The Euro saw limited movement within its range, with upside limited by a lack of positive Eurozone data and downside limited by potential US data weakness. The Pound mirrored the Euro’s pattern. The Yen strengthened significantly against the dollar, likely due to intervention that will likely continued by the Japanese Ministry of Finance to weaken the USD. The Australian dollar rose after the Fed signaled no rate hikes, erasing some of its earlier losses caused by weak Chinese data.

EUR/USD

GBP/USD

• Current Price: Below 1.2521
• Recent Movement: Volatile, with false breakouts in both directions.
• Key Factors: US data releases (same as EUR/USD).
• Forecast: Neutral to slightly bearish. Similar to EUR/USD, wait for US data before entering any positions. Breakout below 1.2489 could signal further decline towards 1.2417. Upside potential limited by resistance at 1.2527 and 1.2565.
• Key Levels: Support at 1.2417, Resistance at 1.2527
• Trading Strategy: Similar to EUR/USD, look for shorting opportunities near resistance and buying on a retest of support.

USD/JPY:

• Current Price: 155.19
• Recent Movement: Sharp swings with suspected Japanese intervention. Resistance encountered at 157.55.
• Key Factors: Potential for further Japanese intervention, US inflation data.
• Forecast: Uncertain. The potential for further intervention by the Bank of Japan makes short-term positions risky. Long-term trend technically points upwards due to the interest rate differential between the US and Japan.
• Key Levels: Support at 152.27, Resistance at 157.26
• Trading Strategy: Exercise caution due to the uncertainty. Consider waiting for a clearer direction before entering any trades.

AUD/USD:

• Current Price: 0.6532
• Recent Movement: Recovered from a decline after the Fed meeting.
• Key Factors: US inflation data, risk appetite.
• Forecast: Neutral to slightly bullish. The Fed’s dovish stance supports AUD/USD. Resistance at 0.6554 and 0.6584. Support at 0.6509 and 0.6479.
• Key Levels: Support at 0.6479, Resistance at 0.6584
• Trading Strategy: Look for buying opportunities near support, especially if risk appetite improves.

CAD/USD:

• Current Price: 1.3720
• Recent Movement: Slight gains after the Fed meeting.
• Key Factors: US inflation data, positioning for potential Bank of Canada rate cuts.
• Forecast: Neutral to slightly bullish. The Fed’s dovish stance and potential future rate cuts from the Bank of Canada could support CAD. Resistance at 1.3742 and 1.3779. Support at 1.3700 and 1.3663.
• Key Levels: Support at 1.3663, Resistance at 1.3779
• Trading Strategy: Wait for a clearer direction before entering any trades.

Gold (XAU/USD):

• Current Price: Downward trend due to rising US Treasury yields.
• Recent Movement: Weakened after Jerome Powell’s comments on inflation.
• Key Factors: US inflation data, risk appetite, US dollar strength.
• Forecast: Neutral to slightly bearish. Downward pressure from high yields and risk appetite might continue. Rising US Treasury yields and a stronger US dollar could put downward pressure on gold prices.
• Trading Strategy: Consider shorting gold if it breaks below support levels.

Bitcoin (BTC):

• Analysis: Broader market sentiment and regulatory developments will likely influence Bitcoin’s price.
• Forecast: Bitcoin’s price action remains highly volatile. Keep an eye on technical indicators and news events that may impact the cryptocurrency market.
• Key Levels: Bitcoin is under bearish pressure, but could find support at $56,250. Resistance is at $62,200.
  
   

Additional factors to consider:

• Geopolitical tensions
• Energy prices
• Upcoming central bank meetings
• US Nonfarm Payrolls Report (May 3)