New York Forex Report: Traders Await Inflation Data Due Tomorrow

New York Forex Report: Traders Await Inflation Data Due Tomorrow

New York Forex Report: USD remained supported over the European morning on Monday, retaining a bid from positive data into the end of last week as well as Hawkish comments from Fed’s Rosengren. Traders now await April US inflation data tomorrow with bulls hoping for a positive print.

FX Majors: Despite a fall in risk sentiment stemming from further Chinese data weakness, markets have been supported by a fresh turn higher in Oil which is trading higher this morning due to production disruption. No key data ahead for the US session today with all eyes on UK and US inflation due tomorrow.

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

Technical: Prior support at 1.1350 now becomes resistance while this area contains upside reactions, expect a test of 1.1240 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): Bearish – Medium Term (1-3 Weeks): Bearish

Technical: While 1.44 reject upside reactions expect a test of 1.4316 ahead of the broader symmetry swing support sited at 1.4261, only over 1.4550 eases immediate bearish bias.
Retail Sentiment: Bullish
Trading Take-away: Sidelines

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

Technical: As 108.20 supports intraday expect a retest of offers at prior highs en route to symmetry swing resistance at 109.80 where trend selling should re-emerge, over 111 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 124.65 only a close above 126.80 eases immediate downside pressure.
Retail Sentiment: Neutral
Trading Take-away: Neutral

Commodities FX: Oil prices surged higher over the European morning on Monday fuelled by further production outages in Nigeria which have now wiped as much as 3.75 million barrel of Oil per day from the market. These latest developments have now caused long term Oil bear Goldman Sachs to revise their forecast.

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

Technical: Below .7240 establishes a bearish medium term stance. While this level survives on a closing basis AUD has a window to correct the recent pullback to test symmetry resistance sited at .7580.
Retail Sentiment: Bullish
Trading Take-away: Sidelines

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

Technical: 1.30 upside objective achieved expect a correction to retest 1.2740/60 from above as this level should now act as support for further upside corrective action.
Retail Sentiment: Neutral
Trading Take-away: Neutral

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

Technical: Gold has tested and held the 1260 symmetry swing level, 1283 is now resistance for a further leg of corrective price action to set up a test of the pivotal 1240. Over 1285 suggests early upside reversal targeting a retest of 1303 next
Retail Sentiment: Bearish
Trading Take-away: Sidelines

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

Technical: Oil breaches prior cycle highs at 46.76 with 47.78 the next upside objective achieved as 46.70 supports 50.00 becomes the material upside objective, only a close below 43.00 threatens bullish bias.
Retail Sentiment: Bearish
Trading Take-away: Short