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Forex Trading StrategiesUSD weakness continues through Asia!
THE US ISM came in well below forecast at 55.2, which changed sentiment as the USD weakened which played through the Asian trading session as well
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€˘ US Pending Home Sales Feb, out at -0.8% vs. -0.5% expected.
â€˘ US ISM Manufactoring March, out at 55.2 vs. 57.7 expected.
â€˘ US ISM Prices Paid March, out at 66.5 vs. 60.9 expected.
â€˘ Italian Budget Balance MARCH, OUT AT -26.3B fvs. -10.0B expected.
â€˘ Japan's Monetary Base (yoy) March, out at -1.0% vs. 1.0% expected.
THEMES TO WATCH â€“ UPCOMING SESSION
data disappointed yesterday with ISM data below forecast, but the Euro-Zone showed strength and signs of recovery in yesterdayâ€™s PMI. The pressure seems to be on the dollar this week.. The uncertainty concerning China seems to also weigh on the cross, but we have yet to see a follow through in either USDJPY or EURUSD.
We mentioned last week when EURUSD was trading around these levels that it is absolutely a must that the pair breaks 1.2210 and is able to close above. This would likely give scope for market participantâ€™s to add to long positions and take the pair for a test of 1.2320 further out.
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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