Global macro overview for 26/04/2017
April 26, 2017 9:07 amVideo
Latest News
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- EUR/USD: trading plan for the US session on April 22nd (analysis of morning deals). The euro will continue trading within April 22, 2024
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- Forex forecast 04/22/2024: EUR/USD, GBP/USD, USD/JPY and Bitcoin from Sebastian Seliga April 22, 2024
- USD/JPY: trading tips for beginners for European session on April 22 April 22, 2024
- Technical Analysis – EURUSD consolidates after decline pauses April 22, 2024
- GBP/USD: trading tips for beginners for European session on April 22 April 22, 2024
- EUR/USD: trading tips for beginners for European session on April 22 April 22, 2024
- Hot forecast for EUR//USD on April 22, 2024 April 22, 2024
Global macro overview for 26/04/2017:
Interesting developments regarding major overhaul in the US corporate tax plans are being reported by financial newswires. According to one of the US administration official, President Donald Trump’s tax plan will be released on Wednesday and it will slash tax on repatriating corporate profits earned overseas to 10 percent. Moreover, Trump’s tax plan will cut the top tax rate on pass-through businesses to 15 percent from 39.6 percent, but will not include “border adjustment tax” on imports from the House Republican tax proposal (however, the border tax may be revisited later). In conclusion, a very ambitious tax plan that might support Trump’s “weak dollar” policy is mainly against the Japanese Yen.
Let’s now take a look at the USD/JPY technical picture on the H4 timeframe. After the golden trend line breakout, the bulls have managed to test the 78%Fibo retracement of the last swing, but the overbought trading conditions and the shooting star candlestick pattern might indicate a corrective cycle to come soon. The technical resistance at the level of 111.58 is still a key level to the upside, so if the bulls want to confirm their control over this market, they must break out above this level. The next important support is seen at the level of 110.56.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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