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Currency Analyst since 2010

Forex trading plan for April 7

By Elizabeth Belugina

The FOMC meeting minutes released on Wednesday showed that many members of the central bank are not keen to raise interest rates because of the global uncertainty. Thus the US dollar got another blow. Moreover, oil prices surged by more than 5% as US crude inventories fell for the first time in 2 months.

EUR/USD tested the upper border of the range in the 1.1450 area. However, the single currency lacks strength for further growth ahead of the release of the ECB March meeting minutes at 11:30 GMT and speeches of Mario Draghi and his colleagues. Support is at 1.1350 and 1.1305. There may be buying interest on the dips.

GBP/USD remains volatile. There will be no news from the UK, so the pair’s moves are speculative. Support is at 1.4000 (psychological level) and 1.3930. Resistance is at 1.4170.  

USD/JPY fell to 108.60 as traders don’t think that Japanese authorities are able to stop the yen from strengthening. Experts say that currency interventions are unlikely unless the pair falls to 105.00/100.00. The Bank of Japan’s pledge to do more easing if necessary also has little effect on the market’s mood. Next support is at 197.90, while resistance lies at 109.20. 

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