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12 April 2016, 12:28

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Tuesday, April 12th


AUD/USD is seen consolidating the recent upmove as we progress towards the early European morning, with the bulls awaiting a reaction to the upbeat Australian business gauge numbers from the European traders. In the day ahead, the major will get influenced by the sentiment on the European stocks as also the oil price movement amid a lack of fresh economic updates. While the main focus remains on Australian employment report this thursday. Currently AUD/USD pair trades at 0.7635 with its new 6-day highs reached at 0.7646 this morning. Support and resistance levels are located at 0.7543 and 0.7685.


EUR/USD currency is trading almost unchanged near 1.1400 today. The weakness around the greenback seems to be taking a breather after yesterday’s sell off. EUR/USD is easing its positions coming back from 1.1450 to 1.1405, where pair opened Europe this morning. In the data space, final German inflation figures for the month of March are expected to match the preliminary readings, while the US dollar will take centre stage later following speeches by P. Harker, J. Williams and J. Lacker. Now pair is trading at 1.1423 with its todays support at 1.4138 and resistance at 1.4390.


GBP/USD started in tight waiting for UK consumer price index (CPI) and core consumer price index is due for release today. Economists expect inflation to have ticked higher in March (0.4% y/y and 0.3% m/m). UK gilt yields edged higher as markets priced-in an uptick in CPI. The rise in yields also added to the bid tone around GBP. Thus, GBP bulls would need a bigger rise in CPI in order to reach new highs. Waiting for major releases GBP/USD is trading at 1.4270 with approximate support and resistance levels located at 1.4138 and 1.4390


USD/CHF still losing its position driving to new multi-months lows at 0.9500. The pair remains confined to the lower end of the recent range following the increasing bearishness surrounding the greenback, currently navigating fresh 2016 lows in the 0.9500 neighborhood, levels last traded in October 2015. Ahead in the session, US Export/Import Prices are due followed by speeches by Fed’s P. Harker, J. Williams and J. Lacker. Now pair trades at 0.9504 near it todays low at 0.9499. Support and resistance are located at 0.9474 and 0.9614


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