30 April 2014, EUR/USD
Euro
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The ECB representative Noyer said that the euro depreciation by 10% would help to disperse the inflation in the euro zone to the 1% level on an annualized basis. We can conclude that the ECB officials systematically prepare the market participants for the euro/dollar future decrease.
The support levels are 1.3790- 1.3810, and the resistance levels are 1.3860 - 1.3880.
MACD is pointing up, indicating the current uptrend.
Trading Recommendations
The pair may continue growing but it needs to overcome many obstacles on the way to level 1.4000. The fall towards 1.3800 support level will increase the break probability with a further fall to 1.3720.
Pound
The report on Q1 GDP was published. We have received contradictory reports from the United Kingdom in the first three months of this year: the positive data on employment and industrial production were followed by the negative reports on CPI and PMI. The British monetary regulator expects about 1% GDP of growth in the 1st quarter, that is better than the economists’ forecast according to Bloomberg’s data.
The support levels are 1.6780 - 1.6800, and the resistance levels are 1.6860 - 1.6880.
MACD is pointing up, indicating the current uptrend.
Trading Recommendations
GDP data for the United Kingdom can either support the pound or contribute to its fall below 1.6762.
Yen
Japan did not please the investors` interest with any interesting publication. If the “bulls” continue to go long actively, we will see the demand for the pair dollar/yen. The consumer confidence report in the U.S. from the Conference Board may be better than the median forecasts, which is also favorable for the U.S. dollar growth versus the Japanese yen. Amid this we can expect the “bull’s” sentiment prevalence.
The support levels: 102.10 - 102.30, and the resistance levels: 102.60- 102.80.
MACD is pointing up, indicating the current uptrend.
Trading Recommendations
The support in the 102nd area held out. The dollar/yen confidently went up. As a result, the pair tested the resistance at 102.62, and then fell down back to 102.50. Nevertheless, the demand for it remained. Thus, the ability to hold above the 102nd figure increases the current resistance breaking risk and further upward momentum development. In this case, we should expect the growth to 103.40-104.00. The 102nd figures break may lead to the support 101.59 testing.
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