Thursday will be a day of great volatility in EUR/USD as the ECB is expected to announce QE. There’s talk that the regulator still hasn’t made a decision. The market is very nervous & there’s an extremely high risk of a knee-jerk reaction in euro: the pair shoot to the upside and then plunge. As a result, market players should be especially careful with stop & entry levels.
GBP/USD lowered to 1.5100 as the Bank of England released dovish meeting minutes. Pound has strong support in the 1.5050/30 area, but the inability to decisively break resistance at 1.5200 will increase the negative pressure on pound. A close below 1.5050 will confirm a temporary top in the 1.5270 area and open the way to 1.4900 and 1.4813.
USD/JPY got rejected at the Ichimoku Cloud’s top at 118.80 and fell to 117.40. We target 115.80 and 115.55 as the pair's trading below 117.90.
We also recommend you joining USD/CAD bulls on the pullbacks down as the Bank of Canada has lowered its benchmark interest rate.
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.