EURUSD Looks Set To Break 1.0920

EURUSD Looks Set To Break 1.0920

By: Darryl Frankfort | Where To Trade | On:28-04-2015 10:53
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Key Highlights

  • Euro managed to gain bids during the London session against the US dollar, and it looks like the pair might break the recent high of 1.0920 to trade close to the 1.0950 level.

  • Australian Conference Board Leading Index that helps in measuring future trends of the overall economic activity including employment, average manufacturing workweek and initial claims released by the Conference Board posted a reading of 0.5% in Feb 2015.

  • France Consumer Confidence determining the moods of the consumers, through an analysis of a sample of houses released by INSEE increased from 93 to 94 in April 2015 just as the market expected.

  • Euro’s strength was also witnessed in EURCHF, which jumped above an important resistance of 1.0420 resistance area and looks set for more gains in the near term.

France Consumer Confidence

Earlier during the London session, the French Consumer Confidence determining the moods of the consumers, through an analysis of a sample of houses was released by INSEE. The market was expecting it to rise from 93 to 94 in April. The outcome was as expected with the French Consumer Confidence reaching 94 in April 2015. It is the highest value since January 2010, and the households’ confidence managed to post third consecutive increase in April 2015. Overall, the data was on the positive sign, and helped the Euro to some extent. The only disappointing thing to note is that the French Consumer Confidence at 94 is still well below its long term average.

The report mentioned that the households’ opinion of their past financial situation managed to increase and was up by 2 points. Moreover, the appreciation on their future financial situation also gained in April by 1 point to remain in the positive zone. When we consider the current saving capacity, then the households’ opinion was up by 1 point and future saving capacity reached its highest level since January 2001, rising by 3 points.

Japanese Retail Trade

Earlier during the Asian session, there was a major release in Japan, as the Retail Trade gauging the aggregate sales made through a business location was released by the Ministry of Economy, Trade and Industry. The outcome was very disappointing, as the Japanese Retail Trade declined by 9.7% in March 2015, compared to the same month a year ago. This was a lot higher compared to the forecast of a 7.3% decrease.

In terms of the monthly change, the Japanese Retail Trade fell by 1.9% in March 2015, and the Large Retailers' Sales also decreased by 13%. Overall, there was nothing to cheer for the Japanese Yen buyers.

Technical Outlook – EURUSD

The Euro surged higher during the London session against the US dollar and almost challenged the 1.0920 swing high. We need to see how the pair trades around the mentioned level, and whether it can break above it or not. If buyers succeed in breaking 1.0920, then the next level of interest could be around 1.0950 resistance area.  

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UK Nationwide Housing Prices highlighting the value of the houses prices in UK and indicate current movements in the housing market posted an increase of 1% in April, compared to the preceding month.

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By: Ben Myers | Where To Trade | On:24-04-2015 10:39

Japanese Yen traded higher against the US dollar and looks set for more losses, as the latter one weakened against most major currencies including the Euro and the British Pound.

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