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Technical Outlook

  

-CADJPY is fluctuating around 112.00 with signs of potential bullish momentum as it finds support above the 20-day SMA, coupled with a stable RSI above 55.

-GBPUSD has entered a bearish phase, breaking below the 1.2500 threshold and its 200-day EMA, with further confirmation from a Head and Shoulders pattern breakdown and a RSI below 40.

CA (CAD): Canada Consumer Price Index (CPI) MoM

The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.

A higher than expected reading should be taken as positive/bullish for the CAD, while a lower than expected reading should be taken as negative/bearish for the CAD.

The previous reading was 0.3%, less than the expected 0.6. The upcoming report is due on April 16, 2024 at 12:30 GMT. Its forecast stands at 0.7%

CADJPY Technical Analysis:


The CADJPY pair is oscillating around the 112.00 level, having recently reached a peak of 112.46, its highest since early 2008. The currency has found support above the 20-day SMA, hinting at potential for a bullish breakout, supported by a stable RSI above 55.

If the bulls break above 112.00, the pair could target resistance between 113.50 and 114.20, with further potential barrier at 161.8% Fibonacci extension at 116.83.

Conversely, if CADJPY falls below the 110.90 support, it could lead to a test of the 200-day SMA at 108.88, and potentially extend losses towards the 108.00 mark. The pair currently balances between potential upward continuation and ongoing consolidation, dependent on its ability to sustain above or break below key support levels.

Top of Form

Pivot Points: CADJPY

  Support  Resistance
S1111.17  R1111.55  
S2110.92R2111.68  
S3110.79R3111.92  

UK (GBP): U.K. Consumer Price Index (CPI) YoY

The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.

A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP.

The previous reading was 3.4%, below the expected 3.5%. The next report is due on April 17, 2024 at 06:00 GMT. Its forecast stands at 3.1%.

GBPUSD Technical Analysis:


GBPUSD has recently faced a significant decline, falling below the critical threshold of 1.2500 zone. This drop signifies a notable shift in the long-term outlook for the currency pair, which is now seen as bearish. The pair has descended beneath its 200-day Exponential Moving Average (EMA), currently positioned around 1.2570, reinforcing this negative perspective.

This bearish trend is further supported by a breakdown in the Head and Shoulders pattern observed on the daily chart. Adding to the bearish momentum, the 14-period RSI has sharply dropped below 40. This move suggests that the market’s strength is waning, and a new wave of selling pressure has begun.

Top of Form


Pivot Points: GBPUSD

  Support  Resistance
S11.2446R11.2468
S21.2433R21.2477
S31.2424  R31.249

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