Euro Shows Mild Correction; USD/JPY Moves To The Downside
ICN.com | Apr 04, 2016 05:25AM ET
USD/JPY
The USD/JPY has moved to the downside after NFP, and bears continued to haul it during the Asian session today.
Now, we see chances for resuming the bearishness after stabilizing below 112.15 with consecutive closings.
Technical indicators are in a bearish mode, and that supports our outlook.
All eyes should be on 110.70, as a break below it will accelerate.
Support: 111.00-110.65-110.00
Resistance: 112.00-112.40- 112.80
Direction: Bearish
USD/CHF
The USD/CHF pair continues to consolidate just a few pips above 88.6% Fibonacci retracement of the wave seen below.
We see also how RSI is flirting with the oversold level of 30.00 without showing the ability to inch higher.
The current levels are very sensitive, and risk versus reward ratio is definitely inappropriate.
Therefore, we will stand aside to see how the pair will respond to 0.9575 and oversold signal.
Support: 0.9550-0.9500-0.9460
Resistance: 0.9600-0.9690-0.9720
Direction: Neutral
EUR/USD
Euro has showed some kind of mild correction after RSI touched the value of 70.00, but ADX along with moving averages are positive.
Trading above 1.1315-1.1310 is bullish sign, but we need a break above 1.1450 to affirm the bullish scenario towards 1.1500 and 1.1525. We will be bullish as far as 113.10 holds.
Support: : 1.1360 – 1.1310 – 1.1255
Resistance: 1.1450 –1.1500 – 1.1525
Direction: Bullish
GBP/USD
The pair declines mildly now, while ADX shows bearish tendencies along with RSI moving sideways, but remains stable above 50.00.
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Trading below 1.4285 is negative, while moving averages move around 50% Fibonacci.
Trading below 1.4230-1.4235 is bearish, while coming beneath 1.4165 will affirm.
Support: 1.4200 – 1.4160 – 1.4115
Resistance: 1.4235 – 1.4285 – 1.4340
Direction: Bearish
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