Forex Market Updates From Trade View $50,000 Forex Competition
AUD/USD – 0.7538 ( -43 or -0.57% )
The Aussie Dollar has found support at 0.7489 and the question now remains- can this market rally higher? We will discuss this again in more detail in the MEMBER PORTAL this week.
Mon 11:30 – NAB Business Confidence
Tue 11:30 – Retail Sales (monthly)
Tue 19:30 – Annual Budget Release
For a move higher we must now see this market hold above 0.7489, followed by a retest of the key area between 0.7550 and 0.7561. A break above this level could see this market break higher and retest 0.7617; and if momentum is very strong we may see a quick move into 0.7662.
If we cannot hold above 0.7489, we will look for this market to break lower into 0.7447 before another pause. A strong break and close below this level however could mean this market sells off sharply into 0.7364.
EUR/USD – 1.1962 ( -168 or -1.38% )
More weakness in the EURO saw this market trade below the key 1.2000 level for the first time in over four months. Will the slide continue?
NOTE: Tuesday is a public holiday in France (Victory Day); and Thursday is a public holiday in Switzerland, France and Germany (Ascension Day).
Fri 23:15 – ECB President Draghi Speaks
For a sustained move higher we would like to see the EURO close above 1.2010, followed by a retest of 1.2055. Should this occur, we will then look for this market to retest 1.2167; and if momentum is very strong we cannot rule out a move to 1.2268.
If however the EURO cannot close above 1.2010, we may likely see a move back down into the 1.1929 again. A strong break and close below this level could see a further move down into 1.1834; and if momentum is very strong a move down into 1.1738 cannot be ruled out.
GBP/USD – 1.3533 ( -245 or -1.78% )
The Pound continues to sell off and has closed right near our important level of 1.3534. This week is an important week for this market and we will be discussing this exclusively in the LIVE CHAT ROOM.
NOTE: Monday is a bank holiday in the UK (May Day).
Tue 17:30 – Halifax HPI (monthly)
Thu 18:30 – Manufacturing Production (monthly)
Thu 21:00 – BoE Interest Rate Announcement – LIVE TV
For a move to the upside we would like to see a strong break and close above 1.3683. Should this occur we could see a quick move into 1.3875 before a pause. If momentum is very strong to the upside we may see a further push into 1.4075.
If we cannot close above 1.3683, we may see further selling into 1.3402 before a pause. A strong break and close below this level however could see Cable sell off aggressively into 1.3277.
USD/JPY – 109.04 ( -1 or -0.01% )
The $/YEN was strong early in the week having reached our important 109.95 level before completely reversing to finish the week flat. As such our levels remain unchanged.
For a move to the upside we must now see this market hold above 108.31, on its way to retesting 109.21. A strong break and close above this level could then see the $/YEN rally into 109.95, and if momentum is very strong we could see moves to 110.31 and 110.78.
If we cannot hold above 108.31, we could see a fast move lower into 107.75. A break below this level may result in a retest of 107.36 and this is where things get very interesting. A break below this level could mean a very sharp move down to 106.52.