Review on 3rd of April
EUR/USD
The euro rallied on yesterday to as high as 1.3515 as a result of the ECB’s surprising rate cut of 25-bp instead of the widely expected cut of 50-bp. The euro currently holds above the 1.3400 mark against the buck, as gains are likely to extend higher on today’s NFP data release. The break above 1.3400 suggests that uptrend resumed and next resistance is seen at 1.3500/15 – yesterday top – then 1.3640 and 1.3740 – recent top – and key resistance at 1.3850/55 – 61.8% retracement of the 1.4720-1.2455 decline. Upside should remain favored for now and next target is 1.3740. Both intra-day and daily studies are bullish. Current quote is 1.3427 @06:13 GMT
Support levels: 1.3400, 1.3330, 1.3200 and 1.3095/00.
Resistance levels: 1.3500/15, 1.3640/50 and 1.3740.
Market sentiment: long-term : bearish, mid-term : slightly bearish, short-term : slightly bullish
AUD/USD
The Aussie dollar continued to climb towards the .7270 barrier and reached a fresh multi-week high at .7227 before pulling back to .7130 at the time of this writing. Daily sentiment is bullish and a potential break of the .7265/70 resistance should open .7925 – 50% of the .9845-.6005 large decline. Intra-day momentum is negative as the Aussie is retracing but may turn positive above .7180. On the downside, support is seen at .7100 backed by .7040/50 and .6970. Current quote is .7140 @06:13 GMT
Support levels: .7100, .7040/50 and .6970.
Resistance levels: .7180, .7225/30 and .7265/70.
Market sentiment: long-term : bearish, mid-term : slightly bullish, short-term : bullish
EUR/CHF
Upside is under pressure as the euro trades near resistance at 1.5290 against the franc. A break above 1.5290 is needed to confirm that uptrend resumed and focus higher to 1.5445 on the coming days. Intra-day support is set at 1.5200 backed by 1.5155 and 1.5050/60. Current quote is 1.5263 @06:13 GMT
Support levels: 1.5200, 1.5150, 1.5050/60 and 1.5000/10.
Resistance levels: 1.5290/00, 1.5350 and 1.5445/50.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : slightly bullish
Have a great day!
nice blog, very informative, i’m bookmarking this blog, visiting again for updates.
I find it impossible to predict the ups and downs of the various world currencies these days. It’s insane how just when you think things are going to crash an economy will rally or visa versa.