Acuity Signal Centre: Currency, Gold, Oil 19 Apr 2022

EURUSD

Bias: Bearish

We look to Sell at 1.0843 with target prices of 1.0750 and 1.0700, and a stop price of 1.0883

Confidence: 60%

Technical Analysis

• The medium term bias remains bearish
• A firmer opening is expected to challenge bearish resolve
• Prices expected to stall near trend line resistance
• Further downside is expected although we prefer to sell into rallies close to the 1.0850 level

GBPUSD

Bias: Bullish

We look to Buy at 1.2950 with target prices of 1.3125 and 1.3160, and a stop price of 1.2890

Confidence: 20%

Technical Analysis

• There is no sign that this bearish momentum is faltering but the pair has stalled close to a previous swing low of 1.2973
• 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
• Preferred trade is to buy on dips

USDJPY

Bias: Bullish

We look to Buy at 126.55 with target prices of 128.95 and 129.25, and a stop price of 125.51

Confidence: 80%

Technical Analysis

• The primary trend remains bullish
• 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

GOLD

Bias: Bullish

We look to Buy at 1962 with target prices of 1999 and 2025, and a stop price of 1945

Confidence: 100%

Technical Analysis

• Although we remain bullish overall, a correction is possible with plenty of room to move lower without impacting the trend higher
• Prices expected to stall near trend line support
• Preferred trade is to buy on dips
• Further upside is expected

GER40

Bias: Bearish

We look to Sell at 14176 with target prices of 13981 and 13921, and a stop price of 14251

Confidence: 60%

Technical Analysis

• Daily signals are mildly bearish
• 50 4hour EMA is at 14175
• Trading within a Corrective Channel formation
• Trend line resistance is located at 14175

AUDUSD

Bias: Bearish

We look to Sell at 0.7460 with target prices of 0.7275 and 0.7260, and a stop price of 0.7525

Confidence: 20%

Technical Analysis

• We are trading at oversold extremes
• A higher correction is expected
• The bias is still for lower levels and we look for any gains to be limited
• Preferred trade is to sell into rallies

WTI

Bias: Bullish

We look to Buy at 104.28 with target prices of 109.92 and 112.00, and a stop price of 101.74

Confidence: 60%

Technical Analysis

• Following yesterday’s doji the overall trend has stalled and a reversal is possible
• Support is located at 104.00 and should stem dips to this area
• Preferred trade is to buy on dips
• Further upside is expected

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