USD/JPY: Sell - Focused Currency and Technical Analysis (15-minute chart) April 17, 2024
EUR/USD: Strong Buy - Correction of Weak Rise, Focused on ECB-Related Comments The EUR/USD pair is recovering from a "bearish" rally formed mid-last week and is attempting a breakout at 1.0625. Today, attention is focused on Eurozone inflation statistics as officials from the European Central Bank (ECB) may comment on monetary policy. The Eurozone Consumer Price Index (CPI) is expected to have increased by 0.8% monthly and 2.4% annually in March, with the core CPI anticipated at 2.9%.
AUD/USD: Buy - Significant Drop, Focused on Chinese Statistics The AUD/USD pair has significantly declined, reflecting a strong "bearish" movement formed mid-last week. China's GDP growth rate for the first quarter slightly increased to 5.3% annually and 1.6% quarterly. However, industrial production and retail sales in March were below expectations.
USD/JPY: Sell - Limited Movement Considering the Possibility of Bank of Japan Intervention The USD/JPY pair is showing limited movement around 154.60, as market participants hesitate to open new long positions due to the possibility of intervention by the Bank of Japan. Meanwhile, U.S. construction-related statistics are weak, with a significant decrease in housing starts.
XAU/USD: Neutral - Mixed Directions Due to Rising Tensions in the Middle East and Low Interest Rate Expectations The Gold/USD pair is showing mixed movements around 2380.00. Rising tensions in the Middle East have once again caught investors' interest, and gold is supported amid expectations of interest rate cuts by major central banks globally. On the other hand, the strong performance of the U.S. economy increases the likelihood of a delay in the Federal Reserve's interest rate adjustments, originally scheduled for June.
