Trading Setups / Chart in Focus:
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EURUSD – Euro/dollar stays buoyant above short-term support
The EURUSD gained back modest ground today and ended the day higher after paring early-session losses. Note the market closed back above the short-term support near 1.3785 – 1.3800 that we discussed in this week’s weekly price action outlook. If the market can get its legs here, we could see it start pushing higher again, however, for the near-term we expect more consolidation / sideways price movement on the daily chart, as we can see this market has been quite choppy as of late.
GBPUSD – Sterling/dollar bullish trend continues plowing upwards
The GBPUSD ended today with a modest gain as the bullish trend continues. Clearly, the trend is pretty strong here, so we just need to have patience and look for price action buying opportunities on any retraces back to near-term support at the 8 / 21 day EMA layer or at horizontal levels of support to rejoin the uptrend from value.
In the currency markets today, the U.S. dollar was mostly lower against the other major currencies despite a U.S. March existing home sales report that was stronger than expected.
The euro fell to a two-week low of $1.3783 before paring losses and ending the day up at $1.3804.
The greenback ended unchanged against the Japanese yen at 102.61 yen.
In the U.S. markets today, stocks moved higher following solid earnings reports and strength in the healthcare sector.
The Dow added 65.12 points or 0.40%, the S&P 500 gained 7.66 points or 0.41%, and the Nasdaq gained 39.91 points or 0.97%
Upcoming important economic announcements (New York time): 4/22/2014
9:30pm EST: Australia – CPI q/q
9:45pm EST: China – HSBC Flash Manufacturing PMI
3:00am EST: Euro-zone – French Flash Manufacturing PMI
3:30am EST: Euro-zone – German Flash Manufacturing PMI
4:30am EST: Britain – MPC Asset Purchase Facility Votes
4:30am EST: Britain – MPC Official Bank Rate Votes
8:30am EST: Canada – Core Retail Sales m/m
10:00am EST: United States – New Home Sales
5:00pm EST: New Zealand – Official Cash Rate
5:00pm EST: New Zealand – RBNZ Rate Statement
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