Trading plan for May 17

Trading on Wednesday was rather active and chaotic: in many pairs, there were some sharp intraday reversals. The US dollar strengthened versus some emerging market currencies like Brazilian real and Malaysian ringgit and remained strong versus others. Speculators continued closing their bullish positions on the euro. There are many sources of uncertainty at the market – global trade tensions, North Korea, Iran nuclear deal, clashes in Gaza, yet the safe haven currencies like Japanese yen failed to strengthen. Gold may find support at $1,284.37.

The main economic releases on Thursday will be Australian employment figures at 04:30 MT time (forecast is good) and New Zealand’s annual budget release at 05:00 MT time. During the US trading session, pay attention to the Philadelphia Fed manufacturing index and unemployment claims at 15:30 MT time.  

AUD/USD rebounded from 0.7440. Above 0.75 the target will be at 0.7550. A daily close above 0.6910 will be positive for NZD/USD, but there will be resistance levels at 0.6935 and 0.6980.

EUR/USD made another leap down on Wednesday and got below 1.18. The euro negatively reached to a report that a likely future Italian government would seek $250-billion sovereign debt forgiveness from European creditors. The pair will have support at 1.1755. Only a decline below this level will bring the euro to 1.1700 and 1.1690. Resistance is at 1.1848. Above that level, the target will lie at 1.1910.


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