Acuity Signal Centre: Currency, Gold, Oil 22 Mar 2022

22 Mar 2022
3.10pm SGT

EURUSD

Bias: Bearish

We look to Sell at 1.1093 with target prices of 1.0905 and 1.0875, and a stop price of 1.1180

Confidence: 80%

Technical Analysis

  • Selling pressure has confirmed an initial rejection from the approach towards the key psychological level of 1.1100
  • Further downside is expected
  • Preferred trade is to sell into rallies
  • Risk/Reward would be poor to call a sell from current levels

GBPUSD

Bias: Bullish

We look to Buy at 1.3000 with target prices of 1.3190 and 1.3300, and a stop price of 1.2930

Confidence: 20%

Technical Analysis

  • Selling pressure from 1.3174 resulted in all the initial daily gains being overturned
  • The current move lower is expected to continue
  • Previous support located at 1.2999
  • Preferred trade is to buy on dips
  • Although the anticipated move higher is corrective, it does offer ample risk/reward today

USDJPY

Bias: Bullish

We look to Buy at 119.03 with target prices of 120.99 and 121.25, and a stop price of 118.11

Confidence: 80%

Technical Analysis

  • The continuation higher in prices through resistance has been impressive with strong momentum and shows no signs of slowing
  • We can see no technical reason for a change of trend
  • Dip buying offers good risk/reward
  • Further upside is expected although we prefer to buy into dips close to the 119.00 level

GOLD

Bias: Bearish

We look to Sell at 1957 with target prices of 1902 and 1875, and a stop price of 1982

Confidence: 60%

Technical Analysis

  • Price action remained pressured last week resulting in further losses, recording a 3.50% fall from the recent highs
  • Further downside is expected
  • We look for a temporary move higher
  • Resistance is located at 1960 and should cap gains to this area
  • We look to sell rallies

GER40

Bias: Bullish

We look to Buy a break of 14561 with target prices of 14788 and 14848, and a stop price of 14469

Confidence: 60%

Technical Analysis

  • Short term bias is bullish
  • 14556 has been pivotal
  • A break of the recent high at 14556 should result in a further move higher
  • There is no clear indication that the upward move is coming to an end

AUDUSD

Bias: Bullish

We look to Buy at 0.7325 with target prices of 0.7420 and 0.7555, and a stop price of 0.7290

Confidence: 20%

Technical Analysis

  • Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible
  • A lower correction is expected
  • The bias is still for higher levels and we look for any dips to be limited
  • We look to buy dips

WTI

Bias: Bullish

We look to Buy at 104.59 with target prices of 115.87 and 116.50, and a stop price of 99.44

Confidence: 60%

Technical Analysis

  • Posted a Bullish Hammer Bottom on the Weekly chart
  • This is positive for sentiment and the uptrend has potential to return
  • A weaker opening is expected to challenge bullish resolve
  • Further upside is expected although we prefer to buy into dips close to the 104.00 level

Trading ideas at a glance.
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