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Weekly Forex Outlook: April 2-6
The US dollar recovered from the bottom of the range, in which it has been trading since the end of January.
There were some positive factors for the greenback. Firstly, concerns over global trade protectionism eased. Secondly, there was some progress on North Korea’s nuclear program. Plus, investors closed their USD short positions ahead of the end of the quarter.
Of course, as the new quarter begins in April, the USD will no longer have the support of monetary inflows, so it remains to be seen whether the American currency is able to continue strengthening. Pay attention to the technical levels of the USD index: resistance is at 90.50 and support is at 88.20.
USD/JPY rose from 104.60 to 107.00. The pair may rise to 107.60 and 108.50 especially in case of the weekly close above 106.00.
GBP/USD made a pullback down. Notice that there’s a strong resistance at 1.4270 – it’s a 200-week MA. The last time the pair traded above this line was in 2014.
EUR/USD keeps meeting resistance at 1.2450/1.2500 ahead of 1.12550. it’s not likely that the situation will change in the coming days. Focus on support at 1.2200, although a break lower would take some really good news from America.
Britain will release manufacturing PMI on Tuesday.
On Wednesday, await Australian retail sales, the UK construction PMI, euro area’s flash inflation for March, US ADP employment report and ISM services PMI.
Thursday will bring AUD trade balance, GBP services PMI and Canada’s trade balance.
Finally, the first Friday of April, so the US will release NFP, average earnings, and unemployment rate.
Do you want to get clues on the most important economic events this week? Are you interested in the markets’ movements that are anticipated this week? Watch our latest outlook on USD, EUR, GBP, oil, gold and more.
Let’s consider the most important events for the upcoming days.
Watch the key levels for EUR/USD and USD/CAD
EUR/USD, XAU/USD, and BRL/USD are key pairs for February 20
The most significant event today is the release of the average earnings index for Great Britain at 11:30 MT time.