AUDUSD TECHS: Trend Structure Remains Bearish

Apr-18 06:27
  • RES 4: 0.6644 High Apr 9
  • RES 3: 0.6542 50-day EMA
  • RES 2: 0.6516 20-day EMA
  • RES 1: 0.6481 Low Apr 1 and a recent breakout level
  • PRICE: 0.6455 @ 07:26 BST Apr 18
  • SUP 1: 0.6389 Low Apr 16
  • SUP 2: 0.6360 Low Nov 14
  • SUP 3: 0.6339 Low Nov 10 and a key support
  • SUP 4: 0.6315 Low Oct 31

AUDUSD remains vulnerable following last week’s move lower and this week’s extension. Key support at 0.6443, the Feb 13 low, has recently been cleared highlighting an important technical breach that has confirmed a resumption of the downtrend that started late December last year. Scope is seen for an extension towards 0.6339, the Nov 10 ‘23 low. Firm resistance is seen at 0.6542, the 50-day EMA. Short-term gains are considered corrective.

Historical bullets

EUROSTOXX50 TECHS: (M4) Bulls Remain In The Driver’s Seat

Mar-19 06:26
  • RES 4: 5127.70 1.382 proj of the Jan 17 - Feb 12 - 13 price swing
  • RES 3: 5074.70 1.236 proj of the Jan 17 - Feb 12 - 13 price swing
  • RES 2: 5000.00 Psychological round number
  • RES 1: 4988.00 High Mar 14
  • PRICE: 4925.00 @ 06:10 GMT Mar 19
  • SUP 1: 4867.30 20-day EMA
  • SUP 2: 4771.00 Low Feb 22
  • SUP 3: 4711.00 Low Feb 19
  • SUP 4: 4626.00 Low Feb 13

The trend condition in Eurostoxx 50 futures remains intact and last week’s fresh cycle highs reinforce current conditions. Moving average studies are in a bull-mode position and this continues to reflect positive market sentiment. Sights are on the psychological 5000.00 handle. Clearance of this level would strengthen the bullish condition. On the downside, initial firm support lies at 4867.30, the 20-day EMA.

LOOK AHEAD: UK Timeline of Key Events (All Times in GMT)

Mar-19 06:23
Date UK Period Event
20-Mar 0001 Feb XpertHR pay deals for whole economy
20-Mar 0700 Feb CPI / PPI
21-Mar 0700 Feb Public Sector Finances
21-Mar 0930 Mar S&P Global PMI flash
21-Mar 1200 Bank Of England Interest Rate Decision
22-Mar 0001 Mar Gfk Monthly Consumer Confidence
22-Mar 0700 Feb Retail Sales
22-Mar 0730 FQ1 DMO to release calendar for FQ1 (Apr-Jun) Ops
22-Mar 1100 Mar CBI Industrial Trends
22-Mar 1630 Q2 BOE to announce APF sales schedule for Q2-24
25-Mar 1100 Mar CBI Distributive Trades
25-Mar 1415 BOE Mann At Royal Economic Society Annual Conference
28-Mar 0700 4Q GDP Second Estimate / Quarterly account balance
02-Apr 0001 Mar BRC Monthly Shop Price Index
02-Apr 0930 Feb BOE M4 / Lending to Individuals
02-Apr 0930 Mar S&P Global Final Manufacturing PMI
09-Apr 0001 Mar BRC-KPMG Shop Sales Monitor

GBPUSD TECHS: Corrective Pullback Extends

Mar-19 06:21
  • RES 4: 1.3045 High Jul 19 2023
  • RES 3: 1.2996 High Jul 27 2023
  • RES 2: 1.2946 2.00 projection of the Feb 14 - 22 - Mar 1 price swing
  • RES 1: 1.2823/2894 High Mar 14 / 8 and the bull trigger
  • PRICE: 1.2709 @ 06:19 GMT Mar 19
  • SUP 1: 1.2684 50-day EMA
  • SUP 2: 1.2600 Low Mar 1
  • SUP 3: 1.2536 Low Feb 14
  • SUP 4: 1.2519 Low Feb 5 and the bear trigger

GBPUSD is trading lower this morning, extending the corrective pullback from 1.2894, the Mar 8 high and bull trigger. The pair is approaching support at 1.2684, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement and open 1.2600, the Mar 1 low. Key resistance is unchanged at 1.2894. Clearance of this hurdle would resume the uptrend and open 1.2946, a Fibonacci projection.