The first trading week in April will be started by tomorrow and we will have a very busy week with full of economical events for the greenbacks, EUR, Cable, Kiwi and Aussie
Mon Apr 03
- AUD Retail Sales m/m
- AUD Building Approvals m/m
- GBP Manufacturing PMI
- EUR PPI m/m
- EUR Unemployment Rate
- USD ISM Manufacturing PMI
According to our technical point of view, there is not so much changes in the movement of price structure for AUDUSD, which we updated last week about ( check here for your reference http://m2m-vn.com/en/forex-weekly-outlook-march-272017-march-31-2017/)
Key level for AUDUSD to join the upside is at 0.775xx but it failed to perform at/above that level in the last trading days and it has been currently heading downward. There is a price zone from 0.757xx-0.759xx as a support zone for AUDUSD; anyway with bad economical news release on Monday, then a lower price zone will be reached at about 0.751xx-0.752xx, and it will keep waiting there for the rate decision of RBA later this week.
Take your look at the chart for more info:
GBPUSD is still continuing traded within a given range. To take note is that this pairs already finished its Supper Cycle and Grand Supper cycle for the down side completely. We think soon will it make a really big move to the upside, so keep your eye on it closely.
Below is the depicted chart for your info:
After making a high at 1.09058 (spot price) EURUSD lost its strength and fell down in 4 consecutive trading days last week and it closed at 1.06568 in the last trading session on Friday.
Some important economical news will be released today. In case there is positive news, then the current minor uptrend can be maintenance until end of the week, because FOMC Minutes and NFP releasing later this week will drive the EURUSD to its clear direction.
In the chart below we update some levels for EURUSD. Take also your look at the Fibonacci levels and the related Waves thereof as following:
There is as also an important economical news with the ISM Manufacturing PMI today in the U.S but more important is the FOMC Minutes which will be released later this week( we count more for FOMC Minutes than NFP this time). Technical point of view, the DXY is still in a valid uptrend and did perform very well in the last four trading days in the last week, in which the 100 level handle has been yet broken out again and led the DXY back above the 100 points level.
More details about just take your look at the depicted chart below:
Tue Apr 04
- AUD Trade Balance
- AUD Cash Rate
- RBA Rate Statement
- JPY BOJ Core CPI y/y
- GBP Construction PMI
- AUD RBA Gov Lowe Speaks
- CAD Trade Balance
About the GBP as we have updated above that GBP vs. USD will take a big move up in the coming time, therefore more details about just take your look on the depicted chart above for GBPUSD.
RBA will make a decision about their Cash rate again today. A rate hike we have not thought of yet but there will be some more clues in the RBA statement, whether rate hike or rate cut should be the next move of the RBA in the next time. Last statement was actually not clear about, hence Aussie lost it momentum to make a further pop up.
Higher Oil price recently, positive GDP last time are main drive to lead CAD gaining in value against the greenbacks last week. Today there is trade balance result; less import and more export as results to see, then we think that a rate hike for the BOC is a thing that they are now considering about.
Wed Apr 05
- GBP Services PMI
- USD ADP Non-Farm Employment Change
- USD FOMC Meeting Minutes
The DXY will make a further up move, if the level at 101.8x will be broken out. That is also meant that ADP will be positive and the FOMC Minutes is to read with hawkish tone.
Take your look at the chart for DXY here again:
Thu Apr 06
- EUR ECB Monetary Policy Meeting Acc
- USD Unemployment Claims
Fri Apr 07
- GBP manufacturing Production m/m
- CAD Employment Change
- CAD Unemployment rate
- USD Average Hourly Earnings m/m
- USD NFP
- USD Unemployment Rate
NFP will play no big role today, so we think, because most were said in the FOMC minutes days before, therefore a single monthly NFP result will not impact on the investor’s minds.
About the technical charts, just take your look at the updated charts above for your info and it is enough space for the prices to move therein.
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