FOREX & COMEX Technical Analysis Outlook 7 April

Posted: April 7, 2015 in Commodity Tips, Forex

EUR/USD
The EURUSD tried to break above the 1.10 level during the course of the session on yesterday, but shown a bit of resistance. With that, the market should continue to see sellers every time we rally, and it is believed that the market will continue to heads towards the 1.0750 level and then the 1.05 level. We would not look for buying opportunities until we get above the 1.15 level.
GBP/USD
The GBPUSD tried to rally during the course of the session on yesterday, but found the 1.50 level to be a bit resistive. We feel that the market will then go back down to the 1.48 level, as we continue to consolidate. If we break down below there, and more importantly to the 1.4750 level, we would be sellers and heading towards the 1.45 level. A break above the 1.50 level is likely to send this market to 1.51 level. As of now, we are looking for selling opportunities.
AUD/USD
The AUDUSD initially tried to rally during the course of the day on yesterday, but struggled to keep any gains and ended up turning back around to form a shooting star which is a bearish signal, and as a result we feel that it’s only a matter of time before this market breaks down, and heads towards the 0.76 level and possibly even lower to the 0.75 level given enough time.
USD/JPY
The USDJPY broke higher during the course of the session on yesterday, as the buyers step back in. However, we believe that we can’t short this market from longer term perspective so we are looking for buying only. If we can break above the 120 level, the market should then go to the 122 level given enough time. Any pull back will be looked as increase in the value of US Dollar.
NZD/USD
The NZDUSD fell just a little bit during the course of the session on yesterday, as the 0.76 level continues to offer a bit of resistance. With that, we feel that the market should fall and head back towards the 0.72 level. We believe that breaking down below the bottom of the range for the Friday session, the market will go to the 0.75 level, and then possibly below there given enough time. We have no interest in buying the New Zealand Dollar, as it is highly attached to the attitude in the commodity markets.
Gold
Gold markets took gap up opening on yesterday, and then slammed directly into the $1220 level. We believe that the market is probably going to pull back and find support from the gap, and then break out above the $1220 level. Once it happens, we believe it can go as high as $1300 given enough time. Pullbacks at this point time should continue to be buying opportunities as the gold markets certainly look bullish all of a sudden.
SILVER
The silver markets tried to rally during the course of the day on yesterday after gapping at the open, but turned back around just below the 17.50 level. This is a major resistance barrier over the course of the last several months, so the fact that we pulled back to form a shooting star is a little bit concerning to those who would prefer to buy silver. There is a significant amount of support at 16.50. We don’t really have a clear move yet, but if we break below the 16.50 level, the market should then find itself falling quite significantly.
CRUDE
The light sweet crude market had a very strong session on yesterday, testing the $52 level. However, there is still a significant amount of resistance above. We believe that a resistive candle should appear sooner or later, and that should bring the sellers stepping back in. We believe that a pullback to the $50 level is probably expected, and that although we formed a bullish candle that closed towards the top of the range, there is a significant amount resistance all the way to at least the $55 level. With this, we believe that it’s only a matter of time before the sellers step back in and push the market lower. If we got above the $55 level, the market could then head to the $60 level. We also believe that the US dollar will continue to be very strong, and that will pressure most commodities, with the light sweet crude market not being any different. We believe the sellers will return again and again.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s