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Daily Forex Market Overview

The Australian dollar managed to rise even higher against the greenback. After a retracement yesterday, it penetrated cap around 1.0252 and climbed to 1.0300, following yesterday’s decision by RBA to maintain unchanged rates while investors are expecting that FED will continue easing. Additionally, released early today Aussie GDP in the 4th quarter of 2012 grew by 0.6% as expected, 10 basis points lower from the 3rd quarter revised growth.

Major Currencies in Consolidation Ahead of Central Banks Decisions, Except AUDUSD

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The USDJPY dropped to 92.90 even though the BOJ nominee Haruhiko Kuroda continues the dovish comments about BOJ’s policy as soon as he will lead. As long the Yen recovers and the Aussie strengthens, the AUDJPY remains in a range between 95.62/94.42.

The single currency against the greenback did not move much and actually rebounded from 1.2964 to 1.3050 trading as of writing. Despite that Italy’s political uncertainty and possibly failure to precede passing structural reforms and austerity measures the euro recovered, traders are cautious ahead of the ECB meeting on Thursday.

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The EURUSD is in sideways trading between 1.3068/1.3011 anticipating ECB’s policy statement, with the GBPUSD trading in the same way around 1.5114 and USDCAD looking similar trading in 1.0292/1.0253 recent sideways zone.

GBP/USD Exchange Rates Forecast

GBP/USD

Sideways trading prevailed in the last week with upside cap at 1.5217 remaining intact. As long as prices are below that bullish barrier chances for downhill refreshment are high. Like said in the last analysis the negative structure is well installed, sliding trend line gets steeper and SMAs work as natural resistance against any corrective attempt. Conversely, Momentum (7) and Stochastic are bullishly diverging, not following the bearish long day candle printed on the 1st of March and therefore weakening possibilities for sinking below 1.50.

Below lower barrier at 1.50, downward development would be renewed, strengthening bears before handle at 1.4862, followed by the lower Bollinger band at 1.4763. At the same time, should the corrective move continue higher above the 1.5217 could minimize chances for new lows in the intraday, ahead of the 20 SMA cap at 1.5389.

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