Acuity Signal Centre: Currency, Gold, Oil 12 Apr 2022

EURUSD

Bias: Bullish

We look to Buy at 1.0852 with target prices of 1.0998 and 1.1025, and a stop price of 1.0789

Confidence: 40%

Technical Analysis

• Previous support located at 1.0850
• Posted a Double Bottom formation
• A higher correction is expected
• We look to buy dips

GBPUSD

Bias: Bullish

We look to Buy at 1.2990 with target prices of 1.3130 and 1.3160, and a stop price of 1.2940

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 1.2999
• Daily signals for sentiment are 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: Bullish

We look to Buy at 124.17 with target prices of 126.98 and 127.25, and a stop price of 122.95

Confidence: 80%

Technical Analysis

• Following yesterday’s bullish candle, the overall trend higher looks set to continue today
• The continuation higher in prices through resistance has been impressive with strong momentum and shows no signs of slowing
• Previous resistance at 124.00 now becomes support
• Preferred trade is to buy on dips

GOLD

Bias: Bearish

We look to Buy at 1941 with target prices of 1979 and 1998, and a stop price of 1924

Confidence: 60%

Technical Analysis

• Buying pressure from 1940 resulted in prices rejecting the dip
• A sequence of intraday higher highs and lows has been posted
• Further upside is expected
• Dip buying offers good risk/reward

GER40

Bias: Bearish

We look to Sell at 14228 with target prices of 14027 and 13967, and a stop price of 14303

Confidence: 80%

Technical Analysis

• Our short term bias remains negative
• Intraday rallies continue to attract sellers and there is no clear indication that this sequence for trading is coming to an end
• 20 1day EMA is at 14250
• 50 4hour EMA is at 14260
• We look for a temporary move higher

WTI

Bias: Bearish

We look to Sell at 99.98 with target prices of 93.55 and 90.00, and a stop price of 102.98

Confidence: 60%

Technical Analysis

• The sequence for trading is lower lows and highs
• Trades with a bearish descending triangle formation
• We are assessed to be in a corrective mode higher
• We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower

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