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Daily Forex Analysis from FidelisCM

Daily Forex Analysis from FidelisCM

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Old 04-27-2017, 10:05 AM
FidelisCM FidelisCM is offline
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Default RE: Daily Forex Analysis from FidelisCM

The main events on April 27, 2017

The dollar held gains against the yen on Thursday after U.S. President Donald Trump's tax plan offered no fresh surprises, slowing the greenback's rally, while the market awaited the European Central Bank's upcoming monetary policy decision.

USD/JPY changed hands at 111.14, up 0.10%, while AUD/USD traded at 0.7487, up 0.19%. EUR/USD rose 0.06% to 1.0911. USD/CAD traded at 1.3533, down 0.63%.
The U.S. dollar index eased 0.10% to 98.75.

Gold prices rebounded mildly in Asia on Thursday as investors came in after a recent sharp dip following the French election results and as investors took positions on potential geopolitical risks on the Korean peninsula where the U.S. has moved to setup a sophisticated anti-missile system to deter North Korea from launching ballistic missiles.
Gold rose 0.28% to $1,276.33 a troy ounce.

Oil prices dipped on Thursday, weighed down by a general sentiment of globally bloated markets, though traders said that prices seemed to have found support around current levels.

WTI is trading at $49.37 per barrel, down 25 cents, or 0.5 percent from their last close. WTI has lost around 8.5 percent in value from its April peak.

Brent is trading at $51.62 per barrel, down 20 cents, or 0.4 percent.

News for Today:
In the euro zone, Germany is to release preliminary inflation data.
The ECB is to announce its latest monetary policy decision. The announcement is to be followed by a press conference with President Mario Draghi.
The U.S. is to release data on initial jobless claims, durable goods orders and pending home sales.

Japan is to publish data on household spending and inflation.
New Zealand is to report on business confidence.

Main Events of the week:

Friday, April 28

The UK is to release a preliminary estimate for first quarter economic growth.
Germany is to release figures on retail sales.
The euro zone is to publish a preliminary inflation estimate.
Canada is to release data on monthly economic growth.
The U.S. is to round up the week with what will be closely watched preliminary figures on first quarter growth, as well as a report on manufacturing activity in the Chicago region and revised data on consumer sentiment.

EUR/USD Intraday: key resistance at 1.0920.

Our preference: short positions below 1.0920 with targets at 1.0870 & 1.0840 in extension.
Alternative scenario: above 1.0920 look for further upside with 1.0950 & 1.0975 as targets.
Comment: the RSI is mixed to bearish.

Supports and resistances:
1.0975 ***
1.0950 ***
1.0920 ***
1.0890 Last
1.0870 ***
1.0840 ***
1.0815 ***

Review provided by broker Fidelis Capital Markets
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