Forex news for US trading on April 11, 2016
- Preview: The Bank of Canada decision is all about the growth estimate
- Feds Kaplan: Strong dollar is a headwind to US Economy
- Fed's Kaplan: No rate move now but 'open minded' about June
- EURUSD sets another water mark but not a new high
- Feds Kaplan: Not dismissing option of negative interest rates
- Forex Video: It is often what cannot happen that helps dictate a currency pairs price action
- S&P 500 falls to lowest levels of the day
- Crude oil futures settle at $40.36 per barrel
- Citi says to sell NZD/CAD this week
- A look around other markets today....
- EU Dombrovskis says accord to unlock Greek aid is within reach
- It's the same old story for EURUSD as it falls back towards 1.1400
- European stocks start the week with gains but gave some up into the close
- USDCAD heads lower as oil rises on Doha expectations
- Algeria: Some oil producers refuse to cut output - Livesquawk
- ECB QE count: €670.8bn vs €652.0bn prior
- Thank you for joining the Dukascopy webinar last week
- US needs faster productivity growth to support wages says CEA's Furman
- UOB have 5 key levels to watch in FX pairs
- USA's Lew says competitive devaluation via FX intervention is "unacceptable"- MNI
- China's Li says downside economic pressures are large
Monday trading with little in the way of fundamental news to push the market in the NA session. The dollar weakened with most of the loss coming against the commodity currencies. Gold rose by $16 (+1.3%). Crude oil rose to $40.26 or +1.61% on the day. Stocks also gave up gains and ended the day lower. The S&P ended down -0.27% and the Nasdaq fell by -0.36% after being up smartly near the opening. What about some of the major currency pairs?
The GBPUSD was anther big mover in trading today. The pair started to rise sharply in the London session and extended higher in the early NA session before correcting lower. At the peak, the pair stalled at the 61.8% retracement of the move down from the March 30 high. That level comes in at 1.42849. In the new trading day, the 200 hour MA at 1..4207 will be eyed for support.
The EURUSD continues to be confined by what now is a 7 trading day/127 pip trading range. That is not a big range. Today, the high reached 1.1447 - just short of the 1.1453 high from last Thursday. That level will need to be broken - and stay broken if the upside has more upside. On the downside. the 200 hour MA at 1.1381 will need to be broken. The price has not closed below the 200 hour MA since March 29th.
The USDJPY was not a big mover today, but it could not get and stay above a downward sloping trend line that currently comes in at 108.15. The downside, has support against the April 7 low at 107.655 an the April 11 low at 107.616. The battle is on and the range is getting more confined.
Both the AUDUSD and NZDUSD spiked up during the London/European trading session. For the NZDUSD the pair triggered stops above the 200 hour MA currently at 0.6841. The price remains above that level although upside momentum faded into the close. A move back below the 200 hour MA would be more bearish in the new trading day. For the AUDUSD it too surged higher, but fell short of the high from last week at the 0.76366 level (the high reached 0.7630). The rotation lower has sent the pair back below the 200 hour MA at the 0.7597 level (currently trading at 0.7591). The failure on the break may keep a lid on the pair on rallies in the new trading day.
