US currency regained some power during the past couple of days. However, on Thursday the rally was paused by the mixed US data releases. On Friday, European markets will be closed due to the Easter holidays, so liquidity will likely stay thin. The only release to watch in the economic calendar is the final US Q4 GDP. According to the forecast, no revisions is expected (+1.0%), buy any surprises will clearly move the markets.
EUR/USD is retracing after the last weeks impressive rally. The pair tested 1.1150 on Thursday. In my view, we are moving to the 1.1050 support. The picture will stay bearish below 1.1220 (local highs).
Meanwhile, GBP/USD slowed the decline on Thursday. US retail sales data turned to be better than expected. Support to watch – 1.4050, there is a strong buying interest at these levels.
USD/JPY remains in a bullish channel since March 17. However, the 113 yen figure remains a strong barrier. We see space for a decline to 112.20 in the coming sessions.
AUD/USD fell below 0.7600. In my view, the pair has potential for a decline to 0.7380 in the current overbought conditions.
Origin: FX BAZOOKA
