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Daily Market Overview and Trade Ideas

US Stocks Pop higher for 2nd day, Yen Sold - TonyD easyMarkets TraderTalk 18th April

- USD bounces back as profit taking hits majors

- US stocks break higher as earning come in solid

- Yen crosses are in play for risk on rally

Daily Trading Ideas

AUDNZD approaching resistance, potential drop!

AUDNZD is approaching our major resistance at 1.0658 (horizontal swing high resistance, 100% Fibonacci extension, 50% Fibonacci retracement). A strong drop might occur below this level, pushing price down to our major support level at 1.0554 (horizontal overlap support, 61.8% Fibonacci retracement). A breakout below our intermediate support level at 1.0606 (horizontal overlap support, 23.6% Fibonacci retracement) might provide the bearish acceleration to our major support level.

Stochastic (34,5,3) is also seeing a bearish divergence and is reacting off our major resistance level, a good precursor for a potential drop in price.

EURJPY approaching resistance, potential drop!

EURJPY is approaching our first resistance at 133.00 (horizontal overlap resistance, 100% Fibonacci extension, 50% Fibonacci retracement). A strong drop might occur below this level, pushing price down to our major support at 130.13 (horizontal swing low support, 76.4% Fibonacci retracement). A breakout below our intermediate support at 131.11 (horizontal swing low support, 61.8% Fibonacci retracement, 100% Fibonacci extension) might provide the bearish acceleration to our major support level.

RSI (55) is also seeing a bearish divergence and we might see a corresponding drop in price.

ASX is approaching resistance, potential drop!

ASX is approaching our first major resistance at 5885.8 (horizontal pullback resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension). A strong drop might occur below this level, pushing price down to our major support at 5692.5 (horizontal swing low support).

Stochastic (89,5,3) is also approaching our major resistance and is seeing a bearish divergence where we might see a corresponding drop in price.

USDX approaching resistance, potential drop!

USDX is approaching our first resistance at 89.70 (horizontal overlap resistance, 61.8% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 89.25 (horizontal swing low support, 61.8% Fibonacci extension, 78.6% Fibonacci retracement).

Stochastic (55,5,3) is also approaching our major resistance and a bounce off this level might be a good precursor for a potential drop in price.

easyMarkets / APAC Dealing Team


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