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Forex Trading StrategiesUSDJPY lower in Asia!
USDJPY lost more than a figure overnight and looks set to test base support in the 115.70-00 area in the upcoming week.
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€˘ New Zealandâ€™s Trade Balance Feb, -257.00 vs. -300.00 expected
â€˘ New Zealandâ€™s Imports Feb, out at 2.86B vs. 2.95 expected and Exports out at 2.60B vs. 2.68 expected
â€˘ US Durable Goods Orders Feb, 2.6% vs. 1.3% expected. Ex transportation came out -1.3% vs. 1.0% expected.
â€˘ US New Home Sales Feb, out at 1080K vs. 1200K expected.
THEMES TO WATCH â€“ UPCOMING SESSION
The FOMC meeting with a an expected 25bps rate hike Tuesday and the post meeting statement seems to be the trigger now if USD weakness is going to kick back in after last week's performance. We will look for signs of a peak in the current rate cycle which would likely send EURUSD for another test of 1.2210. But Friday's US data releases which we will focus on later in the week will certainly support/reject direction after Tuesday.
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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