Daily Technical Analysis

Today's Risk Events

No significant reports

EURUSD

Intraday

Daily

Weekly

Weekly Bias: BULLISH
Daily Momentum: BEARISH
Intraday: BEARISH
Signals: NO

Notes: EUR/USD on the other hand continued to consolidate in a narrow trading range.  Service sector PMI was revised lower for the month of March, dragging the composite index down to 56.4 from a previously estimated 56.7. There has been very little action in the single currency as concerns about the French election keeps the pair from materially benefiting from the dollar’s decline. My previous analysis remains valid: I expect EURUSD to attract some buyers and rally towards 1.0750. Any rallies should be sold until weekly momentum is oversold once again. I don’t see any bullish signals for the moment.

GBPUSD

Intraday

Daily

Weekly

Weekly Bias: BULLISH
Daily Momentum: BEARISH
Intraday: BEARISH
Signals: SHORT TRADE CLOSED ( SECOND LOT BREAK EVEN AT 1.2480)

Notes: Stronger than expected service sector activity helped to propel GBP/USD in today’s trading. This is another case when UK services PMI report has a significant impact on the British currency. Never to be ignored by serious FX traders!  According to the PMI report, service sector activity accelerated at its fastest pace in 3 months.It helped to offset the negative sentiment caused by the lower manufacturing and construction PMI reports. 1.2550 may be an important resistance level and it might either make or break this market. Weekly momentum is now overbought and suggests more downward pressure should be imminent. In the long term view, the break and re-test of 1.2550 resistance would suggest that GBP is out of the woods and would likely to find some buyers after the Brexit saga. I will be a seller at the resistance with the bearish reversal pattern.

USDJPY

Intraday

Daily

Weekly

Weekly Bias: BULLISH
Daily Momentum: REVERSING TO THE UPSIDE
Intraday: REVERSING TO THE UPSIDE
Signals: LONG 

Notes: The FOMC minutes were hawkish.These optimistic views and their concern about high stock prices confirm that further tightening is on the way.  Yet investors sold rather than bought dollars after the report because nothing in the Fed minutes reflected an urgency to raise interest rates.  As a result U.S. yields nosedived, taking USD/JPY down with it as investors turned their focus to the U.S. China Summit and Friday’s non-farm payrolls report. Its not looking good for our long USDJPY position. Today’s post FOMC Minutes leg down suggests there are more bears ready to sell the pair. I will keep this open until 110.00 support is broken. If the market withhold this level, the rebound could be still in play. If the market breaks and re-tests 110.00, more slower prices are likely to follow

LONG TRADE HERE

AUDUSD

Intraday

Daily

Weekly

Weekly Bias: EXTREME BULLISH 
Daily Momentum: RANGE/BEARISH
Intraday: RANGE/BORING 🙁
Signals: NO

Notes: No change in price of AUDUSD today. It closed the day at 0.7570. As mentioned earlier,after RBA rather dovish tone, I expect this market to drip down slowly towards the support at 0.750. Weekly momentum is mixed without any clear signals for the moment but it is likely to become oversold and ready for buying once the price is trading closed to the support. That could be a perfect conditions for bulls. For the moment, Aussie is sliding very slowly down with no signs of any bullishness.