21st April 2015 – Technical Outlook April 21, 2015 AUD/USD FROM HERE: cautiously sell around 0.7757 to target 0.7700 then 0.7672 BUT: can consider reversing position and go long above 0.7760 with tight stop below trend line. COMMENT: Bearish engulfing candle is a sell signal on its own but need more confirmation hence show caution. NEXT DATA RELEASE: Tues 12:30pm AUD Monetary Policy Meeting Minutes (F) (P) 3rd Support 2nd Support 1st Support SPOT 1st Resistance 2nd Resistance 3rd Resistance 0.7644 0.7672 0.7700 0.7723 0.7757 0.7821 0.7846 USD/JPY FROM HERE: trade the range between 118.56 – 119.73 BUT: outside the range, add to winning position or square and reverse losing position. COMMENT: overall sentiment is still bearish but show some caution NEXT DATA RELEASE: Tues JPY no data expected (F) (P) 3rd Support 2nd Support 1st Support SPOT 1st Resistance 2nd Resistance 3rd Resistance 117.98 118.32 118.56 119.23 119.46 119.73 120.21 EUR/USD FROM HERE: buy at market or 1.0694 (for low risk traders) to target 1.0847 for start. Add to position above 1.0800 BUT: square up below 1.0980 and re-assess COMMENT: in the medium term remain long above 1.0500 NEXT DATA RELEASE: Tues 8:00pm EUR German ZEW Economic Sentiment 55.6 (F) 54.8 (P) 8:00pm EUR ZEW Economic Sentiment 63.7 62.4 3rd Support 2nd Support 1st Support SPOT 1st Resistance 2nd Resistance 3rd Resistance 1.0618 1.0694 1.0732 1.0736 1.0847 1.0886 1.0953 GBP/USD FROM HERE: cautiously sell around 1.4942 to target 1.4885 then 1.4830 BUT: square up and re-assess if 1.4980 breaks COMMENT: Push above 1.5000 wasn’t convincing enough since we’re back at 1.490 so short it. NEXT DATA RELEASE: Tues GBP no high impact data expected (F) (P) 3rd Support 2nd Support 1st Support SPOT 1st Resistance 2nd Resistance 3rd Resistance 1.4725 1.4830 1.4885 1.4903 1.4942 1.4979 1.5053 {{cta(‘b1839b6c-7c0c-41d4-a4d9-0efc0455154e’)}}
