Euro’s bull may need to break 1.7600

The good export supported first quarter GDP in Australia rose 1.0% on Wednesday so Sydney stock market stayed in green zone. In my opinion, Aussie dollar may get the good internal factor to rise up to 0.7720 U.S. dollar following the reversal pattern on 1 day timeframe. However, the most major stock market in Asia traded mixed because of the rising trade tension of NAFTA.

Euro was firmer and held above 1.1700 early on Wednesday. It seems like the bearish trend of EUR/USD may reverse but euro may need to rise over 1.17600 to break the resistant line on Fibonacci level and 1/1 line of Gann fan. The first quarter GDP in European Union at 16.00 p.m. that forecasts the same at 0.4%. In my view, U.S. dollar may get the negative factor of trade tension and bond yield may hold steady so if EU GDP will release better, euro may get stronger support to rise up. I also suggest focusing Head of Bank of Canada’s speech at 22.15 to see the alternative plan which may concern more about the changing trade relation of NAFTA. Loonie may continue moving sideways await G7 meeting and new negotiation of NAFTA.

According to the softer greenback, gold price rose above 1,300 USD on Wednesday. I think gold may keep moving flat till FOMC meeting on next week. Gold may rise to 1,310 but it may not break this resistant line. Bitcoin price rose above 7,600 dollar and it may try to retest resistant line at 8,000 dollar but the trend is quite weak because of the low volume.

By Niramon Nitnitiphruet

Financial analyst, Olymp Trade

Olymp Trade Review