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FX traders come into the new week with an uptick in tier one economic releases to look forward to after a very slow start to the year volatility-wise. Australian and US employment figures, UK CPI and US retail sales look to headline from Tuesday onwards (Monday is a US public holiday)
The Charts to watch:
AUDUSD has struggled to find any real direction in the last week of trading after a marked decline to start the year. The pair has whipsawed in a tight range from 0.6735 to the upside with a lower range boundary of 0.6645. With the market still undecided on the RBA’s moves going forward (peak rates? cuts?) Thursday’s job report could see the Aussie find some direction, with the above range levels the key levels to watch. After November’s bumper figure a surprise to the downside this time round could be on the cards.
The uptrend GBPUSD has travelled in since October has petered out somewhat in 2024 to date with Cable also trading in a directionless range for the last week. For chartists there is a multitude of important levels to watch coming into the new week. Upper trendline and cycle high resistance along with lower trendline and cycle low support being the key levels to watch this week. To add to the mix for fundamental traders we have UK CPI and retail sales along with another speaking engagement for BoE governor Bailey.
Bucking the trend of the low volatility of other pairs, USDJPY has had s harp rally so far in 2024, following US10-JP10 yield differentials higher. Last weeks move higher in the pair saw a disconnect in the relationship and USDJPY could struggle to push much higher unless this differential turns around. US economic releases this week will play a big part in where those yields go, with retail sales, employment and consumer sentiment all due to hit the wires from Wednesday onwards. 146 to the upside and 144 to the downside the key levels to watch for the chartists.
Full weeks calendar at the link below:
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