Acuity Signal Centre: Currency, Gold, Oil 29 Mar 2022

EURUSD

Bias: Bearish

We look to Sell at 1.1042 with target prices of 1.0904 and 1.0880, and a stop price of 1.1099

Confidence: 60%

Technical Analysis

• Daily signals are mildly bearish
• We look for a temporary move higher
• Resistance is located at 1.1050 and should cap gains to this area
• We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower

GBPUSD

Bias: Bearish

We look to Sell at 1.3202 with target prices of 1.3111 and 1.3080, and a stop price of 1.3238

Confidence: 60%

Technical Analysis

• We look to sell rallies
• 20 1day EMA is at 1.3207
• Our outlook is bearish
• Previous resistance located at 1.3200

USDJPY

Bias: Bullish

We look to Buy at 121.57 with target prices of 124.96 and 125.25, and a stop price of 120.23

Confidence: 80%

Technical Analysis

• The medium term bias remains bullish
• Although we remain bullish overall, a correction is possible with plenty of room to move lower without impacting the trend higher
• Support is located at 121.50 and should stem dips to this area
• Preferred trade is to buy on dips

GOLD

Bias: Bearish

We look to Sell at 1957 with target prices of 1901 and 1880, and a stop price of 1981

Confidence: 40%

Technical Analysis

• Following yesterday’s bearish candle, the overall trend lower looks set to continue today
• There is scope for mild buying at the open but gains should be limited
• Rallies should be capped by yesterday’s high
• We look to sell rallies

GER40

Bias: Bullish

We look to Buy at 14404 with target prices of 14629 and 14669, and a stop price of 14314

Confidence: 40%

Technical Analysis

• Daily signals are mildly bullish
• Trend line support is located at 14380
• Bespoke support is located at 14400
• We look to buy dips
• Short term bias is bullish

AUDUSD

Bias: Bearish

We look to Sell a break of 0.7465 with target prices of 0.7435 and 0.7389, and a stop price of 0.7476

Confidence: 40%

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
• A break of yesterdays low would confirm bearish momentum
• Although the anticipated move lower is corrective, it does offer ample risk/reward today
• Further downside is expected and we prefer to set shorts in early trade

WTI

Bias: Bearish

We look to Sell at 111.60 with target prices of 100.28 and 99.50, and a stop price of 116.75

Confidence: 40%

Technical Analysis

• Following yesterday’s bearish candle, the overall trend lower looks set to continue today
• A firmer opening is expected to challenge bearish resolve
• Resistance is located at 112.00 and should cap gains to this area
• Preferred trade is to sell into rallies

---