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Price Signal Summary - Pullback In Cable Appears To Be A Correction

OUTLOOK
  • In FX, despite the pullback from Friday’s high, EURUSD remains in an uptrend. Last week’s gains resulted in a break of key resistance at 1.1033, the Feb 2 high. This reinforces bullish conditions and more importantly, has confirmed a resumption of the broader uptrend that started Sep 28 2022. The focus is on 1.1127, the 1.00 projection of the Mar 15 - 23 - 24 price swing and 1.1185 further out, the Mar 31 2022 high. Key short-term support lies at the 20-day EMA, at 1.0879.
  • GBPUSD remains in an uptrend and the latest pullback is - for now - considered corrective. Last week’s climb resulted in a break of 1.2525, the Apr 4 high, confirming a resumption of the uptrend and reinforcing the bullish significance of the recent breach of 1.2448, the Jan 23 high. The focus is on 1.2599, the Jun 7 2022 high. On the downside, initial key short-term support is 1.2362, the 20-day EMA.
  • USDJPY traded higher Friday and the pair has started this week’s session on a firmer note. Resistance at 134.05, the Apr 12 high has been pierced. This signals potential for a continuation higher and opens 134.75, 61.8% of the Mar 8 - 24 bear leg. The current bull cycle does appear to be a correction. However, a break of support at 132.02, the Apr 13 low, is required to signal a bearish reversal.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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