Acuity Signal Centre: Currency, Gold, Oil 31 Mar 2022

EURUSD

Bias: Bullish

We look to Buy at 1.1055 with target prices of 1.1295 and 1.1325, and a stop price of 1.0953

Confidence: 20%

Technical Analysis

• The trend of lower intraday highs has also been broken
• This is positive for sentiment and the uptrend has potential to return
• Previous resistance at 1.1050 now becomes support
• Dip buying offers good risk/reward

GBPUSD

Bias: Bearish

We look to Sell at 1.3200 with target prices of 1.2900 and 1.2800, and a stop price of 1.3320

Confidence: 60%

Technical Analysis

• Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible
• A Doji style candle has been posted from the high
• This is negative for sentiment and the downtrend has potential to return
• Preferred trade is to sell into rallies

USDJPY

Bias: Bearish

We look to Sell at 123.93 with target prices of 121.02 and 120.80, and a stop price of 125.25

Confidence: 20%

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
• Rallies should be capped by yesterday’s high
• Preferred trade is to sell into rallies
• Although the anticipated move lower is corrective, it does offer ample risk/reward today

GOLD

Bias: Bearish

We look to Sell at 1937 with target prices of 1880 and 1860, and a stop price of 1962

Confidence: 40%

Technical Analysis

• Our outlook is bearish
• The trend of lower highs is located at 1940
• We look to sell rallies
• Further downside is expected

GER40

Bias: Bullish

We look to Buy at 14474 with target prices of 14674 and 14714, and a stop price of 14394

Confidence: 40%

Technical Analysis

• Short term bias is bullish
• There is no clear indication that the upward move is coming to an end
• 50 4hour EMA is at 14460
• We look to buy dips

AUDUSD

Bias: Bullish

We look to Buy at 0.7410 with target prices of 0.7535 and 0.7555, and a stop price of 0.7365

Confidence: 60%

Technical Analysis

• Daily signals for sentiment are at overbought extremes
• The current move lower is expected to continue
• 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: Bearish

We look to Sell at 107.55 with target prices of 96.21 and 92.00, and a stop price of 112.56

Confidence: 20%

Technical Analysis

• TThe trend of lower highs is located at 108.00
• This is negative for sentiment and the downtrend has potential to return
• There is scope for mild buying at the open but gains should be limited
• We look to sell rallies

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