low). Resistance can be found at 1.1465 (12/04/2016 high). Stronger support is located a 1.1058 (16/03/2016 low). Expected to show further increase within the downtrend channel.

• In the longer term, the technical structure favours a bearish bias as long as resistance at 1.1746 ( holds. Key resistance is located at 1.1640 (11/11/2005 low). The current technical appreciation implies a gradual increase.

 

GBP/USD

Breaking resistance at 1.4514.

• GBP/USD has broken resistance at 1.4514 (18/03/2016 low). Hourly support is given at 1.4320 (04/04/2016 high). Expected to show further increase toward resistance at 1.4668 (04/02/2016 high).

• The long-term technical pattern is negative and favours a further decline towards key support at 1.3503 (23/01/2009 low), as long as prices remain below the resistance at 1.5340/64 (04/11/2015 low see also the 200 day moving average). However, the general oversold conditions and the recent pick-up in buying interest pave the way for a rebound.

 

USD/JPY

Bouncing within uptrend channel.

• USD/JPY is now bouncing back. Hourly resistance can be found at 111.91 (25/04/2015 high) while hourly support can be found at 107.68 (07/04/2016 low). Short-term momentum is clearly bullish. Expected to show further increase.

• We favour a long-term bearish bias. Support at 105.23 (15/10/2014 low) is on target. A gradual rise towards the major resistance at 135.15 (01/02/2002 high) seems now less likely. Another key support can be found at 105.23 (15/10/2014 low).

 

USD/CHF

Edging slightly higher.

• USD/CHF is lying within a short-term uptrend channel but the pair fails to hold above former resistance at 0.9788 (25/03/2016 high). Hourly support can be found at 0.9499 (12/04/2016 low). Expected to show further increase as short-term buying pressures do not seem strong.

• In the long-term, the pair is setting highs since mid-2015. Key support can be found 0.8986 (30/01/2015 low). The technical structure favours a long term bullish bias.

 

USD/CAD

Pausing.

• USD/CAD's bearish momentum is still on but there are growing signs that selling pressures are fading. The volatility is now very low. Hourly support is located at 1.2593 (20/04/2016 low). Hourly resistance is given at 1.2897 (14/04/2016 high). Expected to show continued consolidation.

• In the longer term, the pair is now trading well below the 200-day moving average. Strong resistance is given at 1.4948 (21/03/2003 high). Stronger support can be found at 1.1731 (06/01/2015 low).

 

AUD/USD

Consolidating further.

• AUD/USD's consolidation continues. Strong resistance area can be found at 0.7835 (24/04/2016 high). Hourly support is given at 0.7555 (rising trendline) then 0.7415 (16/03/2016 low). Buying pressures remains important as long as the pair remains above support implied by the uptrend channel and 0.7415.

• In the long-term, we are waiting for further signs that the current downtrend is ending. Key supports stand at 0.6009 (31/10/2008 low) . A break of the key resistance at 0.8295 (15/01/2015 high) is needed to invalidate our long-term bearish view. In addition, we still note that the pair is now above the 200-dma which confirms our view that buying pressures are increasing.

 

EUR/CHF

Monitoring again 1.1000.

• EUR/CHF is trading around 1.1000 which is a strong resistance area. Selling pressures seem important at this level. Hourly support can be found at 1.0863 (23/03/2016 low) while hourly resistance is given at 1.1061 (17/02/2016 high). Expected to show continued monitoring of strong resistance area at 1.1000.

• In the longer term, the technical structure remains positive. Resistance can be found at 1.1200 (04/02/2015 high). Yet,the ECB's QE programme is likely to cause persistent selling pressures on the euro, which should weigh on EUR/CHF. Supports can be found at 1.0184 (28/01/2015 low) and 1.0082 (27/01/2015 low).

 

EUR/JPY

Heading lower.

• EUR/JPY is retracing after strong increase last week. Hourly resistance can be found at 125.53 (intraday high). Hourly support is given at 121.72 (18/04/2016 low). Expected to show continued increase in the short-term. 

• In the longer term, the technical structure validates a medium-term succession of lower highs and lower lows. As a result, the resistance at 149.78 (08/12/2014 high) has likely marked the end of the rise that started in July 2012. Strong support is given at 118.73 (25/02/2013 low). A key resistance can be found at 141.06 (04/06/2015 high).

 

EUR/GBP

Fading.

• EUR/GBP keeps on going lower. Yet mediumterm momentum still looks on. Hourly resistance can be found at 0.8117 (07/04/2016 high). Expected to reverse around 0.7800 in the shortterm and to monitor again resistance area at 0.8000 in the medium-term.

• In the long-term, the pair is currently recovering from recent lows in 2015. The technical structure suggests a growing upside momentum. The pair is trading well above its 200 DMA. Strong resistance can be found at 0.8815 (25/02/2013 high).

 

GOLD (in USD)

Ready to bounce back.

• Gold is lying in a short-term uptrend channel. The metal is currently edging slightly higher. Support is given at 1208 (28/03/2016). Resistance can be found at 1284 (11/03/2016 high). A break of support at 1182 (08/02/2016 low) is necessary to confirm deeper selling pressures.

• In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1392 (17/03/2014) is necessary ton confirm it, A major support can be found at 1045 (05/02/2010 low).

 

SILVER (in USD)

Long-term reversal?

• Silver is still consolidating after its recent surge. Hourly resistance can be found at 17.78 (18/05/2015) while support can be found at 14.79 (01/04/2016 low). Expected to see further consolidation before entering into another upside move.

• In the long-term, the break of the major support area between 18.64 (30/05/2014 low) and 18.22 (28/06/2013 low) confirms an underlying downtrend. Strong support can be found at 11.75 (20/04/2009). A key resistance stands at 18.89 (16/09/2014 high).

 

Crude Oil (in USD)

Bearish retracement.

• Crude is still trading around its 5-month high which confirms strong medium-term bullish momentum. Hourly support can be found at 37.61 (18/04/2016 low) while strong resistance lies at 48.36 (03/11/2016 low). Expected to show deep increase towards 48.36.

• In the long-term, crude oil is on a sharp decline but is now showing some signs of recovery. Strong support lies at 24.82 (13/11/2002). Crude oil is holding above its 200-Day Moving Average. Crude oil should recover during this year.

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