Daily FX Technical Report: April 28, 2016
ICN.com | Apr 28, 2016 05:59AM ET
USD/JPY
The USD/JPY has collapsed, achieving one of the worst performance days over short-term basis.
The pair has collapsed from SMA50 at 111.80 zones, hitting all supports over intraday basis, and it is currently trading just below 108.60.
We will be bearish today, aiming to re-test the initial support of 107.65 followed by 106.90.
All eyes should be on 109.60 and 110.00 for intraday protection.
Support: 108.00-107.65-106.90
Resistance: 109.00-109.20-110.00
Direction: Bearish
USD/CHF
USD/CHF has moved sharply to the downside after failing to hit 50% Fibonacci, and it is currently trading below 38.2% Fibonacci at 0.9725.
RSI14 has turned lower while ADX is also reflecting the bearish tendencies, and all we need is a break below 0.9640 zones to witness more acceleration.
On the upside, coming above 0.9780 will give a reason for concern.
Support: 0.9630-0.9580-0.9535
Resistance: 0.9725-0.9750-0.9785
Direction: Bearish
EUR/USD
Euro tried to stabilize above moving average 20 after hitting 1.1315 earlier.
RSI is moving upwards, while ADX is also positive; thus, we will be bullish today, but we need a break above 1.1375 to affirm the scenario, which will be valid as far as 1.1255 hold.
Support: : 1.1315 – 1.1255 – 1.1160
Resistance: 1.1375 –1.1400 – 1.1450
Direction: Bullish attempt
GBP/USD
GBP/USD moved higher, attempting to stabilize above 1.4585 again, and this level is important as it represents 127.2% Fibonacci.
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ADX attempts to overlap positively and RSI moves higher, despite approaching 70.00 levels.
Trading above moving averages suggests further upside actions as far as 1.4515 holds.
Support: 1.4580 – 1.4515 – 1.4455
Resistance: 1.4655 – 1.4700 – 1.4740
Direction: Bullish
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