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USD/INR: Indian Rupee Selling Accelerates Ahead of Major Event Risks

USD/INR rupee selloff accelerates with more event risk coming up.

Talking Points:

-Indian Rupee (INR) weakness favored in the second and third quarters.

-Seasonal trends do no benefit EM FX, INR.

-RBI confidence to fade on higher agriculture prices.

USD/INR Daily Line Chart

usd/inr daily line chart

On Monday we detailed fundamental factors that could lead to a turnaround in USD/INR back to levels seen at the end of the fourth quarter. Since then we have gained 1.32% in USD/INR and we are 2.00% higher since the April and 2014 lows at 59.89. When we highlighted risks in the second and third quarterfor the Indian Rupee in 2014, we particularly stressed seasonality studies with Indian inflation, emerging markets and the USDINR rate. All signs on that front point to weakness moving forward in 2Q and 3Q. Not only that, but confidence in the RBI is likely to fade near term as higher food prices impact inflation data released over the next few months. If all these factors were not enough, there is a high likelihood that election optimism will fade after the results as we have seen time and time again.

Read more about EM, USDINR and Indian Rupee seasonality trends.

Emerging market currencies have been under pressure over the last few days as the greenback begins to gain strength once more after multiple weeks of hevay selling against EM FX and the majors. Indian Rupee strength has faded particularly quickly over the last few days and has even weakened more than the Russian Ruble month-to-date! The next week is most likely one of the most concentrated weeks of the year in terms of event risk and volaitlity. The majors, but especially EM FX and the Indian Rupee, should expect volatility as we close out the month.

indian rupee vs emerging currency performance

Event risk next week: GBP GDP, EUR German Inflation/Unemployment, Euro-Zone CPI, USD GDP, CAD GDP, FOMC Rate Decision, BoJ, USD ISM, USD NFPs, CNH PMI.

Gregory Marks, DailyFX Research Team

Keep up to date on event risk with the DailyFX Calendar.

How does a Currency War affect your FX trading?

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EUR/USD, GBP/USD Hover Near Breakout Levels – Patience Required

Talking Points:

- EURUSD peeking out of triangle to upside, faces trendline test from March and April highs.

- GBPUSD holding in flag/double top pattern still, trade entry nears nevertheless.

- Forex economic calendar heavy with significant US event risk – mainly Durable Goods (MAR).

The major European currencies could be close to a crucial turning point versus the US Dollar over the coming days. However, low volatility has restrained significant moves. In fact, EURUSD 10-day ATR (average trading range) has fallen to its lowest level since mid-2007 – right before the major explosion of volatility that dominated 2008-2011, of course.

That’s not to suggest another 2008 crisis is coming; but rather a commentary on the complacency of market participants in recent weeks. Patience is required in this current market atmosphere. Thankfully, activity on the fundamental front has provided the potential tinder for greater action over the coming days.

EUR/USD, GBP/USD Hover Near Breakout Levels - Patience Required

While the US Dollar was beginning to benefit from signs of improved economic data, there is now evidence just over the course of a few short days that US momentum is fading while that in Europe is gaining. Both the Euro-Zone and United Kingdom Citi Economic Surprise Indexes have rallied in recent days, with the Euro variation showing marked improvement on the heels of the April PMI numbers.

As a result of the recent shifts in fundamental momentum, we’re continuing to monitor the EURUSD and GBPUSD for potential breakout opportunities should the low volatility environment dissipate. Both pairs are holding up well in recent days despite the rebound in US Treasury yields.

Forex Technical Analysis: EURUSD Chart (H4)

EUR/USD, GBP/USD Hover Near Breakout Levels - Patience Required

- Now that Euro-Zone economic data is turning around, the staying power of the European Central Bank’s dovish jawboning (threat of QE) without any substantive action is fading once again.

- Technically, EURUSD remains above the descending trendline from the 2008 and 2011 highs, keeping open the possibility of a longer-term breakout high.

- In the medium-term, EURUSD is nearing a key decision moment as it channels into the narrowing support/resistance range dictated by the descending TL from the March and April 2014 highs and by the ascending TL from the July 2013 and February 2014 lows.

- In the short-term, EURUSD has peeked higher out of the triangle developed since April 8, yet has failed to make meaningful progress alongside the rebound in the Slow Stochastic indicator.

