fxsoriginal  Daily market outlook on major

Update Time: 03 May 2021 09:30GMT

USD/JPY - 109.67

The greenback's break above Friday's high at 109.27 to a 2-week peak at 109.67 today on USD's continued strength suggests upmove from last Friday's 6-week bottom at 107.49 to retrace decline from March's 1-year peak at 110.96 remains in progress and further gain to 109.95/00 would be seen after consolidation, however, loss of momentum would keep price below 110.20/25 and yield correction early next week.

On the downside, only below 108.44 would indicate a temporary top has been made and risk stronger retracement to 108.08/10 before prospect of a rebound.

The U.S. will later release a slew of eco. data, please refer to our EI page for details n pay attention to Markit mfp index n ISM mfg PMI. We also have New York Fed Williams n last but not least, Fed chief's J. Powell speaking at 18:10GMT n 18:20GMT respectively.

Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.

Feed news

Latest Forex Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD Price Analysis: Struggles above 1.2050 inside rising wedge

EUR/USD fades the previous day’s bounce off 1.2060-55 support confluence while easing to 1.2078 amid early Friday’s Asian session. 


GBP/USD Price Analysis: Bulls lookig for breakout to the topside

Following the progression of the price action and market structures across the various time frames in GBP/USD, it can be concluded that the bulls are now in the most favourable position.


XAU/USD respects the 10-day EMA

Gold could be on the verge of a lower low, but the hourly time frame is key. The hourly support structure is guarding a break to test bullish commitments at 1,800. The 10-day EMA and confluence of the 50% mean reversion are also offering support. Gold Weekly Forecast: XAU/USD could target 200-day SMA

Gold News

Yearn Finance Price Forecast: YFI eyes consolidation after quick surge

Yearn Finance price tagged the channel’s upper trend line yesterday, falling just short of $100,000 and 261.8% Fibonacci extension target at $102,900. The sharp reversal from the trend line marks a significant turning point for YFI that will shift price action to consolidation from the uptrend beginning at the April 25 low. 

Read more

US markets lead the recovery as jobless claims decline

Ongoing inflation fears remain, yet improved jobless claims help lift spirits in the US. Meanwhile, UK reopening stocks have been dealt a blow after SAGE claimed that a rise in the Indian Covid strain could slow the pace of lockdown easing. 

Read more