Acuity Signal Centre: Currency, Gold, Oil 4 Apr 2022

EURUSD

Bias: Bullish

We look to Buy at 1.1005 with target prices of 1.1149 and 1.1175, and a stop price of 1.0939

Confidence: 40%

Technical Analysis

• The bullish engulfing candle on the weekly chart the positive for sentiment
• Trend line support is located at 1.1000
• Support could prove difficult to breakdown
• Dip buying offers good risk/reward

GBPUSD

Bias: Bullish

We look to Buy at 1.3065 with target prices of 1.3250 and 1.3300, and a stop price of 1.2980

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
• 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 121.49 with target prices of 123.95 and 124.25, and a stop price of 120.33

Confidence: 100%

Technical Analysis

• Prices look to be heading towards a new 7 year high
• 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

GOLD

Bias: Bearish

We look to Sell at 1937 with target prices of 1900 and 1880, and a stop price of 1954

Confidence: 40%

Technical Analysis

• The trend of lower highs is located at 1945
• 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
• Resistance is located at 1940 and should cap gains to this area
• Preferred trade is to sell into rallies

GER40

Bias: Bearish

We look to Sell a break of 14319 with target prices of 14121 and 14081, and a stop price of 14401

Confidence: 40%

Technical Analysis

• Trend line support is located at 14360
• A break of the recent low at 14323 should result in a further move lower
• A lower correction is expected
• Short term momentum is bearish

AUDUSD

Bias: Bearish

We look to Sell at 0.7555 with target prices of 0.7395 and 0.7260, and a stop price of 0.7610

Confidence: 40%

Technical Analysis

• Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible
• Previous resistance located at 0.7555
• This is negative for short term sentiment and we look to set shorts at good risk/reward levels for a further correction lower
• Although the anticipated move lower is corrective, it does offer ample risk/reward today
• Preferred trade is to sell into rallies

WTI

Bias: Bullish

We look to Buy at 94.39 with target prices of 107.66 and 109.00, and a stop price of 88.45

Confidence: 100%

Technical Analysis

• Previous support located at 94.00
• We look for a temporary move lower
• Support could prove difficult to breakdown
• We expect a reversal in this move
• Further upside is expected although we prefer to buy into dips close to the 94.00 level

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