The focus on US data and Bernankes comments will be key after last weeks poor NFP number, continued poor performance in the US or comment’s highlighting downside risks could avert a US dollar rally in the short term thus extending last weeks drop.
In this case we could see the Pound, Euro and potentially the Yen as interesting plays against the Dollar.
If Bernanke and good data manage to steady the ship then we expect to see more range bound price action.
|Tuesday, April 9|
|00:15||USD||Fed Chairman Bernanke Speaks|
|02:30||CNY||Chinese CPI (YoY)||2.4%||3.2%|
|02:30||CNY||Chinese CPI (MoM)||-0.6%||1.1%|
|Wednesday, April 10|
|19:00||USD||FOMC Meeting Minutes|
|Thursday, April 11|
|13:30||USD||Initial Jobless Claims||365K||385K|
|Friday, April 12|
|13:30||USD||Core Retail Sales (MoM)||0.1%||1.0%|
|13:30||USD||Retail Sales (MoM)||0.1%||1.1%|
|17:30||USD||Fed Chairman Bernanke Speaks|
Pair dropped and flew higher today putting in a rather aggressive and Bullish candle. Depending on NFP tomorrow we suspect the Euro could now push higher but we still believe the upside is limited.
Personal Bias: Bullish
My Strategy: Await for clear signals – can look for potential long options off of strong price rejections from key support levels (200 Day SMA)
Pound significantly rejected lower prices today highlighting strong support at the 1.5000 level. This pair has room to the upside and another interesting weekly looking price rejection of lower prices. We do note strong levels at the close of last week and the 1.5520 mark.
Personal Bias: Bullish / Neutral
Support: 1.5275 / 1.5185
Resistance: 1.5365 / 1.5520
My Strategy: Standaside
Aussie pushed lower from our signal on Wednesday. Weekly chart also looks bearish off of a weekly trendline resistance.
Personal Bias: Bearish
Support: 1.0370 (200 Day SMA)
My Strategy: Lock in profits on short entry from Wednesday, can look for a short play off of weekly trendline resistance targeting 1.020
We highlighted the potential for longs below 94.00 and included a 93.40 long in our members area which bagged over 300 pips on Thursday and Friday. Aggressive actions by BoJ sent this pair rocketing. Will be key now to see it break the weekly resistance at 96.50 before moving higher.
Personal Bias: Bullish
Support: 96.70 / 94.20
My Strategy: Lock in profit on long entries, can look to add to position on retests off of support