A snapshot view of last week's money flow and technical notes for the week ahead.
KEY EVENTS THIS WEEK:
AUD: RBA Gov Stevens speaks; CIP q/q
CAD: Core Retail Sales
CHF: Trade Balance
CNY: Flash PMI
EUR: Flash PMI (Euro and Ger); German Ifo business climate; M3 Money supply;
GBP: Official votes; BoE Gov Carney speaks; Retail Sales; Preliminary GDP
JPY: Monetary Policy Statement; BoJ press conference;
NZD: CPI q/q; Official Cash Rate/Rate Statement; Trade Balance; Business Confidence
USD: Core CPI; Existing & New Home Sales; Core Durable Goods; Unemployment Claims
FOREX: W1
DXY Bullish engulfing on W1 warns of bullish continuation and for 79.50 to be a structural swing low
AUDUSD Open-close range of 20 pips; Potential bullish hammer; Friday's bullish engulfing candle (and swing low) warns of near-term strength on D1
EURUSD Intraday day break below 1.350 but remains above 2012 trendline; A break below here is a weekly bearish signal
GBPUSD Potential bullish hammer on Friday; Bias remains bullish above 1.70 but still amid correction at the highs with a view for trend continuation
USDCAD Rikshaw Man Doji between 1.07 support and 1.08 resistance; Remains below trendline from 2014 highs - bias is for bullish trend continuation above 1.07
USDJPY Defended 101.50 support on Friday; Bias remains neutral on W1 and D1 so intraday trading preferred
NZDUSD Bearish Engulfing on W1 warns of topping pattern; D1 finds resistance at 0.8717 with a break below 0.8864 confirming bearish continuation
COMMODITIES:
GOLD Remains above $1300 but Friday warns of retracement towards $1300; However preceding pattern was Morning Star Reversal om D1
SILVER Favour continued gains above $20.58; Thursday's candle confirmed a Morning Star Reversal
WTI The broken trendline from Jan lows has capped as resistance; Near-term bias is bullish with resistance at $104.85
BRENT Dark Cloud cover on D1 and back below $107.70 warns of near-term weakness
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Editors’ Picks
EUR/USD stays below 1.0800 after upbeat US data
EUR/USD stays under bearish pressure and trades slightly below 1.0800 in the American session on Thursday. The data from the US showed that the real GDP growth for the fourth quarter got revised higher to 3.4% from 3.2%, supporting the USD and weighing on the pair.
GBP/USD stays in daily range 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 helps the USD stay resilient against its rivals and limits the pair's upside.
Gold clings to strong daily gains above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays above 4.2% after upbeat US data and makes it difficult for XAU/USD to preserve its bullish momentum.
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.
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.