Tuesday, 18 April 2017
Trading signals - Geopolitics restrain trading activity
The pair is still under the same influential factors - geopolitical tensions determine the demand for safe-haven assets. However, if geopolitical risks are weakened, we can expect a massive Japanese yen decline as the pair is oversold.
- The positive start of the corporate reporting season in the US and the return of demand for equity assets can ease the pressure in the pair.
- Weakness of the US currency amid US President's political statements is a short-term speculative factor in favor of the Japanese yen.
- Expectations of FED hawkish policy may not be justified in the absence of signals conforming the accelerating economy and stable inflation in the US.
The level 108.70-108.50 now acts as the nearest support (the 200th moving average will support the price). Despite attempts to push the market lower, we observe large-scale longs from 108.50 and below.
The European currency gained amid the US dollar weakness background.
- The chances for a hawk policy from the Fed are declining, President Trump said that the dollar "is becoming too strong." The dollar index sank to a psychological level of 100 points.
- Political risks continue to determine the agenda in Europe. In the focus , the first round of elections in France already on this weekend.
Technical retracement from the levels of $56.50. The level of $56.50 still appears as a strong resistance.
- The focus is on inventories data from API and the US Department of Energy.
- American currency weakness is a positive factor for the oil market.
Fort Financial Services
This trading analysis is for informational purposes only and is not intended to be a strict recommendation for action or an offer for the purchase or sale of any currency, future or stock. Publishing the information we do not try or to attract any funds or deposits. We share our analytical view of current market situation and we don’t have any open position in instruments discussed and no plans to open any positions. Any person considering this research should carefully consider the risks associated with this and the level of trading experience.
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