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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Daily FX Technical Trend Bias Key Levels Fri 03 May

Article By: ,  Financial Analyst
May 2, 2019 11:59 PM

EUR/USD – Further potential downleg in progress


click to enlarge chart

  • Inched down lower as expected and broke below the minor ascending support from 26 Apr 2019 low now turns pull-back resistance at 1.1200. Click here for recap on our previous report. Maintain bearish bias in any bounces with 1.1260 remains as the key short-term pivotal resistance for a further potential push down to retest 1.1120 and below exposes 1.1060/1040 next (Fibonacci expansion & lower boundary of descending channel from 20 Mar 2019 high).
  • However, an hourly close above 1.1260 invalidates the bearish scenario for a further corrective push up towards the key 1.1320 medium-term resistance.   

GBP/USD – 1.3130 remains the key resistance to watch


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  • The hourly RSI oscillator has staged a bearish breakdown from a significant corresponding ascending support (similar with the price action support seen in the pair in place since 25 Apr 2019 low).  This observation suggests a bearish pre signal in anticipation of a bearish breakdown in price action via the momentum factor. Maintain bearish bias below the 1.3130 key short-term pivotal resistance for a further potential push down to target the near-term support of 1.2960 follow by the 25 Apr 2019 swing low of 1.2870.
  • However, an hourly close above 1.3130 invalidates the bearish scenario for a further push up towards the next intermediate resistance at 1.3260 (28 Mar 2019 minor swing high area & 61.8% Fibonacci retracement of the entire slide from 13 Mar 2018 high to 25 Apr 2019 low.

USD/JPY – Potential push up within range


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  • No change, 110.85 remains the key short-term pivotal support to watch for a potential push up to retest the 112.10 range resistance in place since 01 Mar 2019.
  • However, an hourly close below 110.85 sees a continuation of the slide towards the next support at 109.75.

AUD/USD – Vulnerable for a breakdown below 0.6980 after bounce


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  • Drifted down lower as expected and it is now coming close to the 0.6980 medium-term range support/target as per highlighted in our previous report. The hourly Stochastic oscillator is now reaching an extreme oversold level with Elliot Wave/fractal analysis that advocates the risk of a minor bounce. Maintain bearish bias in any bounces with a tightened key short-term pivotal resistance now at 0.7035 (upper boundary of the descending channel from 17 Apr 2019 high & Fibonacci retracement cluster) for another potential downleg to target the next near-term support at 0.6920 next (also the lower boundary of the minor descending channel from 17 Apr 2019 high & Fibonacci expansion).
  • However, an hourly close above 0.7035 negates the bearish tone for a further push up to retest 30 Apr 2019 swing high of 0.7070.

Charts are from eSignal






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