Topic: Daily Forex Analysis from FidelisCM
The main events on March 20, 2017
The dollar fell in Asia on Monday with concerns over comments made at the weekend at a meeting of finance ministers from leading economies that highlighted a lack of cohesion on global trade policies.
Markets in Japan are shut for a holiday. AUD/USD traded at 0.7712, up 0.09%, while USD/JPY changed hands at 112.58, down 0.10% and GBP/USD was quoted at 1.2388, down 0.06%.
The U.S. dollar index eased 0.09% to 100.05.
Gold prices rose slightly in Asia on Monday with the focus ahead on Fed policymaker comments this week.
Gold inched up 0.02% to $1,230.40 a troy ounce.
Crude prices fell further in Asia on Monday as the supply response of U.S. shale drillers to coordinated output cuts by OPEC and key producers and headlines from the G-20 meeting of finance ministers in Germany at the weekend dampening sentiment.
WTI crude contract fell 0.69% to $48.97 a barrel.
Brent oil dropped 0.54% to $51.48 a barrel.
News for Today:
Canada is to release data on wholesale sales.
Chicago Fed President Charles Evans is to speak about current economic conditions and monetary policy at the National Association for Business Economics luncheon in New York.
The Reserve Bank of Australia is to publish the minutes of its latest monetary policy meeting, giving investors insight into how officials view the economy and their policy options.
Main Events of the week:
Tuesday, March 21
The U.K. is to release a report on consumer price inflation.
Canada is to release figures on retail sales.
New York Fed President William Dudley, Kansas City Fed President Esther George and Cleveland Fed President Loretta Mester are all due to make public appearances.
Wednesday, March 22
The National Association of Realtors is to release data on U.S. existing home sales for February.
Thursday, March 23
The Reserve Bank of New Zealand is to announce its benchmark interest rate and publish a policy statement which outlines economic conditions and the factors affecting the monetary policy decision.
The UK is to produce data on retail sales.
The US is to release the weekly report on jobless claims as well as data on new home sales.
Later, Fed Chair Janet Yellen is to deliver opening remarks at the Federal Reserve System Community Development Research Conference, in Washington DC.
Minnepolis Fed President Neel Kashkari at Strong Foundations Conference and Dallas Fed President Rob Kaplan are also on tap.
Friday, March 24
New Zealand is to report on the trade balance.
The euro zone is to publish survey data on private sector business activity.
Canada is to release inflation figures.
The U.S. is to round up the week with a report on durable goods orders.
EUR/USD Intraday: continuation of the rebound.
Our preference: long positions above 1.0730 with targets at 1.0780 & 1.0810 in extension.
Alternative scenario: below 1.0730 look for further downside with 1.0705 & 1.0680 as targets.
Comment: the RSI calls for a new upleg.
Supports and resistances:
Review provided by broker Fidelis Capital Markets