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Price Signal Summary - Bull Cycle In GBPUSD Extends

OUTLOOK
  • In FX, EURUSD continues to trade closer to last week’s 1.0877 high (Apr 4). The break of resistance at 1.0864, the Mar 26 high, highlights a positive development for bulls and a continuation higher would open 1.0943, the Mar 21 high. On the downside, a reversal would instead refocus attention on 1.0725, the Apr 2 low ahead of the key support at 1.0695, the Feb 14 low and bear trigger. Initial support lies at 1.0791, Friday’s low.
  • GBPUSD is trading higher today. The pair has breached minor resistance at 1.2684, the Apr 4 high. Note too that price is again above the 50-day EMA - at 1.2664. A clear break of this average would improve short-term conditions and signal scope for a stronger recovery. This would open 1.2717 next, a Fibonacci retracement. For bears, key support to watch lies at 1.2519, the Feb 5 low. A clear break of this level would strengthen a bearish theme.
  • Bullish conditions in USDJPY remain intact and the pair is holding on to its recent gains. A flag formation on the daily chart - a bullish pattern, continues to reinforce the uptrend and MA studies are in a bull-mode position too. A clear break of the major 151.91/95 hurdle, the Nov 13 ‘23 and Oct 1 ‘22 highs respectively, would resume the uptrend and open 152.66, the 1.236 projection of the Feb 1 - 13 - Mar 8 price swing. Support is 150.93, the 20-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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