EURUSD is trading inside a symmetrical triangle on its 4-hour time frame as traders can’t quite establish a clear direction on the pair. Price is testing the top of the triangle around the 1.3875 levels but stochastic is reflecting selling pressure.
AUDUSD is facing 0.9316 resistance, a break above this level will indicate that the downtrend from 0.9461 had completed at 0.9227 already,
China (FXI, quote) had net capital inflows throughout the first quarter, although the surplus narrowed each month during the period, according to the State Administration of Foreign Exchange.
This week market participants are getting a flurry of global economic data that has been and continues to have the potential to move the currency markets.
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On a slow news day, with only Construction PMI on the horizon in the UK, Ukraine will continue to dominate.
USDJPY broke below 101.38 support, indicating that the uptrend from 100.75 had completed.
If equity bears are having a tough time at present, euro bears have had a torrid time over the last few years, with each move lower acclaimed as the end of the single currency, which then promptly rises and continues to survive.
This week was always going to be a tricky one for both traders and investors, with the market’s primary focus being the FOMC meeting on Wednesday. The meeting at which the FED is likely to signal the beginning of the end of its bond buying program. Well, that’s the theory anyway, but given the less that stellar NFP data, this is far from certain.
As mentioned in the previous post, the Yen index can give us an excellent perspective of market sentiment, given the Yen’s unique position within the forex market as both a currency of safe haven and a gauge of market risk.
