Intraday Strategies for Beginner Traders on April 24

The xm外汇SSL加密euro, the pound, and other risk assets continued to decline against the U.S. dollar, as the situation in the Middle East shows no signs of improvement.

Yesterday's strong data, indicating growth in manufacturing and services activity in the US for April, also supported the U.S. dollar. The PMI indices published by S&P Global displayed robust growth, exceeding economists' expectations, signaling sustained consumer interest and confidence among companies.

Today, the first half of the day will be marked by the release of important German macroeconomic data. Traders and analysts will be particularly focused on the release of the GfK Consumer Climate Index. This indicator is traditionally considered one of the key measurements of consumer sentiment and spending willingness, which, in turn, significantly impacts economic activity in the eurozone's largest economy. Expectations for today's report are quite low, so with poor results, the pressure on the euro could quickly return.

Regarding the pound, the focus in the first half of the day will be on the retail sales data from the Confederation of British Industry (CBI). The CBI Retail Sales Index serves as a leading indicator, reflecting retailers' expectations for near-term sales volumes. Based on surveys of retail representatives, it provides insights into consumer and business sentiment. Results from this report may influence the British pound's exchange rate, but only if the data significantly diverges from expectations. Weak figures indicating a slowdown in retail sales could raise concerns about the prospects for the British economy, which would lead to additional pressure on the pound.

If the data aligns with economists' expectations, it is advisable to act based on the Mean Reversion strategy. If the data is substantially higher or lower than economists' expectations, the Momentum strategy may be the best approach.

Momentum Strategy (for Breakouts):

For the EUR/USD Pair:

• Buying at a breakout above 1.1730 may lead to an increase in the euro toward 1.1755 and 1.1791;
• Selling at a breakout below 1.1714 may lead to a decline in the euro toward 1.1694 and 1.1673;

For the GBP/USD Pair:

• Buying at a breakout above 1.3545 may lead to an increase in the pound toward 1.3585 and 1.3615;
• Selling at a breakout below 1.3520 may lead to a decline in the pound toward 1.3480 and 1.3445;

For the USD/JPY Pair:

• Buying at a breakout above 159.40 may lead to an increase in the dollar toward 159.60 and 159.85;
• Selling at a breakout below 159.25 may lead to a decline in the dollar toward 158.90 and 158.57;

Mean Reversion Strategy (for Pullbacks):

For the EUR/USD Pair:

• Look to sell after a failed breakout above 1.1743 on a return below this level;
• Look to buy after a failed breakout below 1.1706 on a return to this level;

For the GBP/USD Pair:

• Look to sell after a failed breakout above 1.3563 on a return below this level;
• Look to buy after a failed breakout below 1.3515 on a return to this level;

For the AUD/USD Pair:

• Look to sell after a failed breakout above 0.7185 on a return below this level;
• Look to buy after a failed breakout below 0.7155 on a return to this level;

For the USD/CAD Pair:

• Look to sell after a failed breakout above 1.3680 on a return below this level;
• Look to buy after a failed breakout below 1.3650 on a return to this level;

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