- For bulls to take control, price will need to exceed $1.3905 to the upside for a test of the yearly highs near 1.3965.

- For bears, a break under $1.3780 could signal a return to the ascending trendline that’s supported price since the July 2013 low.

Read more: EUR/AUD, EUR/USD Reverse Data Slump; GBP/USD Bull Flag or Double Top

Forex Technical Analysis: GBPUSD Chart (H4)

EUR/USD, GBP/USD Hover Near Breakout Levels - Patience Required

- GBPUSD may be in the midst of a two month long ascending triangle formation, beginning back at the lows seen on February 4 to 7.

- Resistance in the triangle formed against $1.6840, with the most recent failures coming after April 9.

- The past three days price has consolidated into a minor flag (red) between 1.6773 and 1.6840 – these levels mark either side of the range to engage should a breakout opportunity arise. A move through 1.6840 would immediately draw attention for a move towards 1.7000.

Read more: GBP/JPY, GBP/USD Set for Test of Highs or Major Breakdown

— Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, please fill out this form

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USD/JPY Risks Further Losses as Japan Inflation Approaches BoJ Target

Talking Points:

- Will USDOLLAR Mark Another Close Above 10,470?Remains at Risk for Lower High.

- Bullish USD/JPY Outlook at Risk as Japanese Inflation Approaches 2 Percent Target.

- GBP/CHF Continues to Hold Above Former Support; Higher Low in Place?

Despite the bullish reaction to the better-than-expected U.S. Durable Goods report, the Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) is struggling to maintain the advance to 10,491, and the greenback remains at risk of carving a lower high ahead of the Federal Open Market Committee (FOMC) interest rate decision as the central bank is widely expected to retain its current approach in managing monetary policy.

USD/JPY Risks Further Losses as Japan Inflation Approaches BoJ Target

Even if the Fed delivers another $10B taper at the April 30 meeting, there’s a limited risk of seeing a material shift in the policy outlook as Chair Janet Yellen remains reluctant to move away from the zero-interest rate policy, and the dollar may struggle to hold its ground should the central bank merely reiterate the policy statement from the March 19 rate decision.

With that said, failure to mark another close above the 10,470 pivot may highlight a lower high in the USDOLLAR, and we will preserve our game plan to ‘sell bounces’ in the greenback until we see a clear shift in the Fed’s policy stance.

Join DailyFX on Demandto Cover Current U.S. dollar Trade Setups

Read More:

EUR/USD, GBP/USD Hover Near Breakout Levels – Patience Required

USD/CNH: Chinese Yuan Hits Fresh Lows on Key Fundamental Stresses

USDOLLAR Daily

USD/JPY Risks Further Losses as Japan Inflation Approaches BoJ Target

Chart – Created Using FXCM Marketscope 2.0

  • Lack of Momentum to Mark Another Close Above 10,470 Risks Lower High
  • Interim Resistance: 10,602 (38.2 retracement) to 10,615 (78.6 expansion)
  • Interim Support: 10,406 (1.618 expansion)

Click Here for the DailyFX Calendar

— Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

To be added to David’s e-mail distribution list, please follow this link.

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USD/CNH: Chinese Yuan Hits Fresh Lows on Key Fundamental Stresses

USD/CNH: Chinese Yuan Hits Fresh Lows on Key Fundamental Stresses

Talking Points:

-Unwinding of commodity-backed loans, complex financing vehicles contribute to CNH selling.

-Risks in the shadow present USD/CNH upside potential (Yuan weakness).

-Property market developments are disconcerting in the context of middle class, financial exposure.

-Developments in the inter-bank market, rural banks, NPLs are possible canaries in the coal mine.

USD/CNH: Overleveraging, Complex Financing Vehicles and FX Exposure

As we detailed in March during the massive Copper selloff, the complex nature to commodity backed loans, financing vehicles and shadow workarounds to capital controls leave massive risks in the marketplace. An appreciating Yuan and a one-way bet mentality towards CNY strengthening has created a risky cocktail of overleveraged vehicles of financing. The unwinding could present further upside to the USDCNH rate if we do see some of these fundamental themes start to pick-up into summer.

Commodity Backed Loans Unwinding

usd/cnh news chart

USD/CNH News – Disconcerting Developments: Commercial Property Market

Although market participants and China watchers have warned about residential housing in tier 2, 3 and 4 cities for years, the commercial property market has been viewed in a more favorable fashion. Even players within China who have stressed their concerns in regards to the residential market have nonetheless remained confident in commercial properties in tier 1 and 2 cities.

