April 03 Market Commentary and Technical Levels
By Setyo Wibowo | Published on April 2nd, 2009
EURUSD Outlook
The EURUSD had a significant bullish momentum yesterday. After broke the key level 1.3341 to the upside, the pair topped at 1.3515 but closed lower at 1.3458. The bias is bullish in nearest term but we have to be careful since it seems we have a potential strong trendline resistance seen on 4h chart at the same time a Hanging Man candlestick formation indicating potential downside rebound testing 1.3400 – 1.3360 support area. It’s better to wait until the trendline resistance violated to the upside to confirm the bullish continuation targeting 1.3550 and 1.3650 area. Be patient and make sure you guys have a tight money management at this phase. CCI in overbought area and heading down on 4h chart suggesting a potential minor downside pullback. Eyes on US Non Farm Payroll data today.
EURUSD Daily Supports and Resistances:
- S1= 1.3279
- S2= 1.3101
- S3= 1.2983
- R1= 1.3575
- R2= 1.3693
- R3= 1.3871
GBPUSD Outlook
As I had expected, the GBPUSD had another bullish momentum yesterday. The pair hit my long target at 1.4620, even higher, topped at 1.4748 and closed at 1.4722. On daily chart it seems like we are in an important phase as the bullish power is now ready to challenge the potential double top formation around 1.4774 area. A break above that level could trigger further bullish momentum targeting 1.4900 area. CCI in overbought area on 4h chart suggesting a potential downside pressure testing 1.4635 – 1.4600 support area. Eyes on US Non Farm Payroll data today.
GBPUSD Daily Supports and Resistances:
- S1= 1.4530
- S2= 1.4338
- S3= 1.4229
- R1= 1.4831
- R2= 1.4940
- R3= 1.5132
USDJPY Outlook
The USDJPY had a bullish momentum yesterday. The bias is bullish in nearest term. On daily chart we can see that the pair is now struggling around the double top formation at 99.66 area. Consistent move above that level could trigger further significant bullish scenario targeting 100.50 and 101.30 area. Immediate support is seen at 99.20 – 99.00 area. CCI about to cross the 100 line up on hourly chart suggesting a potential upside pressure.
USDJPY Daily Supports and Resistances:
- S1= 98.62
- S2= 97.75
- S3= 97.12
- R1= 100.12
- R2= 100.75
- R3= 101.62
USDCHF Outlook
The USDCHF failed to continue it’s bullish momentum yesterday. The pair broke the key level 1.1360 to the downside, bottomed at 1.1306 and closed at 1.1336. On hourly chart we can see that the pair is now testing the trendline support. A violation to the downside of that trendline support could trigger further bearish scenario targeting 1.1170 area. Immediate resistance is seen at 1.1360/70 area. CCI in neutral area both on hourly and daily chart.
USDCHF Daily Supports and Resistances:
- S1= 1.1266
- S2= 1.1197
- S3= 1.1088
- R1= 1.1444
- R2= 1.1553
- R3= 1.1622
Have a great day!
Did you enjoy this post? Why not leave a comment below and continue the conversation, or subscribe to my feed and get articles like this delivered automatically to your feed reader.
With little data plenty of Dollar trading was technical where key resistance levels were broken ahead of Friday’s heavy slate. Double Violation