EURUSD: The trend is clear - will Eurozone data dump back it up?

• AUD: CB Leading Index rises to 0.4% vs 0.2% expected but did little to help slow down the AUD declines.

• CNY: Manufacturing PMI fell short of expectations at 50.3 vs 51.5 forecast, making it a 3-month low and adding further bearish sentiment to AUDUSD for intraday traders.

• JPY: Manufacturing PMI fared better to beat expectations and sit at

• NZD: Credit Card spending y/y has slowed growth to 4.5% vs 6% previously.

UP NEXT:

• EUR: The Eurozone is all about PMI data tonight with manufacturing and services out for France, Germany and Eurozone. The German economy had continued to cool off and struggling to prop the Eurozone up. Previously I had suspected EURUSD would form a base at 1.33 and see gains with positive news but due to a shift in sentiment from FOMC the Euro crosses remain in 'sell the rally mode'. It would take particularly good data from France, Germany and Euro tonight to shift this sentiment, as the Greenback remains very much in the driving seat.

• GBP: The UK is in need of some good data to help slow the bleeding as it continues to print fresh new lows. A similar case with Euro, it would take particularly good data to stop the bearish trend on GBPUSD as Greenback remains to take control of FX. Even under this scenario, it is more likely to be corrective over a complete reversal.

• USD: Can tonight's data add to the bullish fire? Quite possible if we see enough of it coming in on (or above) target. However also keep in mind that as we approach the weekend that traders may hang back awaiting comments from Draghi and Yellen so if we see continued gains, they may not be at the same rate seen for the previous 3 sessions.

TECHNICAL ANALYSIS:

EURUSD: The trend is clear - will Eurozone data dump back it up?

The intraday timeframes are within a bearish channel and in the event of modestly positive news from Europe tonight we may see a retracement towards resistance and provide yet another opportunity to get short. As long as we remain below 1.327 then short positions are preferred to target 1.320.

NZDJPY: May provide clues for the falling Kiwi

It is no secret that the Kiwi Dollar has been having a tough time of late. However I am suspecting that NZDJPY may provide clues that the Kiwi Dollar sell-off (across the board) is a little overdone and may provide bullish opportunities in NZDJPY, or other kiwi pairs.

If you think of an Index such as the Dow Jones Industrial pick a day when a market bottomed (such as 2010 post-GFC) then explore which stocks bottomed on the same day, you will discover that some came earlier, some on the day and other later. Forex is the same - not all currencies top/bottom at the same time.

With NZDJPY producing higher highs/lows on smaller timeframes and producing bullish candles on D1, H4 and H1 we can consider bullish trades on lower time’s frames or seek a buy-limit on D1 to trade up to next resistance. It can also be used as a clue for EURNZD and AUDNZD shorts (although these may require a little more patience).