Asia Roundup


UP NEXT:

Up Next

USD: With the slightly less Dovish statement from FOMC statement and the of inflation and employment targets needing to be met before hinting at interest rate hikes, we can be assured traders will be closely watching (and readjusting thier positions) on any data regarding GDP, Employment or Inflation. Today we have all three, so if we see particularly soft data then expect some over-zealous Greenback bulls to dump their Dollars. Conversely if we see string daa (particularly GDP and Core PCE) then exepct further upside on USD and weakness across the majors.


TECHNICAL ANALYSIS:

COPPER: ...Load of this

Copper

The intraday charts suggest another higher-high may be on the horizons. Allow for a deeper retracement towards 3.065 as the markets adjust following the Bearish Engulfing Candle following the FOMC statement. However I favour another high because the 3.15 high broke above the high made on Oct 15th.

Take note of the bearish trendline above 3.120 that is likely to act as resistance if the bullish target is hit.

For those wishing to take the bearish route we can await a break below the bullish trendline and seek sell-setups below 6.062 resistance zone to target 3.023. There is a good argument for this trade as AUDUSD is well within a range, so Copper may decide to follow suit over the coming sessions of the week.

USDCHF: Potential breakout pending

USDCHF

The break above the trendline marked the end of the correction and a new impulsive move is underway. It is now a question of whether we will see a direct break above 0.956, or a minor pullback before lift-off.

Due to US data dominating the session again this may favour a buy-stop order above resistance for a breakout trade, which (hopefully) doesn't trigger if US data comes out soft tonight.

CFD and forex trading are leveraged products and can result in losses that exceed your deposits. They may not be suitable for everyone. Ensure you fully understand the risks. From time to time, City Index Limited’s (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material. As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD stabilizes near 1.0800 as trading action turns subdued

EUR/USD stabilizes near 1.0800 as trading action turns subdued

EUR/USD holds steady near 1.0800 on Thursday and remains on track to end the day in negative territory following upbeat macroeconomic data releases from the US. The action in financial markets turn subdued as trading volumes thin out heading into Easter holiday.

EUR/USD News

GBP/USD extends sideways grind above 1.2600

GBP/USD extends sideways grind above 1.2600

GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth help the USD stay resilient against its rivals and limits the pair's upside.

GBP/USD News

Gold pulls away from daily highs, holds above $2,200

Gold pulls away from daily highs, holds above $2,200

Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.

Gold News

XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC

XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC

XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase. 

Read more

Portfolio rebalancing and reflation trades emerge into Q2

Portfolio rebalancing and reflation trades emerge into Q2

Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.

Read more

Majors

Cryptocurrencies

Signatures