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    Forex trading plan for Apr. 8

    Demand for the US dollar started to recover on Tuesday with the USD index rebounding to 98 points. On Wednesday, the market attention will be focused on the FOMC meeting minutes release at 18:00 GMT. It is important to find out, which factors guided the Fed’s fund rate forecasts revision – probably, the document will clarify the real sentiment within the Committee. Any indications that the Fed might still be considering a rate increase in June would pull the investors back into the USD.

    EUR/USD is currency forming an ascending triangle. The euro is approaching the lower edge of the figure. Support is at 1.0800. The single currency declined despite better Spanish & Italian services PMIs. The pair slid below important MAs on H1 and H4 charts. Resistance is at 1.0876/78 and at 1.0935. On Wednesday the euro area will release retail sales data at 09:30 GMT, though data from America will be more important.

    GBP/USD pulled down from the 1.5000 figure, confirming that the cable bulls still lack the power. Even the strong UK Services PMI failed to render support for GBP. Next bearish targets lie at 1.4730 and 1.4630. Tomorrow we’ll watch the BOE Credit Conditions Survey. On Thursday, do not miss the BOE policy meeting itself.

    USD/JPY pushed back above 120 yen on Tuesday, opening the way for more upside. Next levels to watch are 120.40 and 120.80. The Bank of Japan will announce its policy meeting decision tonight – no additional easing is expected before the BOJ April 30 Inflation outlook. Renewed forecasts could justify more stimulus.

    Reserve Bank of Australia left monetary policy unchanged on Tuesday, supporting the Aussie for a while. However, AUD/USDstill looks quite bearish for us. Break below 0.7520 would be a perfect selling signal.

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