NZD/JPY upside stalls at strong resistance, scope for downside to test 76.90. Stochs and RSI on 4H charts are indicative of some correction lower. A bearish 5DMA cross over on 10-DMA seen, momentum has turned bearish. Sell rallies around 77.60/70, SL: 78.30, TP: 77/76.90/76.50
USD/JPY extends lower after breaking strong trendline support at 112.95. WE have been short since 112.60 Heavy bearish bias continues, test of 110.50 likely, breaks below could see 110 levels. BOJ March Tankan corporate price expectations survey showed that Japanese companies' long-term inflation expectations weakened in March from three months ago. Tankan...
Dismal Australia trade data along with widespread risk aversion weighing heavily on the high-yielding Aussie. Bears tightened their grip pushing AUD/USD to fresh five-day lows at 0.7570. Australia's trade deficit expanded from $3.16 billion in January to $3.41 billion in February, against expectations of a $2.44 billion gap. Asian indices trade weaker,...
Sugar target 1 achieved @ $15.06. Book partial Profits
GBP/JPY target1 almost achieved @ 159.58. Book partial Profits
Cable target 1 almost achieved at 1.43195. Book partial profits
Candle stick Pattern Formed- Hammer Potential Reversal Zone (PRZ) – 1.4250 It is good to buy above 1.4250 with SL around 1.4200 for the TP of 1.4320/1.4380
Major support -6080 (trend line joining 6006 and 6067) Major resistance – 6250 The index has recovered after making a low of 6075. It is currently trading around 6163. Short term trend is slightly bullish as long as support 6080 holds. On the lower side minor support is around 6120 and break below targets 6080/6040/6000. FTSE minor resistance is around 6175...
Minor resistance 158.60 Major support 158 It is good to buy at dips around 158.60-65 with SL around 158 for the TP of 159.60/160.25
Major resistance -1.4380 The pair has made a high of 1.14376 and retreated from that level after better than expected US Non Farm Payroll data. It is currently trading around 1.13862. Short term trend is slightly weak as long as resistance 1.14380 holds. Market awaits US Non Farm Payroll data which is to be released for further direction. US economy has added...
Harmonic Pattern Formed - Bullish Bat Pattern Potential Reversal Zone (PRZ)- $1200 The yellow metal has slightly recovered after making a low of $1208. It is currently trading around $1217.90 Short term trend is slightly bullish as long as support $1200 holds. Any break below $1200 will drag the commodity down till $1180/$1170. Short term bullish invalidation...
The price has rejected below 128.189 levels (see bearish candle with big real body on Friday). It has continued to drop below supports at 127.034 levels (around Friday's low and 7EMA). As you can observe monthly and weekly technical charts, bearish swings are drifting southwards in sloping channel testing timely supports and resistances within this...
Aussie bears taking control after disappointing data from Australia earlier today. Australia's Feb retail sales came at 0.0% m/m vs 0.4% expected and 0.3% last, a big miss. AUD/USD saw a 30 pip slump post data from 0.7668 levels to around 0.7638. Technicals on 2-hourly charts indicated downside for the pair. Stochs and RSI are biased lower. Strong support seen...
USD/JPY has been sold off heavily overnight on a broad based run on the greenback after Yellen's speech. The pair broke strong trendline support at 112.95 and has edged lower to hit session lows at 112.40 on the day. 112.40 is 10-DMA and strong support on the downside, breaks below could see test of 112.20 and then 112 levels. Techs on 4H charts are biased...
Major resistance - 5055 (trend line joining 5220 and 5100) ASX200 has recovered after making a low of 4961. It is currently trading at 5041. Short term trend is slightly bullish as long as support 4960 holds. Any break below 4960 will drag the index down till 4920/4850 level.The minor support is around 5000. On the higher side any break above 5055 will take...
GBPJPY Target 2 achieved @ 159.50. Book full profits
Cable target 2 achieved @ 1.4195. Book full profit
Weekly technical briefing: The pair could not hold onto major supports at 0.9823, 0.9776 and now at 0.9652 levels, as a result you could see bearish candles with big real bodies. The current prices have slipped below 7 & 21DMAs, and 21DMA crosses over 7DMA which is sell signal. Both leading oscillators (RSI and stochastic) evidences bearish convergence to the...