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Daily FX Technical Trend Bias/Key Levels (Fri 12 Apr)

EUR/USD – Push up within range remains in progress

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  • 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

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  • 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

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  • 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

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  • 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).

Charts are from eSignal

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