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Trading plan for 10/04/2017:
The US Dollar has been extending gains since Friday when FED hawkish remarks were more bullish than NFP. Political risk also entails the bonus of defensive currencies, including the Dollar. The stock market is ambiguously circling the levels from the previous week's close. Oil is strong, but metals are losing ground slowly.
On Monday 10th of April, the economic calendar does not really offer any important news, but market participants will keep an eye on Industrial Production data from Italy and Sentix Investor Confidence data from the Eurozone.
EUR/USD analysis for 10/04/2017:
The Sentix Investors Confidence data are scheduled for release at 08:30 am GMT and market participants expect a slightly lower reading than a month ago. The index is expected to drop from 20.7 points to 20.1 points but still remains well above the zero level. Only a substantially unexpected figure would have an immediate impact on the market, otherwise, this data release will not cause any important changes on the chart.
Let's now take a look at the EUR/USD technical picture in the H4 time frame. The market dropped to the 78%Fibo at the level of 1.0582, but the oversold market conditions and growing bullish divergence might suggest the corrective cycle is coming soon. The first technical resistance is seen at the level of 1.0599 and the next one is seen at the level of 1.0634.
Market snapshot: GBP/USD range breakout to the downside
The downside breakout from the triangle has been stopped at the technical support at the level of 1.277 and now the market is trying to bounce higher. The next technical resistance is seen at the level of 1.2418. Amid a lack of any important fundamental news from the UK, there is a high possibility that this level will be tested during the day. Nevertheless, if the bullish camp wants to regain the control over this market, then the breakout above the level of 1.2504 is needed first.
Market snapshot: USD/JPY the bottom in place, time for a rally
The lack of any important news from Japan might make this pair to keep trading sideways. The most important resistance is at the level of 111.56 and it has just been tested. On the other hand, the bottom looks well established at the level of 110.10 (a quadruple test), so now the bulls should regain the control over the market and violated the technical resistance soon. The growing bullish divergence supports the view.
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