AUDUSD TECHS: Trend Needle Points North
- RES 4: 0.6550 61.8% retracement of the Sep 30 ‘24 - Apr 9 bear leg
- RES 3: 0.6528 High Nov 29 ‘24
- RES 2: 0.6471 High Dec 9 ‘24
- RES 1: 0.6439 High Apr 22
- PRICE: 0.6387 @ 16:04 BST Apr 25
- SUP 1: 0.6344/6314 Low Apr 24 / 20-day EMA
- SUP 2: 0.6181 Low Apr 11
- SUP 3: 0.6116 Low Apr 10
- SUP 4: 0.5915 Low Apr 9 and key support
AUDUSD traded marginally lower through the London close but continues to trade closer to its recent highs. A bullish theme remains intact. The pair has recently breached a key resistance at 0.6409, the Dec 9 ‘24 high. This reinforces bullish conditions and signals scope for a continuation higher near-term. Sights are on 0.6471 next, the Dec 9 2024 high. Initial key support to monitor is 0.6314, the 20-day EMA. A clear break of this EMA would be a concern for bulls.
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USDJPY TECHS: Monitoring Key Resistance
- RES 4: 154.80 High Dec 12 ‘24 and a key resistance
- RES 3: 152.70 50.0% retracement of the Jan 10 - Mar 11 bear leg
- RES 2: 151.30 High Mar 3
- RES 1: 150.96 50-day EMA and a key short-term resistance
- PRICE: 150.57 @ 16:49 GMT Mar 26
- SUP 1: 148.18/146.54 Low Mar 20 / 11 and the bear trigger
- SUP 2: 147.57 1.0% 10-dma envelope
- SUP 3: 145.00 Round number support
- SUP 4: 144.13 76.4% retracement of the 16 ‘24 - Jan 10 bull leg
USDJPY continues to trade closer to its recent highs. The primary trend direction is down and recent gains are considered corrective. Resistance to watch is 150.96, the 50-day EMA. A clear break of this EMA would signal scope for a stronger rally. For bears, a resumption of weakness would refocus sights on key support and the bear trigger at 146.54, the Mar 11 low. Clearance of this level would resume the downtrend.
OPTIONS: US Options Roundup - Mar 26
Wednesday's U.S. rates options flow included:
- SFRZ5 95.62/95.37ps, bought for 1.75 in 60k total (pit and screen)
- SFRM5 95.50p, bought for half in 20k
EURGBP TECHS: Finds Support
- RES 4: 0.8494 High Aug 26 ‘24
- RES 3: 0.8474 High Jan 20 and a key resistance
- RES 2: 0.8428/8450 High Mar 18 / 11 and the bull trigger
- RES 1: 0.8395 High Mar 24
- PRICE: 0.8365 @ 16:47 GMT Mar 26
- SUP 1: 0.8333 Low Mar 26
- SUP 2: 0.8321 61.8% retracement of the Mar 3 - 11 bull leg
- SUP 3: 0.8391 76.4% retracement of the Mar 3 - 11 bull leg
- SUP 4: 0.8241 Low Mar 3 and a key support
EURGBP has traded lower before a mid-session rally. Wednesday’s strength off the intraday low highlights a possible reversal. A strong daily close Wednesday would strengthen the bullish significance of today’s bounce. Note that MA studies are in a bull-mode position. This suggests that the pullback from the Mar 11 high, has been a correction. Resistance to watch is 0.8395, the Mar 24 high. Key near-term support lies at 0.8333, today’s intraday low.
