Daily market review 12 April

8:30 *** Claimant Count Change – March (United Kingdom)
8:30 *** Unemployment Rate – March (Great Britain)
Improvement of these indicators can provide additional support to the pound sterling. Economists do not expect a further decline in the unemployment rate, but in their view, the number of applications for unemployment benefits will still decline.
8:40 *** BOE Governor Mark Carney Speaks – April (United Kingdom)
10:00 *** President Donald Trump Speaks – April (USA)
Interview with Fox Business.
14:00 *** BOC Monetary Policy Report – April (Canada)
14:00 *** Overnight Rate – April (Canada)
14:00 *** BOC Rate Statement – April (Canada)
15:15 *** BOC Press Conference – April (Canada)
According to economists, the Bank of England will leave the conditions of monetary policy unchanged. Accordingly, all the attention of market participants will focus on the application for a decision on the rate, as well as a follow-up press conference.
15:30 ** Crude Oil Inventories – April (USA)
The projected decrease in oil reserves in the US continues to support oil quotes. As a consequence, confirming or exceeding the projected rate of decline could provide additional support to buyers.
On the daily chart of the US dollar index for yesterday, the confirmation of the reversal candle configuration with “harami” was received, which may create the prerequisites for further growth of the EURUSD pair. The goal at the top is the resistance level of 1,0644.
This is the level of support last week, because we believe that traders can test this level.
Resistance is at the level of 1.2490. On hourly charts, the trend of bears is actively demonstrated. On the 4-hour chart, the quotes met with the horizontal area of the Ichimoku cloud, which may also temporarily restrain the growth of GBPUSD, or prevent the pair from passing up altogether. Given the technical picture, we can roll back down. If the dollar falls, and the UK’s internal factors will go to the background, the GBPUSD’s growth will remain at 1.2550 – 1.2600.
Sellers “rest”. The pair met strong support and on the daily charts, the mood of buyers is visible. Basically, they appear in the afternoon.
For the time being, we keep the targets at 0.7467, and 0.7380, although some of the profit can be fixed in case of a risk of further falling of the US dollar against the basket of currencies, which can provoke growth and AUDUSD including.

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