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CNHJPY chart and technical analysis

After some decent demand for offshore CNY yesterday, the pair dropped overnight, continuing the choppy moves we have seen for the last two weeks. It wasn’t helped by a slightly weaker than forecast Flash Manufacturing PMI. The 16.497 resistance level has not been tested since the beginning of the week as the pair hits fresh lows at 16.412 this morning. The Chinese A50 index has recovered having struggled at the start of the week.

CNHJPY 30m chart 23/04/14

GBPUSD forex analysis

GBP/USD traded between 1.6820/36 last night, with a break of support at 1.6820 only coming in early European trading just before the MPC votes were released (0-0-9) as well as the public sector net borrowing (4.9B vs. 8.9B). The break seems to be short lived so far with cable now trading back above that previous support level.

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Financial Calendar

United Kingdom & Euro Zone

Thursday 24th April 2014

Time Location Indicator Period Unit Forecast Previous Actual
08:00 Switzerland Medium indicator importanceTrade Balance March Mln 2139 2616 2050
  The difference between exports and imports of goods and services. Importance:
Medium indicator importanceMedium
10:00 Germany High indicator importanceIFO Business Climate April   110.5 110.7 111.2
  No Description Given Importance:
High indicator importanceHigh
10:00 Germany IFO current Conditions April   115.7 115.2 115.3
  No Description Given  
10:00 Germany High indicator importanceIFO Expectations April   105.8 106.4 107.3
  Based on firms' expectations for the next six months, where firms rate the future outlook as better, same, or worse. Importance:
High indicator importanceHigh
12:00 United Kingdom High indicator importanceCBI distributive trades April   17 13 30
  No Description Given Importance:
High indicator importanceHigh
14:30 United States High indicator importanceDurable Goods Orders April % 2 2.2  
  Durable Goods are manufactured goods that generally offer a long utility (lasting longer than at least one year) Importance:
High indicator importanceHigh
14:30 United States High indicator importanceDurable Goods Orders Ex. Transport April % 0.6 0.1  
  No Description Given Importance:
High indicator importanceHigh
14:30 United States High indicator importanceInitial Jobless Claims w/e k 310 304  
  Measures the number of people who claim unemployment benefits, but are actively seeking work. Importance:
High indicator importanceHigh
14:30 United States Low indicator importanceJobless 4-week Average w/e k   312  
  Measures the 4 week average number of people who claim unemployment benefits, but are actively seeking work Importance:
Low indicator importanceLow
14:30 United States Medium indicator importanceJobless continuous claims w/e Mln 2.75 2.739  
  No Description Given Importance:
Medium indicator importanceMedium
16:30 United States Medium indicator importanceNatural Gas Storage w/e Bln 40 24  
  Change in the number of cubic feet of natural gas held in underground storage during the past week Importance:
Medium indicator importanceMedium
01:30 Japan Medium indicator importanceCore CPI y/y April % 2.8 1  
  The Core Producer Price Index (PPI) measures the Change in the price of goods and services purchased by consumers, excluding the eight most volatile items. Importance:
Medium indicator importanceMedium


Boost your market outlook with support and resistance levels

Written by Niki Nikolaou

Weekly Outlook - 21st April 2014

During a trader’s inevitable attempts to predict a market’s future move, he might try various methods including fundamental and technical analysis. Within the technical analysis tools, one of the simplest and widely discussed are the support and resistance levels. Although these are just price levels that a forex pair or commodity doesn’t go above (resistance) or fall below (support), they are the basis of many successful investors’ trading strategies.

EURJPY

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