Breakout In Euro And Yen
Axi | Mar 31, 2017 11:51
Originally published by AxiTrader
USD/JPY cleared an important resistance between 111.50 and 111.70. Short-term techs look bullish now, and a test of 112.80 should follow soon. Improving risk appetite and rallying equity markets are supporting the currency pair as well.
EUR/USD broke below 1.07 - a key support level. Short-term techs have turned bearish following this breakout and selling rallies is now the preferred strategy. Expect decent resistance at 1.0715/20 and at 1.0750. To the downside, there is little support until 1.06 now.
The triple bottom in WTI has been confirmed after the clear breakout above $49.70 resistance. The rally should extend to at least $51, if not $52.50. Look at the former resistance area between $49.70 and $50 for solid support.
Keep an eye on EUR/NOK as well. Euro is likely to extend losses further, while WTI is looking increasingly bullish. NOK will benefit from this as oil currency. Should it break below 9.10, it will likely extend losses to 9.00 quite fast.
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