14th April 2015 - Technical Outlook - Compass Global Markets

AUD/USD

FROM HERE: sell at market or above 0.7600 (for low risk traders) to target sub 0.7530 (12month low) and below

BUT: square up above 0.7630 to look for better levels to sell (ie re-assess)

COMMENT: bears in total control and market is looking for better levels to go short. Don’t try to pick bottom

NEXT DATA RELEASE:

Tues

12:30pm

AUD

NAB Business Confidence

0 (P)

3rd Support	2nd Support	1st Support	SPOT	1st Resistance	2nd Resistance	3rd Resistance
0.7427	0.7480	0.7530	0.7586	0.7630	0.7677	0.7737

FROM HERE: similar to yesterday where it should range trade (119.60 -120.80)

BUT: bias is now on upside.

COMMENT: remain long as long as the pair sits above 119.50

NEXT DATA RELEASE:

3rd Support	2nd Support	1st Support	SPOT	1st Resistance	2nd Resistance	3rd Resistance
119.05	119.42	119.67	120.12	120.72	121.06	121.53

FROM HERE: sell around 1.0588 to target 1.0500 then 1.0460 (previous yearly low)

BUT: above 1.0600 may see it test 1.0680 again (if that happens, that’s where you try short again)

COMMENT: Looks like bears having a rest before they charge again so look for better levels to sell

NEXT DATA RELEASE:

Tues

8:00pm

EUR

Industrial Production m/m (low impact)

0.3% (F)

-0.1% (P)

3rd Support	2nd Support	1st Support	SPOT	1st Resistance	2nd Resistance	3rd Resistance
1.0460	1.0500	1.0518	1.0566	1.0588	1.0617	1.0687

FROM HERE: cautiously sell around 1.4687 to target 5 year low (sub 1.4560)

BUT: can consider reversing position and go long above 1.4730

COMMENT: since we saw new 5yr low yesterday, need to analyse weekly chart at the end of the week to how it closes.

NEXT DATA RELEASE:

3rd Support	2nd Support	1st Support	SPOT	1st Resistance	2nd Resistance	3rd Resistance
1.4500	1.4560	1.4600	1.4670	1.4687	1.4715	1.4760