Daily Technical Report : April 24, 2015
ICN.com | Apr 24, 2015 07:40AM ET
h2 GBP/USD - Technical Report/h2
The GBPUSD pair rose and breached 1.5060 Fibonacci resistance level. Trading above the aforesaid resistance turned into support could cause more bullishness today toward 1.5175.
Breaching 1.5175 will accelerate the bullish wave toward 1.5340. trading above linear regression indicators supports the bullish view.
The USDJPY pair has been resisted as well in the 120.00 psychological as seen on the provided daily chart. Bears succeed in limiting the recovery, sending the pair to the downside below linear regression. In the interim, RSI14 and AMCD has turned into negativity and the thereby, we see chances for achieving more downside actions today.
The USDCHF pair has moved sharply to the downside, drawing a long black candlestick pattern. Eyes are now on 0.9485, as a breakout blow it will take the pair towards a free-fall zone, while indicators support this bearish move. Anyway, we will be waiting for this breakout to enter the market selling the pair strongly aiming to challenge next support area at 0.9325.
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Despite achieving bullish actions, the AUDUSD pair has been stopped just a few pips above 61.8% Fibonacci retracement level as seen on the provided four-hour chart. The pair is currently moving near a very sensitive zone, while risk versus reward ratio remains inappropriate. Hence, we remain on the sidelines, awaiting confirmation to pinpoint the next big move.
The pair has been traded bearishly despite achieving some kind of corrective actions. Actually, we see bearish classical continuation opportunity on the pair, but we need to witness a breakout below support line first before entering new short position. Therefore, we will stand aside over intraday basis, but traders can set a sell stop order at 0.7495.
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