15th April 2015 – Technical Outlook April 15, 2015 AUD/USD FROM HERE: cautiously buy around 0.7600 and again around 0.7550 to target above 0.7700 BUT: cut loss and reverse below 0.7530 and watch it fall COMMENT: last 24hrs’ price action suggests we may have seen bottom for a while. 0.7500 region looks solid support NEXT DATA RELEASE: Tues 11:30am AUD Westpac Consumer Sentiment -1.2% (P) 1:00pm CNY GDP q/y 7.0% (F) 7.3% CNY Industrial Production y/y 6.9% 6.8% 3rd Support 2nd Support 1st Support SPOT 1st Resistance 2nd Resistance 3rd Resistance 0.7480 0.7530 0.7550 0.7619 0.7654 0.7677 0.7737 USD/JPY FROM HERE: sell around 119.70 to target 118.78 then 118.32 BUT: above 120.16 might see it back to range trade between 120.00 – 121.00 COMMENT: indicators suggests bearish sentiment should continue today NEXT DATA RELEASE: Wed 3:30pm JPY Revised Industrial Production m/m -3.3% (F) -3.4% (P) 3rd Support 2nd Support 1st Support SPOT 1st Resistance 2nd Resistance 3rd Resistance 118.32 118.78 119.06 119.40 119.69 120.16 120.83 EUR/USD FROM HERE: buy around 1.0618 to target 1.0687 then 1.0706 and beyond BUT: consider reversing to short if 1.0530 breaks COMMENT: change from bears to bulls bias for the next 24hrs and then re-assess NEXT DATA RELEASE: Wed 10:45pm EUR Minimum Bid Rate 0.05% (F) 0.05% (P) 11:30pm EUR ECB Press Conference 3rd Support 2nd Support 1st Support SPOT 1st Resistance 2nd Resistance 3rd Resistance 1.0530 1.0580 1.0618 1.0650 1.0687 1.0706 1.0787 GBP/USD FROM HERE: buy around 1.4721 to target 1.4815 then 1.4887 BUT: square up and re-assess if 1.4700 breaks on downside COMMENT: bullish divergence in play (see chart below) NEXT DATA RELEASE: Wed GBP no data expected (F) (P) 11:30pm USD Empire State Manufacturing Index 7.2 6.9 Thurs 12:15am USD Capacity Utilization Rate 78.7% 78.9% 3rd Support 2nd Support 1st Support SPOT 1st Resistance 2nd Resistance 3rd Resistance 1.4630 1.4687 1.4721 1.4775 1.4815 1.4887 1.4925 {{cta(‘b1839b6c-7c0c-41d4-a4d9-0efc0455154e’)}}
