16th April 2015 - Technical Outlook - Compass Global Markets

AUD/USD

FROM HERE: buy on dips around 0.7625 to target 0.7750 (subject to employment outcome)

BUT: below 0.7550 may see 0.7480 quite quickly. Consider reversing to short

COMMENT: technical supports going long. Remain long above 0.7550

NEXT DATA RELEASE:

Thurs	12:30pm	AUD	Employment Change	14.9k (F)	-15.6k (P)
		AUD	Unemployment Rate	6.3% (F)	6.3%

3rd Support	2nd Support	1st Support	SPOT	1st Resistance	2nd Resistance	3rd Resistance
0.7550	0.7590	0.7625	0.7675	0.7700	0.7737	0.7782

FROM HERE: remian short and sell around 119.46 to target 118.73 then 118.32

BUT: square all above 120.00 and re-assess

COMMENT: 118.70 looks well supported but if it breaks it will also trigger stops – add to shorts here.

NEXT DATA RELEASE:

3rd Support	2nd Support	1st Support	SPOT	1st Resistance	2nd Resistance	3rd Resistance
117.98	118.32	118.73	119.08	119.46	120.16	120.83

FROM HERE: buy around 1.0653 to target 1.0700 and above

BUT: square up below 1.0570 and re-assess. Shouldn’t see this level next 24hrs

COMMENT: will remain bullish for next 24hrs as long as 1.0570 holds

NEXT DATA RELEASE:

Thurs	7:00pm	EUR	Italian Trade Balance (low impact)	1.21B (F)	0.22B (P)
Fri	1:00am	USD	Philly Fed Manufacturing Index	6.5	5.0

3rd Support	2nd Support	1st Support	SPOT	1st Resistance	2nd Resistance	3rd Resistance
1.0570	1.0618	1.0653	1.0673	1.0687	1.0706	1.0787

Italian Trade Balance

FROM HERE: buy around 1.4767 to target 1.4853 then 1.4887

BUT: square up and re-assess if 1.4700 (unlikely)

COMMENT: remain long and ride this bullish wave. Question is will this wave reach 1.5000?

NEXT DATA RELEASE:

Thurs	10:00am	GBP	RICS House Price Balance (low impact)	15% (F)	14% (P)
Fri	4:00am	USD	FOMC Member Lockhart Speaks
	6:00am	USD	FOMC Member Fischer Speaks

3rd Support	2nd Support	1st Support	SPOT	1st Resistance	2nd Resistance	3rd Resistance
1.4630	1.4725	1.4767	1.4825	1.4853	1.4887	1.4925