Forex Analysis by Muhammad Kazim

[muhammad kazim]

EUR/AUD Technical view

The EUR/AUD came back from its longterm high at 1,7424. After touching the support level at 1,6853 the EUR/AUD could have further up potential.

 

[muhammad kazim]

The GBP/USD fell 0,3% to 1,9730 after UK house price survey showed the lowest reading in its 30-year history. The report reinforced concerns that the BoE will keep cutting rates. The AUD fell briefly after minutes of an Australian central bank meeting reinforced the view that it had tightened monetary policy sufficiently for the time being. The Reserve Bank of Australia saw domestic demand moderating when it left interest rates unchanged at a 12-year high of 7,25% this month.

 

[muhammad kazim]

Gold continued to trade higher around $930 as record oil prices highlighted rising inflation concerns, encouraging investors to buy into the precious metal.


With crude touching a fresh record of $113.66 per barrel today and U.S. producer prices rising 1.1 percent month-on-month in March, gold has taken good support due to its role as an inflationary hedge

 

[muhammad kazim]

Chart resistance and currency fluctuations confined the precious metals to another day of range trade yesterday with gold stalling at $930 while platinum stabilized after seeing aggressive selling pressure in Asia. The complex has opened in a firmer mood this morning with platinum in particular benefiting from initial dollar weakness. EUR/USD closed Monday at 1.5842 and has tracked higher this morning ahead of German Investor Confidence and US PPI readings. Other data today will show the US Empire State Index for April. NYMEX crude posted solid gains yesterday with May futures closing up $1.62/barrel at $111.76, and have pushed back above $112/barrel this morning.

 

[muhammad kazim]

EUR USD

Continues to trade around opening price level 1.5827 , above pivot level 1.5796 . Immediate resistance seen at 1.5920 while support seen at 1.5707 .

 

[muhammad kazim]

GBP USD

Continues to trade around opening price level 1.5827 , above pivot level 1.5796 . Immediate resistance seen at 1.5920 while support seen at 1.5707 .

 

[muhammad kazim]

USD CHF



Back around pivot level 0.9996 . Immediate support seen at 0.9916 while resistance seen at 1.0066 .

 

[muhammad kazim]

Euro/dollar
Euro/dollar surged from a very weak opening to challenge its record highs. My model was forced to go long. I’d rather take profit on longs here, as it’s uncomfortably high. Initial resistance is at 1.5885. The next level is 1.5914. Above it, resistance remains at 1.5985. Distant resistance is seen at 1.6040. Immediate support is now at 1.5765. Below 1.5625, euro/dollar has distant support at 1.5540.

 

[muhammad kazim]

Dollar/yen
Dollar/yen encountered choppy trading on Monday and closed little changed. This weakness prompted my model to go short. Expect another range-bound day. Good support is at 100.25 there is another 50-point pivot, which targets 99.75 and 100.75. This is followed by 99.25 from a 50-point pivot, which targets 98.75 and 99.75. Immediate resistance remains at 101.25 from a 50-point pivot which targets 100.75 and 101.75. The next level is at 102.30 from another 50-point pivot, which targets 101.80 and 102.80.

Oscillators are mixed.

 

[muhammad kazim]

Sterling/dollar
Sterling/dollar surged on Monday, but failed to take out the declining trendline resistance and gave up about half of its gains. In early Asian trading the pound is getting sold off and the risk is now on the downside. My model is short again and the bias is downward. Immediate support is still seen at 1.9650. This is followed by 1.9610. Distant support is at 1.9504. Initial resistance remains at 1.9760. There is a pivot high at 1.9842 and another one at 2.0046. This is followed by 2.0190.

Oscillators are falling.