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Forex Trading StrategiesUSD stays weak in Asia
EURUSD finally found some upside and broke 1.2000, sparked by the US C/A deficit going to a record high.
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€˘ US current account balance Q4, -$224.9B vs. -$218B expected
â€˘ US advanced retail sales Feb, -1.3% vs. -0.8% expected
â€˘ Jan US business inventories, 0.4% vs. 0.3% expected
â€˘ ABC US consumer confidence -8, vs. prior reading -9.
â€˘ Australian consumer confidence for March, rises to 1.3%
â€˘ Japanese machine tool orders (yoy), 5.6%, vs. prior reading of 5.3%
â€˘ The Fed's lacker spoke yesterday, and said core inflation is at the high end of his comfort zone
THEMES TO WATCH â€“ UPCOMING SESSION
EURUSD still trading in the death zone of 1.2092-1.1825, but yesterdayâ€™s US data took the pair above 1.2000 and we think this could set the short term bullish momentum for the remainder of the week. A break of 1.2092 is still needed to technically remove EURUSD from the current daily bearish trend and give scope for test of 1.2321, the high from 25th of January. US tic data out later today at 14:00 GMT, will likely be good indicator to reinforce/reject our short bullish view.
USDJPY broke 118.00 on a weaker dollar and we will closely watch the 117.00-40 zone as a break would change the sentiment and take us to a test of the 4 week low at 115.46.
Note: the support/resistance levels used in the matrixâ€™s of this document are levels derived from yesterday high, low and close. Reference in the text to other support/resistance levels will occur.
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