FBS - Analytics


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    Forex trading plan for Apr. 24

    The greenback came under renewed pressure on Thursday as the bearish news flow from the US disappointed the market. Unemployment claims came out above the forecast (295K), while new home sales disappointed to the downside (only 481K). What is important, April manufacturing PMI disappointed to the downside (54.2), raising fears that slow growth is extending into Q2. We’ll watch US durable goods orders on Friday (forecast – upbeat).

    EUR/USD trade remains volatile with the pair recovering to 1.0800 in the US opening despite the weaker-than-expected euro block’s PMIs. The pair is still unable to set a clear move. Next resistance lies at 1.0840 and 1.0890/0900, while strong support is seen at 1.0660. Watch April German Ifo business climate index on Friday. Euro group meeting also starts tomorrow – watch the headlines about Greece.

    GBP/USD holds below the yesterday’s 1.5080 resistance as the March retail sales disappointed to the downside on Thursday (-0.5% vs. 0.4% expected). Cable is struggling to overcome the 55-day MA these days. We see the road open for a test of 1.5150 and 1.5200 in the coming sessions.

    AUD/USD remains supported, but holds slightly below the 0.7800 mark. Resistance lies at 0.7820 and 0.7915/30. USD/JPY failed to overcome the 120.50 resistance on the wave of broad USD selloff. Support is seen at 119.00 and 118.50.

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