Weekly Fundamental News – April 28, 2014

Here are the noteworthy news releases for this week.

For Monday, April 28, there will be a dearth of news particularly Japanese Retail Sales, US Pending Home Sales, and Germany’s Buba Monthly Report.

For Tuesday, we will have New Zealand’s Trade Balance; Germany’s Preliminary CPI and Gfk Consumer Confidence; Euro-area M3 Money Supply; UK Preliminary GDP; and US CB Consumer Confidence. Japan will have Showa Day holiday today.

For Wednesday, we will have New Zealand’s Building Consents; Japan’s Preliminary Industrial Production, Average Cash Earnings, and BOJ Outlook Report; Germany’s Unemployment Change and Retail Sales; Spain’s Flash GDP; US ADP Non-Farm Employment Change, Employment Cost Index, Advance GDP, Chicago PMI, Federal Funds Rate and FOMC Statement; and Canada’s GDP.

For Thursday, we will have China’s Manufacturing PMI; Australia’s Import Prices; UK Manufacturing PMI, Nationwide HPI, and Net Lending to Individuals; US Federal Reserve Chairman Yellen’s speech, Jobless Claims, ISM Manufacturing PMI, and Personal Spending.

For Friday, we will have Japan’s Household Spending and Jobless Rate; Australia’s Producer Price Index and HIA New Home Sales PPI; Manufacturing PMI for Italy and Spain; UK Construction PMI; Switzerland’s SVME PMI; Euro-area Jobless Rate; US Non-Farm Employment Change, Jobless Rate, Average Hourly Earnings, and Factory Orders.

Weekly Technical Analysis: April 28, 2014

EURUSD

EURUSD stayed largely undecided based on last week’s price action (a measly 51-pip weekly range!). 1.3800 continues to exert influence among buyers and sellers, but buyers hold a slight advantage as long as the pair is above 1.3700. Bulls seriously need to have more participation this week so they can revisit the 1.3900s. 1.3600 will beckon once 1.3700 breaks.

GBPUSD

GBPUSD has struggled to breach resistance and reach new multi-year highs for the last week or so. The pair must remain above 1.6700 to keep the momentum at the side of buyers. Bulls would likely try to burst through the 1.6800s again this week. On the other hand, bears fear a move to fresh territory and would prefer a decisive drop that will bring price closer to 1.6200-1.6300.

USDJPY

No follow-through move has been seen from last week’s move and USDJPY is back at risk of taking a crack at the 102 level this week. A break of 101, meanwhile, could easily expose the 96-99 area from a multitude of attacks.

NZDUSD

NZDUSD traded largely unchanged last week despite the boost the pair got from RBNZ’s lifting of its OCR to 3 percent. This week, we’ll monitor whether 0.8500 would continue to hold. Bulls must try to reach 0.8700 again in order to decrease chances of a break through 0.8500.

EURGBP

EURGBP bears are enjoying their downside ride and last week was no exception. The pair reached new lows before closing the week marginally higher. A break of 0.8200 and then 0.8150 would unlock the coveted 0.8000 major level.