Daily Technical Report : April 27, 2015
ICN.com | Apr 27, 2015 06:15AM ET
h2 EUR/USD - Technical Report/h2
The EURUSD pair still trading above 1.0840 level, and that may cause more bullishness. Trading above 1.0840 will keep the probability of touching 1.0925 level, and may be 1.0980.
During this week, we need to confirm bullish extinction by breaching 1.1040. From the downside, breaching down 1.0780 would cancel our bullish expectations.
The pair was rejected from 1.5185 Fibonacci resistance presented by 23.6% correction. Breaching the aforesaid level is needed to confirm more bullishness. On the other hand, MACD indicator and linear regression indicators are positive, and that make us prefer staying aside, waiting for more confirmations.
Another factor that force us to stay aside that the pair breached the main resistance of the down trend, however, breaching up 1.5185 is needed to confirm that.
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The pair moved to the downside in line with our last technical report where it was very close to our defined technical objective in the 118.60 regions. The mild bounce from 118.70 zones looks corrective, but we should be patient until the pair re-new opportunities for short positions below 118.70. To conclude, we will be on the sidelines until the pair comes below 118.70, while trading above 120.00 will change the short-term basis to the upside.
The pair continued to show signs of uncertainty, as it moved slightly higher after approaching the key support zones between 0.9500 and 0.9485 as seen on the provided daily chart. The bearishness seen on past Thursday has engulfed still warns of clearing 0.9485 and that may lead to panic sell-off actions. Anyway, we will watch out the price action in the upcoming hours to see whether the pair will clear this support or it will push it again to the upside.
The AUDUSD pair has been capped below 76.4% Fibonacci, which represents a confluence of resistances as seen on the provided four-hour graph. The intraday outlook looks bearish, but we can’t join sellers until the pair breaches through 0.7785 level with a four-hour closing to make sure that the 0.7845 levels are strong enough to prevent the pair from achieving further recovery.
The pair has been locked in a consolidation mode within potential rising wedge pattern as seen on the provided daily chart. Technical indicator continue to show signs of weakness despite witnessing recovery attempts. The sensitivity of current trading levels force us to remain neutral over intraday basis, but coming beneath the support line will actuate us to short the NZDUSD strongly below 0.7540.
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