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EUR/USD Expected to Break 1.10 Before US Nonfarm PayrollsBased on the analysis of economists, it is expected that the EUR/USD currency pair will reach the 1.10 level before the release of the US Nonfarm Payrolls data. However, some experts suggest that there may be a pause before this anticipated jump, and the pair may find some support around 1.0870/1.0880 due to a potential recovery of the US Dollar and the need for further tightening by the European Central Bank to address core inflation. Nevertheless, the overall outlook for the EUR/USD remains bullish, and the 1.10 level may be breached next week, unless there is unexpectedly strong data from the US ISM and a generally quiet data calendar until the Nonfarm Payrolls release on Friday.
by FOREXN1
11
USD/JPY Remains Depressed on Soft Data and Lower YieldsThe USD/JPY currency pair has declined to 132.20, continuing its retreat from a two-week high. The drop in US Treasury bond yields and softer data, as well as upbeat comments from Japan's Prime Minister Fumio Kishida, may be behind the recent losses. Kishida has pledged more investment to speed up private investment in green transformation bonds to promote domestic decarbonization. Meanwhile, the US 10-year Treasury bond yields have dropped for the past four days to 3.42%, while the two-year counterpart has also declined for two consecutive days to 3.97%. Softer US PMIs and lack of inflation fears from the OPEC+ supply cuts and the resulting oil price run-up have weighed on yields. Furthermore, the downbeat Fed calls have also contributed to the decline in yields and USD/JPY prices. As a result, the USD/JPY may face downward pressure ahead of this week's key US jobs report.
by FOREXN1
5
EUR/USD: Delayed Move to 1.10 Due to OPEC+ Production CutThe EUR/USD pair was expected to surge past the 1.10 mark this week, as per economists' predictions. However, the recently announced production cut by OPEC+ has given the dollar a much-needed boost, causing a delay in the anticipated move to 1.10. While breaking above 1.10 is still a possibility, the OPEC+ cut has had a positive effect on the USD, making it necessary for some disappointing US data to come out before the EUR/USD can make the predicted move. This lack of Euro-specific drivers this week makes it unlikely to happen, though the bulls would still prefer the pair to finish the week around 1.0850/1.0900. If the US data does turn out to be strong and the Fed makes hawkish comments, the pair may test the supports at 1.0700 and 1.0600.
by FOREXN1
39
USD/JPY Rises Near Two-Week High Ahead of NFP ReportThe USD/JPY pair has surged to an intraday high near 133.50, close to the highest level in two weeks. The recent rise can be attributed to higher US Treasury bond yields and a stronger US dollar as the market anticipates the release of the crucial Nonfarm Payrolls (NFP) report on Friday. The recent challenges to market sentiment, mainly from the OPEC+ group's inflation worries, have also boosted the pair's rally. However, mixed domestic data and pre-NFP jitters have challenged the recent buyer sentiment. The Bank of Japan's closely watched Tankan Large Manufacturing Index for Q1 2023 declined to 1.0 from the previous reading of 7.0 and an expected 3.0. Meanwhile, Japan's Jibun Bank Manufacturing PMI for March improved to 49.2 from 48.6, indicating a contraction in private manufacturing activities. On the other hand, the US Core Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve's preferred inflation gauge, fell to 4.6% YoY in February, below the market expectation of 4.7%. Core PCE inflation rose 0.3% on a monthly basis, lower than the market expectation of 0.4%. The receding hawkish calls surrounding the Bank of Japan (BoJ) have also supported USD/JPY buyers. However, the market seems to have given little attention to the recent easing fears of a banking crisis and the Fed's hawkish moves. Currently, Japan's Nikkei 225 is up 1.0% intraday to 28,041, while the S&P 500 Futures snapped a three-day uptrend. The US 10-year and two-year Treasury bond yields are trading with mild gains near 3.52% and 4.11%, respectively, after paring the latest losses. Looking forward, USD/JPY is expected to continue its rebound amid firmer yields and a light calendar. However, any disappointment in the incoming PMIs and NFP may weigh on the US dollar prices, considering the receding hawkish bets on the Fed.
