Acuity Signal Centre: Currency, Gold, Oil 25 Mar 2022

EURUSD

Bias: Bearish

We look to Sell at 1.1093 with target prices of 1.0967 and 1.0950, and a stop price of 1.1150

Confidence: 80%

Technical Analysis

• Previous resistance located at 1.1100
• We look for a temporary move higher
• Resistance could prove difficult to breakdown
• Preferred trade is to sell into rallies

GBPUSD

Bias: Bearish

We look to Sell at 1.3335 with target prices of 1.3170 and 1.3000, and a stop price of 1.3395

Confidence: 80%

Technical Analysis

• Buying pressure from 1.3157 resulted in prices rejecting the dip
• Trading within a Bullish Channel formation
• Our expectation now is for this swing higher to continue towards the top of the trend channel, to complete a correction before sellers return
• Preferred trade is to sell into rallies

USDJPY

Bias: Bullish

We look to Buy at 120.57 with target prices of 122.98 and 123.25, and a stop price of 119.74

Confidence: 100%

Technical Analysis

• The medium term bias remains bullish
• We can see no technical reason for a change of trend
• Dip buying offers good risk/reward
• Further upside is expected

GOLD

Bias: Bearish

We look to Sell at 1967 with target prices of 1901 and 1875, and a stop price of 1995

Confidence: 40%

Technical Analysis

• Following yesterday’s bullish candle, the overall trend higher looks set to reverse today
• Bespoke resistance is located at 1970
• Resistance could prove difficult to breakdown
• Selling spikes offers good risk/reward

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
• A break of yesterdays low would confirm bearish momentum
• 50 4hour EMA is at 14230
• 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 0.7315 and 0.7260, and a stop price of 0.7640

Confidence: 60%

Technical Analysis

• Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible
• 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
• Preferred trade is to sell into rallies

WTI

Bias: Bearish

We look to Sell at 115.78 with target prices of 104.22 and 102.50, and a stop price of 120.98

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
• Resistance is located at 116.00 and should cap gains to this area
• Preferred trade is to sell into rallies

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