Daily FX Technical Trend Bias/Key Levels (Thurs 18 Apr)

Mix bag, watch USD/JPY support at 111.80.

EUR/USD – 1.1280 remains the key support to watch

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  • Traded sideways with a range of 45 pips while holding above the 1.1280 key short-term pivotal support as per highlighted in our previous report (click here for a recap). Maintain bullish bias for a potential residual push up to target 1.1340/1350 (medium-term descending resistance from 24 Sep 2018 high & 61.8% Fibonacci retracement of the previous slide from 20 Mar 2019 high to 02 Apr 2019 low) before another slide materialises.
  • On the other hand, an hourly close below 1.1280 shall invalidate the push up scenario for a slide towards 1.1245 before the medium-term range support of 1.1175.

GBP/USD – Push down within range in progress

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  • Drifted down lower as expected to print a low of 1.3027 in yesterday 17 Apr European session before it traded sideways. Given that the 1-hour Stochastic oscillator has inched upwards and still has further room to manoeuvre to the upside before it reaches an extreme overbought level, the pair may see a push up to retest 1.3080 intermediate resistance before another round of potential push down to retest the 1.2980/2960 minor range support in place since 11 Mar 2019 in the first step.
  • On the other hand, an hourly close above the 1.3120 key short-term pivotal resistance 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 – 111.80 remains the key support to watch

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  • After an earlier pop above the 112.00 psychological level ahead of the release of the better than expected China industrial production and retail sales figures for Mar, the pair has failed to make another headway above 112.10 and traded sideways above the 111.80 key short-term pivotal support as per highlighted in our previous report.
  • Maintain bullish bias and added 112.10 as the upside trigger level to reinforce a further potential push up to target the next intermediate resistances at 112.50 and 112.95 next (Fibonacci expansion cluster & the medium-term descending resistance from 03 Oct 2018 high).
  • On the other hand, an hourly close below 111.80 negates the bullish tone for another round of slide to retest the 110.85 support.

AUD/USD – Mix elements remain intact

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  • Despite a break above the medium-term descending range resistance from 03 Dec 2018 high, price action of the pair does not have a strong bullish conviction as it has ended yesterday, 17 Apr U.S. session with a daily “Spinning Top” candlestick pattern.
  • Mix elements, maintain neutrality stance between 0.7200 and 0.7145. A break below 0.7145 sees a further push down to retest the 0.7060 minor range support in place since 20 Mar 2019.
  • On the flipside, a clearance with an hourly close above 0.7200 opens up scope for a bullish range breakout to target the next intermediate resistance at 0.7290 (31 Jan/01 Feb 2019 swing high area) in the first step.

Charts are from eSignal

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