Next Thursdays ECB Monetary Policy Meeting – Forex Trading News – May 28th 2014

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Forex Market News

Hush now or you will not hear the pin drop! Very little out in the way of data so far this week, and very little to come too, add into that a few holidays in the northern hemisphere and ranges have been tight. Although Draghi did get up and say what we all know and expect, that inflation is a challenge in the Eurozone and he will tackle it in next Thursdays ECB monetary policy meeting. I expect little price action for rest of week, steady as she goes sort of stuff, with next week – being the first week of the month – things getting more volatile around all the Central Bank meetings.

DATA HIGHLIGHTS TODAY – BOJ Kuroda speech.

AUDUSD – Aussie had a HHHL as the 200 and 50ema lie horizontally on each other. Working the momentum higher, which would allow another leg down soon. If it does manage to get back above 9410 it could re-engage in a new uptrend but I see this as unlikely in the short term.
Resistance: 9460/9522
Support: 9200/9085/8900

EURUSD – The weakness I have been calling has come, but found some minor support on the 200ema. A little rally into the ECB meeting next week would complete a cycle under the ema and perhaps give us a shorting opportunity.
Resistance: 13890/14050/14260/14320
Support: 13700/13646/13565/13488

GBPUSD – Mark had an interesting chat last night and the cable got volatile on it. http://www.telegraph.co.uk/finance/mark-carney/10859205/Jailing-bankers-will-not-fix-bad-behaviour-says-Mark-Carney.html . Whilst still technically in an uptrend I think 1.70 is rather too strong resistance for it right now.
Resistance: 1.70/1.7060/1.7370
Support: 1.6820/1.66/1.63

NZDUSD – One of the few majors that has an intact trend, and setting up for another leg higher.
Resistance: 8745/8842
Support: 8523/8434/8090

USDCAD – AN engulfing doji bar, very non-committal. Is on support and I struggle to see the direction it will take.
Resistance: 11170/11233
Support: 10802/10715

USDJPY – An engulfing buyer bar that tagged the 50ema. Am long this but it is looking tricky with two cycles now under the ema. Will monitor closely for an exit.
Resistance: 105.57/108.35/110.50
Support: 101.40/100.62/100/99.80

GOLD – Got spanked out of the tight range and below support as geo-political tensions disappear from headlines. Will go on to test minor support at 1227 before having a crack at 1180.
Resistance: 1427/1480
Support: 1,265/1,180/1,040

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