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Technical Analysis 24/4/2017

April 24, 2017
By Antonis Vasloos
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Outlook: Overbought

The euro experienced a major breakout Monday, with prices briefly surpassing 1.0900 US for the first time in nearly a month. The EUR/USD gained as much as 2% in the overnight session. It was last seen trading at 1.0842, up 1.1% from the previous close.

Sharp volatility pushed prices well into overbought levels. At the time of writing, a broad pullback from the swing high was already materializing, as the bulls relaxed their advance.

Technical Analysis 24/4/2017 EURUSD


Outlook: Neutral

The British pound drifted sideways Monday, as the market continued to consolidate from last week’s swing high north of 1.2900 US. The GBP/USD exchange rate is trading near the 50-day moving average, with prices towing the 1.2800 line. The pair is well supported at the 23.6% Fibonacci retracement. Last week’s swing high continues to offer stiff resistance.

The market lacks momentum for a bold move higher, according to the MACD.

Technical Analysis 24/4/2017 - GBPUSD


Outlook: Bearish

Crude oil recovered some lost ground on Monday, but the broader market remained under pressure after last week’s sharp reversal below $50.00 a barrel. Crude prices were last seen trading at $49.84 a barrel, a gain of 0.5% from the previous close. Prices are dangerously close to the 61.8% Fibonacci retracement. A clean break below that level could leave the contract susceptible to new lows.

WTI prices have been subject to greater volatility as of late. That’s a negative sign in the context of the latest downtrend.

Technical Analysis 24/4/2017 - WTI


Outlook: Neutral

Gold prices opened sharply lower on Monday, with prices reaching a session low of $1,265.51. Bullion has been subject to higher volatility in recent days, as risk-off sentiment returned to the financial markets. The yellow metal’s latest rally stopped short of $1,300.00, with prices reversing shortly thereafter. The breakout failure has lowered gold’s investment appeal over the short-term, with the RSI and MACD showing weak underlying momentum.

At the time of writing, bullion was down 0.7% at $1,275.67.

Technical Analysis 24/4/2017 - GOLD