Trader, analyst and instructor with a 6-year experience

FX BAZOOKA trading plan for April 15

By Kira Iukhtenko

US Dollar remains rather vulnerable after we’ve seen slower than expected US inflation on Thursday. However, EUR/USD remains under bearish pressure mostly due to the bearish factors: the pair extends correction after approaching the 1.1450/1.1510 long-term resistance area. Next support for the pair lies at 1.1220 (38.2% Fibonacci from the March rally). Break lower will open the way to 1.1140.

GBP/USD also remains a SELL for the coming sessions: the pair came under a renewed bearish pressure after hitting 1.4350 yesterday. The BOE meeting today failed to bring any surprises, but the central bank warned the EU exit will hurt the UK economy.

AUD/USD is pushing higher, supported by the strong labor market data released on Thursday. Option barriers are clustered around 0.7750. Beware the Chinese GDP and industrial manufacturing data release on Friday – this is something that could initiate a pullback in the Aussie’s rally.

As for USD/JPY, the pair has potential for more upside: key resistance moved to 110 yen. This level will be crucial for the further dynamics of the market. In my view, the USD upside still remains limited in this pair.

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