Overall there is strength in the GBP, JPY and USD. Weakness in the AUD, EUR, CHF and CAD.
US dollar ground higher for a second day, as the euro continued to be dragged by disappointing euro-zone economic data.
AUD depreciated against its major counterparts after worse-than-expected local retail sales data crossed the wires. Looking ahead, China will release April’s trade balance report. Since the country is Australia’s largest trading partner, the results may also fuel AUD volatility.
EUR/USD dipped below the key 1.1900 level reaching 1.1896 on the downside, its lowest intraday level in 2018. Official data showed that German industrial orders unexpectedly fell 0.9% in March after a downwardly revised drop of 0.2% in February. Despite the recent rebound from 1.1896, the pair is still capped by a declining 50-period moving average, which is playing a resistance role.
RSI stays below its neutrality level at 50 and lacks upward momentum. So, as long as 1.1950 holds on the upside, look for another drop with target at 1.1895. Alternatively, crossing above 1.1950 would bring a new advance with 1.2010 as target.
On the data slate there’s Switzerland Unemployment rate; German Trade Balance; German Industrial Production; US Fed’s Powell to Speak at SNB/IMF Event in Zurich; UK House Price 3 Mths/Year (Apr); US Small Business Optimism and US Job Openings.
BUY EUR/USD @ 1.1920 OR BETTER – STOP @ 1.1850 – TARGET @ 1.2010
BUY GBP/USD @ 1.3545 OR BETTER – STOP @ 1.3500 – TARGET @ 1.3650
SELL USD/JPY @ 109.20 OR BETTER – STOP @ 109.85 – TARGET @ 108.50
BUY CL0618 @ 69.80 OR BETTER – STOP @ 69.20 – TARGET @ 71.10
BUY AUD/USD @ 0.7495 OR BETTER – STOP @ 0.7460 – TARGET @ 0.7580
BUY XAU @ 1315 OR BETTER – STOP @ 1308 – TARGET @ 1328
BUY XAG @ 16.20 OR BETTER – STOP @ 15.80 – TARGET @ 17.00
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Ots quite a reversal fro. The way things looked in february now it seem the ones like the dollar are running up again.
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