This makes recent activity in the commercial market all the more disconcerting. Soho China, a company that has publically remained heavily bullish on tier 1 properties in Beijing and Shanghai, has sold commercial real estate in the two cities that total almost $1B. Even China’s richest man is said to have sold a property in Beijing equal to almost $1B as well over the last few weeks.

Large players have been looking to diversify their holdings over the Chinese property market. Over the past year we have seen New Zealand and Australia struggle to cap inflation in the face of an influx of Chinese upper class buyers looking to diversify. Even Canada had to end a special visa program due to oversubscription and unsustainable growth in the property prices of major Canadian cities such as Toronto.

As of late we have seen indications that tier 1-3 residential property price growth is beginning to stall and even decline in some cases in tier 4. It is no secret that there is a near-term oversupply of such properties and any escalation of price declines could contribute to an immense amount of pressure on wealth management products, real estate developers, local governments and banks.

USD/CNH News – Chinese Property Price Growth

chinese yuan growth chart

Property Prices vs. Stimulus Speculation

china property speuclation graph

PBOC: SHIBOR, Non-Performing Loans and Rural Banks

One of the real dangers in Chinese markets is when short term funding costs exceed growth rates. When we have seen the spread narrow between the two, Chinese market sentiment has weakened as has the Yuan rate. It is no surprise that we have seen the PBoC step in and use reverse repo operations in order to stop the rise of inter-bank lending rates.

Rate Spread Study vs. Credit Market Stress

china gdp vs china shibor rate

On April 22nd we learned that the People’s Central Bank of China would be easing capital requirements for rural banks. The share of deposits that various local lenders in the agricultural sector must hold was reduced and the reasoning given was to further economic growth. Still, there is room to speculate that there may be alternative motives here. Although the move may help boost availability for lending, it will have much more of an impact in helping relieve stresses on the balance sheets of these local banks, especially if they are under pressure vis-à-vis non performing loans (NPLs). We have recently learned that while there were 60B Yuan in NPLs during the entire 2013 year, we breached 100B Yuan in NPLs in the first two months of 2014.

It has been said by active market participants in Chinese credit markets that 6.25 remains a level where large amounts of exposure remain in regards to the USDCNH rate. That insight was given some weeks ago, and price action over the past few weeks closer to that handle may have led participants with excessive exposure to pull back and hedge themselves more properly. Over the past few sessions we have continued to touch highs not seen in the USD/CNH rate since 2012 and the HSBC PMI data on Tuesday night pushed the rate over 6.24. Only time will tell, but the risks remaining are considerable across the board in regards to Chinese growth, rates, property prices and credit markets.

Note: USDCNH vs. USDCNY

“CNH is an offshore version of the RMB introduced by the Hong Kong Monetary Authority and People’s Bank of China which allows investors outside of mainland China to gain exposure to the RMB.” Read more about the ability to trade USD/CNH with FXCM.

Gregory Marks, DailyFX Research Team

Keep up to date on event risk with the DailyFX Calendar.

How does a Currency War affect your FX trading?

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EUR/USD Risks Dip Below 1.3770 Pivot as U.S. Durable Goods Climb 2.0%

eur/usd risks dip below 13770

- U.S. Durable Goods Orders to Rise for Second Consecutive Month.

- Non-Defense Capital Goods Orders to Rebound Following 1.4% Decline in February.

Trading the News: U.S. Durable Goods Orders

Another 2.0% rise in orders for U.S. Durable Goods may generate a bullish reaction in the dollar as it raises the outlook for growth and inflation.

EUR/USD Risks Dip Below 1.3770 Pivot as U.S. Durable Goods Climb 2.0%EUR/USD Durable Goods Orders

Why Is This Event Important:

Data prints pointing to a stronger recovery may put increased pressure on the Federal Open Market Committee (FOMC) to normalize policy sooner rather than later, and we may see Fed Chair Janet Yellen soften her dovish tone for monetary policy as a growing number of central bank turn increasingly upbeat towards the economy.

Expectations: Bullish Argument/Scenario

The expansion in private sector credit along with the ongoing improvement in household sentiment may highlight increased demand for large-ticket items, and a positive development may foster a bullish outlook for the greenback as growth prospects improve.

