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USDJPY: focus on non-farm payroll
The macro of the events of this week involves two key events for the dollar yen exchange: the publication of the March of the FOMC meeting minutes scheduled Wednesday at 20:00 hours to be followed by non-farm payroll on Friday at 14:30.
Where the publication of minutes investors fail to achieve a deduced clear signals about the timing of an increase in interest rates by the Fed remains plausible that the exchange continues its descent toward the south, as is apparent from reading graphic described previously.
In terms of non-farm payroll employment analysts expect a deterioration in NFP this month compared to the previous with an expectation equal to 180K against 235K in February.
In this macroeconomic scenario, in which the uncertainty helps to strengthen the Japanese yen fueling bearish movements in the dollar exchange rate yen, only one actual data on non-farm payroll better than expected, would bring the dollar exchange rate yen to find a new bullish momentum and the strength to break the level of place 115.50 resistance area, which would push the prices to come back again in the 112.70 area.
EURUSD: On the basis of the current price to 1.0656, the direction of torque will be determined by the reaction of traders to the main Fibonacci level at 1.0651.
A break below 1.0651 will signal the presence of sellers. This could lead the market towards the next upward angle at 1.0609.
If this fails angle expect that the sale extends towards the next upward angle at 1.0561. This is the last potential support angle before the main minimum at 1.0524.
Staying above 1.0651 will indicate the presence of buyers. This could produce a rally wheezing because of the potential resistance at 1.0670, 1.0694, 1.0700, 1.0706 and 1.0715. If the euro began to move upwards ready for a rocky terrain. Breaking share 1.0715, however, could fuel a sharp rally the next target in the next upside downward angle at 1.0806.
Throughout the session, watch the price action and analyzed the flow of orders at 1.0651. The traders’ reaction to this level will set the tone of the day.
EURGBP: continues the downward trend?
From the point of view graph cross euro pound, after scoring on a maximum weekly further descending, he has pushed further on the accelerator reaching the maximum of Wednesday,
March 29 0.8735 0.8485 at the minimum of the last session that also corresponds with the weekly closure and month of March.
At this point the first bearish target would seem to be represented by a round figure of 0.83 but would constitute a strong resistance already tested three times after Brexit and never violated and exactly in July, September and December 2016.
The closing day of the EUR POUND cross under the support of 0.83 would be an important step in the direction towards the 0.81 price because at that point there should be no more obstacles to achieving that level breached on the upside June 24, 2016 the results of exit referendum on Brexit and which constituted a valid resistance during the first two weeks of April 2016 when the price bounced into the area 0.76 which also coincided with the minimum daily of June 24, 2016.