TradeWiseFX Regular Market Updates

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Latest news, updates from market around the world by TradeWiseFX

New York Forex Report: Markets Await Key US Data

New York Forex Report
: Traders finally have some key US data in the offing over today;s US session, to break up an otherwise quiet week. March Retail Sales are duet out at 1330GMT, expected to improve to 0.1% from -0.1% previous. We also have the Bank of Canada April rate Decision, and whilst the bank are widely expected to keep rates on hold, traders will be keen to hear the latest outlook from the bank following last month’s surprisingly neutral message.

EURUSD

Outlook: Short Term (1-3 Days): Neutral – Medium Term (1-3 Weeks): Bearish

Fundamental: EUR traded sharply lower over the European morning as the latest EuroZone Industrial Production figures printed well beneath expectations at 0.8% vs 1.3% in April

Technical: Price continues to recoil and rotate below symmetry swing objective at 1.1420, printing a hight of 1.1465 before pulling back below the figure, price action appears to be coiling. While 1,1330 continues to support expect a test of offers towards 1.15 next.Failure at 1.1330 opens 1.1220 support next.

Interbank Flows: Bids 1.1330 stops below. Offers 1.1450 stops above.

Retail Sentiment: Neutral

Trading Take-away: Neutral

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