by FOREXN1
15
EUR/CAD: Possible Reversal MovementThere may be a potential reversal in the movements of EUR/CAD following the breaking of its dynamic trendline and testing the top at 1.4940. The negative correlation between EUR/CAD and EUR/USD suggests that an increase in EUR/USD and a decrease in EUR/CAD may occur. We are currently waiting for this to happen. Our indicator has already signaled a sell entry, which we have acted upon. There is a strong possibility of this trend continuing further.
by FOREXN1
10
FXS/USDTSPOT BUY PLAY: FXS/USDT BROKE the consolidation range & CONSOLIDATING ABOVE IT after retesting it. Looking to accumulate some. Buy Zones are always mentioned on the charts itself with potential TAKE-PROFIT zones. STOP-LOSS = 25% below the average buying price TAKE-PROFIT zones are mentioned in the chart itself. DYOR. Always DO YOUR OWN RESEARCH before taking any trade or before investing your hard earned money. Suggestion/Tip – It is always better to take profit, whether all the zones are bought or not. Suggestion/Tip 2 - When price is moving on right way "it is always recommended to move stop-loss to profit side". If you like the idea and benefited from it please like , share & comment to keep us motivated.
Long
by EsCApetHEmAtRiCS
USDJPY Long Setup, looking strongGood morning fellow Traders! I have been tracking the YENUSD pair with great interest in recent weeks as we have been rebounding from its local low. The pair has a beautiful long-term trend on the higher timeframes, setting the direction I have been looking to trade. We are currently sitting in a sweet spot, the price has been consolidating around 130-137, however, as soon as we have left this range in the past, volatility has kicked in, both ways. We have broken through the high of 137 two days ago, making the idea very plausible and easy to understand. This is my Game Plan: - Clean push above 137 - Pullback onto 137 area, preferably seeing a pullback down to 136.8 - Consolidation on the red line, smooth prices needed here - No big slippage into the box, staying around the red line - Trigger signal once price starts to recover between 137 to 137.2 - Entry upon jumping out of the box This trend setup looks very strong because the higher timeframes support the direction we are trading in. Make sure to follow my Tradingview for more ideas and check out my BNB short post, we are in profits! Thanks for tuning in and let me know if you liked the video in the comments below. Many thanks. TraderCH
Long
by TraderCHgold
7
USD/CAD could be heading to 1.40• BOC pauses rate hikes • Fed gets more hawkish again • US employment sector continues to show strength The USD/CAD has just hit its highest level since November 2022 after the Bank of Canada kept interest rates unchanged at 4.5% and US JOLTS Job Openings came in ahead of expectations at the same time, providing fresh ammunition for the greenback after Powell’s hawkish message on Tuesday. BOC pauses rate hikes The Bank of Canada was a bit more dovish as had been expected, keeping policy unchanged for the first time in 12 months. It acknowledged GDP weakness and employment strength, but there was no mention of excess demand in the policy statement and said the North American economy is to remain weak in the next couple of quarters. • BOC said it expects to hold key rate at current level conditional on economy developing broadly in line with forecasts • BOC is prepared to increase rate further if needed to return inflation to 2% target (they had to add this, to hedge their bets like all other central banks – right?) • The policy statement also dropped language about economy remaining in 'excess demand' Hawkish bets jumped after Powell spoke Meanwhile, there was more evidence the US labour market is rather hot as firms advertised more job openings. • JOLTS Job Openings 10.824 million vs 10.546 million expected and 11.012mm previous The latest data comes after the Fed Chair sent everything plunging on Tuesday after warning that the central bank could ramp up the pace of rate hikes and could keep a tight policy in place for longer. This sent the odds of a 50-basis point rate hike for the March 22 meeting to above 70%, according to the CME FedWatch tool. The market was previously pricing in 25 basis points for this meeting. The terminal interest rate is now expected to climb closer to 6% than closer to 5% expected at the end of January. Short-ended yields have correspondingly risen as the Fed continues to front-load rate hikes. USD/CAD path of least resistance to the upside