Forex Technical Analysis & Forecast: EURUSD, GBPUSD, USDCHF, USDJPY, AUDUSD, USDRUB, Gold, Brent
EUR/USD: Euro retreats from highs amid higher US yields
The EUR/USD is trading around $1.2370, down from the high of $1.2400. US bond yields are ticking up. German Chancellor Merkel and French President Macron meet later today to discuss euro-zone reform.
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GBP/USD: Sterling stabilizes after the disappointing data
The GBP/USD is trading around $1.4180, slightly above the low of $1.4160 seen after UK Retail Sales disappointed with a drop of 1.2%, worse than -0.5% expected. However, the pair remains down on the day.
USD/JPY: Dollar ticks down from the highs
The USD/JPY is trading around ¥107.30, down from the highs of ¥107.51 but remains in a tight trading range. The pair rose with stock markets. Later today, the US releases jobless claims and the Philly Fed Manufacturing Index.
American FX Outlook: US labor market and Fed speakers headline
The US initial jobless claims are expected to reach 230K in the week ending April 13.
Bitcoin price analysis: BTC/USD trapped marginally above $8,100; CFTC cracked another crypto scam
Bitcoin is still in the range, largely unchanged on the day, which is but natural as consolidation always comes after strong movements. The coin was sidelined for nearly two weeks before the bullish breakthrough.
RBNZ explores cryptocurrencies, no major threats detected
The Reserve Bank of New Zealand issued an educational paper devoted to cryptocurrency. Regulator explains the basics of the digital assets, suggesting that virtual money can be used as a unit of account, medium of exchange and store of value.
NEO price analysis: NEO/USD holding ground above $70: Lithuania Central Bank prefers dialogue between commercial banks and cryptocurrency market players
NEO price is up 3.34% in the last 24 hours on Thursday as it attempts to correct higher towards the short-term resistance level t $75.00. The price has been trading higher highs and higher lows in the past one week.
Ethereum price analysis: ETH/USD attempting to break above $533, 61.8% Fibo in focus
Ethereum consolidates gains firmly above $500threshold, which makes the short-term technical picture looks bullish. Once the price is above $533, the bulls will have a chance to take it to $560 (50-EMA, daily chart) and $570 (61.8% Fibo).
Metals extended their stellar gains pushing the commodity index to new highs as investors continue to weigh the negative effect of the US sanctions on Russia.
The UK retail sales disappointed in March adding the third piece of worse than expected news into the UK macro puzzle this week.
The semi-annual meeting of the IMF and the World Bank begins in Washington DC with top central bank officials and other economic celebrities scheduled to speak at the event.
On the hard data front, the US initial jobless claims and the Philadelphia Fed manufacturing index headline, but both are rather the second tier indicators.
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The EUR/USD was creeping higher during the second week of April gaining more than 1% over the week
Euro was supported at the beginning of last week by comments from Austria’s central bank governor Ewald Nowotny claiming that the asset purchasing program will likely end this year with following step being the deposit rate increase from current -0.40% to -0.20%.
The Technical Confluences Indicator shows a congestion of technical resistance lines at $1.2400, giving us a better explanation of why the pair could not continue advancing at this point. The line is the convergence of the Bolinger Band 15m-Upper (Stdv. 2.2), the one-week high, the Pivot Point one-week R1, the Fibonacci 23.6% one-month, the Bolinger Band 1h-Upper, the SMA5-15m, and the BB 1h-Upper.
If the pair breaks higher, it faces few, but potent resistance lines at $1.2480. This is the confluence of the Pivot Point one-month R1, the one-month high, and the Pivot Point one-week R2.
Upon a downfall, support is very near: $1.2365. This is a busy congestion of the SMA100-1h, the Fibonacci 61.8% 1d, the Fibo 23.6% 1w, the BB 15m-Lower, the BB 1h-Lower, the BB 1h-Middle, the SMA10-4h, the SMA200-15m, and the SMA50-1h.
