12th May 2015 – Technical Outlook May 12, 2015 AUD/USD FROM HERE: again, cautiously buy on dips aound 0.7864 to target above 0.8030 BUT: there are stops below 0.7850 hence consider your stops below 0.7820 if you can risk it. COMMENT: the Aussie is approaching vertex of triangle meaning potential dramatic break out. Guessing upwards. NEXT DATA RELEASE: Tues 11:30am AUD Home Loans m/m 1.1% (F) 1.2% (P) 3rd Support 2nd Support 1st Support SPOT 1st Resistance 2nd Resistance 3rd Resistance 0.7820 0.7848 0.7864 0.7894 0.7932 0.7967 0.8029 USD/JPY FROM HERE: still range trading between 119.50 – 120.50 BUT: if range is broken then consider taking position on the same direction, ie go with it. COMMENT: reminder: long term view is bearish USD/JPY unless 120.50 breaks upside NEXT DATA RELEASE: Tues 3:00pm JPY Leading Indicators (low impact) 105.5% (F) 104.8% (P) Wed 12:00am USD JOLTS Job Openings 5.16M 5.13M 3rd Support 2nd Support 1st Support SPOT 1st Resistance 2nd Resistance 3rd Resistance 118.76 119.04 119.60 120.11 120.20 120.50 120.83 EUR/USD FROM HERE: sell at market or 1.1200 for low risk traders to target 1.1057 (Fib level) then maybe 1.1034 BUT: should re-assess if 1.1250 breaks on the top side. (How? Study smaller timeframe charts) COMMENT: 1.1057 is 38.2% retracement when it rallied from 1.0520 to 1.1390 NEXT DATA RELEASE: Tues All day EUR ECOFIN Meetings (F) (P) 3rd Support 2nd Support 1st Support SPOT 1st Resistance 2nd Resistance 3rd Resistance 1.1034 1.1057 1.1120 1.1149 1.1200 1.1224 1.1288 GBP/USD FROM HERE: cautiously sell around 1.5600-10 to target retracement movement (1.5390?) BUT: above 1.5650 may see bulls continue with their charge towards 1.5800+ COMMENT: need further confirmation but there are signs of bearish reversal forming on Hourly chart. NEXT DATA RELEASE: Tues 6:30pm GBP Manufacturing Production m/m 0.3% (F) 0.4% (P) Wed 12:00am NIESR GDP Estimate (med impact) 0.6% 3rd Support 2nd Support 1st Support SPOT 1st Resistance 2nd Resistance 3rd Resistance 1.5390 1.5514 1.5550 1.5578 1.5612 1.5666 1.5824 {{cta(‘b1839b6c-7c0c-41d4-a4d9-0efc0455154e’)}}
