Daily Forex Market Preview, 20/04/2018
The UK’s retail sales data showed a larger than expected decline. Retail sales in March fell sharply 1.2% on the month. This was larger than the expected decline of 0.5% that was forecast by economists. The declines also reversed the 0.8% increase from the previous month.
Data from the U.S. showed that the Philly Fed manufacturing index of 23.2. This was weaker than the expected forecast of 20.8 and higher than the previous month’s increase of 22.3.
Looking ahead, the economic calendar will see the release of the Canadian inflation data. Forecasts point 0.4% increase on the month. This was slower than the 0.6% increase compared to the previous month. Retail sales data is also expected to be released today. Economists forecast that retail sales rose at a slower pace of 0.4% compared to 0.9% increase compared to the month before.
Later in the day, the FOMC Member, Williams is also expected to speak.
XAUUSD 20-04-2018 Intra-day analysis
XAUUSD (1342.35): Gold prices were trading weak yesterday as the intraday rally to test the resistance level at 1354 failed. On the 4-hour chart, the rising trend is currently being breached. A convincing close below the minor rising trend line could signal a move to the downside. Gold prices could be seen testing the lower main support at 1325 level. However, given the ranging conditions in the markets, we expect to see some consolidating taking place. To the upside, further gains can be expected only on a breakout above 1354 level of resistance.
