New York Forex Report: Foucs Turns To Further Fed Speakers

New York Forex Report: Foucs Turns To Further Fed Speakers

New York Forex Report: In the wake of a raft of market moving Fed speak last week, compounded by the release of Hawkish April FOMC minutes, attention now turns once again to members of the Fed who are due to speak over the US Session today.

FX Majors: Quiet start to the week for the majors with little in the way of key data. EuroZone Manufacturing, Services & Compsite PMI’s all printed below expectations, Fed’s Bullard, Williams and Dudley due to eapk over the New York session today.

EURUSD
Outlook: Short Term (1-3 Days): Bearish – Medium Term (1-3 Weeks): Bearish

Technical: Prior support at 1.1280 now becomes resistance while this area contains upside reactions, expect a test of 1.12 as interim support as bears now target symmetry support at 1.1065, only over 1.1450 eases immediate downside bias.
Retail Sentiment: Neutral
Trading Take-away: Neutral

GBPUSD
Outlook: Short Term (1-3 Days): Bullish – Medium Term (1-3 Weeks): Bullish

Technical: 1.4660 achieved as anticipated, while 1.4560 supports expect another push higher to test symmetry resistance at 1.4730 as the next upside objective, only a close below 1.45 eases upside pressure
Retail Sentiment: Neutral
Trading Take-away: Neutral

USDJPY
Outlook: Short Term (1-3 Days): Bullish – Medium Term (1-3 Weeks): Bearish

Technical: As 109.50 supports intraday expect a retest of offers at 110.60/90, a close over 111.90 eases immediate bearish bias.
Retail Sentiment: Bearish
Trading Take-away: Sidelines

EURJPY
Outlook: Short Term (1-3 Days): Neutral – Medium Term (1-3 Weeks): Bearish

Technical: Bears now target weekly symmetry objective at 120.60. Intraday resistance at 124.20 only a close above 126.80 eases immediate downside pressure.
Retail Sentiment: Neutral
Trading Take-away: Neutral

Commodities FX: Oil prices fell over the European morning on Monday weighed upon bya a strong US Dollar and increasing supply concerns with Iran insiting that they wll not be freezxing crude production.

AUDUSD
Outlook: Short Term (1-3 Days): Bearish – Medium Term (1-3 Weeks): Bearish

Technical: 7240/60 support erased now becomes intraday resistance as bears target .7050 as the next downside objective. Only a close over .7400 eases immediate downside pressure.
Retail Sentiment: Bullish
Trading Take-away: Sidelines

USDCAD
Outlook: Short Term (1-3 Days): Bullish – Medium Term (1-3 Weeks): Bearish

Technical: 288 is now resistance. The anticipated second leg of corrective price action is underway to test of the pivotal 1240. Price is currently sitting on trend line support at 1250.
Retail Sentiment: Bearish
Trading Take-away: Long

XAUUSD
Outlook: Short Term (1-3 Days): Neutral – Medium Term (1-3 Weeks): Bullish

Technical: 1288 is now resistance. The anticipated second leg of corrective price action is underway to test of the pivotal 1240. Price is currently sitting on trend line support at 1250.
Retail Sentiment: Bearish
Trading Take-away: Long

USOIL
Outlook: Short Term (1-3 Days): Bullish – Medium Term (1-3 Weeks): Bullish

Technical: Oil as 46.70 supports 50.00 becomes the material upside objective, with a symmetry swing target sited at 50.51 ahead of the larger AB=CD swing objective at 51.09, only a close below 43.00 threatens bullish bias.
Retail Sentiment: Bearish
Trading Take-away: Long