Welcome to ECN TRADE!
25 April 2019

10:00 – 18:00

Monday to Friday

Level 13, CitiGroup

Sydney, NSW 2000

AUD/USD

The Australian Dollar continues to remain weak against the Greenback throughout the whole night and records a 0.7322 low. Although further down pressure is expected to surface, the intraday outlook now supports a minor recovery today. Resistance lies minor at 0.7365 where a violation could aim at the 0.7395-05 level before fresh supply returning. Failing to initiate the bullish advance and prices remain under 0.7365, then it would be viewed that the bears will quickly regroup and send the message out to challenge the 0.7250-75 objective. It should still be noted that beneath this levelthe bullish foundation for the currency will buckle further as supply is expected to increase till the bearish journey reaches the major key support at 0.7120-40! Although this level has held respectively, beneath here confirms a measured count to 0.7025, and then to 0.6960…

AUD/USD

Last 0.7352

Technical Bias:

Intraday technicals showing signs of recovery, though 0.7395-05to cap!

Levels:

1st

2nd

3rd

Resistance:

0.7365 minor

0.7395-05

0.7450-75

Support:

0.7310 minor

0.7250-70

0.7180

EUR/USD

It is very surprising that the EUR/USD has managed to holdup considerably well, as it clings to the 1.1000 handle. In favor of the intraday pattern, the downside remains vulnerable in the coming session and should limit any fresh advances. Resistance holds from 1.1045 (minor), with 1.1085-95 slightly firmer. It would however need to clear this level to fuel the advance although 1.1160-65 should contain the renewed rally. Overall the outlook is expected to keep to a southward direction and to the key support level at 107.40-70 region… Although it is expected demand will emerge from this region, if breached no technical support is valid till 1.0470-90.

EUR/USD

Last 1.1012

Technical Bias:

Bears loom as the market prepares for the down challenge to 1.0950!

Levels:

1st

2nd

3rd

Resistance:

1.1045 minor

1.1085-95

1.1160-65

Support:

1.0950

1.0870

1.0740-60

USD/JPY

A slightly firmer close was seen this morning in New York however nowhere clear from the danger zone (support) holding from 101.10-15 to 100.40-50… Since the initial rejection of the 98.90 low, prices still lack any bullish momentum to support any rally, with the down challenge still inevitable! It would require a move above 103.40 to ignite the advance to 103.90-104.10. It is only viewed from here to give the green light to continue on to 105.50-60… With that all said, as I mentioned the downside will continue on to be the favored topic in the coming session.Sub 101.10-15 would expect prices to revisit the lows seen on Friday. However it should be noted that the BOJ could intervene beneath 100.40 and possibly seeing another aggressive rejection… Major support holds from 96.50-70… Sub here 88.00…

USD/JPY

Last 101.90

Technical Bias:

Bulls still appear nervous as the market looks towards 101.10, 100.40-50!

Levels:

1st

2nd

3rd

Resistance:

102.65-75

103.40

103.90-104.10

Support:

101.60 minor

101.10-15

100.40-50

GBP/USD

As the Great British Pound plummetsfurther the support from 1.3110-15has drawn attention as we currently witness a mild recovery from the NY close. Although the stochastic intraday has not fully crossed over, further weakness is still the call.With the 1.3340 support level recently breached,now gives the call to a potential target of 1.2800… It should still be viewed that the BOE will step in at some stage and most likely if prices plunge towards 1.2400…. Looking towards the upside we should still not discount a challenge of 1.3460-70 if prices manage to clear 1.3330-50… Towards 1.3460-70 will give the opportunity for fresh shorts!

GBP/USD

Last 1.3230

Technical Bias:

GBP needs to recover very soon otherwise 1.2800 remains on the cards!

0

Levels:

1st

2nd

3rd

Resistance:

1.3250 minor

1.3330-50

1.3460-70

Support:

1.3175 minor

1.3110-15

1.3030-45

GOLD (XAU/USD)

From yesterday’s mild rejection of the $1,314-16 support (recent resistance/break level) prices ‘shrug-off’ the bearish challenge! With that said we should not discount further down attempts in the coming session. With the bullish foundationsnow holding from the lows of $1,300-02, we should continue to see any dip to remain shallow. The precious metal is soon to look to the initial resistance at $1,331, with $1,344still expected to see market long positions start squaring up (if reached).. However above $1,344 could see a leap towards $1,360-80 but not expected to uphold!

XAU/USD

Last $1,324

Technical Bias:

Dips to remain shallow as the bulls look towards the $1,331 challenge!

Levels:

1st

2nd

3rd

Resistance:

$1,331

$1,336

$1,344

Support:

$1,319minor

$1,314-16

$1,300-02

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