Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Apr 23 09 02:01 GMT |

EURUSD Outlook The EURUSD continued it's bullish correction yesterday. The pair topped at 1.3035 and closed at 1.3004. On h4 chart below we can see that after hit double bottom formation at 1.2890 area, the pair made an upside correction towards 23.6% Fibo retracement level (of 1.3734 – 1.2890) around key level 1.3100. Like I said yesterday, as long as the pair stay below 1.3100, we have to consider this upside rebound as a normal movement and only movement above 1.3100 area could be a potential violation to the bearish outlook. I think we are still in no trading zone in nearest term. Be patient and do not rush jumping into the market. CCI in oversold area and heading up on daily chart suggesting a potential upside pressure. EURUSD Daily Supports and Resistances: S1= 1.2915 S2= 1.2826 S3= 1.2766 R1= 1.3064 R2= 1.3124 R3= 1.3213 GBPUSD Outlook The GBPUSD continued it's bearish scenario yesterday after corrected higher on Tuesday. On h4 chart below we can see that the battle between buyers and sellers around trendline resistance area was won by the sellers. The bias is bearish in nearest term testing 1.4350 support area but remains unclear in medium term. Make sure to have a very tight money management at this phase. Initial resistance is seen at 1.4530 area. Break above that area could trigger further bullish momentum. CCI just cross the -100 line up on hourly chart suggesting a potential upside rebound. GBPUSD Daily Supports and Resistances: S1= 1.4365 S2= 1.4242 S3= 1.4083 R1= 1.4647 R2= 1.4806 R3= 1.4929 USDJPY Outlook The USDJPY was traded lower yesterday. On h4 chart we can see that the 97.60/70 support area still hold preventing further bearish attack. The bias remains neutral in nearest term. Consistent move below 97.60/70 area should confirm the bearish scenario towards 96.50 area. Initial resistance at 98.50 area. Break above that area could trigger further bullish momentum. CCI in neutral area on hourly chart. USDJPY Daily Supports and Resistances: S1= 97.46 S2= 96.94 S3= 96.31 R1= 98.61 R2= 99.24 R3= 99.76 USDCHF Outlook The USDCHF didn't make significant movement yesterday. On hourly chart below we can see that the pair attempted to push lower, break below 1.1635, bottomed at 1.1598 but closed higher at 1.1634. The bias remains neutral in nearest term. The pair need a valid breakdown from 1.1635 area to confirm further bearish momentum towards 1.1515 support area. CCI about to cross the 100 line down on daily chart suggesting a potential downside pressure. USDCHF Daily Supports and Resistances: S1= 1.1582 S2= 1.1530 S3= 1.1462 R1= 1.1702 R2= 1.1770 R3= 1.1822 FX Instructor LLC www.fxinstructor.com The information has been prepared for information purposes only. The document is not intended as personalized investment advice and does not constitute a recommendation to buy, sell or hold investments described herein. This information contained herein is derived from sources we believe to be reliable, but of which we have not independently verified. FXInstructor LLC assumes no responsibilities for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person's reliance upon this information. FXInstructor LLC does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. FXInstructor LLC shall not be liable for any indirect, incidental, or consequential damages including without limitation losses, lost revenues or lost profits that may result from these materials. Opinions and estimates constitute our judgment and are subject to change without notice. Past performance is not indicative of future results