Risk: Bearish Argument/Scenario

However, subdued wage growth paired with the persistent slack in the real economy may continue to drag on private consumption, and a dismal Durable Goods report may heighten the bearish sentiment surrounding the greenback as it drags on interest rate expectations.

Join DailyFX on Demand for LIVE EUR/USD SSI Readings During the Event

How To Trade This Event Risk(Video)

Bullish USD Trade: Orders Climb 2.0% or Greater

  • Need to see red, five-minute candle following the print to consider a long dollar trade
  • If market reaction favors a short EUR/USD position, sell pair with two separate position
  • Set stop at the near-by swing high/reasonable distance from entry; look for at least 1:1 risk-to-reward
  • Move stop to entry on remaining position once initial target is hit; set reasonable objective

Bullish USD Trade: Demand for Large-Ticket Items Falter

  • Need green, five-minute candle to favor a short dollar trade
  • Implement same setup as the bullish USD trade, just in reverse

Potential Price Targets For The Release

EUR/USD Daily

EUR/USD Daily Chart

Chart – Created Using FXCM Marketscope 2.0

  • Remains in Bullish Trend, But Currently Stuck in Wedge/Triangle Formation
  • Interim Resistance: 1.3960-70 (61.8% expansion)
  • Interim Support: 1.3650 (78.6 expansion) to 1.3660 (23.6 retracement)

Impact that the U.S. Durable Goods Orders report has had on EUR/USD during the last release

February 2014 U.S. Durable Goods Orders

fomc meeting chart

With volatility at lows not seen since just before the financial crisis in the EUR/USD pair, it is no surprise that the last Durable Goods orders figure did not move markets substantially. The release came in at 2.2%, above market expectations calling for a 0.8% increase. In the context of yesterday’s disappointing housing print, we may see greater follow through if we do see the print diverge from market expectations of 2.0% for March.

— Written by David Song, Currency Analyst and Gregory Marks

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

To be added to David’s e-mail distribution list, please follow this link.

Trade Alongsidethe DailyFX Team on DailyFX on Demand

Looking to use the DailyFX Trade Signals LIVE? Check out Mirror Trader.

New to FX? Watch this Video

Join us to discuss the outlook for the major currencies on the DailyFXForums

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Dollar De Facto Winner in a Reemerging Currency War?

Talking Points:

  • Dollar De Facto Winner in a Reemerging Currency War?
  • Euro Traders Will Pay More Attention to Draghi than Data
  • British Pound Heading to Inevitable Break

Dollar De Facto Winner in a Reemerging Currency War?

Value in the currency world is assessed on a relative basis. A simple improvement or decline in one unit’s fundamental backdrop does not necessarily secure a strong trend. Sometimes, a currency can find itself in a position where it is assessed to be the ‘best of the worst’. Could the dollar generate strength through this unflattering yet nevertheless supportive distinction? From the docket this past session, the data seemed to fall short of the influence required to tap into the greenback’s deeper fundamental veins. A sharp 14.5 percent drop in new home sales through March – the second largest drop in four years – was a substantial headline to growing fears of a stalled housing sector recovery. Markit’s manufacturing PMI survey for April similarly missed the mark and dimmed investors’ growth expectations modestly.

Yet, neither indicator nor their combined influence have materially offset the Fed’s policy bearings or raised the specter of an isolated return to recession. Treasury yields (particularly 2, 5 and 10-year) were little changed on the day. Where the dollar may find traction in this lackluster position is the steady descent into competitive monetary policy easing its major counterparts have takento. The ECB has taken to threatening its rate cuts whenever EURUSD nears 1.4000. Both Australian and New Zealand authorities have maintained a campaign to talk their currency down. And, the BoJ has engaged a stimulus program to rival the Fed’s. If this is a currency war, the dollar is ‘losing’.

Find out what event risk may feed the escalating currency wars or spark a breakout from tightening technical ranges with the DailyFX Economic Calendar.

