Asian Pairs Higher Despite Mixed Chinese Trade Data

Asian Pairs Higher Despite Mixed Chinese Trade Data

By: Simon Furman | Where To Trade | On:13-10-2014 08:22
Back

 

Key Highlights

  • Chinese imports, exports and trade balance data were published during the Asian session, which was more on the disappointing side, as the trade balance figure missed the expectation and registered a surplus of $31.00B.
  • New Zealand Food Price Index (FPI) fell by 0.8%, compared to the last time rise of 0.3%.
  • NZDUSD and AUDUSD traded higher during the Asian session and looks like eyeing more gains moving ahead.
  • USDCAD pair looks like in complete ignorant mode, as it ignored solid jobs report and still trading higher.

 

NDUSD

The New Zealand dollar traded higher against the US dollar during the Asian session, and broke an important resistance area. There was a confluence of 100 and 200 hourly moving average around the 0.7840, which was breached as NZDUSD buyers gained momentum. More importantly, the hourly RSI is now above the 50 mark, which is yet another bullish sign. The NZDUSD pair is currently trading around the 38.2% fib retracement level of the last drop from the 0.7974 high to 0.7794 low. So, there is a chance of a tiny correction from the current levels, which could take the pair towards the broken resistance area of 0.7840-30. The New Zealand buyers might appear around the mentioned levels to take it higher again.

Intraday Support Level – 0.7820

Intraday Resistance Level – 0.7884

  • Overall, as long as the pair stays above the 100 MA more gains are likely.
  • A move towards the 50% fib level is possible in the short term.

Where To Trade - NZD/USD  Chart

If the NZDUSD pair fails to trade higher and even nosedives below the 100 MA, then a retest of the last low of 0.7794 might be on the cards. Any further losses could take it towards the 0.7750 support area.

 

USDCAD

There was an important release in Canada during the last Friday’s NY session i.e. the Canadian employment report was released. It was a lot better than the market’s expectation. The Canadian dollar surged higher initially, but later lost all gained ground against the US dollar. This particular move was surprising, as the data as very positive which should have lifted the Canadian dollar. The USDCAD pair is trading above the 100 and 200 moving averages, which is a signal of more gains in the short term. There is a bearish trend line formed on the hourly chart, which can act as a resistance on the upside. There is a chance of a retest of the 100 MA in the short term where buyers might put up yet another fight.

Intraday Support Level – 1.1170

Intraday Resistance Level – 1.1220

  • A break and close below the 100 MA can only ignite more gains for the Canadian dollar.
  • USDCAD might consolidate for some time before moving in a particular direction.

Where To Trade - USD/DCAD  Chart

If the pair manages to find buyers and bounces again, then the highlighted bearish trend line might come into play again. USDCAD buyers need to break the 1.1225-30 area for a move towards the 1.1250 level moving ahead.

Simon Furman

Simon Furman

Think Global - Act Local

Simon Furman is one of the best financial analyst with 27 years of trading experience

Yen Looks Set For More Losses

Yen Looks Set For More Losses

By: Simon Furman | Where To Trade | On:01-05-2015 11:16

Japanese yen tumbled against most currencies including the Euro and the US dollar, and it looks like it might continue to head lower in the near term.

AUDUSD Remains Buy On Dips

AUDUSD Remains Buy On Dips

By: Ben Myers | Where To Trade | On:30-04-2015 11:13

Aussie dollar was one of the best performing currencies as it traded higher against most major currencies, and looks set for more gains in the short term.

USDCHF At Risk Of A Major Break

USDCHF At Risk Of A Major Break

By: Darryl Frankfort | Where To Trade | On:29-04-2015 11:09

US dollar dived sharply against the Swiss franc and other major currencies, as sellers managed to gain strength exposing a major break in the USDCHF pair in the near term.

US Dollar Poised For Further Rise Versus Yen

US Dollar Poised For Further Rise Versus Yen

By: James Ansher | Where To Trade | On:28-04-2015 10:58

Japanese yen once again failed to hold the ground and lost all the gains against currencies like the US Dollar and the Euro, which exposes it for more declines in the near future.

NZDUSD Gains Favored As It Holds Key Lows

NZDUSD Gains Favored As It Holds Key Lows

By: Oliver Miller | Where To Trade | On:27-04-2015 10:50

New Zealand dollar traded lower this past week after solid gains against the US dollar, but found support around and important area which means there is a chance of recovery in the near term.

StockPair

Press Release

YesOption Voted Best Technical Analysis by DailyForex

YesOption Voted Best Technical Analysis by DailyForex

August 12, 2014 - London, UK, - Leading online forex and binary options trading platform - www.yesoption.com has once again made the news by being awarded the prestigious award of ‘Best Technical Analysis of 2014’ ...
24option binary options broker review

24option binary options broker review

Plus500Findings.com is recently launched online to help traders decide which broker they could open an account. 24Option, one of the popular trading platform online is reviewed whether it is legitimate broker or scam. This reviews and findings are of great benefits for traders, especially for those novice ones, who are just starting in the trading industry. ...
Banc De Binary Expands Investment Research Service

Banc De Binary Expands Investment Research Service

Leading Investment Firm, Banc De Binary, which specializes in binary options trading, has added a new weekly video series and trading webinars to the investment research service that it provides to its clients. ...

Articles

Citigroup Inc. is to pay $25 million amends

Citigroup Inc. is to pay $25 million amends

Citigroup accepted to pay the amends without denying the accusation ...
Netflix added 7.1 million new subscribers

Netflix added 7.1 million new subscribers

Netflix Inc. managed to add in the last quarter of 2016 more subscribers than expected ...
The Federal Reserve Chair Janet Yellen is set to have another speech on Thursday

The Federal Reserve Chair Janet Yellen is set to have another speech on Thursday

On Wednesday, Federal Reserve Chair Janet Yellen spoke about the interest rates and about the United States' economy ...
StockPair

Featured Listings