AUDUSD Collapses To Test Key Support Area

AUDUSD Collapses To Test Key Support Area

By: Ben Myers | Where To Trade | On:10-02-2015 12:14
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Key Highlights

  • Aussie dollar was one of the worst performers of the day as it traded lower against the US dollar to test the 0.7760 support area.

  • Switzerland Unemployment Rate released by the State Secretariat for Economic Affairs (SECO) declined by 0.1% to 3.1% from 3.2% whereas the market was not expecting any decline.

  • France Industrial Output released by INSEE increased by 1.5% in December 2014, compared to the last time decline of 0.2%.

  • Switzerland Consumer Price Index, issued by the Swiss Federal Statistical Office registered a decline of 0.5% in January 2015, compared with same month of the last year.

  • UK Industrial Production released by the National Statistics increased by 0.5% in December whereas the market was expecting it to be around 0.7%.

  • UK Manufacturing Production was positive on the other hand as it gained by 0.1% compared to the expectation of a 0.1% decline.

  • Italian Industrial Output released by the National Institute of Statistics increased by 0.1% which was way above the expectation of -1.3%.

  • US NFIB Business Optimism Index released by the NFIB Research Foundation came in at 97.9 in January 2015, down from the last reading of 100.4.

  • US Wholesale Inventories released by the US Census Bureau increased by 0.1%.

US Wholesale Inventories

Earlier during the NY session, the US Wholesale Inventories was released by the US Census Bureau. The market was expecting it to increase by 0.2% in December, but the outcome was a bit disappointing as it rose by only 0.1%. This was very low compared to the last increase of 0.8%. However, there was no major impact on the US dollar after the release.

London Session Recap

In the UK, there was an important release lined up, as the Industrial Production report was released by the National Statistics, which was not as the Forex market expected. The market was expecting it to be around 0.7% in December 2014, compared with the same month a year ago. However, the result was a bit on the lower side, as the UK Industrial Production managed to register a gain of 0.5% only. Furthermore, when we consider the month-over-month change, then it rose by 0.1% in December 2014. This was in line with the forecast.

There was something positive to note from the report, as the UK manufacturing production managed to register a gain of 2.4% whereas the market was expecting 0.2%. In addition, the last reading was revised up from 2.7% to 3.0%. In terms of the monthly change the manufacturing production increased by 0.1% compared to the forecast of a 0.1% decline.

There was a release in Switzerland as well coz the Consumer Price Index was issued by the Swiss Federal Statistical Office. The outcome was a bit better compared to what the market was expecting. It registered a decline of 0.5% in January 2015 whereas the market was expecting -0.7%.

Technically, the USDCHF pair was seen trading in a range with resistance around the 0.9280-90 area and support on the downside at 0.9200.  

Ben Myers

Ben Myers

Success = few pips, thousand times

Ben Myers is one of the most respected and trusted names in the financial trading industry. Following a long and successful career with HSBC, Bank of Ireland and running his own investment firm

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