Financial market research and analysis

Today the ECB started the corporate bond purchases, as announced in the last central bank meeting. The US dollar, on the other hand, slowed down reaching a one-month low, on belief that the Federal Reserve won't raise interest rates any time before September.

The EURUSD consolidates above the 1.1357 support (23.6% Fibonacci retracement on December to May rise), if this level is broken, the pair could slide to 1.1300/01 (50-days-moving-aaverage), then to 1.1231 (100-days-moving-average). Offers abound pre-1.14, if broken should encourage an extension toward the 1.15 mark, before a potential re-test of 1.1616, May 2nd high.
 
In Japan, the final Q1 GDP was in line with expectations, but the mixed data from China curbed optimism. Still, the USDJPY finds buyers sub-107.00, although the latest appetite in the yen hasn’t fully faded yet. Though, the low US yields could prevent the pair from a noteworthy recovery toward the 110 mark for the moment.
 
While the dollar index is sliding down to 93.60, we expect the UK's manufacturing and industrial production data to provide some momentum other than the Brexit polls news. The GBPUSD is trading above the 1.4540 to test the resistance at 1.4548, and if this is cleared, Cable could see a rise to 1.4614 (200-days-moving-average). First support is seen at 1.4466 (50-days-moving-average), if cleared could cause a slide to 1.4411 support (Fibonacci retrace).
 
We saw early gains in AUDUSD as the continuation of the recent rally. The mixed data from China didn't trigger a significant sell off. The pair is trading above the 50-days-moving-average at 0.7443 and if this level is broken, we could see a slide to 0.7422 (100-days-moving-average). The first resistance is eyed at 0.7464 (June 7th high), and if surpassed, we expect a rally to 0.7593 (Fibonacci retracement).
 
After a brief consolidation, Gold rose on the back of a weakening US dollar, and broke the 50-days-moving-average. The next resistance is seen at 1275 (Fibonacci retracement). First support is at 1250 (50-days-moving-average), if cleared could pressure the market down to 1243 (Fibonacci retrace), then to 1240 (100-days-moving-average).
 
Oil recovered 90% since it hit a year low in February, WTI reached a new year high at 50.72$ a barrel. Buyers abound at $50. The US oil inventories, due today, are expected to have contracted by 3.2M.