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Bank of England Tapers QE Purchases, leaves Bank Rate & APF Target Unchanged

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  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Silver: 2.78% Gold: 1.33% Oil - US Crude: -0.77% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/QGNJ5CDOQW
  • BoE tapers QE purchases to GBP 3.4bln from 4.4bln, GBP rises. Get your $GBP market update from @JMcQueenFX here:https://t.co/drADrSbwTY https://t.co/rNKRqAeW50
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.18% FTSE 100: 0.18% France 40: 0.12% US 500: 0.02% Germany 30: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/xoWTfCm3l2
  • $Silver looks to be setting up for another shot at the bullish breakout - resistance from 27-27.24 another big zone around the 30 handle that rejected the advance back in early-feb $SLV $XAG https://t.co/lfq1Jz2aBY https://t.co/5f4Pt4EEQC
  • Bailey says the BoE has no new thoughts on unwinding QE Move today is not a tapering decision, no message in slowing QE pace for future moves
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  • $Gold is gearing up for another run at 1800 https://t.co/DTSYevSOAk https://t.co/2wkomdArwd
  • 🇺🇸 Initial Jobless Claims (01/MAY) Actual: 498K Expected: 540K Previous: 590K https://www.dailyfx.com/economic-calendar#2021-05-06
  • 🇺🇸 Jobless Claims 4-week Average (MAY/01) Actual: 560K Previous: 621K https://www.dailyfx.com/economic-calendar#2021-05-06
USDCAD, GBPUSD, EURJPY & More – Charts to Watch Next Week

USDCAD, GBPUSD, EURJPY & More – Charts to Watch Next Week

Paul Robinson, Strategist

The Dollar picture has continued to be a sore spot for traders as directional bets are easy to fail, quick to reverse. USDCAD is showing lots of weakness and approaching an important long-term form of support. GBPUSD is also at a big long-term trend-line, which makes how it reacts here a key development to watch. EURJPY, like the USD pairs we are looking at today, is trading around an important area of support.

Technical Highlights:

  • USDCAD weak, about to test trend-line from 2012
  • GBPUSD hovering around October 2016 trend-line
  • EURJPY testing the 2012 trend-line for a 3rd time in 6 weeks

See where our team of analysts see your favorite markets and currencies headed in the in the DailyFX Trading Forecasts.

USDCAD weak, about to test trend-line from 2012

USDCAD is currently displaying weak price action as it approaches the 2012 trend-line. It will be an important test, as the current decline on the weekly looks similar to the one that unfolded during 2017. Watch how price action plays out at the trend-line, a hold will keep it afloat while a drop below the long-term threshold will further the notion that we are seeing a redux of the 2017 breakdown from a grinding upward, corrective channel.

USDCAD Weekly Chart (2017? | 2012 t-line)

USDCAD, GBPUSD, EURJPY & More – Charts to Watch Next Week

USDCAD Daily Chart (weak price action)

USDCAD, GBPUSD, EURJPY & More – Charts to Watch Next Week

GBPUSD hovering around October 2016 trend-line

Cable is trading around the trend-line rising up from the October 2016 flash-crash low. It breached it on a daily basis, but given the long-term nature of it we need to give it a little room. The trading bias isn’t very strong, but for those trading it from either side it is a big line-in-the-sand to be mindful of. I also discussed a few of the other GBP-pairs at major cross-roads (see video).

GBPUSD Weekly Chart (hanging onto Oct ’16 t-line by a thread)

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EURJPY testing the 2012 trend-line for a 3rd time in 6 weeks

EURJPY is firmly testing the trend-line rising up since 2012. Multiple tests are taking shape and so far, it is holding, but not with a whole lot of conviction. A breakdown could have the January flash-crash low just 119 in play, while a hold keeps EURJPY moving sideways for now.

EURJPY Daily Chart (2012 t-line under siege)

USDCAD, GBPUSD, EURJPY & More – Charts to Watch Next Week

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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