Daily FX Technical Trend Bias Key Levels Fri 12 Apr

EUR/USD – Push up within range remains in progress

In today’s Asian session, it has managed to stage a strong bounce of 36 pips after a slide seen in yesterday, 11 Apr U.S. session to retest close to the 1.1240 key short-term pivotal support (printed a low of 1.1248) as per highlighted in our previous report (click here for a recap).
No major changes in key short-term elements. Maintain bullish bias and an hourly close above 1.1285 reinforces a potential push up to target the next intermediate resistances at 1.1316/1325 and 1.1340 (minor swing high area of 25/26 Mar 2019, 50/61.8% Fibonacci retracement of the slide from 20 Mar 2019 high to 02 Apr 2019 low exit target potential of the “Inverse Head & Shoulders” & medium-term descending trendline from 24 Sep 2018 high).
However, a break with an hourly close below 1.1240 negates the bullish tone for a slide back to retest the 07 Mar/02 Apr 2018 swing low areas of 1.1175.

GBP/USD – 1.3120 remains the key resistance to watch

Broke below the minor ascending trendline support in place since 05 Apr 2019 low. No change, maintain bearish bias with 1.3120 as the key short-term pivotal resistance for another round potential push down to retest the 1.2980/2960 minor range support in place since 11 Mar 2019 in the first step.
However, a break 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 – Mix elements

Recent slide has managed to hold the 110.85 minor ascending trendline support from 25 Mar 2019 low and broke above the 111.30 key short-term pivotal resistance as per highlighted in our previous report.
Bearish bias has been invalidated. Mix elements now, prefer to turn neutral between 111.80 and 111.30. A clearance above 111.80 sees a further push to target 112.10 (05 Mar 2019 swing) follow by 112.50 next (medium-term descending trendline from 03 Oct 2018 high, former range support from 20 Nov/07 Dec 2018 low & Fibonacci expansion cluster).
On the flipside, a break below 111.30 reinstates the bearish tone for a slide towards 110.85 follow by 110.50 next (61.8% Fibonacci retracement of the recent rebound form 25 Mar 2019 low to 05 Apr 2019 high).

AUD/USD – Push down within range in progress

Bearish reaction right below the medium-term descending range resistance from 03 Dec 2018 high as expected and broke below the minor ascending trendline support from 02 Apr 2019 low now turns pull-back resistance at 0.7140.
Maintain bearish in any bounces below adjusted key short-term pivotal resistance at 0.7175 for a further potential push down to retest the 0.7060 minor range support in place since 20 Mar 2019.
However, a clearance above 0.7175 invalidates the bearish scenario for a squeeze up towards 0.7200 follow by the next intermediate resistance at 0.7290 (31 Jan/01 Feb 2019 swing high area)

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.

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. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.