Friday FX Market Wrap
Gary Christie April 24, 2020 9:45 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
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.