Forex Monday the 24th of April

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April 24, 2017
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April 25, 2017

Is it time to be bullish the Dollar. One thing is for sure….The Dollar is now at a  HUGE support level that could decide longer-term trend.

USDX

The 98.80-99 level is very important support. A strong upward reversal at least towards 100.80 could start from current levels.

EURUSD

As I pointed out a few days back, as long as we trade above 1.0550 the move towards 1.09-1.10 is the most probable one.

 

 

Is it time now to sell EURUSD? Maybe…but the risk reward favors bearish positions at least for the short-term.

USDJPY

Price has broken the downward sloping trend line. I could see the price back test the broken trend line and then bounce back up towards the cloud resistance near 112-113.

USDCAD

5 waves up, bearish divergence at the last highs, a pull back towards 1.33 is expected before more downside.

GBPUSD

Supported at 1.2770-1.2750. As long as it trades above it, we could see 1.30.

NZDUSD

Resistance at 0.7050 did not break despite bouncing as expected. Bulls need to show more strength signs for the pair to move towards 0.71 and higher. 0.69 remains key support

AUDUSD

Bounce off support as expected but with metals getting hit today, more downside should be expected once we break below 0.7480. 0.7610 is important short-term resistance. Bulls need to break it otherwise the chances are in favor of the bearish camp.

Thank you for taking the time to catch up on my thinking.

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.