Following today macro events, the USD/CAD hit a new multi-month high. The Loonie has potentially paved the way for a run towards 1.3800 next. Above that level we have last year’s high at 1.3977 and then the key 1.40 handle next. But with today’s macro data mostly out of the way, it remains to be seen whether we will get to those levels or see a retracement first. It is possible that some traders may now ease off the gas until Friday to push rates significantly from around current levels. On Friday we have jobs reports from both North American nations. Even if we see a pullback, the bullish trend will remain in place for as long as key support around 1.3650 does not break. Ahead of that, short-term support is seen around 1.3760 and then at 1.3700. Regardless of the short-term, we maintain a bullish view on this pair thanks to the Fed getting hawkish again. -- Written by Fawad Razaqzada, Market Analyst Follow Fawad on Twitter @Trader_F_R
Long
by FOREXcom
3
EUR/CAD poised for bullish breakout?This week features some key macro events from Canada. The BoC rate decision on Wednesday and Canadian jobs report on Friday will be the highlights. Earlier today we had a disappointing Ivey survey. The BoC is not expected to hike rates further after a total of 425 basis points worth of interest rate rises. The central bank signalled at its previous meeting that it would pause to digest the impact of the last tightening. We have seen weakening growth, and slowdown in inflation, although job creation has been above forecast. Will we see another strong showing from the jobs market on Friday? Ahead of that is the BoC decision on Wednesday. If the central bank stays pat on rate hikes, then this could pave the way for more gains for the EUR/CAD, especially if Governor Tiff Macklem opts for a less hawkish language in the policy statement. The area around 1.4600 to 1.4650 had been strong resistance in the past. But with the BOC potentially pausing its hiking and ECB likely to tighten its belt further, we could see an eventual breakout. Will that happen this week? By Fawad Razaqzada Follow Fawad @Trader_F_R
Long
by FOREXcom
SasanSeifi💁‍♂️AUD/NZD.6H UPDATE🔥😍✅ 127 PIP HI TRADERS ✌As you can see, according to the scenario, the price was able to correct about 127 pips up to the correction target range of 1.087/1.084🔥✌. It is currently trading in the range of 1.084. We can expect a positive reaction from the range of demand zone.It should be seen how the price will react to the specified ranges. Otherwise, if the price penetrates below the range of 1.074 and stabilizes, the possibility of further correction can be considered. ❎ (DYOR)...⚠⚜ What Do you think about this analysis? I will be glad to know your idea 🙂✌ IF you like my analysis please LIKE and comment 🙏✌
by SasanSeifi
USD/CHF testing key resistance following mixed US dataToday’s US data releases didn’t cause a massive reaction, which means the dollar has remained supported – for now. Among the dollar pairs to watch for a potential upside breakout is the USD/CHF. US GDP was revised unexpectedly lower to 2.7% from 2.9% in the initial estimate, but this was offset by GDP price index, which was revised up to 3.9% from 3.5%, meaning more inflation. GDP is backward looking data, so the market has not attached too much importance to it. More to the point, the jobs market remains hot, and we saw more evidence of that today with unemployment claims falling to 192k, well below expectations. This should keep the dollar bulls happy I reckon. Core PCE price index (Fed’s favourite measure of inflation) is due tomorrow. The USD/CHF was testing an important resistance area around 0.9325 to 0.9370ish. Previously this area was resistance. We have already seen price break above the short-term bear trend and the 21—day exponential moving average. What the bulls will want to see next is a clean move above the aforementioned resistance area to completely turn the tide. Specifically, a move north of 0.9410 could trigger a short-squeeze rally towards the 200-day average at 0.9575. Meanwhile, the bears will now want to see a clear evidence of price topping out, before potentially stepping in on the short-side. A move below this week’s low at 0.9220 could be the trigger they are looking for. As things stand, the bulls are edging it, but now need fresh impetus to move rates above that 0.9325 to 0.9370 resistance range, in order to trigger fresh follow-up technical buying. -- Written by Fawad Razaqzada, Market Analyst with FOREX.com Follow Fawad on Twitter @Trader_F_R
by FOREXcom