Acuity Signal Centre: Currency, Gold, Oil 24 Mar 2022

EURUSD

Bias: Bearish

We look to Sell at 1.1019 with target prices of 1.0854 and 1.0825, and a stop price of 1.1093

Confidence: 80%

Technical Analysis

• The medium term bias remains bearish
• Rallies continue to attract sellers
• Resistance is located at 1.1025 and should cap gains to this area
• Further downside is expected

GBPUSD

Bias: Bullish

We look to Buy at 1.3115 with target prices of 1.3300 and 1.3455, and a stop price of 1.3045

Confidence: 20%

Technical Analysis

• Although the bears are in control, the stalling negative momentum indicates a turnaround is possible
• A higher correction is expected
• The hourly chart technicals suggests further downside before the uptrend returns
• Preferred trade is to buy on dips

USDJPY

Bias: Bullish

We look to Buy at 119.55 with target prices of 122.90 and 123.25, and a stop price of 118.19

Confidence: 100%

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

GOLD

Bias: Bearish

We look to Sell at 1967 with target prices of 1902 and 1875, and a stop price of 1994

Confidence: 40%

Technical Analysis

• Daily signals are mildly bearish
• 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
• Preferred trade is to sell into rallies

GER40

Bias: Bearish

We look to Sell at 14514 with target prices of 14269 and 14209, and a stop price of 14611

Confidence: 60%

Technical Analysis

• Intraday rallies continue to attract sellers and there is no clear indication that this sequence for trading is coming to an end
• Bespoke resistance is located at 14500
• Preferred trade is to sell into rallies
• Expect trading to remain mixed and volatile

AUDUSD

Bias: Bullish

We look to Buy at 0.7380 with target prices of 0.7555 and 0.7715, and a stop price of 0.7320

Confidence: 20%

Technical Analysis

• We are trading at overbought extremes
• A Doji style candle has been posted from the high
• A lower correction is expected
• The bias is still for higher levels and we look for any dips to be limited
• We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher

WTI

Bias: Bullish

We look to Buy at 108.61 with target prices of 119.94 and 120.50, and a stop price of 103.53

Confidence: 80%

Technical Analysis

• The medium term bias remains bullish
• Following yesterday’s bullish candle, the overall trend higher looks set to continue today
• There is scope for mild selling at the open but losses should be limited
• Further upside is expected although we prefer to buy into dips close to the 108.00 level

---