Acuity Signal Centre: Currency, Gold, Oil 2 Mar 2022

02 Mar 2022
3.07pm SGT

EURUSD

Bias: Bearish

We look to Sell at 1.1192 with target prices of 1.1050 and 1.1000, and a stop price of 1.1248

Confidence: 80%

Technical Analysis

  • The medium term bias remains bearish
  • The continuation lower in prices through support has been impressive with strong momentum and shows no signs of slowing
  • Negative overnight flows lead to an expectation of a weaker open this morning
  • Bespoke resistance is located at 1.1192
  • Preferred trade is to sell into rallies

GBPUSD

Bias: Bullish

We look to Buy at 1.3215 with target prices of 1.3380 and 1.3455, and a stop price of 1.3150

Confidence: 20%

Technical Analysis

  • Selling pressure from 1.3339 resulted in all the initial daily gains being overturned
  • We are trading at oversold extremes
  • This is positive for short term sentiment and we look to set longs at good risk/reward levels for a further correction higher
  • Although the anticipated move higher is corrective, it does offer ample risk/reward today
  • Preferred trade is to buy on dips

USDJPY

Bias: Bearish

We look to Sell at 115.45 with target prices of 114.41 and 114.00, and a stop price of 115.80

Confidence: 20%

Technical Analysis

  • Price action continued to range between key support & resistance (115.76 – 114.41) although we expect a break of this range soon
  • Bespoke resistance is located at 115.45
  • There is scope for mild buying at the open but gains should be limited
  • Preferred trade is to sell into rallies
  • Expect trading to remain mixed and volatile

GOLD

Bias: Bearish

We look to Sell at 1965 with target prices of 1926 and 1913, and a stop price of 1979

Confidence: 20%

Technical Analysis

  • Bespoke resistance is located at 1970
  • We look for a temporary move lower
  • Although the anticipated move lower is corrective, it does offer ample risk/reward today
  • Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1970, resulting in improved risk/reward

GER40

Bias: Bearish

We look to Sell at 14297 with target prices of 14044 and 13984, and a stop price of 14401

Confidence: 60%

Technical Analysis

  • Daily signals are bearish
  • There is no clear indication that the downward move is coming to an end
  • Trend line resistance is located at 14370
  • Previous support at 14300 now becomes resistance
  • Our overall sentiment remains bearish looking for lower levels

AUDUSD

Bias: Bearish

We look to Sell a break of 0.7236 with target prices of 0.7160 and 0.7137, and a stop price of 0.7266

Confidence: 80%

Technical Analysis

  • A bearish Head and Shoulders is forming
  • Short term momentum is bullish
  • Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible
  • Posted a Double Top formation
  • A break of 0.7236 is needed to confirm follow through negative momentum
  • Further downside is expected, however, due to the strong support below we prefer to sell a break of 0.7236, which will confirm the bearish sentiment

WTI

Bias: Bearish

We look to Sell at 110.12 with target prices of 100.93 and 98.20, and a stop price of 113.50

Confidence: 20%

Technical Analysis

  • Bespoke resistance is located at 110.000
  • Although the anticipated move lower is corrective, it does offer ample risk/reward today
  • We are trading at overbought extremes
  • We look for a temporary move lower