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Forex Trading StrategiesThe Aussie leads the way in Asia!
Australian March business confidence rise to a 29-month high, with the AUDUSD breaking the 0.7300 area again
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€˘ Norwegian CPI March, out at 0.3% vs. 0.5% expected.
â€˘ Norwegian PPI (incl oil) March, out at 1.2% vs. expected.
â€˘ UK PPI input March, out at 0.3% vs. 0.4% expected.
â€˘ UK PPI output output March, out at 0.3% in line with expectations.
â€˘ Canada's housing starts March, out at 252.3K out 230.0K expected.
â€˘ Hungary's budget balance March, out at -789.2M out at -710.0M expected.
â€˘ New Zealand's business opinion survey Q1, out at -49 with a prior reading of -61.
â€˘ Australia's business confidence March, out at 17 vs. 15 expected.
â€˘ Bank of Japan keeps policy unchanged, says to guide overnight call rate near zero; decision was unanimous.
THEMES TO WATCH â€“ UPCOMING SESSION
Very quiet trading sessions yesterday as the market is awaiting US trade balance Wednesday which will likely set the pace for the rest of Easter and the week to come. It seems as if the sentiment in the market has changed from the uncertainty surrounding the US economy to yield difference between the Euro-zone and the US. Where Thursday speech by Trichet, has made the market aware that the EUR rate hike will likely not be until June, putting downside pressure on EURUSD. The level to look for is 1.2035 for the downside giving scope for a test of 1.1900 and 1.2330 to the upside that looks more and more like a daily double top unless broken in the short term.
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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