AUDUSD Nosedives As Buyers Fail To Defend Downside

AUDUSD Nosedives As Buyers Fail To Defend Downside

By: James Ansher | Where To Trade | On:31-03-2015 14:36
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Key Highlights

  • Australian dollar was one of the worst performers against the US dollar, as the AUDUSD pair breached the 0.7700 support area to trade lower and challenge the lows one more time in the short term.

  • New Zealand Building Permits i.e. the number of permits for new construction projects released by the Statistics New Zealand registered a reading of -6.3% in February 2015, compared to last decrease of 3.8%.

  • UK GfK Group Consumer Confidence, which is a leading index that measures the level of consumer confidence in economic activity managed to post a reading of 4 in March 2015.

  • In Australia, the HIA New Home Sales representing the number of new home sales in Australia released by the Housing Industry Association posted a reading of 1.1% in February 2015, compared to last 1.8%.

  • New Zealand Business Confidence, which is an analysis of economic situation in the short term and shows the business outlook in New Zealand released by the ANZ came in at 35.8 in February 2015.

  • Australian Private Sector Credit i.e. an amount of money that the Australian private sector borrows released by the Reserve Bank of Australia came in at 0.5% in February 2015, compared to last 0.5%.

EURUSD

The Euro failed one more time to move higher against the US dollar and traded lower to test the 1.0800 support area. There was a solid bearish pressure noticed on the 4 hour chart, as the EURUSD pair breached an important triangle formed. The pair briefly failed around the 200 simple moving average on the 4 hour chart, and moved back lower. However, the pair also managed to stay above the 100 SMA, but remains at risk of more downsides in the near term. The 1.0740 level holds the key for EURUSD moving ahead.

Intraday Support Level – 1.0740

Intraday Resistance Level – 1.0880

  • Overall, as long as the pair is below the 200 SMA (4H) it might continue trading higher.

  • A break above the same could ignite more gains moving ahead.

If the EURUSD pair makes an attempt to regain buyers one more time, then the 200 SMA (4H) could be tested. On the downside, a break below 1.0800 might be a bearish call.

 

GBPJPY

The British pound looks like stabilizing around the 176.50 level against the Japanese yen. The GBPJPY pair moved higher and almost cleared a critical bearish trend line on the 4 hour chart. However, an initial hurdle is around the 23.6% fib retracement level of the last leg from the 183.88 high to 176.45 low. A break above the same might put the pair for a path towards the 100 SMA (4H).

Intraday Support Level – 177.30

Intraday Resistance Level – 178.20

  • Buying dips around the last low of 176.50 look like a good option.

  • A break below the same might call for more losses moving ahead.

If the GBPJPY pair continues to move higher, then it might help the GBPUSD pair as well in the near term with buyers gaining momentum.

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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