Key Highlights
-
Euro traded down this past week against the US Dollar after consolidating for some time.
-
There was a major support area around $1.1340, which was broken to clear the way for more downsides in EURUSD.
-
In China, the hosing price index, released by the National Bureau of Statistics posted an increase of 4.9% in March 2016.
-
New Zealand Consumer Price Index released by the Statistics New Zealand posted a rise of 0.2% in Q1 2016, more than the forecast.
EURUSD Technical Analysis
The Euro closed this past week on the negative note against the US Dollar, as it broke a major support area of 1.1340. The EURUSD pair traded down and tested the 1.1240-20 support area.
It is currently attempting a recovery, but facing sellers near a resistance trend line formed on the hourly chart. As long as the pair is below the 1.1320-40 area, there is a chance of it moving down once again.
On the downside, the 1.1240 support holds the key, as a break of it may call for a move towards the 1.1180 level.
Chinese HPI
Earlier during the Asian session, the Chinese hosing price index was released by the National Bureau of Statistics. The outcome was above the expectation, as the Chinese HPI increased by 4.9% in March 2016.
The risk sentiment was unmoved after the release, and the Euro was seen facing offers near $1.1300.
Titan FX is registered and regulated in New Zealand under FSP388647. Our global headquarters and operational hub is located in Auckland, New Zealand.
Recommended Content
Editors’ Picks
EUR/USD retreats below 1.0850 ahead of Fedspeak
EUR/USD stays under modest bearish pressure and trades in negative territory slightly below 1.0850 after closing modestly lower on Thursday. In the absence of macroeconomic data releases, investors will continue to pay close attention to comments from Federal Reserve officials.
GBP/USD stays under modest bearish pressure near 1.2650
GBP/USD edges lower toward 1.2650 after posting marginal losses on Thursday. The US Dollar holds its ground following the selloff seen after April inflation data and makes it difficult for the pair to gain traction. Fed policymakers are scheduled to speak later in the day.
Gold holds steady above $2,380, Fed speakers in focus
Gold trades with a positive bias on Friday and holds above $2,380. The benchmark 10-year US Treasury bond yield stays flat near 4.4% following Thursday's rebound, allowing XAU/USD to keep its footing ahead of speeches from Fed officials.
XRP steadies at $0.51 as Ripple plans to expand XRP Ledger, custody services in Africa
Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US SEC and amid new commitments from the firm to expand its services in Africa.
Disputes and De-risking: US-China trade dispute changes trade flows
The bilateral trade dispute between the US and China is entering a new round and is leading to renewed discussions about the deglobalisation of global trade in goods.