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The Weekly Bottom Line
Following last week's sell off, equity markets regained some ground this week. Economic data was relatively positive with industrial production in particular showing a strong bounce back from its winter lull. And, in a speech on monetary policy, Fed Chair Janet Yellen expressed optimism on the pace of economic recovery,

The Storm Has Passed
The North American trading session was predictably mundane today as investors from around the world wound down their activity as the Easter holiday creeps ever closer. In a show of positivity ahead of the holiday, talks between interested powers helped to ease the rising tension in Ukraine whom promised to

AUD/JPY: Could Improving Risk Sentiment Drive Us to New 11-Month Highs?
The AUD/JPY surged higher in the latter half of march, rising all the way from the mid-March low near 91.00 to peak near 96.50 earlier this month. As we all know, markets never move in a straight line forever, and AUD/JPY bulls are now taking a breather after the big

Trade Idea Wrap-up: USD/CHF - Stand aside

Despite intra-day retreat to 0.8780, as the greenback has rebounded again after failing to penetrate this support, suggesting further choppy trading would be seen and test of yesterday's high of 0.8829 cannot be ruled out, however, break there is needed to bring retracement of recent decline to 0.8846-48 (another resistance

Trade Idea Wrap-up: GBP/USD - Stand aside

Despite intra-day breach of indicated resistance at 1.6820-23, lack of follow through buying and the subsequent retreat from 1.6842 suggest consolidation would be seen and pullback to 1.6780-85 cannot be ruled out, however, reckon the upper Kumo (now at 1.6767) would limit downside and previous resistance at 1.6749 would hold

Trade Idea Wrap-up: EUR/USD - Hold long entered at 1.3835

As the single currency has retreated after intra-day rebound to 1.3865, suggesting further choppy consolidation would be seen but reckon downside would be limited to 1.3804 (yesterday's low) and bring another rebound, a sustained breach of said intra-day resistance would add credence to our view that correction from 1.3906 has

Trade Idea Wrap-up: USD/JPY - Stand aside

Although the greenback has rebounded again after holding above the Ichimoku cloud top and another test of yesterday's high of 102.37 cannot be ruled out, break of 102.37-40 (yesterday's high and 38.2% Fibonacci retracement of 104.13-101.33) is needed to revive near term bullishness and confirm low formation 101.33, then further

Trade Idea: EUR/GBP - Stand aside

Although the single currency has remained under pressure and marginal weakness from here cannot be ruled out, still reckon downside would be limited to 0.8191, loss of momentum should should keep price well above recent low of 0.8158. Only a break of previous support at 0.8158 would extend early decline

Trade Idea: USD/CAD - Hold long entered at 1.0890

Despite yesterday's rise to 1.1034, as the greenback has retreated again, suggesting minor consolidation would be seen but as long as indicated support at 1.0942 holds, near term bullishness remains for the rise from 1.0858 low to bring at least a retracement of recent decline to 1.1065-70 (50% Fibonacci retracement

US Session: Orders and Options Watch
EUR: Although euro rebounded to 1.3865 and offers at 1.3850-55 were filled, fresh sell orders emerged at 1.3865 and the single currency has retreated again in NY morning, sell orders are still noted at 1.3865-75 and in good size at 1.3890-00 (more stops above figure), fresh selling interest should emerge

EUR/USD: Bearish Pattern Projects Possible Near-Term Top at 1.3860, 1.3680
Since reaching a nadir below 1.3800 on Tuesday, the EUR/USD has stubbornly rallied back to the week's highs as traders try to "call the bluff" of the ECB. As my colleague Kathleen Brooks outlined earlier today, the ECB has grown increasing vocal about the euro's rise, arguing that the strong

USD/JPY - Muted Response to Sharp Unemployment Claims
The Japanese yen is trading quietly in Thursday trading, as USD/JPY trades slightly above the 102 level. In economic news, US Unemployment Claims were solid and easily surpassed expectations. In Japan, BOJ Governor Haruhiko Kuroda spoke at an event in Tokyo. Consumer Confidence continues to drop and Tertiary Industry Activity

Canada's Headline Inflation Rate Rose More than Expected in March; Core Rate Increased in Month
The unadjusted all-items Canadian consumer price index (CPI) index rose 0.6% in March 2014 following the 0.8% gain in February. The year-over-year rate rebounded to 1.5% from 1.1% in February and matched January's pace. The Bank of Canada's core measure rose as expected by 0.3%, and the year-over-year rate inched

US Initial Jobless Claims Rose Less than Expected in Latest Week
US initial claims inched upward by just 2,000 to 304,000 for the week ending April 12, 2014 to retrace little of a 30,000 drop to a revised 302,000 (was 300,000) for the previous week. The four-week moving average of initial claims, which helps smooth out some of the weekly volatility in

Trade Idea Update: USD/CHF - Sell on break of 0.8780

Although the greenback has retreated again after yesterday's brief rise to 0.8829, break of indicated support at 0.8781 (yesterday's low) is needed to signal top is formed, bring weakness to 0.8760, then retest of last week's low at 0.8743, below there would extend recent decline from 0.8953 to 0.8720-30, then

Trade Idea Update: GBP/USD - Buy at 1.6770

Cable's intra-day breach of indicated resistance at 1.6820-23 confirms early upmove has resumed and further gain to 1.6870-80 and possibly 1.6900-10 would be seen, however, near term overbought condition should prevent sharp move beyond 1.6940-50 and reckon 1.6970-80 would hold from here, price should falter well below psychological resistance at

Trade Idea Update: EUR/USD - Buy at 1.3835

Euro's intra-day break of yesterday's high of 1.3851 suggests correction from 1.3906 has ended at 1.3790 earlier this week and break of 1.3865 would add credence to this view and bring retest of said resistance at 1.3906, above there would confirm upmove has resumed for further rise to 1.3935-40 and

Technical Update - AUDUSD, NZDUSD, USDCHF
On Wednesday, the US Dollar registered minor gains against NZD and CHF as the US industrial production grew more than expected by market participants. The US Dollar, however, gave up its early gains against AUD and closed with marginal loss. Conversely on Thursday, the US Dollar is trading with some

Trade Idea Update: USD/JPY - Stand aside

Despite yesterday's rebound to 102.37, failure to extend such rise and the subsequent retreat dampened our bullishness and weakness towards 101.50 support cannot be ruled out, however, only below last week's low of 101.33 would risk weakness to previous strong support at 101.20-21 but loss of momentum should prevent sharp

Gold Trading At $1300 As Unemployment Claims Shine
Gold prices are steady on Thursday, as the spot price is just above the key $1300 level late in the European session. In economic news, US Unemployment Claims were steady and beat the estimate. Later in the day, we'll get a look at another key event, with the release of

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