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Weekly Trading Forecast: EURUSD and Majors Move Closer to Critical Breakouts

By , Quantitative Strategist , , Chief Currency Strategist , , Currency Strategist , , Currency Analyst  and , Currency Strategist
03 May 2014 04:04 GMT

US Dollar Fails to Rally on Great Payrolls Data, Remains a Sell

A sharply better-than-expected US Nonfarm Payrolls report wasn’t enough to keep the Dollar from falling versus major FX counterparts, and the Greenback looks at risk of further declines as key fundamental factors favor weakness.

Euro Waits for ECB Balancing Act as Data Bump Limits Policy Reaction

The three-pronged development of higher core CPI, improved PMI surveys, and increased excess liquidity reduces any immediate need for substantive action, like the unveiling of QE. The ECB must now partake in a careful balancing act, as its dovish policy responses are limited even as President Mario Draghi pays lip service to the hope for a weaker Euro.

Gold Posts Key Outside Reversal Post NFPs- $1307 Key Resistance

Gold prices are softer on the week with the precious metal off by 0.42% to trade at $1300 ahead of the New York close on Friday. The week was marked by continued weakness in gold prices as equities rallied into fresh record highs.

AUD/USD Threatens 92.00 Support- Need Dovish RBA for Larger Decline

The long-term outlook for the AUD/USD remains bearish as the pair carves a lower high in April, and the Australian dollar remains at risk of facing a larger decline in the week ahead should the Reserve Bank of Australia (RBA) adopt a more dovish tone for monetary policy.

GBP/USD Climb to New 5 Year Highs Will be Fraught With Danger

The pound has finished out an impressive month and week. Through April, the currency has advanced against all of its major counterparts.

Weekly Trading Forecast: EURUSD and Majors Move Closer to Critical Breakouts

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03 May 2014 04:04 GMT