Acuity Signal Centre: Currency, Gold, Oil 1 Mar 2022

01 Mar 2022
3.12pm SGT

EURUSD

Bias: Bearish

We look to Sell at 1.1242 with target prices of 1.1104 and 1.1075, and a stop price of 1.1302

Confidence: 80%

Technical Analysis

  • The sequence for trading is lower lows and highs
  • Our outlook is bearish
  • A firmer opening is expected to challenge bearish resolve
  • Resistance is located at 1.1250 and should cap gains to this area
  • We look to sell rallies

GBPUSD

Bias: Bearish

We look to Sell at 1.3440 with target prices of 1.3325 and 1.3300, and a stop price of 1.3480

Confidence: 60%

Technical Analysis

  • the bulls are in control, the stalling positive momentum indicates a turnaround is possible
  • We are trading at overbought extremes
  • The bias is still for lower levels and we look for any gains to be limited
  • This is negative for sentiment and the downtrend has potential to return
  • Preferred trade is to sell into rallies

USDJPY

Bias: Bearish

We look to Sell at 115.55 with target prices of 115.00 and 114.75, and a stop price of 115.79

Confidence: 20%

Technical Analysis

  • A bearish Head and Shoulders is forming
  • This is negative for sentiment and the downtrend has potential to return
  • There is scope for mild buying at the open but gains should be limited
  • Preferred trade is to sell into rallies

GOLD

Bias: Bullish

We look to Buy at 1883 with target prices of 1960 and 1980, and a stop price of 1850

Confidence: 100%

Technical Analysis

  • The medium term bias remains bullish
  • There is scope for mild selling at the open but losses should be limited
  • Support is located at 1880 and should stem dips to this area
  • Dip buying offers good risk/reward
  • News events could adversely affect the short term technical picture

GER40

Bias: Bearish

We look to Sell at 14569 with target prices of 14313 and 14263, and a stop price of 14666

Confidence: 60%

Technical Analysis

  • Daily signals are bearish
  • Short term bias is bearish
  • 50 4hour EMA is at 14574
  • We look for a temporary move higher

AUDUSD

Bias: Bullish

We look to Buy at 0.7201 with target prices of 0.7299 and 0.7325, and a stop price of 0.7157

Confidence: 20%

Technical Analysis

  • A bearish Head and Shoulders is forming
  • Following yesterday’s bullish candle, the overall trend higher looks set to continue today
  • We look for a temporary move lower
  • Support is located at 0.7200 and should stem dips to this area
  • Further upside is expected although we prefer to buy into dips close to the 0.7200 level

WTI

Bias: Bullish

We look to Buy at 94.13 with target prices of 98.96 and 99.50, and a stop price of 91.88

Confidence: 80%

Technical Analysis

  • The primary trend remains bullish
  • Buying pressure from 94.00 resulted in prices rejecting the dip
  • Further upside is expected
  • Preferred trade is to buy on dips