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Forex Trading StrategiesDollar continues its weak tone in Asia!
Euro-Zone continues to impress and we expect EUR against the majors to continue higher through the week, with US Non-farm closing the week.
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€˘ The Fed's Fischer sounded somewhat less hawkish than previously, admitting things look better now than they had 6 months ago & that there were no signs of rising inflation in the most recent data.
â€˘ US ABC Consumer Confidence April, out at -9 with a prior reading -7.
â€˘ ANZ Commodity Price March, out at -1.4% vs. -0.3% in Feb.
â€˘ Australia's RBA left Cash Rate Target (April) at 5.50% as expected.
â€˘ Australia's AiG Performance of Service Index March, out at 51 with a prior reading of 48.7.
THEMES TO WATCH â€“ UPCOMING SESSION
We finally left the "range of death" in EURUSD yesterday, which looks to target 1.2320 short term. The trend for this week looks to be set despite any consolidation seen. The big question now is whether or not the US non-farm Friday will give any indication of inflation pressures. Or if the market uses it as an excuse to just send EURUSD even higher. More importantly a close above 1.2210 still leaves the pair with a medium term bullish bias.
USDJPY finally broken 117.00, but is still held in a congested zone as EURJPY broke through 143.60 the double top on a daily chart, which supported a stronger JPY. 116.00-25 is the level to look for to likely send USDJPY lower 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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