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In the Zone
- EURUSD
- GBPUSD
- AUDUSD
- NZDUSD
- USDCAD
Market Insight Commentary – Forex
Today's News Headlines
- There still remains the real possible scenario that the US are going to pull out of NAFTA, this is the worst case scenario but with the current White House Administration, it is a real possibility. Watch the CAD and MXN for clues.
Market Insight Commentary – Indices
Market Recap
The day got off to a quiet start and there was a little change in roles with the New York session providing the fireworks yesterday. The catalyst was the fact that US data came in a little bit softer than expected, but there was also the fact that the EU released some overly hawkish comments from their last meeting. I am still not convinced that these bullish tone has any merit at all and so this is where I will look for some opportunity this morning. The US will in all likelihood raise rates 3 times this year, and the jury is still out on some of the other major FX players – there could be further divergent rate policies to factor in this year.
The bullish comments out the EU meant that the EURUSD moved from 1.1940 to 1.2060 in no time, from a technical viewpoint the rise above 1.2000 puts the buyers back in the pound seats. There remains a double top at 1.2090 and that is a level the buyers will target, as stated earlier – I have my doubts about the move yesterday and I think it was overdone, I am looking to treat the move yesterday as a gap trade and will look for shorting opportunities.
The USDJPY was another one that hit key levels yesterday, 111.00 is a natural support level as well as a 50% fib level and as a result this is a level that will continue to capture my attention. It is somewhat of a barometer though because I suspect that if the sellers are able to break this major support, then the floor may open up for them. On the top side we have resistance at 111.30, but more importantly the 200 day MA is trading at 111.70 and this is where my first target would be.
Important Economic Data Due Today
15:30 USD CPI
Consensus: 0.1%
Effect: Actual higher than expected is good for the USD
15:30 USD Retails Sales
Consensus: 0.5%
Effect: Actual higher than expected is good for the USD
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