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Forex Trading StrategiesEURUSD keep gains through Asia
Quiet Asian session with Japanese Indexes coming in as expected. AUDUSD finds renewed upside on strong employment numbers.
MAJOR HEADLINES â€“ PREVIOUS SESSION
Â·US ISM Non-Manufacturing March, out at 60.5 vs. 59.0 expected.
Â·Australian Unemployment rate March, out at 5.0% vs. 5.2% accepted.
Â·Australian Employment Change March, out at 27.00 vs. 10.
Â·Australian Participation Rate March, out at 64.4% in line with expectations.
Â·The Fed's Snow said tomorrow's US Non farm payrolls will be a good number.
Â·Japan's Leading Economic Index Feb, out at 80% in line with expectations
Â·Japan's Coincident Index Feb, out at 55.6% in line with expectations.
THEMES TO WATCH â€“ UPCOMING SESSION
EURUSD cleared 1.2300 staying on the bullish path, but some consolidation is to be expected. ECB is expected to raise rates today at 11:45 GMT 25 bps, but look for the ECB press conference at 12:30 GMT to give the market short term direction. But we believe that the US non-farm Friday will have a larger impact then today's news. It is important despite a good number Friday that EURUSD closes above 1.2210 to keep the bullish bias heading into next week.
Bank of England is also out today at 11:00 GMT with their interest rate announcement, expected to remain at 4.50%. So look for EURGBP to rally as the ECB has just started the current hawkish stand on rates. The pair was able to close above 0.7000 yesterday which technically opens up for 0.7250 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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