Daily Market Analysis for Friday, April 11th 2014
Today’s main Financial Events (All times GMT):
Here is a look at today’s top traded currencies & commodities. Please keep a close eye on the market today, as important financial data is scheduled to be released mainly in United States. Prices are expected to fluctuate during trading hours. Below are our recommendations for today:
Key Support Levels at: 1.4636/1.4599/1.4563
Key Resistance Levels at: 1.4769/1.4806/1.4843
EUR/AUD is looking to pass the 1.4800 resistance level
EUR/AUD traders will not be looking forward to the release of financial data coming out during today’s trading session. We highly advise to follow the pair’s technical & fundamental analysis throughout the day. The pair will most probably continue to go up after yesterday’s multiple attempts to break the 1.4715 support level ended up unsuccessfully. The pair started yesterday’s session above the level of 1.470, dropped to 1.466 and since then, recovered substantially and was able to go up all the way to a level of 1.4834. It is currently being traded at 1.4808.
Our analysts estimate that the EUR/AUD has the potential for climbing further up. Fundamentally speaking, according to the ECB and the RBA, the latest data about the situation of the Australian economy is positive. titantrade trading analysts say that from a technical point of view, the pair will continue to go up. Third resistance level breach is in sight. Our analysts estimate that a more than likely up trend is expected until the end of the day.
Key Support Levels at: 101.02/100.77/100.51
Key Resistance Levels at: 101.84/102.10/102.35
USD/JPY looks to continue with its unsteadiness
The USD/JPY will more than likely be facing a downward trend during today’s trading session. Traders are highly advised to pay close attention to very important financial data releases coming out from the United States during today’s session. The pair was showing signs of both upward & downward pressures during yesterday’s trading session, when it started at a level of 101.90 and fell down all the way to below 101.40. titantrade trading experts believe that the USD/JPY will end the day in a negative momentum, just like it ended up yesterday’s trading session.
Since the pair failed its attempts of breaking the 102.00 resistance level yesterday, titantrade trading analysts estimate that its technical indicators are showing high possibility for a negative momentum shift. The pair is currently trading in the Asian session at a level of 101.60. The pair is expected to breach the first support level currently targeted at 101.02 until the end of the day. titantrade trading specialists estimate that current market conditions are more than likely capable of a down trend until the end of the day.
Key Support Levels at: 103.017/102.963/102.917
Key Resistance Levels at: 103.117/103.163/103.217
Oil looks to be losing some of its positive momentum
Oil is currently trading above the so called “Green zone”. Oil is currently trading at around the 103.090 price level. The commodity was able to rise above the 103.50 price level during the very early stages of yesterday’s Asian trading session, but it seems be to going downwards since then. At the moment, Oil looks to be on the verge of dropping below the 103.00 level during today’s very early trading session. titantrade trading specialists estimate that Oil is showing signs of further weakening. Even bullish macroeconomic factors during yesterday’s session were unable to move oil prices further up to pass the 103.50 level.
Our chief financial analyst estimates that there are several factors that could affect crude oil. These include weather-related supply disruptions, unplanned refinery outages, unplanned crude oil supply disruptions, etc. This will more than likely create a positive pressure on the commodity. titantrade trading analysts estimate that current market conditions favor a possible down trend in Oil until the end of the day.