Daily FX Technical Trend Bias Key Levels Wed 24 Apr

EUR/USD – Vulnerable for a range bearish breakdown

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Undergone the expected minor “bearish flag” breakdown and hit the upper limit of the medium-term rang support of 1.1190/1175 as per highlighted in our previous report (click here for a recap).
No clear signs of bearish exhaustion yet, maintain bearish bias with tightened key short-term pivotal resistance now at 1.1245 (the intersection of the former minor “bearish flag” range support from 18 Apr 2019 low & minor descending trendline from 17 Apr 2019 high) for a further potential push down to retest 1.1175 lower limit of the medium-term range support in place since 12 Nov 2018 before a bearish breakdown to target the next near-term support at 1.1120 (Fibonacci expansion cluster & swing low areas of 30 May/20 Jun 2017).
On the other hand, an hourly close above 1.1245 negates the bearish tone for a squeeze up towards 1.1280 and even 1.1320 (also the medium-term descending resistance from 24 Sep 2018 high)

GBP/USD – Bearish breakdown from minor range configuration

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Broke below the 1.2960 lower limit of the short-term neutrality range zone as per highlighted in our previous report. Yesterday’s price action has validated the bearish breakdown from it’s a minor range configuration in place since 11 Mar 2019.
Flip back to a bearish bias in any bounces below 1.3020 key short-pivotal resistance (also the minor descending channel resistance from 28 Mar 2019 high) for a further potential push down to target the next near-term support at 1.2910/2890 follow by 1.2800 (also 61.8% Fibonacci retracement of 3-month up move from 03 Jan 2019 low to 13 Mar 2019 high & 14 Feb 2019 swing low).
On the other hand, an hourly close above 1.3020 negates the bearish tone for a squeeze up to retest the next intermediate resistance at 1.3130.

USD/JPY – Bulls need to break above 112.10

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No major changes to its key elements. Maintain bullish bias above 111.80/65 key short-term pivotal resistance and an hourly close above 112.10 reinforces another potential impulsive upleg towards 112.50 before 112.95 (also the medium-term descending resistance from 03 Oct 2018 high).
On the other hand, an hourly close below 111.65 negates the bullish tone for another round of slide to retest the 110.85 support.

AUD/USD - Further push down to retest medium-term range support

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Hit and broke below the 0.7060 minor range support/target as per highlighted in our previous report reinforced by a weaker Q1 AU CPI (1.6% y/y versus consensus of 1.7% y/y). Maintain bearish bias with a tightened key short-term pivotal resistance now at 0.7090 (former minor swing low areas of 05/08 Apr 2019 & pull-back of the former ascending support from 08 Mar 2019 low) for a further potential push down to target the 0.7000/6980 medium-term range support.
On the other hand, an hourly close above 0.7090 negates the bearish tone for a squeeze up towards 0.7140 intermediate resistance (also the medium-term range resistance from 03 Dec 2018 high).

Charts are from eSignal

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