Draghi Said Policy to Stay Accommodative

Action Insight Market Overview	Markets Snapshot
Euro Weakens as ECB Draghi Said Policy to Stay Accommodative Euro weakens in early US session, more notably against dollar and sterling, after ECB left rates unchanged at 0.75% as widely expected. More importantly, president Draghi pledged to keep policy accommodative as long as necessary. Meanwhile, dollar is stuck in tight range after data showed that initial jobless claims jumped much more than expected to 385k in the week ended March. Challenger job cuts also showed sharp rise of 30% yoy in March. EUR/USD breached last week's low of 1.2750 and is possibly set to resume recent decline. Full Report Here...
Featured Technical Report
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.2802; (P) 1.2832 (R1) 1.2876; More.... EUR/USD dips in early US session and the breach of 1.2750 suggests that recent fall from 1.3710 is possibly resuming. Intraday bias is back on the downside and we'd now favor deeper fall to 1.2661 key support level next. On the upside, though, break of 1.2877 resistance will indicate short term bottoming and should bring stronger rebound instead. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

Special Reports

BOJ Governor Haruhiko Kuroda Announces Aggressive Measures To Bolster Inflation The new BOJ board announced aggressive measures to combat deflation and boost the economy at the April meeting. Policymakers shifted its monetary policy target to the monetary base from the overnight call rate and pledging to double its government bond holdings in 2 years. Nikkei rebounded after the announcement while Japanese yen and bond yields slumped. Read more...

Economic Indicators Update
GMT Ccy Events Actual Consensus Previous Revised 00:30 AUD Building Approvals M/M Feb 3.10% 2.50% -2.40% -2.00% 00:30 AUD Retail Sales M/M Feb 1.30% 0.30% 0.90% 1.20% 04:40 JPY BoJ Rate Decision 0.10% 0.10% 0.10% 08:00 EUR Eurozone PMI Services Mar F 46.4 46.5 46.5 08:30 GBP PMI Services Mar 52.4 51.5 51.8 09:00 EUR Eurozone PPI M/M Feb 0.20% 0.20% 0.60% 0.40% 09:00 EUR Eurozone PPI Y/Y Feb 1.30% 1.40% 1.90% 1.70% 11:00 GBP BoE Rate Decision 0.50% 0.50% 0.50% 11:00 GBP BoE Asset Purchase Target 375B 375B 375B 11:30 USD Challenger Job Cuts Y/Y Mar 30.00% 7.00% 11:45 EUR ECB Rate Decision 0.75% 0.75% 0.75% 12:30 USD Initial Jobless Claims (MAR 30) 385K 354K 357K 14:30 USD Natural Gas Storage -89B -95B
Orders and Options Watch
US Session: Orders and Options Watch EUR: Although euro recovered slightly in European morning, dovish comments from ECB pressed the single currency down again to a fresh 2013 low of 1.2747 but decent bids from Swiss names just below 1.2750 lifted the pair again in New York morning. At the moment, offers are still noted at 1.2840-50 and also in good size at 1.2875-85 with stops remain above 1.2890-00, fresh sell orders are tipped at 1.2900-10 as well as 1.2930. On the downside, indicated demand remain at 1.2740-50 and more buying interests are tipped at 1.2735, 1.2720 and 1.2700 (another barrier) with stops below latter level but bids are expected around 1.2680. Read more...
Forex Trade Ideas
Trade Idea Update: GBP/USD – Hold short entered at 1.5125 Despite intra-day decline to 1.5034, current rebound suggests caution on our short position entered at 1.5125 and resistance at 1.5154-59 (intra-day resistance and yesterday's high) needs to hold to retain bearishness for the corrective decline from 1.5280 top to resume, below said support would bring a stronger retracement of recent upmove to previous support at 1.5026 Read more... Trade Idea: EUR/JPY – Target met and buy again at 121.00 Although the single currency fell marginally to 119.12 yesterday, current BOJ inspired rally has reinforced our view that decline from 126.03 is the c leg of wave iv (our long position entered at 119.20 met target at 121.20 with 200 points profit) and further consolidation within this potential triangle wave iv would be seen with mild upside bias for further gain to 123.00, then towards resistance at 123.85-90. Having said that, resistance at 124.50 should limit upside Read more... Candlesticks Intraday Trade Ideas Update Schedule (GMT): 1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530 Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF Elliott Wave Daily Trade Ideas Update Schedule (GMT): AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500
Suggested Readings
Fundamental Highlights U.S. Initial Claims Jumped in the Week Ending March 30 Buyer Beware: It's CB-Day and Draghi Has Some Defending To Do London Session: The UK's Near Miss With A Triple-Dip Japan: Don't Fight Kuroda Technical Highlights AUD/USD Forming a Double Top? But first a Test from Short-term Trendline EUR/USD Cracks the 1.2750 Low after Draghi Starts Press Conference USDJPY - Rallies, Eyes The 96.12 Level