Acuity Signal Centre: Currency, Gold, Oil 28 Mar 2022

EURUSD

Bias: Bearish

We look to Sell at 1.1017 with target prices of 1.0853 and 1.0825, and a stop price of 1.1092

Confidence: 60%

Technical Analysis

• A shooting star has been posted on the weekly charts
• 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

GBPUSD

Bias: Bullish

We look to Buy at 1.3090 with target prices of 1.3355 and 1.3390, and a stop price of 1.2980

Confidence: 20%

Technical Analysis

• We are trading at oversold extremes
• A higher correction is expected
• Although the anticipated move higher is corrective, it does offer ample risk/reward today
• We look to buy dips

USDJPY

Bias: Bullish

We look to Buy at 121.56 with target prices of 124.96 and 125.25, and a stop price of 120.23

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
• Further upside is expected
• Preferred trade is to buy on dips

GOLD

Bias: Bearish

We look to Sell at 1966 with target prices of 1902 and 1880, and a stop price of 1993

Confidence: 60%

Technical Analysis

• We look to sell rallies
• There is scope for mild buying at the open but gains should be limited
• Resistance is located at 1970 and should cap gains to this area
• Further downside is expected

GER40

Bias: Bearish

We look to Sell a break of 14178 with target prices of 13931 and 13841, and a stop price of 14276

Confidence: 60%

Technical Analysis

• Daily signals are bearish
• 14180 has been pivotal
• 50 4hour EMA is at 14260
• A break of the recent low at 14180 should result in a further move lower
• The bearish engulfing candle on the daily chart is negative for sentiment

AUDUSD

Bias: Bearish

We look to Sell at 0.7555 with target prices of 0.7370 and 0.7315, and a stop price of 0.7620

Confidence: 80%

Technical Analysis

• Daily signals for sentiment are at overbought extremes
• This is negative for short term sentiment and we look to set shorts at good risk/reward levels for a further correction lower
• Previous resistance located at 0.7555
• Although the anticipated move lower is corrective, it does offer ample risk/reward today
• Preferred trade is to sell into rallies

WTI

Bias: Bearish

We look to Sell at 115.54 with target prices of 103.21 and 103.00, and a stop price of 120.69

Confidence: 40%

Technical Analysis

• Our outlook is bearish
• A bearish Head and Shoulders is forming
• This is negative for sentiment and the downtrend has potential to return
• Preferred trade is to sell into rallies

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