FOREX: USD/JPY May Test 108.00: Major Support and Resistance 20.04.2018

20.04.2018 / 16:26

Rating:

EUR/USD -- Struggle to close above 1.24 comforts bears;
essentially trades directionless over past two months
* 3rd resistance: 1.2476, March 27 high
* 2nd resistance: 1.2422-23, March 28 high, trendline since Feb.
16
* 1st resistance: 1.2414, April 17 high
* Spot: 1.2340
* 1st support: 1.2334-31, 21-, 55-DMAs
* 2nd support: 1.2300, April 12 low
* 3rd support: 1.2215, April 6 low

GBP/USD -- Approaches support from 55-DMA as it slips a
fourth day, worst daily run this month
* 3rd resistance: 1.4244-45, March 27-26 double-top
* 2nd resistance: 1.4135, 21-DMA
* 1st resistance: 1.4091, Asia session high
* Spot: 1.4068
* 1st support: 1.4022, pivot s1
* 2nd support: 1.4010, 55-DMA
* 3rd support: 1.3966, April 5 low

USD/JPY -- Extends rally within the cloud; 55-DMA,
conversion line support;
* 3rd resistance: 108.44, 38.2% Fibonacci retracement of losses
since Nov. 6
* 2nd resistance: 107.90, Feb. 21 high
* 1st resistance: 107.78, April 13 high
* Spot: 107.55
* 1st support: 107.20, conversion line
* 2nd support: 106.86, 55-DMA
* 3rd support: 106.62-70, series of lows this month, 21-DMA

AUD/USD -- Fails to close above 55-DMA, may retest cycle
lows
* 3rd resistance: 0.7917, March 14 high
* 2nd resistance: 0.7831, 38.2% Fibonacci retracement of losses
since Jan. 26 YTD high
* 1st resistance: 0.7782, 55-DMA
* Spot: 0.7708
* 1st support: 0.7694, April 10 low
* 2nd support: 0.7652, April 9 low
* 3rd support: 0.7638-43, 78.6% Fibonacci retracement of gains
since December, March 29 low

Source: Bloomberg Pro Terminal

Trader Velizar Mitov

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FOREX: USD/JPY May Test 108.00: Major Support and Resistance 20.04.2018

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