FOMC Meeting Minutes due today

By HotForex | Daily Forex Analysis | Tue, Apr 03, 2012

The United States stocks rose yesterday sending the Dow Jones Industrial Average index to its highest levels. The ISM Manufacturing PMI rose to 53.4 from 52.4 released the previous month. The Unemployment Rate in the Eurozone jumped to 10.8 percent, a year 14 high giving signs that the economy in the Euro area is likely to slip into recession for the first quarter this year sending the EURUSD to as low as 1.3276. The pair found support at these levels currently trading
in the middle of the yesterday’s range. The week ahead is going to be busy with the FOMC Meeting Minutes due today and the ECB Press Conference due tomorrow. On Wednesday we also have the Minimum Bid Rate from the Eurozone which is likely to remain unchanged. Support for the EURUSD is seen at 1.3277 and resistance is seen at 1.3373. The Inside View indicator on HotForex shows that 60 percent of the traders are short on the EURUSD.


AUDUSD

AUDUSD rallied about 100 pips up yesterday after the positive data from China which came during the weekend. After reaching highs around 1.0460 the pair lost momentum and it’s currently trading just below the 1.0400 level. The Reserve Bank of Australia kept the rates at 4.25 percent. Tomorrow we have the Trade Balance release due from Australia. Support for the AUDUSD is seen at 1.0365 and resistance is seen at 1.0457. The Inside View indicator on HotForex shows that 70 percent of the traders are short on the AUDUSD.


GBPUSD

UK’s Manufacturing PMI surprised everyone yesterday rising to 52.1 from 51.5 released previously. GBPUSD managed to find minor support above the 1.6000 level. Today we have the Construction PMI releases from the United Kingdom which is expected to come at 53.6 which is better than the previous releases. The Economic Calendar is heating up ahead in the week as we have series of releases on Wednesday and the Official Bank Rate on Thursday. Support for the GBPUSD is seen at 1.5979 and resistance is seen at 1.6062. The Inside View indicator on HotForex shows that 70 percent of the traders are short on the GBPUSD.


USDCAD

The Loonie slipped about 100 pips yesterday reaching the support levels around 0.9890. We can often see correlation between the USDCAD and the Oil futures. If you take a look at the charts on both instruments you will notice that both rallies are similar, but in different direction. The FOMC Meeting Minutes from the United States might cause another rally on the pair. Ahead in the week we have very important releases from Canada on Thursday. Support for the USDCAD is seen at 0.9890 and resistance is seen at 0.9967. The Inside View indicator on HotForex shows that 92 percent of the traders are long on the USDCAD.


Important releases and events 

GBP: Construction PMI

EUR: Final GDP q/q

USD: Factory Orders m/m; FOMC Meeting Minutes; FOMC Member Williams Speaks