EURUSD 4h
Resistance at 1.08250 1.08500 & 1.08900
Support at 1.08000 1.07650 & 1.07250
Next 4h are crucial – if 1.08000 taken out, pattern would suggest that doors are open for attack at 1.07000.
However, if the price returns sharply above 1.08450, target in sight will be 1.08900, and it won’t hold this time.
Currently Bears are in the driving seat.
Morning Bid: Geopolitics, oil and payrolls make for a busy day
A look at the day ahead in U.S. and global markets by Alun John.
It is an unusual start to a first Friday of the month as, with Brent crude oil above $90 a barrel and driving a risk-off tone in markets around the world, investors are not solely thinking about U.S. non-farm payrolls.
Let’s not overstate it. They still are thinking a lot about the always-crucial jobs data, due at 0830 ET (1330 GMT), but after all three main U.S. stock indexes fell by over 1% on Thursday, while Treasuries rallied, it is not the only thing on their minds.
Morning Bid: Geopolitics, oil and payrolls make for a busy day
USDCAD 4 HOUR CHART – No Man’s Land
As I noted at this time yesterday when USDCAD was threatening key support at 1,3455, keep in mind that moves outside of 1.35-1.36 have not been following through,
Well, we are back into 1.35-1.36, which I call a No Man’s Land
This suggests key levels and stops are outside this range with 1.3550 setting the tone while within it.
Next on deck is the key US jobs report. See forecasts in our Economic Calendar.
As always, the reaction to the data is what is most important.
BRENT CRUDE(XBRUSD) MONTHLY CHART
With Brent Crude moving to a new high for the year above $91, the monthly XBRUSD (CFD) chart shows the next key level at 98.78
I posted this chart to highlight a 19% rise since the 2023 close in a global market hyper-focused on central banks, falling inflation, and rate cuts.
My colleagues are looking to take long June Yen futures positions in the week of 4/15 around 6620 and lower. I am doing nothing but taking sell side trades in spot (Usd/Jy, Eur/Jpy, Nok/Jpy, Sgd/Jpy, mainly) for over a week now obviously but cycling intra-day primarily. Conceivable Usd/Jpy actually compromises 152 in coming weeks but there is nothing to warrant being on the buy side in my view unless you are balancing portfolios.
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