Wide Range Market - breakout on the edge. Currency Analysis for April 24, 2015

24 April, 2015

EUR/USD
Correction Phase ; a bigger range market
1.0830
On the short -term the market the market still ranging between 1.05 and 1.12 levels as awaiting a more data to decide the new mid-term direction.
Note that the expected rise requires holding above 1.0820 , reinforcing the expectations to continue the bullish trend in the upcoming period, and we are still waiting to visit our first main target at 1.0900, moreover , the market is ranging widely awaiting for confirmed breakout -
On the longer-term view : the market on the down trend driven by a lot of factors ; moreover , a levels below 1.04s is expected and parity exchange rate would be in the next half of 2015.
Daily Trend: Up
Weekly Trend: Down


GBP/USD
GBP/USD: 1.5115
Correction Phase ; with accumulating buying pressure
On the short-term , market break resistance levels which is considered a pivotal level on the mid-term ( 1.5050 ) and still stable above it, which forms good support base that supports continuing the positive scenario in the upcoming period, expected trading range for today is between 1.4900 and 1.5200. waiting to visit 1.5380 level initially. It is important to note that breaking 1.5000 level might push the price to turn intraday track to the downside, and a potential visit to 1.4800 level before any new attempt to rise.
Most of the currencies are going on a stabilizing rate between certain levels to consolidate the recent strong move we have seen on the last 6 months. As we have mentioned before ; the breakout was on the downside which means further drop toward 1.42 levels for the mid-term and that means the continuation for the strong dollar across the markets
On the long-term view : still a lower levels is expected with stabilizing near 1.30s levels , the major turning point would be the May elections - The dollar effect which mainly would move the rate ; however , the stabilization is expected because of the expectation that BoE would hike rate after the Fed expected move.
Daily Trend: Up
Weekly Trend: Down


USD/JPY
USD/JPY: 119.52
Japanese Yen consolidate further - breakout soon to catch up the market movement
as market has recorded a higher price over 120 yen per us dollar , the upward for the longer term view is more probable , however , the market of this pair is also trading in a range awaiting more data to decide its mid-term course of action - so we do expect and see a range market sloping upward on the short-view. However , 121.50 considered the major mid-term resistance the breakout of that levels ( which is the most probable ) would push the market further upward .
On the longer -term : still the bull wave in effect as long as market is trading higher than 115 levels , targeting 125/128 levels - buying in dip would be the most strategy used by the markets on that pairs on the long targeted investment choice.
Daily Trend: Neutral
Weekly Trend: Up


Crude Oil
Oil (5K) 55.50
Short-term Correction ; Range Market on the upper range
On the short-term view ; the market has succeeded to continue pushing up the prices upwards gradually to approach the key resistance 56, Therefore, our bullish overview has been weakened and we on the side of coming drop to lower levels as a re-test of the broken resistances ( now as a support ), and breaching 56.95 level will offer good positive motive that supports targeting 60.00 followed by 64.00 levels that represent the main targets for the upcoming period., which requires monitoring the price behavior when reaching this resistance due to its importance to detect the price trend on the short term and medium term basis.
However , on the longer -term the fundamental of the market has not been changed and June OPEC meeting is the awaiting event for the energy observer , with no change - as expected - about the adjustment of the supply then more down move is the new wave on the future to target below 40 per barrel .
Daily Trend: UP
Weekly Trend: Down


GOLD
GOLD 1191
Wide Range Market - breakout on the edge
On the Short-term ; the market has penetrated the short-term support area which is 1188 ; however , this breakout could not be trusted unless market would be traded the level of 1184 today and to close bearishly.
the major short-term levels which the market would keep an eye on it 1178 - further drop below means 1150s would be the target for the market again. And higher 1220 which penetrations of it means toward 1250 and higher.
On the longer-term view : The view has become stabilized after a drop was expected further ; the market would range between 1250 and 1190 ; the penetration of one of this level would determine the new direction and continuously we would update the view as the factors are changing .
Daily Trend: Down
Weekly Trend: Range


Dow Jones
Dow Jones: 17995
Equity on a bigger consolidation pattern
On the longer-term as long as market trading higher than 17,000 us dollar for the index ;then it is an buy opportunity to target $20,000. in case now rate hike by the Fed.
short-run
Market on short-term is in a correction phase would target 17250 in case is traded below 17500 , while in case market continued its upswing and crossed 18000 then our longer-term target of 20,000 would be most probable. Moreover , the range which the market trading inside it would be also continue till a successful break of 18200 or 17000 and the breakout direction would push the market further on new levels on the mid-term point of view.
So market will be ranging with up slope until 18,200 penetrated then 18,500 would eb the coming target (Higher probability scenario )
Daily Trend: Down
Weekly Trend: Up


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