Friday FX Market Wrap
Gary Christie April 24, 2020 4:45 PM
The EUR/USD currency pair had one of the largest moves on Friday. Here is a look at the technical levels.
Friday FX Market Wrap
The US Dollar was bearish against most of its major pairs on Friday with the exception of the CAD. On the economic data front, Durable Goods Orders fell 14.4% on month in the March preliminary reading (-12.0% expected), from a revised +1.1% in the February final reading. The University of Michigan's Consumer Sentiment Index rose to 71.8 on month in the April final reading (68.0 expected), from 71.0 in the April preliminary reading. On Monday, no major economic data is expected.
The Euro was bullish against all of its major pairs. In Europe, Germany's IFO Business Climate Index for April was released at 74.3 (vs 80.0 expected). The U. K. Office for National Statistics has reported March retail sales at -5.1% (vs -4.0% on month expected).
The Australian dollar was bullish against all of its major pairs.
Regarding major currency pairs
• EUR/USD jumped 40pips to 1.0819 the day's range was 1.0727 - 1.0820 compared to 1.0756 - 1.0847 the previous session.
• GBP/USD gained 25pips to 1.2369 the day's range was 1.2298 - 1.2377 compared to 1.2308 - 1.2415 the previous session.
• USD/JPY fell 21pips to 107.39 the day's range was 107.37 - 107.76 compared to 107.35 - 108.04 the previous session.
• USD/CHF declined 22pips to 0.9738 the day's range was 0.9728 - 0.9803 compared to 0.9706 - 0.9773 the previous session.
• AUD/USD rose 21pips to 0.6391 the day's range was 0.6337 - 0.6391 compared to 0.6283 - 0.6406 the previous session.
• USD/CAD gained 13pips to 1.4086 the day's range was 1.4024 - 1.4120 compared to 1.4001 - 1.4198 the previous session.
FX pair in focus
The EUR/USD currency pair had one of the largest moves on Friday. On a 60-min chart, the pair remains capped by a declining trend line. Resistance has been identified at 1.0835. We anticipate the downtrend to continue unless 1.0835 is broken to the upside breaking the declining trend line.
Source: GAIN Capital, TradingView
Have a great weekend
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.