During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
Trading forecast for June 14
2019-11-11 • Updated
- The US dollar index can’t break the psychological level at $94. Even positive economic data couldn’t support the USD. PPI and core PPI figures were higher than expected. But the index is moving down.
Traders are waiting for the Fed’s meeting that will take place at 21:00 MT time on Wednesday. A rate hike is anticipated. However, if you remember the last time when the US central bank increased the interest rate, the US dollar fell as the hike was priced in. As a result, the USD may fall further. The support is at $93.50. If the Fed gives a more hawkish speech on the future rate hikes, the USD will have chances to increase. The resistance is still at $94.
On Thursday, more US economic data will be released. Retail sales and core retail sales figures will be out at 15:30 MT time. The forecast is positive, so the USD may find a support.
- Thursday will be an important day for the euro. Although the European Central Bank isn’t anticipated to raise the interest rate, traders are waiting for clues on the tapering of the quantitative easing. If the central bank declares its soon exit, the euro will be able to go up. Up to now, EUR/USD is trading above the support at 1.1750 (the pivot point). If the ECB is hawkish, the EUR/USD pair will be able to break the strong resistance at 1.18 and will move further to 1.1850. If traders don’t hear clues on the soon tapering, the euro will appear below the pivot point (1.1750).
- Although Wednesday’s economic data were not negative for the pound, GBP/USD has tested the support at 1.33. On Thursday, traders will look at retail sales data. The forecast is negative; it means that GBP/USD may stick to the support at 1.33. If the actual data is greater than the forecast one, the pair will be able to reach the resistance at 1.34.
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Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
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Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...