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Monday, April 18th
EUR/USD could not sustain the earlier advance beyond the 1.1300 mark at the beginning of the week in response to the fiasco at the meeting in Doha, giving away initial gains and returning to the comfort zone around 1.1280. Risk appetite trends will remain the exclusive driver today in the global markets while traders continue to digest the ‘no deal’ between OPEC and non-OPEC countries yesterday and amidst a vacuum of data in the euro area. Now the pair is trading at 1.1285 with current support and resistance levels located at 1.1237 and 1.1365.
USD/CAD got higher after failure attempting a deal between OPEC and non-OPEC countries at the meeting in Doha on Sunday. What has taken a toll on crude oil prices – with WTI and Brent crude losing more than 4% – and thus weighed heavily on CAD, sending spot to the boundaries of 1.3000 the figure following the Asian open. Data wise, Canada release only secondary data today – foreign Securities Purchases (Feb), with the NAHB index due in the US docket, leaving spot to the mercy of the risk trends while market participants adjust the trade to the recent outcome in Doha. The pair is currently trading at 1.2980 with support level at 1.2910 and resistance level at around 1.3020.
AUD/USD is taking lower end at the beginning of the week. The Aussie dollar is following the rest of the risk-associated assets in the aftermath of the Doha meeting on Sunday, where oil producers failed to seal a deal on an output freeze. News from the ‘no deal’ have hurt risk sentiment, sending AUD to open the day with a significant gap lower. While risk trends are expected to dominate the headlines today, Governor G.Stevens will give a speech tomorrow in an otherwise empty calendar in Oz this week. Now pair trades at 0.7673 and it is around a cent lower from last week’s fresh 2016 highs. Support and resistance levels are located at 0.7605 and 0.7714
USD/CHF pair trades with decrease hovering within a striking distance of fresh session lows. The major is seen accelerating to the downside as the demand for traditional safe-havens such as the CHF, picks up pace amid renewed bout of selling witnessed in the oil markets. Moreover, the US dollar also turned on the back foot against its major competitors last minutes, adding to the downbeat sentiment surrounding USD/CHF. Looking ahead, the major will keep an eye on the broader market sentiment as the trading calendar remains data-quiet for today. Currently the pair is trading at 0.9658, with its support and resistance levels located at 0.9640 and 0.9731.
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