The Euro had a wicked move shortly after the release of the
better than expected U.S. GDP Report. The initial move was to the downside
because the number only showed a drop to 1.6% rather than the pre-report guess
of 1.3%. After the dust settled, the Euro soared to the upside as traders
reassessed the strength of the U.S.
Technically, the Euro is facing resistance at a short-term
retracement zone of 1.2754 to 1.2793. A downtrending Gann angle at 1.2740 is
also providing some resistance.
equity markets are trading better this morning leading to a surge in the
higher-risk currencies. The Australian Dollar posted a closing price reversal
bottom on Wednesday which was confirmed on Thursday. This pattern suggests a
possible rally into a short-term retracement zone at .8995 to .9049.
Downtrending Gann angle resistance is at .8921. A breakout
over this angle could trigger an acceleration to the upside which could lead to
the completion of the expected retracement.
Strength in the U.S. equity markets is helping to
boost the USD JPY. Rumors of a possible intervention by the Bank of Japan and
the Japanese government are also helping to drive weaker longs out of the
The British Pound is trading lower despite a slight upward
revision in GDP. It was reported that U.K. GDP grew 1.2% versus the previous
estimate of 1.1%. Some traders claim that inventory restocking played too much
of a role in driving GDP higher and this pace may not be maintained moving forward.
Some traders also believe that new government austerity measures are likely to
limit gains in GDP during the next quarter.
Technically the British Pound is trading lower but in the
middle of nowhere on the chart. On the upside, a downtrending Gann angle at 1.5697
is a potential near-term upside target. Looking at the downside, a move through
1.5371 could trigger an acceleration to the downside.
Forex Trading News
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Mon 19 Mar 2018 Tue 20 Mar 2018 AA 9:30 GB- CPI A 10:00 DE- ZEW Survey Wed 21 Mar 2018 AA 03:00 AU- Employment AA 9:30 GB- Employment A 12:30 US- Current Account AA 14:00 US- Existing Homes Sales A 14:30 US- EIA Crude A A18:00 US- Fed Rate Decision A 21:00 NZ- RBNZ Rate Decision Thu 22 Mar 2018 AA All Day flash PMIs AA 9:30 GB- Retail Sales AA 12:00 GB- Bank Of England Decision A 13:30 US- Weekly Jobless Fri 23 Mar 2018 AA 12:30 CA- CPI/Retail Sales A 12:30 US- Durable Goods A 14:00 US- New Homes Sales
John M. Bland, MBA co-founding Partner, Global-View.com
Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
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