We are testing some interesting levels on the four major dollar pairs – we’ll quickly review the charts for the week and highlight any risk events to be aware of.
USD News Events
- Tuesday 14 April – Core Retail Sales and PPI
- Thursday 16 April – Building Permits, Unemployment Claims and Philly index
- Friday 17 April – CPI and Consumer Sentiment
- Thursday 16/Friday 17 April – G20 meetings
USDJPY To Retest The Recent Highs?
A couple of interesting levels on the USDJPY worth keeping an eye on.
- 121.20 – some interesting market structure here recently with support (demand) turning into resistance (strong supply in mid March). We could imagine a scenario where there might be some more sell orders here. We are at the 78.6 retracement for those who like order in the universe with their breakfast.
- 122.05 – some sort of reaction at this level given the previous supply is within reason. We had previous strong supply and we have the 161 abcd completing into the highs.
The yen looks quite this week in terms of planned risk events.
GBPUSD: Broke The Lows Last Week
We broke the recent lows last week and are not trading near the 1.46. Whether you consider this a buy or sell opportunity, its a significant level for cable. The next level of significant support for GBPUSD is the 1.42 to 1.4350 area.
New events for Cable:
- Tuesday 14 April – CPI
- Friday 17 April – Average Earnings Index and Claimant Count Change
EURUSD: A Bounce Before Parity With The Dollar?
The long term charts still hints at the possibility of parity with the dollar for euro.
Closer to home, the recent lows from the start of March where the bears were trapped may give a small bounce.
The main event for Euro is on Wednesday 15th this week with the interest rate announcement and the usual press conference madness for this pair.
AUDUSD Tests The Lows
We are currently testing the bottom of the range on this pair.
The significant risk in on Wednesday for this pair:
- Wednesday 15 April – Employment change and Unemployment rate
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