17th April 2015 - Technical Outlook - Compass Global Markets

AUD/USD

FROM HERE: buy around 0.7737 to target 0.7821 then 0.7846 (ultimately 0.7937)

BUT: below 0.7720 would dampen bulls determination and below 0.7670 might kill it

COMMENT: goal is to reach 0.7937 before 0.7670. Trade with this in mind

NEXT DATA RELEASE:

Fri		AUD	no data expected	(F)	(P)
	11:30pm	USD	Core CPI m/m	0.2%	0.2%
Sat	1:00am	USD	Prelim UoM Consumer Sentiment	93.8	93.0

3rd Support	2nd Support	1st Support	SPOT	1st Resistance	2nd Resistance	3rd Resistance
0.7641	0.7672	0.7737	0.7786	0.7821	0.7846	0.7937

FROM HERE: same as yesterday: 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:

Fri	4:00pm	JPY	Consumer Confidence (low impact)	41.4 (F)	40.7 (P)
		ALL	G20 Meetings

3rd Support	2nd Support	1st Support	SPOT	1st Resistance	2nd Resistance	3rd Resistance
117.98	118.32	118.73	119.01	119.46	120.16	120.83

FROM HERE: buy at market or around 1.0720 to target 1.0817 and above

BUT: low risk takers should square up below 1.0700 and re-assess but shouldn’t see below 1.0620 today

COMMENT: will remain bullish for next 24hrs as long as 1.0620 holds

NEXT DATA RELEASE:

Fri	7:00pm	EUR	Current Account (low impact)	29.1B (F)	29.4B (P)
	8:00pm	EUR	Final CPI y/y	-0.1%	-0.1%

3rd Support	2nd Support	1st Support	SPOT	1st Resistance	2nd Resistance	3rd Resistance
1.0618	1.0653	1.0711	1.0764	1.0787	1.0817	1.0886

FROM HERE: remain long and buy around 1.4885 to target 1.5000 and above

BUT: square up and re-assess if 1.5000 can’t be broken or if below 1.4800

COMMENT: not totally bullish unless 1.5000 is broken convincingly. Where it is, is still range trading.

NEXT DATA RELEASE:

3rd Support	2nd Support	1st Support	SPOT	1st Resistance	2nd Resistance	3rd Resistance
1.4630	1.4725	1.4885	1.4931	1.4979	1.5025	1.5165