Best Trade Ideas for April
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EUR/USD : falls to fresh four-month lows as the dollar leads
Information is not investment advice
Ichimoku Kinko Hyo
NZD/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
Fibonacci Levels
XAU/USD: Gold the last hours gains some strength and send the price above the key retracement area of 23.6%.
US Market View
U.S. stocks are seen opening higher Wednesday, with the tech sector leading the way ahead of more testimony from Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen to Congress. Powell and Yellen will continue their testimony to the U.S. House Committee on Financial Services later Wednesday, after starting their two days of congressional hearings on Tuesday. Higher yields have pressured the tech sector, as these stocks have seen significant gains over the last year or so on the back of hefty borrowing in order to try and generate long-term growth.
Chancellor Angela Merkel ditched a plan agreed on Tuesday for an extended Easter holiday to try to break a third wave of the coronavirus pandemic, apologizing to lockdown-weary Germans after the hastily conceived plan triggered a backlash. "The idea of an Easter shutdown was drafted with the best of intentions. We urgently need to stop and reverse the third wave of the pandemic," she said. "This mistake is mine alone," she said. Her comments came against a backdrop of growing public frustration with the conservative-led government over the slow rollout of COVID-19 vaccines and extended lockdown measures.
The European Union should not be the "useful idiot" of the COVID-19 pandemic by exporting vaccines while other countries keep supplies for themselves, a French official said on Wednesday, backing plans for tougher rules on vaccine exports. The European Commission will extend EU powers to potentially block COVID-19 vaccine exports to Britain and other areas with much higher vaccination rates, and to cover instances of companies backloading contracted supplies, EU officials have said.
USA Key Point
- EURUSD stays below 200-day MA. Traders will be focused on that level for clues.
- Fed's Barkin: Economy positioned for robust year.
- US February prelim durable goods orders -1.1% vs +0.5% expected.
- The CAD is the strongest and the GBP is the weakest.
- Germany reportedly to drop plan for five-day Easter holiday lockdown.
- Fed's Bostic: I still think that 2023 is the time we're going to start to be in liftoff range.
- RBA's Debelle: Unemployment rate is a lot lower than we had anticipated.
- UK March preliminary services PMI 56.8 vs 51.0 expected.
- Merkel reportedly to meet with German state leaders today to discuss lockdown measures.
- BOJ purchases ¥70.1 billion worth of ETFs today.
- Germany March preliminary manufacturing PMI 66.6 vs 60.5 than expected.
- EUR/JPY Price Analysis: Next on the downside appears 127.80.
- XAU/USD struggles for direction, stuck in a range around $1730 area.
- USD/CHF consolidates gains around 0.9350 ahead of US data.
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