FX:EURUSD   Euro / U.S. Dollar
BOC decide

During the upcoming trading week, central bank action takes center stage, with interest rate decisions from the Bank of Japan, Central Bank of Turkey and the Bank of Japan. The Bank of Canada rate decision is likely to capture the spotlight, as market participants wait to see if the BOC will follow other central banks across the globe and adopt a more dovish stance towards interest rates.
The United States economy is also heavily in focus this week as we see Housing, Manufacturing, GDP and Trade data releases from the world’s largest economy. We also see important quarterly Inflation data and projections being released from the Australian economy.

Monday 22nd April, USD US Manufacturing PMI

The United States PMI Composite reports on Manufacturing activity inside the American economy and represents economic indicators derived from monthly surveys of private sector companies. The Purchase Managers Index data provides advance insight into the private sector economy by tracking variables such as output, new orders, employment and prices across key sectors.

∙ The EURUSD pair is only bearish while trading below the 1.1290 level, key support is found at the 1.1175 and 1.1110 levels.
∙ If the EURUSD pair moves above the 1.1290 level, buyers will likely test towards the 1.1330 and 1.1360 resistance levels.

Tuesday 23rd April, USD US Housing Price Index

The United States Housing Price Index is released by the Office of Federal Reserve Housing Enterprise Oversight and is a broad measure of the movement of single-family house prices. The Housing Price Index measures average price changes in repeat sales or refinancings on the same properties in three hundred and sixty-three metropolises. It is an important indicator as the housing market is considered as a sensitive factor to the US economy.

∙ The USDCHF pair is bullish while trading above the 1.0100 level, key resistance is found at the 1.0220 and 1.0350 levels.
∙ If the USDCHF pair moves below the 1.0100 level, sellers may test the 1.0050 and 1.0000 support levels.

Wednesday 24th April, CAD Bank of Canada Rate Decision

The Bank of Canada Interest Rate Decision is a decision of the governing council members on where to set the nations interest rate. Most market participants believe that the Bank of Canada will leave interest rates on hold this week after a series of hikes last year. After the actual rate decision, the central bank releases a policy statement that contains the BOC’s collective perspective on the economy also ideas about future monetary policy .

∙ The USDCAD pair is only bullish while trading above the 1.3240 level, further upside towards 1.3450 and 1.3580 levels would then seem possible.
∙ If the USDCAD pair trades below the 1.3300 level, sellers are likely to test the 1.32605and 1.3220 support levels.

Thursday 25th April, USD US Durable Goods Orders

US Durable Goods Orders is a government report and is released by the US Census Bureau which measures consumer spending on long-term purchases, products that are expected to last more than three years. Durable goods are generally sensitive to monthly volatility as US consumers may delay purchases of durable items such as cars and televisions and choose to only spend money on necessities in times of economic hardship.

∙ The GBPUSD pair is bearish while trading below the 1.3100 level, key support is found at the 1.2985 and 1.2880 levels.
∙ If the GBPUSD pair moves above the 1.3100 level, buyers will likely test towards the 1.3155 and 1.3200 resistance levels.

Friday 26th April, USD US GDP Annualized

United States GDP Annualized is released by the US Bureau of Economic Analysis and is based on quarterly economic data. US Gross Domestic Products is the market value of all final goods and services from a nation, usually calculated on an annual basis. Because most of the report components are known in advance, the United States GDP reports significance and ability to move markets has decreased.

∙ The USDJPY pair is bullish while trading above the 111.60 level, further upside towards the 112.60 and 113.20 resistance levels seems possible.
∙ If the USDjpy pair trades below the 111.60 level, sellers are likely to test towards the 111.30 and 110.90 support levels.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.