We Expect Important Economic Releases from the United States

During the last sessions trades on majors are quite active. At the same time, a unidirectional trend is not observed. The dollar index (#DX) is in a sideways trend. Over the past two weeks, the key range of 96.40-97.00 has been formed. The attention is still focused on the trade talks between Washington and Beijing, as well as the uncertainty regarding Brexit. The President of the United States again criticised the Fed's policy, which put additional pressure on the US currency. Donald Trump believes that the regulator by its actions slows down the economic growth of the country. At the moment, financial market participants expect additional drivers.

dx-finviz-2019-04-16
Source: finviz.com

This week several important economic releases from the United States will be published, which may have a significant impact on the balance of power on majors in the short term.

We recommend paying attention to the Philadelphia Fed's Manufacturing Index and retail sales statistics, which will be published on Thursday (15:30 GMT+3:00). This index determines the economic well-being of the manufacturing sector of the Philadelphia federal district and has a rather strong influence on the dynamics of the US currency. Experts expect that in April, the figure will slow from 13.7 to 10.4.

Retail sales statistics are the key indicator of consumer spending, which reflects consumer confidence and is considered to be an essential indicator of the health of a country's economy. We recommend taking into account the difference between actual and forecasted values.

us-report-2019-04-16
Source: tradingeconomics.com

Let's consider the current technical pattern on the EUR/USD currency pair

  • Support levels: 1.12800, 1.12450, 1.12100
  • Resistance levels: 1.13200, 1.13700, 1.14200
  • market-news-eurusd-2019-04-16

    At the moment, the EUR/USD currency pair is consolidating. The technical pattern is ambiguous. The trading instrument is testing local support and resistance levels: 1.12800 and 1.13200, respectively. Indicators do not send accurate signals:

    • - 50 MA has crossed 200 MA;
    • - The MACD histogram is in the positive zone, but below the signal line.

    We recommend opening positions from key levels.

    If the statistics from the US turn out to be positive, a further fall in the EUR/USD quotes is expected. The movement is tending to the round level of 1.12000.

    An alternative could be the growth of the EUR/USD currency pair up to the level of 1.13700-1.14000.

    Confirmations and entry points to the market should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.

    JustForex, 2019.04.16

    This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

    Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
How to Interpret Inflation Data?
The Consumer Price Index, better known as CPI, is an important economic indicator regularly published by major economies to provide timely information on current inflation.
Read more
Setting the Clock Right: The Best Time To Trade Forex In India And Other Tips
In the forex market, many components come together for ensuring smooth operations and positive outcomes for a trader. Careful timing of trades is one of such components. In this article, we will explain how market timing is made, what time is best (and relatively worse) for trading, and how to choose the best time for forex trading in India.
Read more
The Matter of Trends: The Most Trending Forex Pairs
The forex market is lucrative for beginners and experienced traders alike because of high liquidity, various trading options, and earning potential that can be successfully realized with a properly chosen forex pair. Then the first question a trader should ask themselves is what pairs to trade and how to predict trends to make a profit off them. In this article, we will explore the trending potential of forex pairs, how to select the best pairs in forex, and uncover short-term and long-term trends.
Read more