Euro Traders Likely to Pay More Attention to Draghi than Data

The newswires out of the Euro-area were certainly encouraging of the region’s health – and in turn the currency’s fundamental prospects. For data, the PMI surveys for business health in April offered a meaningful boost to growth forecasts. While France’s measures cooled more sharply than expected, the German and Eurozone figures posted meaningful gains to near-three-year highs. A 55-pip EURUSD rally was the single currency’s reward. Later on, Portugal conducted a successful (high demand, low yield) auction of 10-year bonds – its first since its rescue program – though the market was less impressed by the ‘periphery’s’ ability to regain access to the market. Between both items, EURUSD ended exactly 12 pips higher on the day. When the ECB makes threats whenever 1.4000 comes into view, it’s difficult to mount a rally.

British Pound Heading to Inevitable Break

What do you get when the average daily range on a currency pair is 70 pips and its tradable range is less than that (and shrinking)? An inevitable breakout. Pushing against a four-year high, GBPUSD has run out of room to maneuver without making a real decision on direction. Yet, traders know that a breakout does not necessarily translate into a trend. Looking for an impetus for a sterling drive – bullish or bearish – the docket’s CBI retail sales report today falls far short. Unless yield forecasts change materially, remain skeptical of near-term breaks.

New Zealand Dollar Sedate Despite RBNZ Rate Hike

Sporting a uniform advance against its major counterparts (between 0.2 percent on NZDJPY and 0.4 percent for NZDUSD), we could ascertain through price action that the New Zealand currency found fundamental support this morning. Indeed the RBNZ met both market and economist expectations – projecting a 97 and 100 percent probability respectively – of a 25 bp rate hike to 3.00 percent. In this world of yield grab and central bank’s defaulting to talking their currencies down, why isn’t the kiwi making greater strides in a rally? Governor Graeme Wheeler deserves much of the praise/blame. Before he engaged in the current tightening cycle (now two hikes), he gave fair warning of his tightening bias. Markets gained into the first hike, taking away much of the shock value. And, while it is building carry, yield is still historically low.

Australian Dollar Stumbles as Nascent RBA Hike Hopes Fade

The 1Q CPI release proved a substantial market-mover for the Australian dollar. Strictly speaking, the 2.9 percent inflation reading was the highest in two years and at the top of the central bank’s tolerance band – raising the potential for a rate hike sometime in the not-so-distant future. Yet, that reading was still short of the hawkishness Aussie bulls had recently priced in. The question is, how far has it been deferred?

Chinese Yuan Slips Fourth Straight Versus Dollar, Down 12 of Last 15 Trading Days

The Chinese currency (Yuan and offshore Renminbi) has dropped for four consecutive trading days through Wednesday’s close. While the clip of decline isn’t exactly breakneck, the consistency continues to wear on ‘China carry trade’ interests. This past session’s Chinese manufacturing PMI figure reading a fourth day in contractionary territory adds to the picture, but a genuine ‘risk’ move would likely add momentum.

Emerging Markets Drop, Ukraine Impact Still Limited

Amongst mixed ‘risk sensitive’ asset classes this past session, the Emerging Market block was one of the worst performers through Wednesday’s session. Capital markets slid with the MSCI Emerging Market ETF dropping 0.7 percent on increased volume. The collective’s sovereign debt would also edge slightly lower with a Bloomberg Index notching its first downtick in six days. In the currency ranks, the Brazilian Real’s 0.7 percent rally versus the dollar was an anomaly. Most of the liquid EM currencies were lower on the day – though not under heavy selling. The Indonesian Rupiah dropped 0.9 percent, Indian Rupee 0.5 percent and Turkish Lira 0.4 percent. Of particular note, the Korean Won was restrained despite a better-than-expected 1Q GDP release this morning. Also interesting, the Russian Ruble is holding steady despite reports of escalating tensions over Ukraine. Traders are curbing panicky responses to vague – though still troubling – event risk.

Gold Ends Six-Day Tumble…Technically

Spot gold closed out Wednesday with the metal’s first gains in seven straight trading days. However, before we call this a ‘reversal’; we need to appreciate the scope of the move. A meager 10 cent gain is the thinnest of gains and shouldn’t be considered a signal of motivations. Then again, this commodity has posted tepid trading conditions for some time – giving the impression of yet another market that will be driven to a breakout when traders are shaken out of their balanced position of indecision. Background conditions reflect the same questionable activity levels as other markets. Volume through derivatives (ETFs and futures) marked the second slowest day of trading this year. Though they may not spur a lasting trend; strong risk trends, a dollar run or shift in global stimulus forecasts are needed to rouse volatility.**Bring the economic calendar to your charts with the DailyFX News App.

