Littlefish FX Analysts
Littlefish FX
KEY DATA RELEASES TODAY (BST) :
11:00 GBP CBI Industrial Order Expectations 4 v 0
OVERNIGHT:
USD trades on the back foot after another round of poor US data (durable goods this time), and hence setting up market expectations for a poor Q1 GDP print and a doveish tilt to the FOMC statement.
USDJPY trades back below the familiar 119 handle, anticipate the pair to remain content sitting inside the 118120 range going into this week’s risk events, interbank reports suggest real money still noted buyers in dips. 119.20/30 should now provide some resistance, while support remains at 118.80 and 50 initially.
Very quiet EURUSD Asian session as players remain lightly positioned well aware what lies ahead later in the week from event perspective opportunities. For now would expect short term price sentiment to remain range bound and continue to be reflected by Greek developments hitting the wires with little in way of economic releases today. Initial resistance comes in at 1.0900 for now with 1.0820 and 1.0760 providing pivotal support levels.
Still no sign of pre-election jitters in the GBP market, GBPUSD surges above the 1.5080/1.5100 resistance as US data continues to disappoint. The path of least resistance for the week remains higher, and a close above 1.5200 should only encourage cable bulls ( doubt there are many of them at the moment). .
PRICE ACTION OVERVIEW:
EUR: While 1.0760 contains downside expect 1.09 test en rout to fourth attempt at 1.10, below 1.0740 refocuses on 1.0620
GBP: While 1.5080/60 contains downside reactions target 1.5350 equality corrective objective
JPY: While 118.70/90 contains downside target 121.00 en route to retest of year to date highs, only below 118.30 concerns bullish view
CAD: While 124.50 contains upside target 120 test
AUD: While .7860/80 contains upside anticipate third test of key .7550 failure here opens the bearish target of .72, above .7880 alleviates downside pressure
KEY TRADES:
All comments, charts and analysis on this website are purely provided to demonstrate our own personal thoughts and views of the market and should in no way be treated as recommendations or advice. Please do not trade based solely on any information provided within this site, always do your own analysis.
Recommended Content
Editors’ Picks
EUR/USD regains traction, recovers above 1.0700
EUR/USD regained its traction and turned positive on the day above 1.0700 in the American session. The US Dollar struggles to preserve its strength after the data from the US showed that the economy grew at a softer pace than expected in Q1.
GBP/USD returns to 1.2500 area in volatile session
GBP/USD reversed its direction and recovered to 1.2500 after falling to the 1.2450 area earlier in the day. Although markets remain risk-averse, the US Dollar struggles to find demand following the disappointing GDP data.
Gold climbs above $2,340 following earlier drop
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.