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Friday, March 24th
The EUR/USD pair staged solid comeback in early Europe, backed by upbeat flash German Manufacturing PMI report, and now is flirting with 1.08 level. However, further pair’s upside potential remains capped, as US bulls are showing significant activity this Friday. Moreover, cautious sentiments, based on talks over the healthcare bill vote, that was postponed yesterday, are also limiting the pair from any sharp moves, while adding some better sentiments around euro’s funding status. Now focus turns on US Core Durable Goods Orders data, which will be released in NA session, while Trumpcare vote will grab most part of traders’ attention tonight.
The NZD/USD pair extends its bearish trend for the second session in a row at the end of this week and now is flirting with its psychological support level, located at 0.7000. The Kiwi came under strong selling in Asian after weak NZ reports showed deficit in its Trade Balance. Moreover, increase in the demand for the USD is navigating the market this Friday, thereby limiting any pair’s chances to recover its positions. Later today, US Core Durable Goods Orders will provide the pair with short-term impetus, while postponed vote on Trump's healthcare bill will remain at center stage later in NA session.
The USD/CAD pair eased part of its gains in early Europe, but still remaining firmer amid broad US dollar’s strength. Seems that the greenback is extending its recovery for the second session in a row, forcing the pair to refresh its three-day highs at 1.3375 mark. Another factor that interacts with pair’s upside traction remains ongoing softness in oil prices, that were weakened by red numbers of Crude Oil Inventories on Wednesday. Looking ahead, busy session is scheduled in today’s economic calendar with US Core Durable Goods Orders, Canadian Core CPI and Obamacare replacement bill on vote.
Today the dollar/yen pair stalled its eight-day losing streak and staged solid comeback, recovering from its 4-month lows, seen in previous trading session. Currently the pair is trading in north direction, remaining within striking distance of its daily highs, posted at 111.48 spot, on the back of broad US dollar’s correction against its main competitors. Adding to this, disappointing bloc of Japanese data, witnessed this morning, is also collaborating to the pair's strong recovery move on the last trading day of the week. On the data front, today traders will set up their focus on US Core Durable Goods Orders data, while Trumpcare bill vote saga continues to influence the market.
The main events of the day:
Core Durable Goods Orders – 14.30 (GMT +2)
Canadian Core CPI – 14.30 (GMT +2)
Support and resistance levels for the major currency pairs:
EURUSD S. 1.0747 R. 1.0823
USDJPY S. 110.08 R. 111.98
GBPUSD S. 1.2436 R. 1.2574
USDCHF S. 0.9897 R. 0.9959
AUDUSD S. 0.7587 R. 0.7697
NZDUSD S. 0.7004 R. 0.7068
USDCAD S. 1.3299 R. 1.3381
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