Monday, April 4th
GBP/USD is attempting to recover Friday’s sell-off after UK
manufacturing PMI highlighted weakness in the activity but ran out of steam
near 1.4241 in Asia and the spot is now trading around 1.4223 levels largely
unchanged on the day. Traders await
the release of UK construction PMI report. This is the least important PMI
release compared to manufacturing and service PMI figures. Apart from Construction PMI, Brexit related news flow
and US factory order figures could influence the pair as well.
Pair will meet support and resistance levels at 1.4061 and 1.4335.
EUR/USD failed to resist above 1.14 barrier in early
Asia, and from there extends its bearish bias heading towards the European
session.
The main currency pair came under renewed selling pressure as the US dollar
recovered losses against its major peers and now jumps back on the bids, with
persistent optimism after the US jobs data bettered expectations and reinforced
April/June Fed rate hike bets. Today big polls from Euro zone are not expected,
and what for US - factory orders will be released later.
Currently, EUR/USD trades modestly flat at 1.1373 with its support and
resistance levels at 1.1337 and 1.1498 respectively.
USD/CAD pair
is testing fresh session highs, looking for a test of 1.31 handle. The Canadian
dollar is seen getting sold into the ongoing weakness surrounding the oil
prices. Moreover, the renewed buying interest seen around the US dollar against
its major peers, also aids the recovery in USD/CAD. Markets now turn their
focus on the speech scheduled from BOC Governor S. Poloz later in the NA
session, which will be followed by US macro releases.
Now pair is trading at 1.3074 meeting support and resistance levels at 1.2958
and 1.3203
AUD/USD fell in Asia today as retail sales and other data disappointed. In Australia the MI inflation gauge for March was flat after a 0.2% month-on-month fall in February. Later Aurstralia released week building approvals and retail sales. Pair was in high pressure this morning and now trading at 0.7618 rebounding after its todays low at 0.7604. Support and resistance levels for pair area located at 0.7601 and 0.7763
The best conditions for making a start on STP only at Forex.ee! Register an account now
and feel the difference from the first trade!
Your European ECN-broker,
Forex.ee.
