"Fort Financial Services"- fundamental and technical analysis.
13.04.2017
Euro
Current situation
The euro maintained its recovery pace on Wednesday. Having spent the night in a tight range above 1.0600 the spot edged higher at the European session open. The resistance is at 1.0650, the support comes in at 1.0600.
Trading recommendations
In order to recover some strength, EUR/USD needs to rise back and hold above 1.0650. Until then, there is a chance for bears to return control. The last will strive to test 1.0550.
Pound
Current situation
The GBP/USD pair spent the night around its fresh high at 1.2500. The pound tried to maintain its control struggling with 1.2500 in the European session. The resistance lies at 1.2500, the support comes in at 1.2400.
Trading recommendations
Sustained break above the 1.2500 region is seen as minimum requirement needed to confirm bullish resumption. In this scenario, buyers may lead prices towards 1.2600. Alternatively, a rebound here may revive the bearish momentum towards 1.2400 – 1.2370.
Yen
Current situation
Sellers were unable to drive the US dollar below 109.50. The major reached the handle in the Asian session and immediately bounced from the level upwards. The resistance is highlighted at 110.00, the support comes in at 109.00.
Trading recommendations
Our next short-term objective for the USD/JPY is 110.30. However, the trend is bearish and a return to a downside is not ruled out. A close below 109.30 would put the 109.00 handle back on the agenda.
AUD/USD
Current situation
The AUD/USD continued sideways trades on Wednesday. The level 0.7500 is in focus now. The price keeps moving back and forth around the mentioned handle. The resistance is highlighted 0.7500, the support comes in at 0.7450.
Trading recommendations
The pair looks oversold now. As the most probable scenario, we consider moving upwards towards the level at 0.7525. The spot may reach 0.7550 based on profit-taking.
XAU/USD
Current situation
Buying pressure lacked momentum after approaching 1280 dollars per ounce. Bears are attempting to control the market now. Sellers pushed the price away from the recent high and moved the spot to 1270. The resistance is highlighted 1280, the support comes in at 1270 dollars per ounce.
Trading recommendations
A daily close below 1270 would risk 1265 dollars per ounce. If selling pressure persists the spot may reach 1260 in the coming sessions.
Brent
Current situation
Brent maintained trading in the green zone on Wednesday. Buyers kept pushing the benchmark upwards the whole night and reached 56.50 in the morning. After a brief pause buyers moved the price higher and broke the level. The resistance lies at 56.50, the support comes in at 55.50 dollars per barrel.
Trading recommendations
The overall picture is the same. Black gold is in a near-term ascending channel. The trend is clear bearish for now. However, Brent oil prices are overbought. That’s why a pullback or consolidation is expected in the near term. The main goal for a correction is the level at 55.50 (the lower limit of the channel).
DAX
Current situation
DAX maintained its neutral stance on Wednesday. The index was choosing direction the first part of the day. Bulls and bears were fighting for 12200 pushing the price up and down. The resistance is at 12200, the support comes in at 12100.
Trading recommendations
All eyes are right now at the support level 12100. As an alternative, DAX may remain range bound around 12200 searching for new direction.
S&P500
Current situation
After a sell-off on Tuesday the index recovered some ground overnight. Buyers returned S&P500 in the familiar range. The benchmark traded between 2345 and 2357 the whole day. The resistance is at 2360, the support comes in at 2340.
Trading recommendations
A firm break below 2340 handle could trigger fresh weakness for attack at 2320.
*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman