Daily FX Technical Trend Bias Key Levels Wed 17 Apr

EUR/USD – Still holding above support for potential residual push up

Inched down lower from its 1.1324 high printed on last Fri, 12 Apr but managed to hold the 1.1280 key short-term pivotal support as per highlighted in our previous report (click here for a recap). In addition, the 1-hour Stochastic has started to reverse up from its oversold region. No change, maintain bullish bias and a break above 1.1310 (minor descending resistance from 12 Apr high) is likely to see a potential residual push up to target 1.1340/1350 (medium-term descending resistance from 24 Sep 2018 high & 61.8% Fibonacci retracement of the previous slide from 20 Mar 2019 high to 02 Apr 2019 low) before another slide materialises.
However, a break with an hourly close below 1.1280 shall invalidate the push up scenario for a slide towards 1.1245 before the medium-term range support of 1.1175.

GBP/USD – Push down within range

Broke below the former minor ascending range support from 05 Apr 2019 as expected and drifted lower to print a current intraday low of 1.3032 in today Asian session. Given that the 1-hour Stochastic oscillator has reached its oversold region, it may see a bounce from here to retest 1.3080 (pull-back resistance of former minor ascending range support) with 1.3120 remains as the key short-term pivotal resistance before another round of potential slide materialises to target the 1.2980/2960 minor range support in place since 11 Mar 2019 in the first step.
However, a clearance with an hourly close above 1.3120 negates the bearish tone for a further push up towards the next intermediate resistance at 1.3190 (former ascending range support from 03 Jan 2019 low & minor descending trendline).

USD/JPY – Rise in progress

Shaped the expected positive movement as per highlighted in our previous report where it staged a bullish breakout from a minor “flag” range consolidation formed since 112.10 high printed on last Fri, 12 Apr U.S session in today’s early morning Asian session.
No change, maintain bullish bias with an adjusted short-term pivotal support for a further potential push up to target the next intermediate resistances at 112.50 and 112.95 next (Fibonacci expansion cluster & close to the medium-term descending resistance from 03 Oct 2018 high).
However, a break with an hourly close below 111.80 negates the bullish tone for another round of slide to retest the 110.85 support.

AUD/USD – Mix elements

Maintain neutrality stance between 0.7200 and 0.7130. A break below 0.7130 sees a further push down to retest the 0.7060 minor range support in place since 20 Mar 2019.
On the flipside, a clearance with an hourly close above 0.7200 opens up scope for a bullish range breakout to target the next intermediate resistance at 0.7290 (31 Jan/01 Feb 2019 swing high area) in the first step.

This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.

StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.

In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.

StoneX Financial Pte. Ltd. is not under any obligation to update this report.

Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.cityindex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.

ALL TRADING INVOLVES RISKS. LOSSES CAN EXCEED DEPOSITS.

City Index is a trading name of StoneX Financial Pte. Ltd. (“SFP”) for the offering of dealing services in Contracts for Differences (“CFD”). SFP holds a Capital Markets Services Licence issued by the Monetary Authority of Singapore for Dealing in Exchange-Traded Derivatives Contracts, Over-the-Counter Derivatives Contracts, and Spot Foreign Exchange Contracts for the Purposes of Leveraged Foreign Exchange Trading. SFP is also both Derivatives Trading and Clearing member of the Singapore Exchange (“SGX”). SFP is a wholly-owned subsidiary of StoneX Group Inc.

The information provided herein is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to invest, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk.

The information does not represent an offer of, or solicitation for, a transaction in any investment product. Any views and opinions expressed may be changed without an update. To understand the risks and costs involved, please visit the section captioned “Important Information” and the “Risk Disclosure Statement”.

The information herein is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.

StoneX Financial Pte. Ltd. 1 Raffles Place, #18-61, One Raffles Place Tower 2, Singapore 048616. Tel: 6309 1000. Co. Reg. No.: 201130598R.

This advertisement has not been reviewed by the Monetary Authority of Singapore.