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MARKET BRIEFING – LONDON OPEN 28.03.2016
Today the Easter bank holidays carries on in many European countries, among which are France, Germany and Italy. Hence, the morning trading session is promising to be quiet.
Observing the markets, the Japanese Yen was the major underperformer this morning, when USDJPY reached 113.68 high. This action was mainly due to the stronger Nikkei 225 index, which undermined demand for the low-risk currency.
Oil price continued to rebound from the last week lows and is heading for a second straight monthly gain. Thus, Brent oil was trading at US$ 41.55 this morning, whereas WTI extended to US$ 40.36. That could probably decrease the expectations that Saudi Arabia, the major oil exporter, would abandon it currency peg to the US Dollar, which is in place since 1986.
Looking forward to the afternoon session the US Personal Consumption Expenditure will be released by the Bureau of Economic Analysis at 1:30 pm London time. The data representing the amount of goods and services consumed by individuals in the month of February, this time, is expected to decline to 0.2% after it showed 0.3% increase last month.
At the same time, the US personal spending numbers will also be published. The previous results of the change in inflation-adjusted value of consumer expenditures showed 0.5% increase, whereas expectations for today’s data stand at 0.2%
Pending home sales will round up this news day at 3:00 pm. The data shows a change in the number of homes, which are still awaiting to be sold but already having a contract transaction and is forecasted to improve to 1.2%, up from -2.5% of last time.
Should US data come better than expected that could boost the recovery of the US currency? The US Dollar has opened this week with the gap up extending to 96.40 mark, which is the currency’s six- week high.
EURUSD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1.1265
Target 2: 1.1065
Projected range in ATR’s: 0.0103
Daily control level: 1.1190
GBPUSD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1.4265
Target 2: 1.3985
Projected range in ATR’s: 0.0141
Daily control level: 1.4185
USDJPY
The intraday technical outlook
Trend 1 hour: Up
Target 1: 114.25
Target 2: 112.00
Projected range in ATR’s: 1.11
Daily control level: 112.35
USDCHF
The intraday technical outlook
Trend 1 hour: Up
Target 1: 0.9850
Target 2: 0.9680
Projected range in ATR’s: 0.0085
Daily control level: 0.9735
USDCAD
The intraday technical outlook
Trend 1 hour: Up
Target 1: 1.3415
Target 2: 1.3125
Projected range in ATR’s: 0.0145
Daily control level: 1.3020
AUDUSD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 0.7600
Target 2: 0.7420
Projected range in ATR’s: 0.0093
Daily control level: 0.7540
GOLD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1238.00
Target 2: 1194.00
Projected range in ATR’s: 22.45
Daily control level: 1224.00
OIL
The intraday technical outlook
Trend 1 hour: Down
Target 1: 41.35
Target 2: 38.50
Projected range in ATR’s: 1.45
Daily control level: 42.00
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