Daily Market Review for Tuesday, April 22nd 2014
Here is a look at today’s top traded currencies and commodities. Please keep a close eye on the market today, as important financial data is scheduled to be released mainly in United States, Australia and China. Prices are expected to fluctuate during trading hours. Please find below our recommendations for today:
Key Support Levels at: 0.9304/0.9280/0.9257
Key Resistance Levels at: 0.9338/0.9362/0.9385
AUD/USD showing impressive recovery; expected to continue positive momentum
AUD/USD traders will be looking forward to the release of important financial data figures coming out today from Australia and United States. The pair dropped to a level of 0.9322 during yesterday’s earlier session, but impressively recovered and was able to develop a steady uptrend momentum up to a level of 0.9357 during the very early stages of today’s Asian session. Our trading analysts are estimating that the AUD/USD is expected to continue its positive momentum and breaking above the level of 0.9366 is its next target.
titantrade trading signals suggest that the pair is scheduled to develop a steady upward trend throughout the day.
In the event that the pair will reach a level of 0.9366, additional upward momentum is expected and the potential of breaching the third resistance level currently targeted at 0.9385 is a possibility. The pair is currently trading at a level of 0.9350. Our top analysts from titantrade trading estimate that a more than likely uptrend is expected.
Key Support Levels at: 141.46/141.10/140.75
Key Resistance Levels at: 141.91/142.26/142.62
EUR/JPY is bouncing up and down; possible uptrend is in sight
The EUR/JPY is more than likely scheduled to start facing a moderate upward trend during Tuesday’s trading session. EUR/JPY traders are not expected to receive financial data release figures scheduled for today. Traders are highly advised to follow technical analysis throughout today’s session. The pair had dropped to a level of 141.42 during yesterday’s mid session and has been gradually showing a moderate positive uptrend momentum since then. Our analysts estimate that the EUR/JPY is again approaching the 141.70 level and might eventually pass that level towards its first resistance level currently targeted at 141.91.
Our analysts forecast that until the end of the day, the pair is scheduled to continue with the positive uptrend it will start to develop throughout the session. Our titantrade trading experts believe that current market conditions are more than likely favorable of an up trend until the end of the day.
Key Support Levels at: 103.383/103.317/103.273
Key Resistance Levels at: 103.493/103.537/103.603
Oil prices are expected to go down
Oil prices have started to decline since Friday’s closing session and the commodity has reached a level of sub 103.00 during yesterday’s earlier trading session before strengthening a bit and climbing to a level of 103.84. Oil is currently being traded at a lower level than what it was traded during the past week. Oil is scheduled to weaken throughout today’s trading session. Oil lost about $0.15 from its value and is expected to continue with its downtrend until the end of the day.
In addition to that, traders are advised to focus on technical analysis throughout the day as Oil prices will most probably be able to breach the first support level currently targeted at 103.383. From a technical perspective, our analysts estimate that current market conditions favor a possible downtrend in Oil until the end of the day.