Acuity Signal Centre: Currency, Gold, Oil 30 Mar 2022

EURUSD

Bias: Bullish

We look to Buy at 1.1018 with target prices of 1.1137 and 1.1200, and a stop price of 1.0975

Confidence: 40%

Technical Analysis

• Intraday signals are mixed
• Posted a Double Bottom formation
• A break of 1.1137 is needed to confirm follow through bullish momentum
• Positive overnight flows lead to an expectation of a firm open this morning
• We have a 61.8% Fibonacci pullback level of 1.1018 from 1.1137 to 1.0944
• Preferred trade is to buy on dips

GBPUSD

Bias: Bullish

We look to Buy at 1.3020 with target prices of 1.3270 and 1.3300, and a stop price of 1.2930

Confidence: 20%

Technical Analysis

• Although the bears are in control, the stalling negative momentum indicates a turnaround is possible
• A Doji style candle has been posted from the base
• A higher correction is expected
• Although the anticipated move higher is corrective, it does offer ample risk/reward today
• We look to buy dips

USDJPY

Bias: Bullish

We look to Buy at 121.15 with target prices of 125.10 and 126.00, and a stop price of 120.50

Confidence: 60%

Technical Analysis

• The medium term bias remains bullish
• The continuation higher in prices through resistance has been impressive with strong momentum and shows no signs of slowing
• A bullish reverse Head and Shoulders has formed
• We have a 38.2% Fibonacci pullback level of 121.10 from 125.10 to 114.65
• Further upside is expected although we prefer to set longs at our bespoke support levels at 121.15, resulting in improved risk/reward

GOLD

Bias: Bearish

We look to Sell at 1957 with target prices of 1899 and 1880, and a stop price of 1974

Confidence: 40%

Technical Analysis

• Previous resistance located at 1960
• There is scope for mild buying at the open but gains should be limited
• Trading within the Channel formation
• We look to sell rallies

GER40

Bias: Bullish

We look to Buy at 14621 with target prices of 14838 and 14888, and a stop price of 14539

Confidence: 40%

Technical Analysis

• Short term bias is bullish
• There is no clear indication that the upward move is coming to an end
• Previous resistance at 14600 now becomes support
• We look for a temporary move lower
• 20 4hour EMA is at 14600

AUDUSD

Bias: Bearish

We look to Sell at 0.7555 with target prices of 0.7370 and 0.7260, and a stop price of 0.7620

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
• Previous resistance located at 0.7555
• Although the anticipated move lower is corrective, it does offer ample risk/reward today
• Preferred trade is to sell into rallies

WTI

Bias: Bearish

We look to Sell at 110.75 with target prices of 103.75 and 99.50, and a stop price of 113.78

Confidence: 20%

Technical Analysis

• There is scope for mild buying at the open but gains should be limited
• 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

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