16 April 2014, EUR/USD
Euro
The market participants will focus on the United States inflation data. The retail sales positive report is encouraging with a regard to the consumer prices growth which will support the demand for the U.S. dollar.
The ECB comments negatively affected the euro/dollar dynamics, but serious moves were not observed yesterday. The pair dropped down to 1.3808, which could provide the support, then almost frozed slightly above this level.
The support levels are 1.3780-1.3800, the resistance levels are 1.3870-1.3890.
MACD goes into the negative territory. The indicator shows the price reduction.
Trading Recommendations
Despite the continuing pressure, the pair is above the 38th figure. The rising momentum will strengthen if the pair breaks the level.
Pound
Housing prices in the UK in April, according to Rightmove, reached a new record level for the second month in a row. The prices are rising because of housing shortage on the market and the mortgage lending availability.
The “cable” high rate inhibits the consumer prices growth and in the lights of this during the day we can expect the “bearish” mood prevalence.
The support levels: 1.6650-1.6670, and the resistance levels: 1.6740-1.6760.
MACD decreases, approaching to the zero line. If it goes down it will only strengthen the southern movement.
Trading Recommendations
In the short term, the pound could fall down to 1.6640-1.6600.
Yen
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Despite some stabilization in the world's leading stock markets, the geopolitical risks increase which will put pressure on risky assets and embolden the “bears” for the short positions opening. On the other hand, due to the rising inflation expectations in the United States in March the “bulls” with enthusiasm will open long oprders at low enough attractive levels.
The dollar/yen rose up above the 101.59 resistance level, but the “bulls” move above the 102nd figures failed. The bouncing off the support at 101.59-101.22 does not mean the downward correction end and presents an opportunity to open the short positions.
The support levels: 101.40-101.60, and the resistance levels: 102.23-102.43.
MACD histogram indicates the growth, approaching the zero line.
Trading Recommendations
The growth above 102.00/13 will weaken the “bearish” power, and the ability to climb and gain a foothold above the 103rd figures will signal the uptrend resumption. The risks of testing 101.22 are presumed.
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