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Technical Outlook

Technical Outlook

Product Momentum Strength Support Resistance
EUR/USD
4/24/2014 11:41:17 AM
1hr bullish crossover 1.3815 1.3860
4hr bullish crossover 1.3790 1.3880
Daily potential bullish crossover 1.3700 1.3905

Comments: EUR/USD boosted by more positive EZ data, only for Draghi to shoot it down with dovish comments. Price still rangebound with no clear direction. Resistance seen ~1.3860/5 area.

Product Momentum Strength Support Resistance
GBP/USD
4/24/2014 11:41:48 AM
1hr bullish crossover 1.6760 1.6820
4hr bearish crossover 1.6720 1.6860
Daily neutral 1.6660 1.6920

Comments: GBP/USD formed bearish engulfing candle on daily around 1.6820 which it hasn't closed above on the past 7 attempts. Bias bullish above there, bearish below potentially towards 1.6660

Product Momentum Strength Support Resistance
USD/JPY
4/24/2014 11:44:33 AM
1hr bearish crossover 102.00 102.40
4hr bearish crossover 101.85 102.70
Daily potential bearish crossover 101.30 103.05

Comments: USDJPY again trading tightly below support and 50-day SMA ~102.40, thus paving the way for potential drop to 102.00. LT bullish trend and 61.8% Fib of rally from April low at 101.85

Product Momentum Strength Support Resistance
USD/CHF
4/24/2014 11:46:15 AM
1hr bearish crossover 0.8800 0.8830
4hr bearish crossover 0.8780 0.8870
Daily neutral 0.8740 0.8900

Comment: USD/CHF breaks 50-day SMA ~0.8830. Bias lower now and we may see 0.8800 & then 0.8780 next.

Product Momentum Strength Support Resistance
AUD/USD
4/24/2014 11:46:42 AM
1hr bullish crossover 0.9265 0.9300
4hr bearish crossover 0.9205 0.9320
Daily bearish crossover 0.9150 0.9375

Comments: AUD/USD near yesterday's lows when it plunged after Australia's CPI came in weaker.  Bias bearish below yesterday's low of 0.9265 towards 0.9205, higher above towards 0.9320

Product Momentum Strength Support Resistance
USD/CAD
4/24/2014 11:47:36 AM
1hr bearish crossover 1.1000 1.1050
4hr neutral 1.0975 1.1070
Daily bullish crossover 1.0950 1.1115

Comments: USDCAD's advance was rejected at 1.1050/5 (50-day SMA), so price could drift back towards support at 1.1000 and potentially lower. Bias higher on break above 50-day SMA.

Product Momentum Strength Support Resistance
EUR/JPY
4/23/2014 8:09:31 PM
1hr neutral 141.20 142.00
4hr neutral 140.00 142.55
Daily bullish crossover 139.10 143.50

Comments: This pair is testing an important resistance zone around the top of its daily Ichimoku cloud. Bias higher in the LT if broken

Product Momentum Strength Support Resistance
NZD/USD
4/23/2014 8:13:13 PM
1hr neutral 0.8555 0.8650
4hr neutral 0.8515 0.8695
Daily neutral 0.8440 0.8750

Comments: This pair shot higher after the RBNZ's policy meeting, but it failed to break thruogh any major resistance zones. Bias mildly higher

Product Momentum Strength Support Resistance
EUR/GBP
4/23/2014 8:16:50 PM
1hr bearish crossover 0.8200 0.8250
4hr neutral 0.8155 0.8310
Daily neutral 0.8100 0.8395

Comments: TThis cross remains in a MT downward trend. Pair just bounced off the top of this trend, thus bias lower in the ST

Product Momentum Strength Support Resistance
AUD/JPY
4/23/2014 8:20:06 PM
1hr neutral 94.85 95.55
4hr oversold 93.80 96.25
Daily neutral 92.65 96.55

Comments: This pair is starting look oversold in the MT, after bouncing off key support around 94.85. Bias higher above this level

Product Momentum Strength Support Resistance
GBP/JPY
4/23/2014 8:24:13 PM
1hr neutral 171.35 172.80
4hr neutral 170.80 173.20
Daily neutral 169.75 173.45

Comments: This cross remains in a slight LT consolidating triangle formation. Watchingfor a break. ST bias lower back towards bottom of the formation

Product Momentum Strength Support Resistance
CAD/JPY
4/16/2014 1:58:33 AM
1hr neutral 92.30 93.15
4hr neutral 91.70 93.95
Daily bearish crossover 90.65 94.95

Comments: The pair bounced off some strong support around the base of its dailt Ichimoku cloud, but it remains in a LT downward trend

Disclaimer: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

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