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Forex Trading Strategies EUR stays strong in Asia
EUR showing nice gains both against the USD, CAD and AUD. Watch the 1.2092 level in the upcoming European session to spark more buying interest.
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€˘ US TICS data, Jan. $66.0B vs. $64.8b expected
â€˘ US Empire Manufacturing Mar. 31.2 vs. 18.9 expected
â€˘ NAHB Housing Market Index, Mar. 55 vs. 56 expectd
â€˘ US Import Price Index, Feb -0.5% vs. -0.6% expected
â€˘ Canadian manufacturing shipments Jan, -0.7% vs. 0.4% expected
â€˘ US March Beige Book showed moderate and steady growth in most districts
â€˘ Fed Guynn's comments are consistent with the Fed still being uncertain as to whether proceed with another rate hike. He says that he sees uncertainties on both sides of forecasts. However, he does say that core inflation is on the upper side of what he would like to see over the long-term.
â€˘ Fed's Yellen says inflation is near the high end of her comfort range. However, she says that growth is likely to slow to trend this year and says that signs of a cooling in the housing market may become more evident.
â€˘ New Zealand non resident bond holdings 64.2% vs. 66.9% expected
â€˘ New Zealand PM says NZD is not weak, fall in value is positive for exports.
THEMES TO WATCH â€“ UPCOMING SESSION
EURUSD still trading in the death zone of 1.2092-1.1825, but the pair closed above the daily 200 day MA 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 CPI data out later today at 12:00 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.
Saxo Bank A/S shall not be responsible for any loss arising from any investment based on any recommendation, forecast or other information herein contained. The contents of this publication should not be construed as an express or implied promise, guarantee or implication by Saxo Bank that clients will profit from the strategies herein or that losses in connection therewith can or will be limited. Trades in accordance with the recommendations in an analysis, especially leveraged investments such as foreign exchange trading and investment in derivatives, can be very speculative and may result in losses as well as profits, in particular if the conditions mentioned in the analysis do not occur as anticipated.
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