ECONOMIC DATA

GMT

Currency

Release

Survey

Previous

Comments

6:00

CHF

Trade Balance (Swiss franc) (MAR)

2.62B

The Swiss government’s trade balance has grown immensely since the end of 2013 rebounding sharply against a Dec. 2012 figure of 0.5B. Given the high amount of volatility associated with Swiss exports and the fact that the current Swiss trade balance is above its 5-year average, it may now be at risk to hit resistance, return to the downside and stoke deflationary pressures.

6:00

CHF

Exports (MoM) (MAR)

0.4%

6:00

CHF

Imports (MoM) (MAR)

0.8%

8:00

EUR

German IFO – Business Climate (APR)

110.4

110.7

The German Business Climate Index appears to be improving, approaching previous levels of mid-2011. Despite this, expectations for Business sentiment in Germany are expected to decline in the midst of broader growth throughout the EU.

8:00

EUR

German IFO – Expectations (APR)

105.8

106.4

8:00

EUR

German IFO – Current Assessment (APR)

115.6

115.2

10:00

GBP

CBI Reported Sales (APR)

17

13

12:30

USD

Durable Goods Orders (MAR)

2.0%

2.2%

US Durable Goods Orders tend to be extremely volatile over the long run. Current figures are significantly above the 5-year average of 0.8% meaning the index may make a move to the downside in the near future given historical trends. Such a move could instigate appreciation of the USD.

12:30

USD

Durables ex Transportation (MAR)

0.5%

0.2%

12:30

USD

Non-Defense Capital Goods Orders ex Aircrafts (MAR)

1.5%

-1.3%

12:30

USD

Non-Defense Cap Goods Shipments ex Aircrafts (MAR)

0.5%

12:30

USD

Initial Jobless Claims (APR 19)

304K

Initial Jobless Claims have been in a state of relatively steady decline since Dec. 2012, falling roughly by 50K since. They are expected to increase slightly in April against last month’s figures. Despite such sentiment, the overarching positive trend in falling claims bodes well for the USD.

12:30

USD

Continuing Claims (APR 12)

2739K

23:30

JPY

National Consumer Price Index (YoY) (MAR)

1.7%

1.5%

In the midst of recent positive Japanese inflation data, Governor Kuroda has expressed interest in straying from further expansions to the BoJ’s quantitative easing program. This policy is contingent on the BoJ’s confidence in Japan’s ability to reach the BoJ’s target inflation rate of 2% by 2015. Should metrics fall short during the interim period, we could see further stimulus from the BoJ. That being said, upcoming Japanese inflation metrics will assume a larger role in dictating Yen moves against the majors as the BoJ takes a step back.

23:30

JPY

National CPI Ex-Fresh Food (YoY) (MAR)

1.4%

1.3%

23:30

JPY

National CPI Ex Food, Energy (YoY) (MAR)

0.8%

0.8%

23:30

JPY

Tokyo CPI (YoY) (APR)

3.1%

1.3%

23:30

JPY

Tokyo CPI Ex-Fresh Food (YoY) (APR)

2.9%

1.0%

23:30

JPY

Tokyo CPI Ex Food, Energy (YoY) (APR)

2.0%

0.4%

SUPPORT AND RESISTANCE LEVELS

To see updated SUPPORT AND RESISTANCE LEVELS for the Majors, visit Technical Analysis Portal

To see updated PIVOT POINT LEVELS for the Majors and Crosses, visit our Pivot Point Table

CLASSIC SUPPORT AND RESISTANCE

INTRA-DAY PROBABILITY BANDS 18:00 GMT

v

— Written by: John Kicklighter, Chief Strategist for DailyFX.com

To contact John, email jkicklighter@dailyfx.com. Follow me on twitter at http://www.twitter.com/JohnKicklighter

Sign up for John’s email distribution list, here.

The information contained herein is derived from sources we believe to be reliable, but of which we have not independently verified. Forex Capital Markets, L.L.C.® assumes no responsibility for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person’s reliance upon this information. Forex Capital Markets, L.L.C.® does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. Forex Capital Markets, L.L.C.® shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation losses, lost revenues, or lost profits that may result from these materials. Opinions and estimates constitute our judgment and are subject to change without notice. Past performance is not indicative of future results.