KEY EVENTS TO WATCH ON TUESDAY
AUD: RBA Assist Gov Kent Speaks (00:00 GMT), Monetary Policy Meeting Minutes (01:30 GMT)
JPY: BOJ Gov Kuroda Speaks (05:30 GMT)
GBP: CPI (08:30 GMT)
EUR: German & Euro Zone’s ZEW Economic Sentiment (09:00 GMT)
CAD: Manufacturing Sales (12:30 GMT), BOC Gov Poloz Speaks (16:45 GMT)
USD: PPI (12:30 GMT)
EUR/USD showed a series of higher lows. However, the bears are quite persistent, and the pair once again turned down from the 200-hour MA. Euro met resistance of the Ichimoku Cloud on H4 and may test the lower Bollinger band at $1.2890. Below this level euro will be vulnerable for a slide to $1.2850 – this is our base scenario. Forecasts for the euro zone’s data due tomorrow are negative. A return above $1.2962 is needed to switch the outlook to bullish with $1.3015 in sight.
GBP/USD managed to close the last week’s gap, but faced resistance at $1.6275 on Monday. Market participants remain nervous ahead of the Scotland’s Independence referendum on Thursday. Don’t miss the inflation data on Tuesday: UK annualized CPI growth is forecasted to slow from 1.6% to 1.5%. Negative surprise could resume the GBP selloff. However, hawkish BOE monetary policy minutes on Wednesday could render some support to the currency.
USD/JPY consolidates slightly below the Friday’s 107.30 high. The BOJ Governor Kuroda will hold a speech on Tuesday. However, this week trader’s attention will be glued to the FOMC meeting on Wednesday – disappointing tone of the Fed will trigger a strong bearish correction. Support lies at 106.60, 106.00 and 105.70.
AUD/USD opened today with a 30-pip gap down on poor data from China and Australia, but then moved higher after finding support in the $0.9000 area. Tomorrow Aussie will trade under impact of the RBA minutes. We view the downtrend as strong, but see some room for correction. Resistance is at $0.9060, $0.9100 ahead of $0.9180. The next downside target is at $0.8950.
AUD: RBA Assist Gov Kent Speaks (00:00 GMT), Monetary Policy Meeting Minutes (01:30 GMT)
JPY: BOJ Gov Kuroda Speaks (05:30 GMT)
GBP: CPI (08:30 GMT)
EUR: German & Euro Zone’s ZEW Economic Sentiment (09:00 GMT)
CAD: Manufacturing Sales (12:30 GMT), BOC Gov Poloz Speaks (16:45 GMT)
USD: PPI (12:30 GMT)
EUR/USD showed a series of higher lows. However, the bears are quite persistent, and the pair once again turned down from the 200-hour MA. Euro met resistance of the Ichimoku Cloud on H4 and may test the lower Bollinger band at $1.2890. Below this level euro will be vulnerable for a slide to $1.2850 – this is our base scenario. Forecasts for the euro zone’s data due tomorrow are negative. A return above $1.2962 is needed to switch the outlook to bullish with $1.3015 in sight.
GBP/USD managed to close the last week’s gap, but faced resistance at $1.6275 on Monday. Market participants remain nervous ahead of the Scotland’s Independence referendum on Thursday. Don’t miss the inflation data on Tuesday: UK annualized CPI growth is forecasted to slow from 1.6% to 1.5%. Negative surprise could resume the GBP selloff. However, hawkish BOE monetary policy minutes on Wednesday could render some support to the currency.
USD/JPY consolidates slightly below the Friday’s 107.30 high. The BOJ Governor Kuroda will hold a speech on Tuesday. However, this week trader’s attention will be glued to the FOMC meeting on Wednesday – disappointing tone of the Fed will trigger a strong bearish correction. Support lies at 106.60, 106.00 and 105.70.
AUD/USD opened today with a 30-pip gap down on poor data from China and Australia, but then moved higher after finding support in the $0.9000 area. Tomorrow Aussie will trade under impact of the RBA minutes. We view the downtrend as strong, but see some room for correction. Resistance is at $0.9060, $0.9100 ahead of $0.9180. The next downside target is at $0.8950.
Recommended Content
Editors’ Picks
EUR/USD climbs to 10-day highs above 1.0700
EUR/USD gained traction and rose to its highest level in over a week above 1.0700 in the American session on Tuesday. The renewed US Dollar weakness following the disappointing PMI data helps the pair stretch higher.
GBP/USD extends recovery beyond 1.2400 on broad USD weakness
GBP/USD gathered bullish momentum and extended its daily rebound toward 1.2450 in the second half of the day. The US Dollar came under heavy selling pressure after weaker-than-forecast PMI data and fueled the pair's rally.
Gold rebounds to $2,320 as US yields turn south
Gold reversed its direction and rose to the $2,320 area, erasing a large portion of its daily losses in the process. The benchmark 10-year US Treasury bond yield stays in the red below 4.6% following the weak US PMI data and supports XAU/USD.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
Germany’s economic come back
Germany is the sick man of Europe no more. Thanks to its service sector, it now appears that it will exit recession, and the economic future could be bright. The PMI data for April surprised on the upside for Germany, led by the service sector.