RBA policy meeting and FOMC minutes take center stage
During the upcoming trading week traders look to the release of THE FOMC meeting minutes and the Reserve Bank of Australia rate decision. The FOMC Meeting Minutes could spark market volatility as the US central bank releases its latest thoughts on the US economy. The Reserve Bank of Australia is expected to keep interest rates on-hold and strike a dovish tone towards the Australian economy.
The United States economy also releases high-impacting Jobs, Consumer Confidence and Inflation numbers. Market participants will also be closely watching the release of monthly Canadian jobs data and key inflation data from the Chinese economy.
Monday 6th April, OPEC Meeting
The mission of the Organization of the Petroleum Exporting Countries, (OPEC), is to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets. OPEC was initially formed to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry.
- The USDCAD pair is only bullish while trading above the 1.3800 level, further upside towards the 1.4350 and 1.4700 resistance levels seems possible.
- If the USDCAD pair trades below the 1.3800 level, sellers are likely to test towards the 1.3650 and 1.3550 support levels.
Tuesday 7th April, RBA Rate Decision
The Reserve Bank of Australia Rate Decision is the market interest rate on overnight funds, with the RBA standing as the central monetary authority for the Australian economy. The Reserve Bank of Australia is widely expected to keep interest rates on hold at this meeting, following recent rate cuts. RBA policymakers are also tipped to strike an overall dovish tone towards the economy and monetary policy.
- The AUDUSD pair is bearish while trading below the 0.6000 level, key support is found at the 0.5880 and 0.5735 levels.
- If the AUDUSD pair moves above the 0.6000 level, buyers may test towards the 0.6180 and 0.6300 levels.
Wednesday 8th April, FOMC Meeting Minutes
The Federal Open Market Committee that organizes 8 meetings in a year and reviews economic and financial conditions, determines the appropriate stance of monetary policy and assesses the risks to its long-run goals of price stability and sustainable economic growth. FOMC Minutes are released by the Board of Governors of the Federal Reserve and are a clear guide to the future US interest rate policy.
- The USDCHF pair is only bearish while trading below the 0.9900 level, further downside towards the 0.9710 and 0.9540 support levels seems possible.
- If the USDCHF pair trades above the 0.9900 level, buyers are likely test towards the 0.9950 and 1.0050 resistance levels.
Thursday 9th April, Canadian jobs report
The Canadian Employment Change is released monthly by Statistics Canada and measures the change in the number of people employed in Canada. A rise in employment, consumption, and expenditures may lead to increased inflationary pressures that encourage central banks to tighten monetary policy. A weak jobs figure may prompt the Bank of Canada to act to reduce unemployment.
- The EURCAD pair is only bullish while trading above the 1.5000 level, further gains towards 1.5320 and 1.5670 levels remain likely.
- If the EURCAD pair trades below the 1.5000 level, sellers may test towards the 1.4880 and 1.4670 support levels.
Friday 10th April, Chinese CPI Index
The Chinese Consumer Price Index is released by the National Bureau of Statistics of China and measures the change in the price level of a market basket of consumer goods and services purchased by households. The CPI is a key indicator that measures inflation and changes in purchasing trends. CPI is one of the most frequently used statistics for identifying periods of inflation or deflation.
- The USDJPY pair is bearish while trading below the 109.00 level, further losses towards the 108.00 and 107.50 levels remains possible.
- If the USDJPY pair trades above the 109.00 level, buyers are likely to test the 109.60 and 110.00 resistance levels.