Market Brief Series / EP. 312 / 30th Apr. 2018
Overall there is strength in the AUD, NZD, CAD, JPY and EUR. Weakness in the GBP, with minor weakness in the USD.
USD had a bullish momentum last week. This week we'll be on a date on Wednesday when Federal Reserve meeting will be held and all investors will keep watching the tone of federal to see if the fed will raise the interest rate in June or Not, also we will have Non-Farm payroll report on Friday, so the results of this events will determine the direction of USD next weeks.
GBP/USD reached the lowest level since the first of March. If the pair break the Support level at 1.3700, the pair will decline to test 1.3483 the next support level, But If fails to break the support, the pair will bounce to test the resistance level at 1.3955.
EUR/USD technical outlook is bearish as the prices are capped by a declining trend line since February 2018. Both declining 20- and 50-period moving averages play the resistance roles. The RSI shows the downside momentum. Hence, if 1.2405 is not surpassed, look for a further drop with target at 1.1700. Alternatively, only a break above 1.2405 would turn the out look to positive and bring the resumption of the uptrend with target at 1.2775. Thus, however, is a more longer-term projection.
On the data slate there’s German Retail Sales; Switzerland Leading Indicator; Euro-Zone Private Loans; Euro-Zone M3 Money Supply; German CPI; U Personal Spending; US Personal Consumption Expenditure; US Personal Income; US Chicago Purchasing Manager’s Index; US Pending Home Sales; US Dallas Fed manufacturing Business Index and US 3- and 6-Month Bill Auctions.
BUY EUR/USD @ 1.2110 OR BETTER – STOP @ 1.2050 – TARGET @ 1.2220
BUY GBP/USD @ 1.3765 OR BETTER – STOP @ 1.3710 – TARGET @ 1.3900
SELL USD/JPY @ 109.10 OR BETTER – STOP @ 109.50 – TARGET @ 108.50
BUY CL0618 @ 68.00 OR BETTER – STOP @ 67.50 – TARGET @ 70.00
BUY AUD/USD @ 0.7540 OR BETTER – STOP @ 0.7500 – TARGET @ 0.7650
BUY XAU @ 1318 OR BETTER – STOP @ 1308 – TARGET @ 1342
BUY XAG @ 16.50 OR BETTER – STOP @ 16.10 – TARGET @ 17.25
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