Morning Insights 15th April

Simon Alagbe

Analyst

Instrument: AUDUSD


Intraday: Bearish


Technical Analysis


Preference: A Sell position is envisaged at current price with take profit at 0.63325.

Alternative scenario: A Buy position is envisaged if price trades above 0.63325 with take profit at 0.63444

Fundamentals:

 Core Retail Sales m/m (USD)  1:30Pm

Retail Sales m/m (USD) 1:30Pm

Comment: The U.S. dollar rose in Asia on Wednesday as the U.S. Federal Reserve unleashed a massive new lending program overnight Despite the selling pressure surrounding the greenback in the second half of the day, the AUD/USD pair continues to trade aggressively below support and the 50 period moving average.



Instrument: EURUSD

Intraday: Bearish

Technical Analysis


Preference: A Sell position is envisaged if trades below 1.09496 with take profit at 1.09400

Alternative scenario: A Buy position is envisaged if price trades above 1.09545 with take profit at 1.09600

Fundamentals:

 Core Retail Sales m/m (USD)  1:30Pm

Retail Sales m/m (USD) 1:30Pm

Comment: The U.S. dollar has pushed higher in European trade Wednesday, in a delayed reaction to chilling estimates of the COVID-19 pandemic impact on the world's economy. Some form of retracement is envisaged off the key resistance region on the hourly chart. 

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